Pynchon National Bank (Springfield, MA)

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NATIONAL BANK CLOSED

The Pynchon of Springfield, Mass., is Insolvent. Washington, D. C., June 24. -The Pynchon National bank, of Springfield, Mass., has to-day been closed by direction of the comptroller of the currency upon a report from Bank Examiner John B. Cunningham, showing the bank to be insolvent. Ellis B. Pepper has been appointed temporary receiver and Examiner Cunningham will remain in charge of the bank pending the arrival of the receiver. The failure of the bank is due to depreciation of securities and excessive loans to companies and individuals beyond their financial responsibility. It is not believed that the losses to depositors will be large. Springfield, Mass., June 24.-E. P. Chapin, president of the bank, said he could not understand why the authorities had closed the bank. He had received no intimation of anything of the kind. George R. Bond, the bank's cashier since 1889, had not heard the report of the bank's failure. H. C. Rowley, a director, said he lunched with Mr. Chapin and did not know a thing of the bank's reported failure.

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Springfield Bank Closed

By Exclusive Wire from The Associated Press. Washington, June 24.-The Pynchon National bank. of Springfield, Mass., has today been closed by direction of the comptroller of the currency upon a report from Bank Examiner Cunningham showing the bank to be insolvent. Ellis B. Pep. per has been appointed temporary receiver. The failure of the bank is due to deprecation of securities and excessive loans to companies and individuals beyond their financial responsibility. It is not believed that the losses to depositors will be large.

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DEPRECIATION OF SECURITIES

The Pynehon National of Springfield, Mass., Ordered Closed. The Pynchon National Bank of Springfield, Mass., was closed yesterday by direction of the Comptroller of the Currency upon a report from John B. Cunningham, bank examiner, showing the bank to be insolvent. B. Pepper has been appointed temporary receiver, and Mr. Cunningham will remain in charge of the bank pending the arrival of the receiver. The following is a statement of the resources and liabilities of the bank as shown by a special report of its condition at the close of business June 10, 1901:

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Pynchon National Bank Closed

SPRINGFIELD, Mass., June 25.-The Pynchon National Bank did not open today for business. Ellis P. Pepper, temporary receiver, has not yet arrived and the bank is in charge of National Bank Examiner John B. Cunningham. Creditors express no anxiety. Arrangements have been made so that checks drawn on the Pynchon Bank will be paid by other banks in this city.

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Massachusetts Bank Fails

(By Associated Press.) Springfield, Mass., June 26.--The Pynchon National bank did not open for the transaction of business yesterday. Ellis P. Pepper has been appointed temporary receiver.

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CAUSE OF PYNCHON BANK FAILURE

LOSS OF $180,000 ON AMERICAN WRITING PAPER BONDS AND OTHER SECURITIES. Springfield. Mass., June 25.-The officers of the Pynchon National Bank were on hand this morning. as usual, but the bank did not open for the transaction of business. Ellis B. Pepper, who was appointed temporary receiver by the Controller of the Currency yesterday, has not yet arrived, and the bank is in charge of the examiner, John B. Cunningham. The failure of the bank has caused little excitement. and creditors express no anxiety as to the outcome. The bank holds $600,000 worth of American Writing Paper Company bonds, which it bought at 95. The bank examiner regards these bonds as worth only 69, and figures that the bank has sustained a loss of $180,000. including shrinkage in other securities. Arrangements have been made so that checks drawn on the Pynchon Bank will be paid by other banks in this city.

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Bank Closes Its Doors

Sprngfield, Mass., June 25.-The Pynchon National bank did not open for the transaction of business today. Ellis P. Pepper has been appointed temporary receiver. The failure of the bank has caused little excitement, and creditors express no anxiety as to the outcome. The bank holds $600,000 worth of American Writing Paper company bonds) which it bought at 95. National Bank Examiner John B. Cunningham regards these bonds as worth only 69 and figures that the bank has sustained a loss of $180,000, including shrínkage in other securities.

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BANK DOORS DIDN'T OPEN

Pynchon National at Springfield, Mass., Has Suspended. SPRINGFIELD, Mass., June 25.-The officers of the Pynchon National bank were on hand this morning as usual, but the bank did not open for the transaction of business. Ellis P. Pepper, who was appointed temporary receiver by the comptroller of the currency yesterday, has not yet arrived, and the bank is in charge of National Bank Examiner John B. Cunningham. The failure of the bank has caused little excitement, and creditors express no anxiety as to the outcome.

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Receiver Pepper says there is no chance for the reorganization of the Pynchon National bank of Springfield, Mass. The shrinkage of the bonds of the American Writing Paper company caused the failure of the bank, and all the book accounts were found correct and in order. The bank held nearly $600,000 of the Paper company's bonds. The depositors will lose only a little, but an assessment will be made on the stock.

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Stocks May Be Assessed

Washington, July 24.-Comptroller of the Currency Dawes has received a report from the receiver of the Pynchon National bank of Springfield, Mass. which failed some weeks ago. The le. ceiver says that, in his judgment, an assessment on the stock of the bank will be necessary.

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The Cashier Wrecked the Bank

Washington, May 19.-The treasury department today received a telegram from National Bank Examiner Perkins announcing the closing of the Southport Nationa] Bank of Southport, Conn. This action, it is understood, was taken in consequence of the defalcation of the cashier. which is believed to have approximated $100,000. The bank's capital stock plus undivided profits amount to $180,871 and its deposits to $122,164. Ellis S. Pepper receiver of the Yynchon National Bank of Springfield, Mass, has been appointed received.