Norwich bulletin., 1914-01-15

Th& bank commissioners, Fred P. Holt and Norris $. Lippitt, have just placed in the hands of the governor their annual report, covering savings banks, trust companies having savings departments both as of Oct. 1. 1913, together with the annual statements of the state banks and trust companies, showing their condition at the close of business on Aug. 9, 1913, the date of the last call.
 1-3 Per Cent. Gain.
 The total amount on deposit in all the banks under the Jurisdiction of this department on Oct. 1, 1912, was 356,S7o,7se.05, a gain of $11.S76, ,419.6S, or 1-3 per cent. in total deposits, which shows a healthy condition, the report says
 Regarding Banks Closed.
 Regarding financial institutions towards which the bank commission CTS have found it necessary to exercise their powers in restraining continuance of business. the commissioners re- port:
 The Windham County Savings bank, which was under a restraining order at the time of our last annual report, continued in this condition until the time when acting with the approval Of the attorney general, we asked to have a receiver appointed to wind up its affairs. The case was delayed in the court, not coming to trial until Sept. p. 1913 During the trial the counsel for the bank offered to bring about an immediate and complete change in the management of the in stitution and we were glad to dis continue the suit and thus save the institution to the community, This change ii1 management has taken place. We are, therefore Sratified to report IL. bright
 Greenwich Savings Bank.
 Late in the year we found the de positors' ledgers in the Greenwich Sav- ings bank in such a tangled condition that we were unable to arrive at a cor rect total of it's deposits. Under these circumstances we could not have al lowed a dividend 10 be declared in Jan uarY- We realized that, if the dividend were passed and heavy Withdrawals made an injustice would be done to such depositors as failed to withdraw. We deemed it best for all concerned, therefore, to close the institution and take possession of it until a thorough audit should reveal its exact condition. petent accountants. We hope to be able to report the bank solvent and re- turn it to it's directors in a few weeks,
 Thanss Loan and Trust.
 The Thames Loan and Trust com pany of Norwich was closed on our motion on April 18th. Later a receiver was appointed who is now settling it's affairs Its condition had given us much concern for considerable period before it seemed necessary to close it.
 In accordance with Chapter 79, Pub lie Acts 1913, we notified the Columbia Trust company of MiddletoWn on May 18th that an impairment of its capi- tai must be made good by August l, 1913. On August I'd, the trustees voted to terminate it's corporate existence and it is now being liquidated under authority of the superior court.
 Putnam Savings Bank.
 On December 29th the assets of the Putnam Savings bank were found to be insufficient to meet it's liabilities so that we, acting in concert with the counsel of the bank, issued an order restraining the bank from receiving de- posits or paying out funds. The bank has an earning power Of approximate ly $12o, 900 gross per annum. We hope, sume before any serious inconvenience results
 Under former conditions the powers limited, but the legislature of 1913 ex- tended their powers to degree where it has been found possible to remedy intolera'ble conditions
 It is a source of regret that for the protection of the depositors we have found it necessary to use these powers