Putnam patriot., 1916-02-25
SAVINGS BANK
 TO REOPEN
Will Begin Active Business April 18th If
 Court Order Is Forthcoming
Court Will Restrict Withdrawals. Bank Is Solvent and Confidence Is Evident

A meeting of the directors of the Putnam Savings Bank was held in the banking rooms Monday afternoon. Following the meeting it was announ- ced that it had been decided to open the bank for active business April 18th if the necessary order from the court is forthcoming, and it is expected it will be. The bank is in a solvent condition and is so regarded by the state bank commissioner. 1t goes without saying that the bank will not pay depositors in full as soon as 1t is opened. While it is not believed that the withdrawals will be extremely heavy it is the duty of the officials to properly safeguard the bank and the depositors as they have done. It is thought that as soon as open ten percent will be available to the depositor wishing to withdraw. Later withdrawals can be made re strietively, the whole plan being under such order ns the court may make.
 By deferring the opening until April 15, the bank will have an opportunity to collect interest due on ils securities and other investments on April l, and otherwise make preparations for m event that will mean much to Putnam.
 That the bank has the confidence of the people is being indicated from day to day by persons who go to the insti tuition and ask to deposit funds. These of course, are not being received as yet, but will be when the bank reopens, but il is splendid sign of faith in the bank and it's able management.
 It was made known to the bank of ficials Monday afternoon that the man who made the last deposit in the bank before it was closed, in the sum oi Sl00, is anxious to be the first to make de posit after the bank reopens.
 The bank has deposits in excess of two and three quarter million dollars. Much of this amount is represented in bonds, the depreciation in the market value of which caused the closing of the bank. The market has improved considerably during the past few months and recently reached a stage oi improvement that forecasted the opening of the bank, as now announc- ed.
 At the regular monthly meeting Of the trustees, held in Decent Der, 1t was announced that it was hoped to reopen the bank in April. Since that time no statement had been given out by the officials.
 February 14th it was announced that William k. Moss had been engag- ed as teller of the bank and dichael J. Daigle as bookkeeper. This was the first outward sign that actual prepara tions for the reopening in April were being made.
 In the December statement it was announced that it had been the nim of the trustees to conserve the assets Of the bank until they were of equal or greater value than the amount Of the deposits, which is S2,747 ,3lS.6t, and that at that time the goal was much nearer than at any time since the bank was restrained from paying out or re- ceiving deposits, Dec. 29th, 1913. The deficit shown on the books of the bank by the appraisal of July, 1914, had been entirely wiped out by the earn- ings of investments and the market the appraisal value.
 During the past two years that the bank has been closed there has been nothing resembling panic and little if any alarm has been expressed as to the final satisfactory solution of the difficulty. It has been stated time and again that the earning capacity of the assets was not impaired but the whole difficulty was due to the de- crease Tn the market value of the large amount of railroad bonds held.
 The trustees have carried out their policy that it WAS their first duty to safeguard the principal of deposits in- trusted to the bank and to make il pos sibe to secure the same If desired. This condition having been reached they stated that the matter of declaring dividends could be considered. When the board became confident that they could turn the banks securities into cash, if desired, at price equal or eN' eeeding Ihe values at which they are carried on the books ot the bank, they would reopen, upon the approval ot the bank commissioner. II the bank reopens April 18th, as 1t Is now eN peeled it will, then the above satisiac tory conditions will exist.