Norwich bulletin., 1912-08-08
THE OANIELSON BANK SITUATION
No Truth in Rumored Vote to Liquidate-Ohcials Dumb founded at Commissioners Acton-Bank Has Been Prospering in Every Lme-But No Trial Balance Fiad Been Taken Since 1887-ImpIicaton That Officials or Commissioners Were Not Their Job.

Even the bank commissioners do no indicate that they have the slight4 suspicion that any man at present con nected with the bank is or has beer kuilty of any misuse or misappropria- ton of funds
 Trouble May Date from 1883.
 When asked if he-had an opinion as to how or when the difficulty that now presents itself first came about MT Paine said he could not tell, but if he were to guess. it might be at that time when the accounts were scaled in 1883, but nothing definite could be known, of course, until an investiga- ton is completed.
 No Trial Balance Since '87. In answer to a question, Mr. Paine verified the report that no trial bal ance had been taken at the bank dur ing the administration of the present treasurer, who took over the books from his predecessors, according to the figures shown on the daily balance at that time in 1887, nor could MT. Paine say how many years previous to that time had elapsed without a trial bal ance being made.
 Who Was Lax and Negligent. It is upon the point of the failure to regularly make trial balances that the directors of the bank and it's off, cials and the state bank commissioners came in for much criticism Wednes- day from depositors and others who are studying the situation. It is held that the directors and the bank com missioners were lax and negligent In their duties in not insisting that such 1 trial balances be regularly taken and the comment was frequently heard that in all the examinations of the books of the bank through the many years when the present trouble must have been in hidden existence. if seems peculiar that the bank com missioners who have been coming here failed to discover it, allowing that they had thoroughly done their work. Public Confidence Unshaken. While there was much criticism and comment Wednesday, the confidence of the public that the bank will be able ] to make good the prediction that there will be no serious losses resulting re- | mained unshaken. There is strong 1 faith in the rectitude of every man | connected with the bank. the adverse comment being principally relative to the failure to take trial balances and | be In positive touch with the real con- dition of the institution.
 There was no excitement or no tur- l bulent depositors about the bank dur ing the day. Many who have accounts came in to have interest entries made and while they asked questions they did not seem fretful nor worried, and accepted the statements that they would not be called upon to lose heav- | ily
 Courtesy of National Bank Appreciat- ed.
 A few of the depositors who were in urgent need of money availed | themselves of the courteous offer of | the Windham County National bank | to accept their savings bank pass | books as collateral for loans, but this was only in cases where the money was needed at once. One of the d. rectors of the savings institution told a doubtful depositor that he would be willing to buy his account at 90 cents on the dollar, the director feeling cer- tain that he could do that and ulti nately make a profit on the transac-
 tion. Most of the 5000 depositors are content to await an adjustment, how | ever, figuring they will lose no more
 than an annual dividend.
 Effort to Freeze Bank Out7
 There was one story Wednesday tC
 the effect that the local savings bank
 troubles might be due to a desire or
 the part of some one with influence
 to show up Its condition with view
 to forcing a windup of it's affairs tha-
 a savings bank in a nearby town migh
 come here to do business, as has beer
 frequently talked of in the past; bu
 as far as this story is concerned ther, is nothing in the way of facts avail
 able to substantiate 1t. nor was it giv.
 en much credence in circles supposedl,
 in close touch with the banking busi
 ness in this part of Windham county
 An explanation of how the discrep
 ancy that exists came about Is not t
 be looked for until the bank people
 review of their books over long peri
 cd of time is completed, unless tn
 bank commissioners have in their in
 spection of the books secured knowl
 edge that has not been irnparted t the public.