Norwich bulletin., 1915-12-21


 There was a cheerful and encourag- ing note current in the statement given out Monday afternoon as to the improved condition Of the institution and promise of the future, following a regular monthly meeting of the trus- tees of the Putnam Savings bank, which, two years ago next week, was restrained by order of the bank com-
 niSsioners from receiving deposits or from paying out money to depositors, and which has since complied with that order.
 There is a possibility that the bank may reopen by April 1, 1t is under stood, but no definite time has been set. Should the condition Of the bond market continue to improve as stead l fly as has been the case for some time l past, the bank will benefit greatly. AL ready the deficit shown by the banks | books at the time of an appraisal made July 2, 1914, has been wiped out. and there is sound reason for anticipating steady advance in the value of bonds. l in which the deposits are largely de- posted, and a consequent enhancing of the banks position.
 This will be cheering news on the eve of Christmas to the more than | these depositors. resident in practical ly every town in eastern Connecticut and in places outside of the state. | The following statement relative to | the banks condition and prospects was given out following the meeting | of the trustees:
 1 At the regular monthly meeting of | the trustees of the Putnam Savings bank held Monday, the treasurer re- ported that the market value of the bonds held by the bank had shown a | decided increase during the last few 1 weeks and that they are now selling l at prices nearly as high as those fixed | by the appraisal of Messrs. Richter, Cutler and Beadle on July 2, 1914. | It has been the aim of the trustees \ of the bank to conserve it's assets un- | til they are of equal or greater value | than the amount due the depositors l which Is $2,T47, ,31S.71. They are glad
 to announce that this goal seems to be
 much nearer than at any time since \ the bank was restrained from paying
 out or receiving deposits. The deficit
 shown on the books of the bank by the | appraisal mentioned above was entire | ly eliminated by the earnings about | two months ago; the market value of It's securities, however, has been con siderably below the appraisal values
 until the recent advance.
 1 They would like to state just the date of reopening; this. however, has
 not been determined. The necessary preliminary steps, however, are now 1 being taken and it is expected that bS April 1st it will be possible to take
 definite action. They believe it is theil
 first duty to safeguard the prineipa
 of depositors intruSted to the bank
 and to make it possible for every de.
 positor to secure the same If desired After this condition is reached tht
 matter of declaring dividends can b,
 considered. When the board are con
 ffdent that they can turn its securitie!
 into cash. if desired. at a price equa
 to or exceeding the values at whicl
 they are carried on the books of tn,
 bank, they will then, upon approval O
 the bank commissioner, reopen.
 St. Philips Church Notes.
 Today (Tuesday), St. Thomas day
 the communion will be at a. m.
 Evening prayer will be said in it
 briefest form on Friday at 7.30 to al low prompt attendance at the musica
 programme of the community Christ
 mas tree.
 Saturday, Christmas day, morninI , prayer and holy communion will be a !; 9 o'clock, the usual hour for saints , ! day services.
 Services on Sunday will be the hol. communion at and at 10.45. Sunda, school at noon, and evening prayer a o'clock
 Monday and Tuesday after Christ
 mas, St. John Evangelist's and Hol , Innocents' days, respectively, the hol communion will be celebrated at o'clock. day school is to be held Thursday , Dec. 2Sth, at 2.45 p. m. All childre
 who are in any way connected wit , the church have been invited, whethe
 members of the Sunday school or no Their parents and other attendants an friends of the church have also bee welcome.