Putnam patriot., 1916-04-21
SAVINGS BANK
Opened Last Saturday to Pay 10 Per
Cent to DepOSitOrs Wishing TO
Withdraw
Less Than 100 Embraced Opportunity.
More Deposits Made Than Any Day
Since Bank Opened TO Receive
Money

Money
The utmost confidence in the future
of the Putnam Savings Bank was evi
denced Saturday when the institution
was opened for the first time in over
two years to pay out money to deposi.
J tors. The payments were restricted to
10 percent under court order. OF over
, 1000 depositors less than seventy. tive
| availed themselves of the opportunity
to withdraw this amount of their
money. On the other hand several
new accounts were opened and others
brought their books in TO have interest
added, leaving their original amounts.
Both President Chester + Child and
Treasurer Daniel j. Byrne expressed
themselves as pleased and highly graf,
flied at the confidence evidenced by
the community served by the institu-
ton. After the bank closed at
O'Clock, for the dry, these officers said:
1--WE are very much pleased at the
confidence shown in the bank. While
we did not anticipate any great run ON
the bank we were prepared TO meet all
demands that might be made. We
were surprised at the few Withdrawals
made and also at the number of new
accounts opened, which were the larg.
est in number since March Bird when
from depositors. We do not care to
give the amounts of Withdrawals or
deposits made today but will say that
the deposits were substantial and the
Withdrawals very light. The bank is
perfectly solvent and the interest ac'
count has shown substantial increase
since March when we stated that it
approximated 10000. The October
dividend will certainly be paid and
the bank will do all any bank could
do fo T its depositors under the circum.
stances"
The Putnam Savings Bank was re-
strained from paying out or receiving
deposits by the state bank commits
sioners, Dec. 10Th, 1913. The commits
sioners announced at this time that
the institution had been found to be
insolvent on account of the deprecia-
ton of some of its bonds. Previous to
the restraining order rumor had be-
come current that the bank was in fl
nancial difficulty but nothing like
panic ensued nor has there been any
thing like panic at any time during
the reverses the institution has expe-
rienced. There was some surprise
when the order restraining the bank
from receiving or paying out deposits
was made public but even then there
seemed to be a feeling of confidence
that the institution, lover fifty years
old and the only institution of savings
in the city, would come out all right
Within year after the bank closed
there was a reorganization of the of
fetal board. Chester +. Child, a sub
stantial business man and large lum-
Der dealer, was elected president and
Daniel j Byrne, a wellknown Putnam
man, at the time treasurer of Wind
ham County Savings Bank, Daniel
son, was elected treasurer. These two
officials, with board of trustees pick
ed from the most substantial men OF
the community served by the bank,
gave added confidence to the favorable
outcome of the difficulty.
From time to time announcement
was made that the financial condition
of the bank was steadily improving.
The earning capacity of the assets was
not impaired and these earnings, to-
gether with a more favorable bond
market, was gradually making up the
deficit.
Before January ,l9l5,it was announc-
ed that if the favorable conditions con-
tinued the bank would open in April.
In February it was announced that
the bank had been declared solvent by
state officials and would certainly OPP
en- in April if the necessary court order
to do so was forthcoming.
On March Bird Judge Gardner Green
of the superior court, at Norwich, sign
ed the necessary 'order. Under this
order the bank was allowed to open
Immediately to receive deposits and
was allowed to pay out deposits under
the following restrictions: 10 percent
on or after the 18th of April, 10 per
cent on or after July 18th and 10 per
cent each succeeding two months
thereafter. The right to withdraw
was made cumulative SO that deposit
tors need not withdraw any particular
| allotment unless they so desire. In
terest on all deposits, old and new, be
gan on April LIST.
Some time ago an arrangement was
| dannSitorS eoul6 bOr