Putnam patriot., 1924-08-15

strangely with the depression which i followed the immediate closing of the First National Bank. the citizens Of | Putnam rallied from the first blow on Tuesday afternoon. few hours after the closing of the old bank, and met in public meeting at the Victory Theatre. I From this small beginning. meeting called by a doxen prominent citizens, there has arisen within q compara- lively few hours the foundations of a new bank that shall take the place of the old in service to the community. Of the $100.0o0 capital needed and the $50 GOO surplus. one-half has already been pledged by people residing In this community or financially interested here.
 shortly after noon on Tuesday, when the bank had been closed but a few hours. poster was issued bearing the names of a hastily formed group of citizens organized to take some ac- tion on the banks closing. The sign CTS of this poster were George l.. Pad gctt. John J. Whitehead. Jr.. Judge Nj. II. Geissler, Rev. Charles Y. Be dard. Dr. II. A. Honghson, Edward H. Burt. John B. Byrne, Daniel J. Byrne, James B. Tatem. ]. ]. MeGarry, Otto F.. Wulf and E. C. Rogers.
 Meeting at Theatre
 When tie meeting opened at the ] Victory Theatre there were over 300 Putnam man and women present. Judge Geissler took the chair and F.. I W. Seward acted as secretary.
 Judge Geissler explained the nee esaity for action What to io in such q crisis as few cities in the country have had to face, was his question. After some arguments and talks by various citizens motion was made that Il citizens committee be appoint cd to take whatever action possible. This committee Is composed of the following Mayor Victor Ghapdelaine, Samuel J Reynolds, Judge N. H Geissler. John Ash, George l.. Samp- son, John Reardon. Asa ]. Ross, George L. Padgett. Warren <. Ames. l.. C. Rogers. j. J. Whitehead. Jr., and Rev. Charles F. Bedard.
 Meet With Bean
 After d preliminary meeting on Tuesday. this committee met again on i Wednesday afternoon with Bank Examiner Bean who gave them to understand that the possibility of the old First National ever reopening its doors was practically nil. His ad- vice was that the Citizens commit tee begin immediately the oEani1ation of another bank Co replace the old one. He pointed out the excellent business which the old bank had car rled 0a for many years and he empha sized the fact that it was in no way due Co the fault of the bank or its business that the present aaseo had occurred
 Mir Bean outlined to the committee the procedure to be followed in form. ing a new bank and gave Co the com mittee all the information at his dis posal.
 Vote to Form Bank
 At a subsequent meeting of the committee it was voted that the for nation of such bank bc undertaken. Dr. Joseph C. Hoppin of Pomiret Who had been invited to meet with the committee came forward with stock pledge of Sl0.000 Other mem hers of the committee came forward with other pledges, the second piedge being that of C. Lawrence Perkine, president of The Patriot Press Inc. The meeting then adjourned with q resolution to meet again tn public meeting on Friday afternoon ln the Victory theatre Co ask the approval of Putnam citizens of the course of action which they followed.
 This public meeting of Thursday afternoon will long go down in Put nam's history as one of It's most not. ] able events. Over four hundred :. citizens crowded the theatre. Judge { Geissler, presiding outlined Go those present just what action the commit i tee had taken. J J. Whitehead told of taking pledges for stock and rais 1 ing almost S50,000 before the meat | ing opened. Remarks were called for 1 States Attorney Searls made q stir ring address calling upon all Putnam citizens to lend their support anl their money Co the establishment nf l the new bank, a bank for Putnam manned by Putnam people and built with Putnam money. lnmedlateiy after Mir Searls had spoken, in al excellent motion Attorney Erie John son called upon the meeting te give ] it's heartiest approval 70 the public spirited action of the committee. Thi motion was passed by aeclamation.
 Many Pledge For Stock 1 Then came the moment of the meet. ! ing to be remembered. Judge Geisslef asking for pledges for stock from those present heard first one side of the hall and then the other a bid for one or two or three or five or up tol ten shares. For half hour the bid ding continued amidst hearty ap- l plause. For the man or woman who pledged single share there was the same applause as for those who pledged ten and fifteen shares. The new National Bank was being usher cd into existence with the hearty sup. port of the entire community. Only when every available pledge had been taken did the meeting adjourn. l Meeting Tomorrow