Putnam patriot., 1924-11-07
Grant Charter for State Bank,
 Opens for Business WedneSdau
BANK COMMISSIONERS ACT FAVORABLY ON PETITION
 OF cARGILL TRUST CO INCoRPoRAToRS FOL- LOWING STORMY HEARING AT HARTFORD
Unexpected Opposition Granting Charter Develops From Action Taken By Putnam Savings Bank Trustees-
 John F. Reardon Resigns

federal examination. The First Ma. tional Bank was examined by federal examiners and 0. k.d by them for if teen years. A state bank was want ed.
 A surprise was sprung at the hear. ing when Commissioner Byrne an- nounced that he had received from the Putnam Savings Bank a protest against the granting of the charter Go the Cargill Trust Company. Commis. sioner Byrne said he noticed that some of those who had signed the protest were among the incorporators of the Cargill Trust Company. President Kent of the Putnam Savings Bank was among those who protested. He said the trustees of the Putnam Savings Bank did not protest as body and did not decide to make protest. The signing of the protest was the indi- vidual action of those who signed.
 Refused to Sign
 Daniel Byrne, the treasurer of the Putnam Savings Bank. was present at the hearing and said he did not sign the protest. After the hearing Mir. Byrne said he had been asked at about 10 o'clock in the forenoon to sign 1t but he refused. Mr. Kent in reply to a question by Comptroller Salmon said the Putnam Savings Bank had three million dollars of deposits.
 Mr. Salmon replied: Then you are afraid of competition, though you would be three millions ahead of any other bank"
 In reply to Commissioner Byrne Mir. Kent said there had been no meeting of the board of trustees on the mak- ing of the protest. The signing of the protest against the granting of the charter by John F. Reardon of North Grosvenordale was discussed, and Mir. Bugbee stated that he had a conyer- sation with MT. Reardon on the mat ter. MT. Reardon told him that while he signed the protest he did not with draw his subscription to the stock of the Cargill Trust Company. Mir. Bug bee said the protest was ridiculous.
 Protest . Surpri,e
 This protest against the granting of the charter, from the trustees of the Putnam Savings Bank, was signed by eleven out of the fourteen trustees. MT. Kent stated that it was the opin- ion of the signers that the Citizens National Bank was practically organ ized and on the point of opening for business. IL was the conviction of the signers, he said. that under pres ent conditions in Putnam, the Citizens National Bank would be sufficient to take care of Putnam's commercial needs very nicely. There was no room in Putnam now, he said. for two com mercial banks and one savings institu- tion.
 Mir. Reardon Resigns
 During the rather heated discus sion ovef the Reardon situation, it was stated that Mir. Reardon had re- signed as vice-preSident of the Putnam Savings Bank, but that no action had been taken. Those present at the hear ing could not quite make out the rea- sons prompting Mir. Reardon's action in signing the petition for charter for the Cargill Trust Company and on the other hand, signing a petition that asked the State Banking Commission to refuse to grant the charter.
 Mir. Clifford Speaks
 MT. Clifford, whose home is in Wor- cester. Mass, but who is an owner 9f the Putnam Company, formerly known as the Putnam Foundry end Machine
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