Putnam patriot., 1914-07-24
SAVINGS BANK
 CORPORATIONS
Hold Annual Meeting without Taking
 Any Action
Meeting Adjourned to July SIst

The corporators of the Putnam Saw ings Bank assembled tn annual meet ing at the banking rooms of the insti- tuition Monday afternoon. The meet ing was adjourned until July 3lst without any action being taken rela- tive to the opening of the bank. 1t is 1 understood that the adjournment was at the request of counsel for the bank.
 IL was stated after the meeting that the report of the appraisers, who made an investigation of the financial condi- tion of the bank, was read and in the report were suggested four courses of possible action under the present situ. i ation. The first feature suggested was I the liquidation of the bank, the second l that the trustees voluntarily make up | the deficit of some S1le,000, third the scaling of the deposits to an amount to l offset the deficit and fourth that the bank remain closed until the earnings amount to and equal the amount of the deficit. While these courses of l procedure it is believed were merely | suggestions as possible courses of ac. 1 tion, it is understood that the last method was possibly the most favored. Fifteen of the seventeen corporators of the bank were present at the meeting. | Later In the afternoon it was report ed on good authority that plan is be l ing strongly contemplated to call q mass meeting of the depositors and elect strong depositors' protective committee to be made up of representa-. tive business men, for the purpose ol seeing that only such action Is taken as will assure the best interests of the depositors. Neither the bank commis- sioners nor counsel for the bank were in the city Monday. It Is the freely expressed wish of all who are interest. ed in the final outcome of the matter that some plan of solving the difficulty may be evolved without the expense that resort to the courts would entail
 William II. Edwards, an auditor from the state banking department was in the city Monday for the purpos, of taking trial balance of the deposit ors' ledgers of the Putnam Savings Bank. He went to the bank and pre-. sented his credentials but was told that the corporators were to hold their an nual meeting that day and was told to come in on Tuesday. He returned Tuesday morning prepared to begin his work but was denied the privilege so left for Willimantie where he was to do similar work at bank there Commissioner Holt when asked about the matter said that the department Is checking up various banks in the state and that the Putnam bank would have been the twenty. bank to be sc examined by experts of the depart ment. Commissioner Holt stated tha' the Putnam bank is the first that has refused to permit such an examina tion.
 The commissioner further stated that he regretted very much the trend of events, but the attitude of the treas urer of the bank now under restrain ing order of the commission he said had been adverse to every suggestion of the commissioners which has led tc delay in reaching solution of the difficulties. "If satisfactory arrange ments can be made with the bank of hciaIs,u said Mir. Holt, "in regard tc an investigation, the commission will be glad to talk o Ter the situation with a committee representing the deposit. ors in an effort to save the bank with out resorting to more drastic measures We shall make 1t a court matter only as a last resort"