Putnam patriot., 1924-10-24
Call For Stock Payment
For Ne,U Bank Nets 100000
THIS SUM REPRESENTS FIFTY PER CENT INsTALLMENT
ON 400 SHARES IN CITIZENS NATIONAL BANK
PEOPLE BACK OF PROJECT
Mary Purchasers nf stosh Are Owners oi Shares in Wrecked
First National Bank.-A Newton Vaughn Named
Financial Agent and Is Receiving Subscriptions.

mittee has been only after two months
OF hard and patient endeavnr in the
face Of real obstacles. Many natural
obstacles have been encountered. and
to make the task of the committee
even harder many difficulties were de-
liherately put in their way. That
these representative Putnam citizens
have overcome all opposition and given
Putnam positive assurance of a ma
tienal banking institution il indeed ev-
idsace Of their fighting spirit and per-
severance.
Starting with mass meeting Of
citizens four hours after the First
National Bank closed lis doors. the
committee has been working ever
since, Within very few days after
the closing Of the old hank sufficient
stock subscriptions had been secured
fram the people Of Putnam and sur
rounding towns % warrant applica-
tion for a charter. When the appli-
cation was received at Washington.
II. II Mckee. friend and representa-
tive of the comptroller, was sent TO
Putnam 70 make a personal investiga-
ton - the financial condition Of the
old bank. and 10 find out in what way
the banking needs OF the city could
best be met.
Willing TO Grant Charter
After having made the dishearten-
ing announcement that the loss at the
First National through tine defalca-
tionS and mismanagements of Mr.. Gil
patrle would amount 90 ST0n, 900. Mr..
Mckee went back to Washington and
made recommendations Ia the comp
traller regarding starting new bank
here few days later word was re-
eeived that the charter would be
granted provided certain conditions
were complied with.
After consideration, members Of
the committee agreed that the eondi-
tions imposed could not be mot. and
the outlook was rather dark. Iele-
grams and letters 10 Washington ask
ing for modification Of the provisions
brought no results. Then two weeks
ago Mr.. Mckee again came 10 Putnam.
and conferred with the committee
members. lie promised that some
definite and constructive information
would come out from the comptroller's
Office within few days, brt nothing
was heard from Washington until last
Sunday, when Judge Geissler was re-
auested to come 10 the capital city and
went. a. previously told His visit
brought the desired result.
Owned by Local People
A bank owned and controlled by the
people Of Putnam and vicinity, with
outside interests having no control.
has been the aim Of the committee.
Because Of the wbole-hearted manner
In which Putnam responded 20 the call
for 81 so 900 In stock subscriptions,
more than S225. 900 was pledged.
To be OF service 90 the community
from the first Is the object of those
undertaking the formation Of the clti-
zons' National Bank To this end
they have gone about the work most
I carefully. in that from ito opening day
the bank may be help TO the COM
munity. rather than a burden. This
explains great deal of the delay IN
completing the organization.
The up-to-date. completely equip,
ped banking house Of the old bank viii
be the home Of the Citizens National
Z unlesA further opposition or obstacle:
develop from some quarter, and THU
seems improbable, the Citizens Ma
tional Bank will open its doors within
a few weeks.
The committee IN pleased that many
stockholders in the First National
Bank are buying shares Of stock IN
tbs new institution. Besides those
who have already pledged themselves
20 purchase shares, many other Local
people are now signing up for ons
or more shares.