Putnam patriot., 1924-08-29
JUDGE GEO. HOLT CRITiCIzES
 BANK OFFICIALS FOR SILENCE
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years, is a deep disgrace 10 all who are responsible for 1t; but nothing about U is more disgraceful than the deliberate attempt to conceal the facts from the defrauded depositors and ! stockholders.
 Another indefensible course of con duct by this receiver is his refusal to permit persons having property in safe deposit boxes, against whom he thinks the bank nas or may have some claim, to have access to their proper ". Since when has it become lawful Tor person claiming CT expecting to E be creditor to seize the property of i his alleged debtor without any writ or i the recovery of any judgment. If ev- 1 cry bank CT trust company with a safe deposit vault has any such right l the public should know IL, and should cease t9 entFast their property to
 GEO. C. HOLT.
 Woodstock, August 27, 1921.
 In Reply to Judge Holt Such a communication as this from Judge Holt is deserving a pub l l.c reply and Iae Patriot mas gone to not little pains in an eitoet te secure the proper information for such reply.
 As to the silence of the directors, there Is TO douot that 1t has been maintained for the simple reason that to divulge any information at a mo ment of slen excitement and such exa11eration Of statement mi .ss. prove harmful to the bank in it's pres ent cris.s. II Is doubtful that at tas time of the closing of the bans O. even since that tne directors knee "all the facts" relating to the bank closing. I nat a shocking shortage existed was evident but as 10 Us exact amount of this shortage the. is every reason to doubt that the directors themselves knew even ap- proxlmately its total. That the shortage was due to the defalcations of its former cashier is about all the information that the bank direct ors could reveal at the time of the closing. It Is also probably true. in view of the fact that the receiver and the examiners have been hara at work since the old bank closed that the exact location of the mis placed funds as well as the totai amount missing is not yet known.
 As to the silence of the federal officers, there Is no reason there fo attack. The examiners as well Us the receiver are prevented by absolute printed instructions from the office of the Comptroller of the Currency to give out any statement of any kind. Such information as they gain in the course of the investigations is forwarded to the office of the Comp trOlier of the Currency. All infor nation must come from that office and neither from the receiver nor the examiners.
 Conduct of the Receiver
 As to the conduct of the Receiver in regard to safe deposit vaults, the statement made by Judge Holt + somewhat inexact. The safe de- posit vaults are open Co all who rent them with the exception of those who are borrowers from the bank or shareholders in the bank. A sainse these the bank has claims and it + obvious that the contents of the safe deposit vaults held ia their name must be closed until the condition of the bank is known.
 I to increase the work of the Receive of the bank. IL is sincerely hoped that Mr Coffin will be successful in salvaging from the wreck every pos sib.e asset of the old bank. Those who have been in contact with Mr. Coifin personally know that this is the effort which he is making, an effort which has as it's goal the best inter- ests of the community. Mir. Coffin has no right to speak without the permission of his chief. the Comp. troller of the Currency. If there .s any criticism to be made at the present time in regard to the bank 1t cannot, with justice, b. directed at the federal agents who are working in Putnam at present. The silence If the banks directors Is another matter but 1t would be more help ful to the present situation to believe Shat Che silence of the directors is cue to a belief that any statement that they might make at present would do more harm than good to the important work of settling the bank tangled affairs.
 A Welcome Opportunity
 Judge Holt in his letter has voic ed questions which a large numbe of the depositors of the old bank have been asking ever since the bank clos ed. The Patriot is delighted to hEvs through this communication an op- portunity of setting forth the casn for the federal agents. criticism of whom, for the most part, has Deen s,-feir s.d m ust.
 
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