Putnam patriot., 1928-11-22
RUN ON SAVINGS BANK OVER
 DEPosEToRs REURNINc MONEY
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DEPOSETORS REURNiNc MONEY
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 have withdrawn their deposits, wheth- CT they have taken cash, deposited in other institutions, or received loans on their books. may redeposit in the Putnam Savings Bank, up to and in- cludlng December list, without loss of interest.
 There seems to be little actually known as to what was said or done to set alarming rum0rs ah0at. Whatever 1t was 1t served it's purpose to instili unwarrnnted fear in the hearts of the banks dcpositors and caused many withdrawals, doubtless the ultimate purpose of the cowardly and criminal libel on this important institution. In fact. no one seems to know just what rumors were broadcast, but it must have reflected upon the financial sound ness of the institution.
 There are Tumors as to what the purpose of these rumors were. Opin- ions of prominent citizens express the belief that they were of political na- ture. While this may be possible it seems incredible, yet this seems to be the prevailing opinion. Whoever is responsible for the serious affair. his insidious whispering campaign was momentarily effective. It could not have any permanency, for as soon as the first panicky fear had subsided, and those who rushed to the bank for L..t. ks.I koA ah 4..t thsak the matter over with their money in their possession, the eminent sound ness of the bank became apparent. Also the absence of any reason to ipubt it's soundness, except that based m hear-say rumors from an unknown 'ource. In fact one depositor stated hat he had not realized up to this ime just how sound and safe an in- the Putnam Savings Bank g.
 Secrecy Maintained
 The strange part of the whole de- Dlorable affair is as to how secretly he whispering campaign was execut- .d. While there are a few who will say that they have heard rumors for he past month, they are unable to tate what rumors they heard. Those 'losest to the institution, including off ,ers of the bank, did not realize the of the situation until Mon lay afternoon. Had there been a re- llization of how serious the whispering had become the result might nave been sooner forestalled.
 Hank Ccmmi.sscner
 State Bank Commissioner Lester F.. 5hippee arrived in Putnam Tuesday He early issued statement that the Putnam Savings Bank is in an excellent financial condition. He made such statement while depositors were in the bank He also stated that an effort will be made to determine the source of the criminal attack upon the bank To make malicious deroga- tory statements about banking insti- tuition is a serious, criminal oifense.
 With Mir. Shippee arrived John B. Byrne. former state bank commission CT, now viee-president of the Hartford Connecticut Trust Company, brother of Daniel J. Byrne, treasurer of the Putnam bank. Also Mir Buck, the latter connected with Hartford bank, who came here to assist in the unusual volume of business at the savings in- stitution.
 Mir Shippeo and Mir. Buck assisted Treasurer Byrne and his staff, Miss Anna Levitt. Miss Edith Dingwall and Miss Florence Devine, in waiting upon the rush of customers. There was lit ie time to argue. There was little q sire to do SO. The bank officials re- aiixed that there was ample cash on hand and on the way to the bank to meet all demands. They also knew that within the vaults of the bank re- posed ST .500, ,000 in stocks, bonds. and securities, that could be immediately turned into cash. They took the attitude that perhaps 1t was as well for the depositors to withdraw their money as to spend sleepless nights worrying as to it's safety, be- lieving also, that the situation would be short lived and that deposits would be returned.
 Banks to Assistance
 During Tuesday morning the two other Putnam banks came to the as- sistance of their sister bank by broad casting that they would accept the books of depositors in the Putnam Bank at face value. This move had a good influence and bene- ficial effect on those who understood the significance of the offer. By the noon hour Danielson banks had also come forward with actual and moral support for the Putnam bank and the following printed notice was distrib- uted in Putnam and the surrounding towns:
 eNotice-All the banks doing busi- ness in Putnam and Danielson have made the following statement;
 "We have full confidence in the Putnam Savings Bank. It is sound and solvent. We will purchase any book issued by the Putnam Savings Bank at 100 per cent face value"
 This notice was signed by the Brook iyn Savings Bank. Citizens National Bank. Cargill Trust Company. Daniel son Trust Company, Killingly Trust Company. and Windham County Ma tional Bank.
 Did Missionary Work
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