Putnam patriot., 1914-07-31
PROPOSAL OF BANK
 COMMISSIONERS
Submitted at Informal Meeting of Tras.
 tees Last Friday
Suggestions Received Favorably by Ma.
 jority. No Action Taken

banks counsel, Attorneys Charles E, Searls and Judge w. F. Henny, and the bank commissioners, Fred r. Holt and Norris $. Lippitt, and their eoun. sel, Attorney ]. F. Carpenter, held in the banking rooms last Friday after. noon the bank commissioners submit ted a proposal which they think will restore the confidence of the banking community in the bank and its man agement if carried out. The proposi- tion was cordially indorSed by the banks attorneys and majority of the trustees, who were favorable to imme- diate action but this was opposed by a minority of the trustees including the treasurer. The bank commissioners were asked to submit fifteen names to be added to the list of incorporators and did so but the names were not given out.
 After the commissioners had sub- drawn, the trustees and the bank S counsel remained Co talk over the mat ter and were in session for nearly two hours. After the meeting Commis- sioner Lippitt stated that there was nothing to give out and that the trus tees were still in session. lie said that the only interest the bank commis. sioners had in the bank was the inter est of the depositors and they intended to see that the interests of the deposit. ors were protected.
 The proposal of the bank commits sioners was submitted in writing and was as follows:
 Hartford, Conn.,, July 24, 1914. To the Officers and Corporators of the
 Putnam Savings Bank, Putnam,
 Conn.
 Conference.-The affairs of the Put nam Savings Bank have reached such a condition that we feel it our duty to make urgent recommendation and re- quests to the present corporators of the bank. The bank has been shown by an appraisal made in behalf of the bank to be insolS ent to the extent of about Sl00,000. The figures vary very little from the estimate male at the banking department of the state. In the opinion of the bank commission. CTS the situation requires immediate and radical action. At the present time, as we understand, you have on your board of trustees very few per- sons who are in active business for themselves. In a savings bank of the size of the Putnam Savings Bank the confidence of the people is better ob- tained by having upon the board of trustees a goodly number of active and successful business men selected from the various parts of the banking com munity When n bank which has had a splendid reputation in the past be- comes even slightly involved in finan- cial difficulties, there is bound to be at least some distrust as to the ability of those in control. While the people may not think that anything dishon- est has occurred in the management of the affairs of such bank, yet the ability of those in control is liable to be, at least, slightly questioned. The bank commissioners believe that ten, twelve or fifteen of the most capable and suc- cessful men of your banking commun. .e.. al, merchantile, farming, manufacturing or otherwise should be added to your board as corpofators and should be given aa opportunity to join the pres- ent corporators in the selection of the officers and trustees who shall directly represent the bank before the deposit of the banks business. We are given to understand that one or more of the present trustees desire to retire from the board, and if A number of able men are added to the board of eorporators, board of twelve trustees can be easily selected which will command the con- fidence of the depositors and of the public and the new corporators will take an active interest in the welfare of the bank. We think that in this way and by this method the Putnam Savings Bank can best be saved as a valuable institution to it's banking community. We therefore urge, rec- ommend, and request that you select, as soon as may be, as additional mem- bers of your board Of corporators, at least ten, and more rather than less, of the most capable, able, and successful men of your banking community and request them to qualify immediately and participate in the affairs Of the bank. If the bank should be opened, as we most certainly hope 1t will be, It will need all the help which It can ob- tain, and the direct interest in the depositors Of the bank Of ten or more new corporators will help in reassur- ing the people and restoring eonfi- dence. In making this selection of corporators the bank commissioners would like to be consulted, and we suggest that the people of the Catholic faith be represented upon the board Of corporators, as we understand that goodly proportion of the deposits of the bank are in the names of people of the Catholic faith.
 Respectfully submitted,
 Fred r Holt