Putnam patriot., 1924-09-12

e1 to tae EatHefinE-
 Ia opening h.s remarks. he sail chat on the last dsY of August. h Was called by Comptroller of Cur Henry Dawes Co his 0fee and asket ta come 10 Putnam t8 investigate int che situation here. arising from th closing of The bank To see wha could De done to reopen the Frs National bank and. # this vas f0uni mposs bic. Co organize 6 new bank Mf Mckee said he was persona friend 0f the Comptroller and was if DO wav officially connected with tho Federal department He desired thai everyone gndersfand therefore. that he eama to Putnam. not as an ofiseial pf fhe Com ptrelleelz office. but as the personal representative of the Comp. iro.ler.
 Mir. Mckee Reports
 Fgiio#.ng four days work last week sifh Receiver George M Coffin and Chef National Bank Examiner y. s Bean and also after having had conference N#th tHe citizens com
 3fee and the staeEs4sl psesea- ] five committee. Mr Mckee said that He returned lo Washington 70 make a report O fhe Comptroller Mir Me Kee said that ha advised Ar. Dawes to make statement aaa8t Che bank condition. on ths ground that the time had arrived when the depg l. fors and the stockholders were eg- titled to know the whole tEueh
 Mr Dawes accepted tAe -a sestHgn and asked Mr Mckee fu Eeturn ta Putnam and make tem s1l fo tae 5ekhoiders and to d9 shat be can t0 reopen the old bank. fof saIs. Sir Mckee said. is che ateaf ambition q fHe e8mptroH
 sN0w ladies md e 1tlem said If. Mckee T am feadY 3 fe.I you af tEe condition of lfe banE faE9dta fhe aefaieationz a83 risHa4a asemeHt II lHg cashier. HH G3a#re. fnera is shortage of S74e.090 ia the baHki funds
 Statement stuna Stockholders
 Me MeKee's statement fell upon l the eaH of his aaditors ike hammer blow E. wHs tuuning news. With Che exception Of those who knew ir advance. something of The aetaa condition Of affairs, no one dreamed that the shortage w0ald total ans such figure That # would be 1T the neiRhb8rho0d of 5000 000 was noi unbelievable Everybody was pre- pared for the worst But the actua facts were verse than any had b. Hexed possible As the words werl
 pnkrn by Mir Mckee there was ar audible gasp from many in the room
 Mr Mckee continued, All of th capital stock. amounting ta si5o.0 and all of the surplus. amounting t about sl50.000. has been a5s0lutel. wiped out To make up for the los f Bill be necessary to make an i0i percent assessment against evefYanl holding stock 0f fhe bank. For th sake of argument. aay th4t thls wil
 8Ize Sl50. GOO Then there will bI Inc salvage of perhaps s40.000 O Mr Giluatrie's bond aa cashier ana WjI be Betted it Is hoped from th. tesets of Mr Gilpatric.s property which be has assigned to the bank
 Salvage Reaches sT5o.0 900
 These five items capital stock
 arplus. i60 percent Assessment bond and tiilpatrie.s property iiguF, up to tntal of S750 ,00o, which. l 3t i# acruaiiy received. wiil more thar cover the shortage
 For this reason Mr Mckee fei
 usfilied in making the statement that there wiil boz very little. if anv loss te depnsiturs That they woul, feceivr Loo cents fof every doIlul eu deposit ia the bauk i, his firm belef
 The question noW. Mr Mckee de c.afed was 70 eei a bank started ii Putnam at the earliest possible mo meuF he comptroller he said, wa zefg de F0us of opening the old bank V this s found to be imuos ihle. thel fo ststt new bank and arrange fo lt Co take over the good paper am continue the commercial banking fa . rIllties which Putnam must nave. "lt is time for constructive ae ' Hon. sad Mir Mckee. "and the soone H We fti l. Che better for everybody con < cernod. l would suggest that th H stockholders appoint committee c 0 three and that the citizens eommtttc A name committee of tbree; and Ina ~ the six people meet with nae n eNeca N Give ses ton immediately fel.owin \ thla meeting
 \ On motion of John M Byrne. wh 4 Hose iH his capacity as chairman Q I the etaebholdsrs protective commit \ tee. Byron D Rnghee. John r eiros ' venor and John F Carpenter wer 4 named as the spesial committee 10 rep t resent the stockholders
 4 Judge Geissier Acts | judee eieissler. chairman of th \ citaeus committee. who was pressn N together with five other members, wa < asked to appoint committee Q \ three. representing his committee, u R confer with the stockholders commit I tee The judge stated that inasmuel ll as seven members of hes cemmitte \ were out of town he did not feel tAa ! he had the authority to take any ne ' lion until he had consulted his com miltee.
 \ Mr. Mckee declared that f th | judge Nesld appoint a committee, h \ would be ia no way binding hmsell o \ his committee hy taking this action N On this basis. Judee GeisslCr consente ! ta naming a committee. He seiecle' \ X. Newton Vaughn. E. C. Rogers an V George L.. padsett Mr Padsett sal \ he felt that Judge Ger sler, as com N mttee chairman, should he membe N of this special committee, and m