New Britain herald., 1924-08-12

Putnam, Conn, Aug. t2.-Thc First National bank of Putnam whose cashier G. Harold Gilpatric, shot him. self at his home last Thursday. closed its doors today.
 At 10 o'clock this morning an hour after the usual hour of opening tneru was posted on the inside of the glass of the banks front doors a notice reading:
 The First National Bank of Pit. nam is closed by order of the direc- tors
 "(Signed)
 IN. $. Bean,
 Chief National Bank Examiner"
 First Offered Statement,
 The notice, which was typewriter, was the first official statement that the bank directers had acted for the protection of the institution, whose funds have been admitted to be inn- paired.
 A crowd of seventy-five persons, most of them depositors of the insti- luton, was assembled about the en- trance to the bank when the notice was posted.
 About an hour previous to the post ing of the notice President Charles Fl. Brown of the bank appeared in the front entrance to the institution and notified all who entered or called at the bank that the hour of opening had been changed to 10 o'clock stand- ard time which is observed here, Assist. Cashier Guy D. Baker, explained in response to an inquiry that the directors had voted to ad- vance the hours of opening and clos ing of the bank one hour the news of tresldent Browns announcement spread about the city like wild fire.
 Many in Crowd Fearful
 The crowd began gathering about the institution. The directors were understood to be in session in the bank but the posting of the notice was the first inkling of the decision 0 close the banks doors. The crowds continued to increase after the notice vas posted. Some of them stood al- most white-faced while few of the older ones were seen with tears dreaming down their faces.
 After the notice had been read most of the gathering melted slowly lway.
 Attempts of newspapermen to get Il touch with national Bank Examiner Sean or officials of the bank were un- lvailing and whether a statement would be issued in explanation of he action in closing the institution ould not be learned.
 About an hour after the announce. 1ent of the closing of the bank the irectors' meeting was adjourned. he of the directors stated that the leeting had voted to issue a state- lent which would shortly be forth oming.
 Another Probe Ordered.
 Pressed for statement of the rea- on for closing the institution, he aid that it was for the purpose of emitting the bank examiners. to ,ok more closely into the affairs of le institution. Whether the closing as temporary or not he said he was nable to say.
 Bank Examiner Bean referred all lquiries to Silas II. Wheeiock. of State Treasurer c. [arold Gilpatric. who he said was ,cretary of the meeting of the direct- rs which had authorized the closing the institution. Mir. Wheelock ould not be located It was stated his office that he had gone to artford.
 The closing of the bank resulted in steps by the leading busi- essmen of the town 10 provide for me action looking toward the pro- sion of banking facilities. the First ationai being the only commercial Ink in the city.
 A meeting of citizens has been He'd for this afternoon at the rooms the local chamber of commerce to Ike action in the situation. It was Id that the Putnam Savings Bank hich Is the only other bank In the Y might make arrangements to len a commercial business. This afternoon Assistant Cashier " l.. Baker handed to the newspa- rmen the statement announcing that e bank directors had voted not to en the bank today and that it's sf- Irs had been placed in the hands of