Putnam patriot., 1929-11-27
A WISE WAY OUT

YI,HE Common Council itself we'll the city \ situation which fOisted it. fraught with possibilities for embarrassment and the door left for public criticism The embarras avoided and the door has been closed to criticism through commendab action in reassgnng to the Putnam Savings Bank the option a large and undesred tract which the municipality involuntary acquired in protecting eitys and it's carrying out the works improvement project.
 With title the land Oak Hill again in the Put Savings Bank the bank will transfer to the city by deed and covenant plot of land sOxi0O feet that needed proposed standppe together with easement right way beginning just east of Wilkinson street and con nuing northeaserly point Prospect street northwest proposed With this deed in it's possession the Com the Board of Water Commissioners will be position another step forward in carrying out their adopted plan
 Whether there ulteror purpose in the of long option of tract of land which of common knowledge included small plot of land the city needs for million gallon steel water tank, lacking proof Also unknown is the and purport subsequent unantcipaed and surprising deermina the holder the opton which forced the Council into
 position where found itself obliged to bind the city to large parcel of land did not want in order to n being able the small parcel that did and that mperavey necessary for the water works plan
 Certainly, from all that has transpred including the cent attempt Mayor Charles A. Richard from office inference may fairly This inference does not do credit to citizen or bloc of citizens If that merencetha there has been surepous attempt block hinder delay carrying works improvement plan and to de- Mayor Richards election act of repra because the Mayor members of the Common Council have ratified proposed steel andppe plan submitted by the Board of Water Commissioners founded on fact
 Witha possible criticism of the Putnam Saw ings Bank unwngy party to the situation as owner of the land institution became apparent that the city being embarrassed @ sued through The Patriot full statement Of the banks position making the officers acted in good faith This expressed the banks surprise at the unexpected turn of affairs.
 The officers had bound bank by bond for deed to sell the property market value the belief that the be used for the public good public park When & Nkoo holder the option abandoned his expressed pur pose give city public park and refused to sell the city the plot needed offering the city the option instead
 situation arose import of which that the land sold for public park purposes might fall into the hands of some person group persons for speculative investment thus defeating purpose of the bank in making attractive price the land.
 The bank officials became perurbed, we'll they might and the officers immediately took steps to clear that they considered such possibility eminent and unfair, both to the bank ana to the ey anu
 offered m accent reasgnment the option and to sell the city plot of land desired for $500 which the bank had originally offered do The bank officials have maintained throughout that before original option executed was demanded orally part of the agreement that the city should the right purchase the land desired Tor $500 Thus officials point of view the carrying out of the bank original with the city assured This was aceeded Go option taken and the bank oi cia experienced bewdered surprise when it became known that the option the tract of land had been offered to the city.
 ba onton from the city reimburse the city for the S5O maid for the option sell the city the land and the right f way it desires further evidence of the good faith Of the hank officials While already stated there subsan- tial known facts which base inference that there ;sted an uteror purpose to disrupt the Common Councs plan of works improvement none of the iae reee' rnon the Putnam Savings Bank or its officers
 Mayor Richards generous offer to take the opton OH
 hands was not accepted because due to the offer of hank to take reassgnment of the opton became un eassary to accept it. The action ot the Common Council
 r;dav night voted to reassign the option to thad