Putnam patriot., 1925-01-16
PUTNAM WOOLEN BRINGS FIRST
 SUIT AGAINST lst NAT. BANK
Receiver Coffin Served With Writ Asking That Claim
 Denied Be Allowed
Evidences of indebtedness Face Value
 S4o,o00 Involved


  Through it's attorney, J. F. Carpen- ter the Putnam Woolen Company has brought action against the First Ma tional Bank by serving a writ of sum mons on the receiver of the bank. Geo. Nj. Coffin. The writ was served Sat urday evening and is retnrnable to the Windham County Superior court the first Tuesday in February.
 This is the first of what is believed will be many suits against the bank on disallowed claims and involves S40,- UU0 in United States certificates ef in- debtedness and Liberty Loan Bonds purchased by the bank for the Woolen Company and left with the bank for safe keeping.
 Bond, Disappear
 When the bank went into the hands of a receiver these bonds could not be found The Wooleu Company filed it's claim against the bank and the claim was disallowed by the Comptroller of the Currency. It is to seek t9 have the claim allowed that the plaintiff brings its acton.
 After the formal allegations that the bank was a national banking asso- claf.9a and that | became iasolVent the complaint eses in pat ss fol law
 Ihal n la't= ta fer Company a.st i1lslgd tse baHa, at two different tunes. 10 pefohase for Is ae- eHIut tu.ad States Certificates ts tha amount al sIHiu08, Uhieh cert .heates were dIig pad for by the company.
 Orders Sale
 Tha Waaleu Company then aathoriz. l4 alH= 4t SD. .666 worth 0f thee se- ear ies, leaving on hand wIth the bank aJH. TEefe was subsequent pr der Co purchase S30.o00 worth more ef 5zcHftzlza and then aH aHthurizCI sale Of sza .d00 worth of securities, leaving n h8a4 Wits tba hani at the t'ma af t= -tl4 5t the Ea9e value Of S40.0D9. T. this is added the amount due on coupons on saId secur- ities and interest from the time the re eeiver waz appointed.
 Paragraph five of the complaint sets forth. "On said llth day of August 1924. and to the date ot this writ, the United States Certificates of twenty five thousand dollars, (S25, ,000) with coupons. as set Iortn ln paragraph three. and sad United States Fourth Liberty Loan Bonds of fifteen thou sand dollars, tSf5, 5,0001 as set forth in paragraph four, could not be found by the bank or said receiver as being in the possession Of the bank or said re- eeittr, and the cashier Of said bank. c. Harold Gllpatrie. had embezzied same
 Holds Receipts
 The Wrii alleges the making of sWoEH proof ald the denial oi the clam and that it holds receipts for inc s-Caaue ~ipned br the cashier of the bank, and concludes:
 o.r %. p4les-uy claulr.
 "Trat me sad Heeeieef aa ree6e- nize the Putnam xoolen Company as a=,Ieui,ar dt tue matter ot salu cam, and .hat Le shall pgy the said clam of torty-euY thousand turc, hundred and forty 0rp aad 57-IA6 dollars 0f eerti- z the anne 10 the Com matrel!er te be f3id !n due course ul administration. and that the sand Putnam Woolen Company hall receive. before the fur ther payment Co creditors. is due pro portion of dividends pro rata with those already puid to the creditors of Che bank. with interest thereon
 Siias N. Nheelock IS recognized in the sum of Sl00 t9 prosecute.
 Not Test Case
 As far as known there k no con- eefted action of creditors similarly situated ta the Putnam Noolen Com pany. and t is believed there are large number. to make this test ease. It would seem. however. that should the court allow the claim of the Putnam Mooleu Company, that all other similar claims would then be al- lowed by the Comptroller fh.s can nol be determined until the case has been disposed af