Norwich bulletin., 1913-09-24

missioner Holt that during the lunch hour recess a conference was held be- tween the court, the bank commission CTS and the counsel in the case, at which an agreement was reached that an entirely new set of corporators, di- reCtors and officers of the bank should be elected, all of whom should prove satisfactory to the court and to the bank commissioners. This seemed a happy solution of the dilemma and will result in the saving of the Wind ham County Savings bank to Daniel son.
 Officials Not Dissatisfied.
 While present officers and directors are obligated to resign their positions and connections with the 'bank under the terms of the agreement under which the bank is to resume business. none of those who are slated to go and who could be reached for inter views expressed regret when they learned of that feature of the agree ment.
 Those who have been in close touch with them since the bank became in- volved in difficulties say that they have expressed a willingness to resign if by doing so they could benefit the bank, but thG.E they have hesitated to do so under fire, so were retaining their positions until such time as the banks difficulties were adjusted. That this feeling among them was accurate ly foreCasted was indicated by what some of them said Tuesday afternoon in the corridors outside the court room, where they were awaiting the outcome of the conference.
 Commissioner Lippitt's Statement.
 The adjustment of the case Tues day, when the trial was threatening to drag through the remainder of the week, was welcomed by all. COmnlis- Cj a counsel concerned in the trial was heard to remark that notwithstanding all of the insinuations that have been made against the commissioners in connection with the difficulties of the Windham County Savings bank, he would be pleased to see the bank saved to Danielson. as could be done if a satisfactory agreement could be reach ed, and that he has always had the best interest of the bank at heart.
 Officers and Directors to Resign.
 In compliance with the terms of the agreement the officers and directors who are to sc are to resign at once, and the new list of corporators, ap- proved by the court and bank conn1is- sionerg in agreement with the attor neys for the bank, will elect a new board of directors and officers.
 A Protection to the Bank.
  which the depo sitors will be allowed the privilege of withdrawing 10 per cent. of their money on Oct 6 and 10 per cent every three months there after until further notice Is regarded as a protection to the bank for a period of time
 Will Get Dollar for Dollar.
 It is now assured that the depositors will get dollar for dollar up to the f,TT1 z17f YSaG 9 q those who know of banking affairs and conditions in eastern Connecticut feel positive that with it's new board of directors tho bank can go on doing business, and in a profitable way
 Run Not Probable.
 Tine opening or the bank will be hailed with delight by the majority or the s,G66 depasitors of the institution, as many of them have been put 10 no small amount of inconvenience by tho tieiHg up of their funds since Aug, of last year. While heavy withdraw als are to be expected when the bank opens, d disastrous run is not liable under the agreement plan foT opening