Norwich bulletin., 1912-01-29
Lax System Of
Bookkeeping
DEPOSITS WITHDRAWN BUT Ac.
COUNTS NOT CLOSED.
ERRORS ALSO DISCOVERED
Exact Condition of Windsor Locks Say
nss Bank Won't Be Known for TIVE
Months or More--Experts at Work.

Windsor Locks, Conn, jar. -S.-.That
it will be two months and possibly
longer before the condition of the
W indsor Locks savings bank Is de-
termined was tile gist of statement
made tonight by c. f. Cleveland, its
treasurer Both Mr Cleveland and
President George Glover said tonight
that they nor no one else could tell
whether or not there would be a short
age until the books Of the bank had
been gone over by an expert.
No Trial Balance Since 1871.
Attention to the condition Of the
bank was brought about by reply to
Bank Commissioner Fred r. Holt BY
Treasurer Cleveland, who stated that
there had not Deea a trial balance TAX
eli since the bank was started in 1871.
Following this admission, William p
LGndon, clerk Of the state banking
commission, was sent there. and after
sa examination Of the books he report
cd that the bank was not in a posi-
ton to pay the full amount of the
deposits in case demand was made on
il.
Situation COMPLICATED by Death.
The death of Alfred w. Converse, by
accidental shooting. former treasurer
Of the bank for forty years, also COM
rfcated matters, and the bank com
aission, after a consultation with
Governor Baldwin secured a restrain
ing order from the courts, which viii
be in force until the affairs Of tht
bank have been adjusted.
Depositors Widely Scattered.
One of the main causes Of the delay
in adjusting the condition of the bank
will be the inability to secure all Of
tie passbool5s. The bank has over
1900 depositors, the accounts of 81
exceeding $4,000: 10g whose accounts
are between $1,000 and $1,000, with the
,emainder less than $1,000 each. Many
of the depositOrs have moved from
town, and their addresses are not
available and will have to be secured
! by advertising The experts examina-
tion was started Saturday and result
| ed in the finding of the first blotter
with the 1871 accounts.
Very Loose Bookkeeping.
Even in that year errors in book
| keeping were alleged to have been
| found, one instance being the failure
| tc carry over from one month to the
! next a matter of fifty cents. 1t was
| also found that deposits had been
withdrawn and the bank books turned
| IN but that the accounts had not been
| closed Oh the banks books and thai
| the interest was still being credited to
| those accounts. This state of affairs
! led the officials to say that conditions
might not be as bad as some thought
they might be.
Considered Trial Balance Unnecessary
Treasurer Cleveland, who assumed
the position six months or more ago,
in speaking of the matter of there
having been no trial balance taken
said that he had thought Of the matter
! when he first came to the bank, but
that his daily balances proved them
| selves and that as there had never
been a trial balance taken ne did moi
see why the old order Of things should
be changed.
DsResitors Get Excited.
When the news that there was trou-
lie at the bank first spread among
the depOsitorS there was some little
excitement and a number of those wl1t
had money on deposit congregated II
front of the bank, some Of the smaller
depositors asking that their money
be returned to them, but when the sit
uation was explained they left with
out making a demonstration. Many o.
the smaller depositorR are employees oi
the local bills.
No Banking Business Today.
Monday morning tho banks DOOR
Hill be opened at the usual time, bu
no money will be taken in or paid out
hut depositors viii present their pass
books and as rapidly as these are pre-
scented they will be taken in hand b!
the accountant and the ACCOUNTS gon'
over