Putnam patriot., 1924-10-24

At 10 o'clock this morning a tetsl
Of 800 shares of the stock of the
Citizens National Bank Of Putnam
had been secured by the payment of
$50. 900 to A. Newton Vaughn, 6nsa.
eisl agent of the new institution.
which Is now practically certain of
taking the place Of the wrecked First
National Bank in the commercial lite
OF Putnam.
As was announced Wednesday.
Comptroller Of the Currency Henry
NJ Dawes will forward a charter for
the bank 20 the citizens committed
here as soon as fifty per cent of the
1925 goo pledged capital and surplus
Of the new bank Is received by Mr..
Vaughn.
The good news Of the probability Of
charter being received IN the near
future became known here after the
return of Judge NJ. II. Geissier. chair.
man Of the citizens committee, from a
TIVE days visit IN Washington, where
he was IN conference with the comp
troller.
Dawes Summon. Geissier
Judge 6eissler was in Washington
Monday in response 70 telegram
from Henry NJ. Dawes. comptroller Of
the currency, Leaving Putnam sun
day night he reached the capital early
Monday and went into conference with
Comptroller Dawes and IL II. Mckee
/ the camptroilers agent, who has Wis
t tied Putnam several times and done
investigation work az the old bank. On
/ the trip to Washington Judge GelssleI
was accompanied by Ralph W. Bowen
an official Of the Rhode Island Hospital
+ Trust Company. the second largest
banking house of Providence. who was
also present al part Of the conference
Upon the return Of the chairman d
meeting OF the citizens committee wal
called. The members Of the commit
/ tee met Tuesday evening. at which
/ time the report was given that Comp
tiellcr Dawes has approved the peti.
+ ton for a charter for the bank, and
+ that he had signed an agreement Il
this effect. II was further understood
+ that ne soon a. one half of the s225,,
/ p0o capital stock and surplus pledged
f has been secured By payment, this
charter would be forwarded from
/ Washington.
Receiving Subscriptions
At his office IN the Bradley Theatr,
building. A. Newton Vaughn, ehosei
as the financial agent for the commit
Tee. II now receiving subscriptions
/ Through the courtesy of Receive
+ George Nj. Coffin n window has beef
set aside at the First National Banl
( AT iehich subscriptions are also beini
received. Pledges should. Of course
f be paid In as soon as possible, sine
4 the bank cannot open until iarg
percentage of the money Il at hand.
The committee will shortly choose
board OF directors 10 serve until tn
! meeting Of the stockholders In Janu
AIRY, when the stockholders .hemsei*ei
will choose permanent directors.
In organizing the Citizens Nationa
Bark the committee now has the co
operation of the comptroller aud hi
under officials. and also Of offices o
banks in Boston, Providence and Nor
cester, who have offered TO give 10 an,
extent desired 81 their banking knowi
edge and experience In assisting tn
Putnam bank TO get started IN th'
right way. Mr.. Bowen Of she khess'
Island Hospital Trust Go. Of froYi
dence is one who Is giving time an'
ability in helping Putnam. He ha
spent several days here to- king int
Z the situation and a0w viii assist tn
committee in the details o. organiza
ton, 10 that the bank may open a
/ sfon as possible.
Osercome Obstacles
What has finally been accomplished
hy the members Of the citizens com