Putnam patriot. [volume] (Putnam, Conn.) 1872-1962, 1929-03-14
CAN NOT BUILD LIBRARY
WITHTHE GARDNER FUND
Only Interest From the Trust Is
Available For Library
Purposes
Report at Town Meeting.--Tax Rate
Remains Same

+ Byron ID. Bugbee, chairman OF the
committee on the John II. and Mary
Wadsworth Gardner trust fund, told
the twelve citizens gathered for the
adjourned town meeting, Monday
morning. that II had often been ask
ed whether or not this fund is avail
able for the building of a public lib
rary. IL would say emphatieaily
not" said Mr. Bugbee. The princi-
pal of the fund must remain intact
but the interest on the fund may be
used for library purposes.
The meeting was called 10 order by
Town Clerk Henry N. Benoit and
Whitman Danielson was elected mod
orator. On recommendation of the
selectmen a tax of IL IL mills was
laid on the grand list. the tax to be
collectable on or before the first sec
ular day in May. This is the same
rate as last year
Creates Trust
When Mrs. Mary Gardner died she
left the home on South Main street
to the town for library purposes. BY
arrangement with the only heir of
the testatrix the property was legally
sold to the Arcanum Club in 1921 for
the sum of $3.50. At special town
meeting held November 81, 1921,
several votes were passed, including a
vote to the effect that If the property
was sold the proceeds should become
n permanent library fund the income
thereof to be used for library pur-
noses hy the town. A committee on
the fund was then appointed.
The report submitted by Mr.. Bug
bee showed that United States gov
eminent bonds bearing interest at
4 ID per cent were purchased in the
amount of $500 par value at cost
of SS.665.10 Bonds were to be reg
istered bonds The bank purchased
coupon bonds and they We're not ae-
cepted This left a balance in check
ing account in the First National
Bank of S5661. When the bank
closed in 1924 the bonds were held
w the bank and the balance in check
ing account still remained.
Continuing the report says:
Through the efforts Of the late j. r.
Carpenter the committee received
from the bank seven 500 govern
ment bonds and certificate of deposit
from the receiver Of the First Nation
al Bank to the amount Of Ss,929.56'
Proceeds Received
Collections due TO dividends de-
cIared by the bank have been reeeiV-
ed in the amount of S7,215.71 and
this amount was deposited in the Car
gill Trust Company as follows: Pro
ceeds of certificate of deposit, 81
1893: on checking account, S42.0s
original 500 bonds on hand, making
n total Of S9,124.0s. plus an approV.
"a claim against the First National
Bank of 81 ,796.4S.
The report states that were It mol
for the bank failure the committed
would have completed its work Ions
ago. ut has done its best in hand
ling a difficult situation and carried
the work along until now, when j
feels that the town should vote TO &C
cent the report of this committee, ant
nroyide for the investment OF th'
amount now on hand.
eve recommend that the amount
now on hand should become the per
manent fund. as intended by the yot'
passed at the special town meetlnl
held November 81, 1921" concludes
the report.
The above report shows painstak
ing effort on the part Of the com
mittee and. Notwithstanding the fail
ure Of the First National Bank an'
the loss occasioned thereby, the fun'
has been increased. The report OF tn
committee was accepted and IN
committee was discharged. l.. NJ
Keith was authorized to make arran
gements with the Cargill Trust Com
pany to handle the trust.