Putnam patriot., 1926-03-19

aA AfNDJ aEtsFt on e+@
 By mea1z 5f f.#ssr. and absirae. tshs from arc8uH Ez Ha1 " t9 l8ls taken ] should a#sHaEI laf..y aHl perhaps more tnar sl.H.4aa ai tlH-s He toH me chat Ir tr fai re had sufficient f4H# # H# aan t7 square uu au af H deficiencies and chat ae had kept tesr aeHeIencles go covered that Ho .ne could discover them
 He told me maj af the tme he was appointed staf- treasurer he could absolutely square accounts of the hank without loss ta tHe bank and th#f it Nas aals though tHe use ef Gov ernmeut bonds taaf be was able e make the various appropriatl9us and thereby wreck the bank. He told me that he had made -0 many fal-e Hpnfries a robbfHf Peter to pay Paul Ithat It was impo he for ham to teH what he had done unless each par tieular transaction Was brought t0 hi fatteution. When l talked with him ] had statement showing where ae had defrauded one particular concern ot very large sam and that the amount involved was in excess gf sgo.000 went over It with him item by item but he told me | vas imnasslhIe ta tell what he had done l told him that we had traced this matter back to Itg2t and asked him when he com . aaenee4 = staai ff5m this account and he said he did not know, that he could not tell.
 Loss Nearly Million
 "The actual defalcations of the bank as shown by the receivers claim against Che bankrupt estate of C Harold Gilpatric amounts 10 S64lt- 341.93 The claims of other creditors as shown by the claims admitted show S2lg.72939 ln addition Co this the stockholders of the bank paid in ap- proxmateiy sl37.50 iH assessments SO the losses amount to S99s,571.32. l Besides this. some creditors did not care to file claims
 "The directors were more than ordinarily careful + was not sur posed ta be a aHe man bHnk. They were very careful Hs ta ever loans They had meef5He- every Monday morning and there Was @ good attend anrr at each meeting The directes Werr unusually fHthfuls and they sup nuzed they had aHH af The best bauks fH tre state N uHtrIc admitted thaf the director did Hof know of thG ela5med asar i0 aHd a3f Hat know af many other # winch were n th. bank I asked H hos H# got |, and he said
 HHm fa reef frar -# =r Haah ad for che rrD
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  tha4 al-enuut haaH # HHi af which He did mn slH =HH dfeeHi. ta AHaW and be rH. fHt= aat tEI# tha pack af nate# hand et 'A orc ideHf for
 T asked him hH az HE amHu8tiar- \ ts t#aE u1f 'Hr notes fFat he d.d moi Naet tHs difsss ars ta know were n the bank aa' naninulated fhe addies machine zo that fbe additinas would s4#uafe etth =the general ledger. huf fbe question. able notes were not really hsted Altered Records
 T asked him about the directors. records and he said he read Che re- cords If Che directors meetings aH5 then altered them after they were at- nroped bv thc directors to suit hin- self The following is perhaps the most striking alteration ot record af directors meeting all ei when , was admitted by him to have been inserted after the proper record nal been approved:
 eTht report of W B earaIou. Na. tiaraf bank px miner. was read and aaalyxed ii length and the following action taken.
 Voted Tint the combined loan co F Gone aln Jr and the Monsop Wof.te1 Company be reduced to s-'f- nn0
 Voted. That the demand .on la fHg E x . Bakeries of S2l1=31 II V FH4Hf <1 geo and the estate ot pfsr e aesree If Sl 5nn be placed pr H#tef# hands for collection lfa .a.H rft not collected be etAft ta profits
 Natrt F the lams nt dLsc. be e5eTr #r.r attention and piaerd H eoHfaa. .f Mis- lt e- sharRe. sa that the H.rfdue paper be reduced #rd .-n better ffne
 Voted. fHft after an ana.Esis 9t th,e T@t statutory bad debts are listed il was found that over SD per cent of Che amount was involved ia solvent est8fes which were in process 9t hgut datiou
 Voted That the cash jn the vault be pl8rea under the control of two tell CTS. F. Murray and Miss C. Sharpe and that the endorsement of interest on m demand loans be made at the time of payment, rather than a, the end of January and July of each year.