Putnam patriot., 1926-03-12
RECEIVER COFFIN MAKES STATEMENT FOR BENEFIT OF BANK CREDITORS, SHOWING WHERE ALL OF
 MISSING $3s3ooo WENT
Also Reveals What Became of $37,ooo of Sate Bonds Msp
 plied-Finds Glpatrc Was Absolutely Truthful.

Having completed his examination of C Harold Giinatric and made his report to the trustee in bankruptcy Receiver George M Coffin of the First National Bank of Putnam has, with the consent Of the trustee. made : concise and clear report of the pro ceedines in Putnam and the result of those proceedings. for the benefit oi the creditors of the bank
 The First National Bank is a eredi. tor of the former cashiers estate te the amount of S64 ,000, representa-. tive of seventy-tive per cent of al claims against the estate. But ii wag not for the purpose, nor in anticipa ton that anything might be recover ed for the creditors of the bank. that the proceedings in Putnam Was had but it was had to determine what hae been done with hundreds of thousand of dollars that could not be accounted for From the report made by th, receiver it Is seen that the inyestiga tion was one hundred per cent sue cessful from this angle as all of the so called missing funds were traced In addition to this. s ,50e was aetu ally salvaged to the trust and the cn tire expense was Slao
 Nr Coffin Is emphatic in his state ment that Gilpatric was truthful la answering all questions and poiut t6 the fact that all of his answer. were checked up and found ta be true az positive preof If their truthfuiness Receiver Coffin u least. is we'll satis fled with what Was accomplished by having liipafic come north HH statement is s follows;
 Statement to Creditors
 NuW that Mr Gilpatrie has been taken back to Atlauta. think the cred lters of the First National Bank of Putnam are entitled te knew how and why he Was brought north and what has been accomplished through his visit here Bv agreem nc ba'=5 F the trustee of his bankrupt estata and the state h. was brought north fnl a double purpose One to tis1 aut z5. him what disposition had been made by him of bank funds misapplied, and the other what disposition had been made of Liberty bonds bought for the state but not delivered tO it.
 At the first meeting of the creditors he was questioned by Mir. Howard, at torney for Trustee Howard. As my trust is creditor to the amount Of S64l 900, representing seventy-hve per cent of all claims against his estate, requested Referee Berman Co let him come to Putnam, where the books and records could be used to refresh his memory. The referee permitted this provided news reporters were present at my questioning of Mr. t'llpatrie n Putnam For two days l qustionee him before them to bring out the in formation desired. After that books and records were read to him. On Sat urday. February 20, about 1 o'clock left for New York, returning at |. o'clock night of Monday. Februarl 70. Mir. Gilpatric volunteered to worl on Saturday and Washington Birth day. go I arranged to have my chic clerk and bOokkeeper. Miss sharpe continue the work with him. reporting results Co me eH my return
 Where Entire Amount Went
 With the approval of the referee was permitted Co continue this searcl with Mir Gilpatric until Saturday af ternoan. March 6 with tha result tha have been able 10 discover what dis position Was made by him of the CD tire amount of s3S3.000 claims ad . mitted and pending against my trus for funds misapplied.
 The details of this have been fur nished tO the referee.
 While l entertained no expectation of any salvage resulting from the in quiry, as a matter of fact recovery of some g, 800 seems reasonably eer tain, and all this has been accomplish ed at q probable cost to my trust of about $l500O.
 The inquiry also resulted in diseov ering what disposition was made o some S37 900 of state bonds misap piled
 IL is scarcely necessary to add, O course, that Mir Hughes, Mir. Gilpat ric's guard, was constantly presen