Putnam patriot., 1914-07-17
THE PUTNAM
 SAVINGS BANK
Bank Commissioners Write COrpOratOrs
Statement by Committee of Banks
 Condition

l0nuitl0n
 In view of the annual meeting of the Putnam Savings Bank to be held next Monday, the State Bank Commissions CTS have sent the communication giv- en below together with a statement of the condition of the bank to each of the r incorporators
 To the Corporaters of the Putnam Savings Bank:
 The Bank Commissioners Of Con- nectieut understand that you are to have the annual meeting of your bank on Monday, July 20th, 19l4. The con- dition of the Putnam Savings Bank and matters pertaining thereto have caused the banking department Of the State of Connecticut a great aeal of anxiety. Some few days ago it was suggested that each and every eorpo- rator be shown by the bank $ officials the true condition of the bank as of some date In July after the July aecu- mutations of interest and income had been received.
 The banks officials in cooperation with their attorneys agreed to do this and selected Ralph W. Cutler, presi- dent of the Hartford Trust Company, Ferdinand Ritchter of Hartford, head of one of the most respected brokerage firms in Connecticut, and Ii. L. Bea- dle, of the Society of Savings, Hartford, to make an appraisal of the bank as- sets, the expense of said appraisal to be borne by the bank. Based upon the said appraisal made and. subscribed to by the said appraisers selected by your own officials and attorneys, the show ing is as set forth in the enclosed state- ment of condition, and you will notice that the surplus and interest accounts have been wholly wiped out and that there is deficiency or impairment of S110 ,S92. .6S. The bank commissioners sincerely regret the necessity of calling your attention to the conditions as they exist, but each and every one of you has a serious responsibility to perform in working out the salvation of your bank; and we have insisted that true statement be made for you that you may truly understand this duty and responsibility which lies be, fore you and thereby be the better able to assume and perform the same. At the present date, according to the ap- praisal made by your appraisers flor you the bank is not solvent Ii is to be hoped that the banks assets may increase in value, but during lthe last few months they have decreased rath- CT than increased in value on account of the depreciation of certain issues of bonds and possibly other reasons. What effect the future may have upon the value of the banks assets is largely speculative. It is to be hoped that the management to be elected at your an nual meeting will be able to wisely plan to bring the bank out of it's pres- ent difficulties, and in using the best of Judgment in selecting your officers lies the most important part of your duties. You may safely depend upon receiving all legitimate assistance which the anking department of Con- necticut may be able to render in so- luton of the difficult situation.
 Gentlemen: - We wish to remind you that your bank is not owned by a few men of financial ability, but rather is the custodian of the funds of more than seven thousand people, very many of whom have their savings of many years in your care, and the in terests of your depositors should re- ceive your first consideration.
 Yours truly,
 Fred F. Holt,
 Norris $. Lippitt, per B.,
 Bank Commissioners.