Putnam patriot., 1926-02-19
GUPATRTC COVERED TIP BANK LOSSES FOR OVEit TEN YEARS
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Hsa-o est Thomas manager of the =t=en SeF a-r 1923. and
 4s ,Z1u89 This
 t1tai inss and 5Heea has tH recovered from tee Burns loans totaling over s208 indicating a loss Of S1500o0.
 C5~esraa Get. st0o, 900
 Gluatr.e thought fe lst Thomas Garearau Jr-. of the 8aHsan Hersted Co., have at least sIeag1o He was a 1red that a fnaH=HF corporation had agreed to lend Care9raH s7og9 hat the loan was later refused MT Coffin stated that fne mIl had been sold For s25000 and that the bank would not get over Sl gg0. the proper ty yielding only g. 888 t1 pay claims of Sl50.000 Gilpatrle said be never would have made the loan except for the assurance Of the company future by a reliable New York man. The concern got into trouble with the gov ernment by keeping fs8 sets of books.
 Remarkable Memory
 h the matter of the Robert Machine Company Gilpatrie showed remark able memory as to those transactions in which this concern and the bank were involved. Mr c8ffn said that checkup had been made and balanced almost to a cent. Il said 8 note of Robert for g. 900 had been found in the bank and that he aas being sued on il.
 Day He Attempted Life
 Gilpatrie said he Ras "verg much sold on the kobert proposition and he had au appointment azth New Britain interests relative ta fH# concern the edag ] attempted my he.
 Thorough investigation
 Regarding the A5s Construction Company tfansacti9H Receiver Coffin sald he found loans had been made Co this concern tutaliuR 5J01. and that all that he had got out af them s8 far was $iO .00e. but thaf ae hoped = get some more GilpaffIe said tHa ame 10 took the last contract Faz the time his loans went ap. and that be had SIS 00e ia the bank at the time. II said he never went into any mat ter more thoroughly than he did into fha Vito matter before he made the loan H said Vito had contracts with t8e state t8talling S39 4H9 and a. the tate held back fifteen per cent he felt that the bank would sat the money Hr Coffin said that FfH had sub taHtial amount tied 4H iH road ma chinery. but that unless h. used J And got sume money he had Ltte hope of getting anything.
 Some individual transactions were ghHe into where money wa- demanded az those c. whom Wa due and it was paid by cashier checks
 State Didn't Get Them
 Ihc . nk trlazaEzzlr- .a tIe =faf funds were =H=H l. WAS shuNH that A7z4=+ l+f= sf7#.- 600 state money Wa 8eH Fed VI the aa8k aad held GHHH September i1. hen n was sent baztaH azd aHd, ai thr taiue 8f s2e#HHt Hrf- 5=4H1HIs- Ed Some af the## bond fr used fa show Che auditor at the HalHam aaalen Company and fHe federal bank examiners when ctaeEaFs were made. NH Coffin saId that Hs matching num- htes lt MAS found IHat those bonds NHIe ueseH turned Hnla in Ea5s# all- Fatrie said chat they had been Used .n system of sWaprlng mailer plee- es for larger SIT .000 worth of these ponds were put into the bank about eight months later as part of the banks assets. the receiver said
 There were questions and answers oYer a long hst of manipuiafiqns and finally GiIpairic said
 Admits All
 "l want Co do all can l have done enough and admit all hat now want Co get it r ght
 Mir Coffin said that he had been able to truce Sl09 GOO of the S2o00o0 The stumbling point k what has be- come of the other S9l 900 he sad
 Gdpatric sad that otfhand be would say that some uf II went Co the Cutler estate That some went Co the Put nam Cemetery Association. But he added subsequently, converted chem
 Used Bradley Bonds
 Mr Coffin suggested that in 1919 $50 uOu was sent as security for the li5iman aate. and wondered T this might hase been some of the state bonds Garatric thought they were bonds lf Mir Bradley llc assured the receiver that Mir Gilman knew noth- He of the transaction aside from the fact that the loan was made. Gilpat- rle tnld af putting Bradley of from ume t1 time when he WAS demanding his bonds This was while the bank was il temporary quarters on Union street When they removed to the new building Bradley insisted on his bonds and bonds were given hmm
 + was nearly i2 o'clock when Gill Hatric asked # be might rest min lte, and it was suggested that ad- launment be taken for lunch
 $50. 900 Makes No Impression
 Al the afternoon session matter af the purchase of three Sl0.Neo bonds was taken up. Gllpauic had no knowledge he said. regarding these three bonds. although what panported
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