Putnam patriot. [volume] (Putnam, Conn.) 1872-1962, 1916-03-10
EditOrialIY Speaking


The Putnam Savings Bank Is nov
open TO receive deposits. On or after
the fifteenth Of next month deposilora
wishing TO make Withdrawals may re-
seive 10 percent Of their deposits. They
may receive another 10 percent on or
after the fifteenth Of July and 10 per-
cent every two months thereafter.
The resuming of business by the
bank is looked upon as somewhat OF
IN event as the Institution has been
closed since the 10Th of December, 1913.
1t is 10 The credit Of the depositofs
I. .hat there has been nothing like II
panic; that they have always had the
utmost confidence in the hnal outcome
Of The difficulty; and that the officials
under the reorganization have inspif
ed that confidence. 1t is not antiei.
pated that there will be any substan
tisl Withdrawals. The bank is on y
sound financial basis and could pay
dollar for dollar II 1t was necessary. In
order to conserve the best interests Of
the institution the court order limits
the Withdrawals rs above. This is
merely protective measure. There
is evidenced among the depositofs a
feeling that In the local savings bank
under It's present condition and pres
ent management that 1t is rs safe
place 10 deposit funds as any other in
slitution for savings in The state.
While there was some talk in the
early stages Of the difficulty Of scaling
the deposits the officials had full CON
iidence that If little time were given
this would not be necessary as at no
time has the earning capacity of the
assets been impaired. Their faith In
The final outcome Of the matter has
beer borne out and it is now assured
that not a dollar Of the principal viii
be lost to the depositors.
1t is the belief that the bank will be
gin 10 receive deposits Immediately rs
people of Putnam and the surround.
ing towns have confidence in the insti-
stution. Those who actually need funds
will Of course be forced to withdraw
and those who have already borrowed
E nj interest will have their debts To the
bank reduced by taking advantage of
the limited payments. Aside from
this IL is believed that few withdraw
ais will be made. In short while
the difficulty through which the bank
has recently passed will be entirely
forgotten aud the business will be con.
Quoted In the regular channels of ron-
tine, the receiving OF deposits aud the
loaning OF funds on mortgage and on
collateral.
The Savings Bank is n public insti
Tuition. IL Is a need OF every comma
nifty. The present official board and
the officers are such Ms inspire cont.
dence In the public. This phase, that
Fof confidence, is what has stood out
most prominently all through the diff
! ficulty the institution has experienced
There has been an optimistic view
Throughout and very little uneasiness
among the depositors. 1t is this fea.
ture that lends us TO believe that when
the opportunity for withdrawal AR
rives little or no advantage Of IL Will
/ be taken aside from those who actual
( ~ need money for present needs. The
whole OF the present difficulty was due
+ 10 the depreciation Of the assets OF the
bank. AS before stated the earning
. capacity has at no time been impaired.
The 900 earnings is conclusive evi.
dence of this fact.
The difficulty Is now thing OF the
past. The bank Is open for deposits
and interest will be paid on all such,
new and old, from the first OF April, Ii
can hardly be said that confidence has
been restored because there has never
been q lack Of confidence, but 1t may
be said that there Is confidence I'm The
y institution and that IL viii be shown,
/ in fact is being shown, by deposits al.
& ready being received.