Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-05-13
TI(lm The WOonsOcket InStiiu-
|alpn for Savings in 5 Years.
'hGms 10 Have LOST Il in Un-
fortunate Investments.
'artlal Restitution Made Bank Is
Perfectly Sound No Action Yet.

Noansocket. r l.. May 12.-Slmul-
| tAepusly with the announcement to-
al that the Wqensoeket Institution
| A Savings had absorbed the Peo-
Ms Savings Bank OF Woonsocltct,
| "a statement WAS made by the au-
ldrity OF Bank Commissioner VIII
aAl +. Goodwin and the trustees of
la peoples bank that Hermongilde
|, As3sette. teller of the Peoples Bank
lor the past 10 years. had admitted
| That he WAS responsible for q net
shortage of approximately $500
Whether the merger of the Institutions
|Tas determined upon after the dis
Idtery Of the shortage or whether
Ehis discovery was made during an
Examination of the books of the Peo-
piles Savings Bank. preparatory to
Rhe decision Ia merge the two insti-
kStions is not known by The public.
To-day the Peoples Bank suspended
fhe payment OF money To defositors.
" is expected that in about u days,
when the. terms Of the merger be-
gne effective dppasitors of TIE Peo-
Pies Bank who desire their money,
lfiH be- 2aid by the Woonsoclet IN
stitatiA flT Savings.
.sEtte. sFfose service at tn, Peo-
l(eSlSs Bank covers a period ef q years,
ia received a salary of $500 L year
.hs teller. He lives with his wiz. and
b children at SlaiersYille. q SETON
|bf the tuWn of North Smithfield. bout
-FOUR miles from this city. He ad-
|Ititted. according TO Bank Comnis-
|ioner Goodwin aid the trustee OF
lhe Peoples Savings Bank. that his
were caused by unfotu-
l9ate personal investments. Tie tus-
4 eAes of the bank stated today nat
loalrtiai restitution had been made BY
H3assette and his friends. No criminal
Iattion has been taken against he
d eller and no statement has ben
sade by either the bank eommissia-
j y for the trustees.
Bessette was formerly secretary If
he Woonsoeket Building Loan Ass-
station, but retired from that office a
Fyear ago. 1t was announced todsr
iAat an examination of the books {
gthe Loan Assoefafaur showed that tn
sfunds of that organization We're in
staot
The shortage in the funds of the Peo-
Eks Savings Bank was disclosed, ac-
|c6rding to the trustees, by the recent
khni-annual examination of the books
Csy Bank Commissioner Goodwin and
jnarles F.. Blake of harrington, the
!. liter being the banks expert ac-
Sdntant. This net shortage, the trus-
fes state, was approximately So, Oe(
snd had extended over a period of five
Years. The shortage, it is said by tho
hrustees and bank examiner. viii! mo-
tHpair either the principal or the in.
tffest of the deposits in the bank Th,
tTnstees and the bank commissioner il
llsaking public the discovery of the
shortage said that Teller Bessette ha.
i;S,ss-aitted being responsible for tE'
shortage and that Bessette and hi.
friends have made such restitution a.
they We're able to make
In an interview today. Bank Com
fnssioner Goodwin said:
tsrhe Peoples Savings Bank is en-,
|trFly solvent. although there has beer
Ia net shortage of about $4,000 in it!
lass its"
The absorption of the Peoples Saw
HSgs Bank by the Woonsocket Institu
|tion for Savings makes the institution
for Savings of which Gov. Aram ]
'Pofk.er is. vice president, the third
largest savings bank in the state il
IYint of assets. surplus. volume of de
posts and in the number of depositors
Continued on Page Twelve.)