The Providence news. (Providence [R.I.]) 1891-1906, 1893-11-13

Exeter people have had suspicion all
along since tho bank passed into tho
hands Of Receiver Fu'le- that all was not
right when Putnam held sway. Even be.
foro the bank failed in July many init
mated that he was dishoues., and as re
suit the deposits decreased materially.
When the collapse cane iheie were some
thing like 30n dcpcs.tors in the institution
and about $4,000 S anding t. their credit.
The assets will pr badly figure up come
thing like 100000.
Putnam's wildcas personal investments
his neglect OF binkine methods and hi,
fondness for luxurious life had much to do
with his downfall and the banks failure.
He Is bachelor, though people here say
that und.r tho laws OF the state OF New
York he would be considered a married
man.
Predecessor Mas THE.
Putnam came here about score OF
years ago, succeeding as cashier OF the
Granite State bank Appleton Shute, who
depnr:e ell for South America with 100000
OF o'her peoI les money which be has
never returned, or has he ever come back.
Before coming here Pm nam serTed as a
clerk in the Frat National bank Of
Lowell, Mass. nrd left b cause Of falling
health. He then orked for time with
On accountant ia Boston. For l3 years he
served m cashier in the bank here, and
did his work 50 well that he WAS trusted
BY all.
When he receive his promotion to the
position OF president he grew ponpous, and
began TO get himse generally disliked.
He seemed - have b come affluent, and
began IN liking r al es ata purchases which
appeared 10 he gooi investments, bought
an old honestsal hero valued at about
10000, aad parchased horses and cattle at
random. On hi, small farm he now has
about IS speedy gated, well-fed animals
doing nothing but "eating their heads
of"
His family OF three ycrrs ago, consisting
of father, mother and sister, came heie
from Lowell, Mass, to live.
Made Poor Investments.
When Putnam's troubles first appeared
last July, they came not in single file, but
in battnl on, and for a time he had the
sympathy OF nearly every one in town.
His mother died aud his sister became
helple s invalid through II paralytc shock.
Just before tho hank went under many
Of his securities, which we've considered
gooi, became worthless. and tn those who
knew of his deal II IS il became evident
that he was in financial straits He had n
gold mine someN here In Nova Scotia,
which he thought he ownci, but he found
that other stockholders had beaten him
out of 1t.
He had invested wildly in some far west
ern electric street railway stock, of which
he knew practically nothing, and also had
Texas cattle rauch, in which deal he
fleeccd Professor Wentworth Of Phillips
Exeter, the late Judge St.c&ney, ex-Sena.
tor Chase of Kingston, Rev. w. A. Patton
of Kingston aud others Everybody in the
deal lost, and lost heavily
All Of his property here, aggregating in
value about $40, 900, vas found to be heavily
morSRaged, principally to b. Frank Fol-
som Of Stratham, ex-president OF the
Granite State bank, and the taxes were
not paid OH any Of 1t till after the property
was advertised for sale by the collector.
The mortgages on nearly all Of Put
MANS property have been within the past
few days, and his remaining property has
been attached for more than its full value