Putnam patriot., 1914-01-02
s2.s95.46s 56
s2,s95,467.56
Total

Total S2,S95, ,467 .56
 He stated that the earning capacity
 of the bank is as great as it ever was
 and already the April dividend has 1 practically been earned and the earn- 1 ing capacity has not beeniimpaired. The bank owns no real estate by fore closure and TO bank or other stocks.
 He thinks that the closing of the bank | might mean a loss of one dividend to
 the depositors. A proposition made by the commissioners to scale all ac- counts percent was turned down as | there are many trust accounts in the bank and the trustees did not think | such a procedure equitable.
 The following statement was given cut on behalf of the bank shortly after ! the directors meeting at ? o'clock: 1 "The bank has assets that are all 1 right, a large amount in railroad and municipal bonds paying the regular
 rate of interest. Due to the exigencies ! of the times there has been a shrlnkage in the market value in all bonds. l Recognizing such shrinkage and ap- l plying it to the assets Of the bss4k tie commissioners find that there is temporary impairment of the bank $ finances. The commissioners felt that they must govern themselves accord ingly and felt that it would be unfair ! to allow part of the funds to be with drawn at the present time and theIe- fore they have issued a restraining order restraining the bank from pay ing dividends, receiving deposits or paying out money.
 "Daring the time the bank is closed there will be reduction in the eX- pense of administration thus saving considerable sum to the bank. The bank will continue to invest and rein vest its funds and accumulate profits for the benefit of its depositors until such time as it may seem advisable to allow the bank to resume active busi- ness. It is the hope of the officials of the bank and the bank commissioners that conditions may change by the | next meeting in July and there may be considerable appreciation in the market value of the assets and that the bank may then resume business and the payment of dividends.
 "At the annual meeting of the incor- porators in July it is intended to in- crease the board of trustees to twelve thus adding three additional members, the board to consist of the present members or part of them as may seem fit to the corporators, said board so elected to be subject to the approval of the commissioners.
 "The commissioners feel that confi- dence in the stability of the bank as 10 justify them in saying to all banking institutions that they will be safe in advancing to depositors 80 percent of their respective amounts on deposit. The temporary closing of the doors is not due to any mismenagement or loss of funds or any cause whatsoever out 1 s.'e of the depreciation of the market
 vai0e-f the securities thus rendering
 the asse.s of the bank at the present
 time appsfntly depreciated to such an
 extent as Nwipe out the surplus. This Justihes the Conservative policy adopt ed by the trustees with the approval of
 the commissioners y
 Among the bolds held by the bank
 are the following with valuation at
 par:
 Town of Putnam SlO1 900 1 Town Of Thompson $500
 Town of Woodstock 9,S25
 City of Putnam 5000
 Railroad BondsSat Par
 Atlantic Coast Line 1O0. 900 1 N. Y. N. H. X H. POO GOO
 Buffalo and susquehanna 7O,000
 Chicago X Alton 100 900 C. 5. X Q. 0o,o00 i Chicago and Eastern Ill 35. .0UO Chicago & Indiana coall 100 GOO
 Milwaukee X St. Paul. Series 26O 900
 III. Central and Controllsd lines lso, 600 Louisville and Nashviile 100. 900 Paduca & Memphis eo,oo0 Minneapolis & St. Paul 1oO.Mg0 Mineral Range 10000 1 Montana Extension 1O0,OOO Montana Central 100000 Sioux City X Pacific 5O.00O | St. Louis Iron Mountain X
 southern 5000
 River Gulf 750,O00 i St. Paul Minn., X Man. 75,OOO