The daily morning journal and courier., 1903-05-20
SOUTHPORT BANK CLOSED.
ACTION DUE TO ALLEGED DE-
 FALCATION OF CASHIER.

Amount Said to be About sIOO, ,0OO- Officials Declare the Soundness of the
 Instttution WiII Not be Affected, That
 DeposiIors wiiI be Paid in Full and
 Business Resumed shortly.
 Washington, May 19.-The treasury department: to-day received a telegram from National Bank Examiner Perkins announcing the closing of the South port National bank of Southport, Conn. This action, 1t is understood, was taken in consequence of the dedication of the cashier, which is believed to have approximated $1OO.OOO.
 The report of the condition of the bank at the close of business, April g., 1902, shows it's resources and liabilities at that time to have been as follows:
 Resources: Loans and discounts, $40, ,116; United States bonds to secure circulation, $1oO.oOO; stocks. securities, claims, etc., $12S,195; banking house, sS,- 947; due from banks. $33,531; cash re- sources, $25.645; redemption fund, $5,ooO Total, $4S6,4s
 Liabilities: Capital surplus and un- divided profits, $180,S71; circulation, $9S, 400; deposits, $122.164; bills payable, $S5, ,O00. Total, $436. .4S6.
 Ellis s. Pepper, receiver of the Pyn- chon National bank of Springfield, Mass, has been appointed receiver.
 Southport, May. 1s.-oliver T. sher- wood, cashier of the Southport Ma tional bank, had been missing for some time upsto last Wednesday morning, when he arrived in town from Bridge port by an early train and walked to- ward his home. He looked haggard and worn and bore the appearance of having travelled all night. Since then his whereabouts have been unknown.
 Sherwood is about forty years old and has wife and family, His father, E. c. Sherwood, is president of the bank and since the dedication was reported last Saturday, Frank P. Sher- wood, a brothersof the missing cashier. has been elected by the directors as his successor. t | 5
 There is said to have been no suspi- cion of trouble at the bank until last Tuesday when a bank examiner came to Southport to investigate the books. Sherwood left town that night but re- turned the following morning, when he disappeared. 2. -' f.~t a..-
 Members of the family attribute his alleged action to his state of health, saying that he has been in bad condi- tion mentally and they assert that he was not in his right mind when he dis appeared. They deny that he had en- gagged in stock speculation. He had charge of many estates and is said to own a $75,000 estate uneneunbered.f Al-' though his shortage was said to amount. to $100,000, it has been declared that the banks soundness would not be affect ed, as it's capital is s100,O00 and it has q surplus of $112,00 Sherwood was under bonds Of $2o,00o.
 Frank K. Sherwood, the new cashier, to-day confirmed, the announcement from Washington that the bank had closed it's doors, but said it was only a temporary matter, and that in three or four weeks at the latest, business would be resumed. All depositors, he said, would be paid in full, the surplus of the bank being sufficient to meet all demands The objects in closing, he said, was to enable careful examina- ton to be made to determine just the conditions of affairs.