Norwich bulletin., 1912-08-09

rectors to the effect that during the last few months three officials have withdrawn their accounts from the now troubled institution, taking this action because they were aware that breakers were just ahead and they wanted to get from under.
 That the directors have done any such thing is as far from the truth as 1t can be, says MT. Young, and this also goes for another wild cat yarn that no director of the institution has had cent on deposit in the bank for years. The real facts are that at the present minute the directors of the Windham County Savings band, either as personal accounts or trustees of funds, their wives and their families have deposits aggregating in excess Of $60,OOO in the institution, tied up as Is the money of all the other de- positors. The only two members of the board who have no money on de- pos1t in the bank are A. J. BitgOod of Moosup and James Perkins of Dan ielson, director. Trustees who have | money in the bank also have personal l accounts there, and one of the di- rectors has every cent deposited in the bank that he has at interest in that way and 1t is a large sum. Another ] of the directors has an account that
 
 is now large-far more so than that Of the average large depositor. Treasurer Young says that such | changes as have occurred in the l balances of the directors accounts i with the bank within the past few months are only such as would nor mally occur in the transaction of routine business and that both with drawals and deposits have been made, the latter being approximately equive- lent to the former. AS late as August l one of the directors deposited S1,000 in the bank
 Start on Trial Balance.
 The long and tedious task of getting a trial balance over a period of close to a quarter of a century has begun The work is being done by Treasurer Young and his son, Earl who has been the clerk at the bank for a number of years. Beginning with June 30 1S86, every entry is to be checked up to Tuesday of this week, when the bank was closed The date mentioned was about two weeks prior to the talk ing over of the books of the institu- ton by Treasurer Young Until the grind of going through all the mass of entries that have been made since that distant day is completed there will be no hope of locating the dis crepancy and at the bank the feeling is that when 1t is ultimately found it will be further back than 1886,
 Trouble May Have Started in 1883. MT. Young said Thursday that there was a chance for the clerical error or errors that are held accountable for the discrepancy to have occurred back | in 1883, when, on September g. a run fha haF the strain of the ordeal that he was called to face at that time MP. Young s predecessor as treasurer weakened physically and he (Mr. Yeung) who was @ clerk in the bank at that period, was called upon to handle the great bulk of the extra rush of work that came in.
 A Mistake PardenabIs.
 MT. Young stood at the paying l teller's window through every day of the run, which continued through September, paying out daily thousands of dollars. Leroy Hummer now ot California. was called in to assist in the bookkeeping, being engaged in drawing off the ledger accounts and extending them on the per cent basis of scaling, but aside from this aid, practically all the immense amount of detail work fell upon the shoulders of MT. Young. Under the high pressure that he was forced tC work for many days and without ade- quate aid in handling the extraordin- ary amount of business clerical errors in handling the many accounts might easily have been made, but this, o- . course, must be determined by inVesti- gation which may prove no errors were made at that time. It may be nee essary to go back to 1864 before the present mystery of the accounts i. solved.
 One Citizens Plan to Make Up Fund
 The real feature of Thursdays de. velopments in the bank matter wa, . the announcement of a prominent cit. , izen of Danielson that if ten repre-, sentative citizens of Killingly and sur , l rounding towns could be secured tt agree to the plan and that said plal was acceptable to the present officia
 board of the Windham County Saw ings bank, he would be perfectly will l ing, with the others doing likewise tt l put in S1,S00 as ten per cent of al g s1S,000 fund to make up the dis . crepancy in the banks accounts o1 . agreement that the present board, a l an organization, retire and turn owe @ the affairs of the bank to the groU that makes up the deficiency. Thi
 proposition comes from a thoroughI
 competent source and from a man wh n by himself Is fully able to make up tn Y discrepancy for the control of the in r stitution if it were deemed advisabI . to do so.
 8 New Board Advocated.
 In discussing the proposition h
 said that he had already found on
 man who was favorable to the propO ! fsF,rz
 there were others whom he was goin
 to see. The idea Is that the conditio of the bank at present is regarded a
 so satisfactory that he believes 1t coul = be taken over and ultimately de
 veloped into 8 strong and paying in Y stitution. The plan is to make up
 new strong board and quickly com ., mand public confidence. The ne1 board 1t was suggested, might in
 clude members of the present board e The outcome of this proposition 5. which has not officially been called t l. the attention of the present director l. and officers of the bank, Is taken a
 a reassurring sign of the confidenc h of wealthy and successful men If the future possibilities of the institu 'A tion. Those who would put in the
 money to make up such a discrepanc d as. exists would, of course, do so on tt e strength of their faith that the futul
 of the bank warrants their doing so. 'e No Directors Meeting. III There was no meeting of the boar
 If directors of the bank Thursday. an of it was said at the bank that it was n, es likely that one would be called at ono
 On Vacation Visit. T. Rev. John F. Quinn of Ansonia ha l. been spending a few days with h
 mother, Mrs. Timothy Quinn of Map of street
 a Joseph Chartier and Miss Lumir
 Meunier returned Thursday form m stay of several weeks with relatives .y Montreal.
 Misses Katherine, Margaret an
 Helen Awkward and Miss Margar' ,e Mcbride will spend the coming wee