The Press., 1905-09-20

the balance of that class of it's deposits
To make up a part of it's loss by the
Stafford National bank, the Savings
Bank of Stafford Springs passed it's
semi annual dividend in April, 1888.
With varying conditions to meet and
with malicious attacks to contend with
the old bank moved along until 1901,
when peculiarly determined move
was made to cause a run upon the
bank. This movement met with such
sympathy from quarters believed to
have the interests of the town more
in keeping than the results evidenced,
led the treasurer of the bank to advise
the directors that, although the bank
had large supply of cash in hand
and valuable securities instantly
available, that it would be foolish
and unwise to allow the deluded and
deceived depositors to deplete the in
stitution. The directors approved the
suggestion of the treasurer, and notice
was exacted for all Withdrawals of
any large amount. Before the notices
expired the state bank commissioners
were notified of the decision to take
advantage of the law provided, and
the court was asked to place a re-
straining order upon the bank for one
year. This order was asked for be-
fore Judge Case in the superior court
at Hartford. At the hearing the bank
commiss toner's testified that they had
recently examined the bank and
found it solvent and able to pay it's
regular dividends without injury to
it's strength. The judge asked why
they were before him if such was the
condition, and he was informed that
it was to protect the depositors from
being injured by the unwise and un-
necessary depletion of it's assets. The
order was granted and continued in
force one year, the bank meanwhile
paying it's regular dividends and sup
plying all needy depositors by loans
upon their deposit books. The con-
dition was such at the expiration of
the order that the officials of the bank
we're justified in asking for the con-
tinuance of the order for another year,
but SO modified as to permit the pay
ing of 40 per cent. of their deposit to
any depositor desiring to withdraw
money. A small per cent. of the de-
positors called for such per cent, or
a portion of it, some through a mis-
taken construction of the privilege,
some few through advice from that
element in community-always
present, always ready to give advice
upon that which they have least
knowledge. October IS, 1908, the
order was allowed to pass off and the
bank resumed it's regular business in
every detail. 1t was not to be ex-
pected that confidence would be i'm
mediately restored, but that with
drawal of much money would follow
full opening. The officers of the
bank we're surprised and disappointed
in the amount withdrawn, it being
much less than anticipated. Deposits
were resumed by many Of the former
patrons and some new ones.
The general conditions of banking
and lOaning being so close, the margin
of gain so small, with the possibilities
of loss always present, led the officers
to contemplate reviving project long
advocated, of consolidating the two
savings banks in town. The subject
was we'll canvassed, and an act cover
ing the needs of the matter was intro
duced into the legislature at it's last
session, and passed and became law
in due time. The requirements of
that law were carefully met, and
September 9TH, 1905, the day of the
signing of the peace treaty by. the
Russian and Japanese peace commits
sioners, the merging of the Savings
Bank of Stafford Springs into and con-
solidation with the Stafford Savings
Bank was fully completed. The first
and second Savings bank in town alike
completed their course, fully pro-
tected their depositors and practically
deposits. During the years of the
existence of the old Savings bank it
received deposits to the amount of
Sc, 915, 444. 63, including the divi-
dends paid. 1t paid in dividends to
depositors $500, 177.67. Twice in
it's history it omitted it's semi annual
dividends, on both occasions upon the
occurrence of events over which it had
no control. The bank has passed
through fire and flood, treachery and
calumny, the most persistent and I'M
scrupulous attack ever a bank ex-
perienced, and finally passed from ex-
istence, providing in full for every
obligation. During it's history it fur
nished the capital with which to build
up many of the industries of this and
adjoining towns. 1t supplied the
capital to many merchant, as we'll
as to many a home builder. Hardly
a public work or institution but has
come to this source for it's pressing
needs, church and state alike have
been its patrons and have felt the
beneficial effects of it's ready cash.
Just the work done in 1878, after
the collapse of the Stafford National
Bank, justified its existence and
proved a Every present help in time
of need" Its presidents, Farley
Converse, Ephraim Dimmick, F. A.
D4& ~
Charles Warren, have all been men of
the highest character, successful men
in the affairs Of life, identified with
the best interests of the town, and
representative of the best type of New
England business men. The old bank
played it's part in the eventful history
of the town, lived square before the
world and closed its career in an
honorable manner It's mantle falls