gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e1cf5a20990d9069
Response Measures
None
Events (3)
1.August 6, 1912Suspension
Cause
Government Action
Cause Details
State bank commissioners obtained a court injunction restraining the bank from paying out or receiving funds after discovering ledger discrepancies.
Newspaper Excerpt
The Windham County Savings bank was enjoined Tuesday ... from paying out or receiving any more moneys
Source
newspapers
2.June 21, 1913Other
Newspaper Excerpt
application for a receiver made by the state bank commissioners; deputy sheriff served papers in connection with the application for a receiver made by the state bank commissioners; hearing to appoint receiver scheduled July/August 1913
Source
newspapers
3.October 6, 1913Reopening
Newspaper Excerpt
The Windham County Savings Bank of Danielson opened its doors Monday morning. The bank was closed August 6th, 1912, under a restraining order ... The bank opened Monday after its long enforced idelness ... There was no run on the institution
Source
newspapers
Newspaper Articles (19)
1.August 7, 1912Norwich BulletinNorwich, CT
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(Special to The Bulietin.) Dnaielson, Aug. 6.-The Windham County Savings bank was enjoined Tuesday, on an order from the superior court, from paying out or receiving any more moneys for a period of four months. The injunction was issued by Judge Gardiner Greene of Norwich, on Tuesday, and was served on the bank officials during the day, when Bank Commissioners Norris S. Lippitt of Norwich and Fred P. Holt of Hartford took charge of the institution and commenced to check up the books, their work being completed during the afternoon. The commissioners found a discrepancy of $18,000 between the amount of deposits as shown by the individual acocunts on the ledgers and the total of deposits as shown by the bank's balance sheet. When asked for a statement early in the afternoon, Commissioner Lippitt said that a discrepancy had been found, but that he might be quoted as stating that the depositors need have no fear as to the ultimate outcome, and it was indicated by what he said that the action that has been taken does not mean that the institution is seriously involved. Mr. Lippitt laid particular stress on the point that the people interested should not worry. The fact that action had been taken to temporarily suspend the paying or receiving of funds by the bank did not become known about the business section, excepting to a few, until after the commissioners had completed their work and it was not many minutes before birth was given to a number of wild stories as to the bank's condition. There was no run on the bank, however, and no chance for one, because the paying teller's window had been closed in accordance with. the injunction order. During the afternoon persons having business to transact at the bank came in either to deposit or withdraw from their accounts and then learned for the first time that they could not be accommodated. There was no excitement among the depositors and apparently no need for any. The action taken in closing the bank came as a great surprise, however. Treasurer Young's Statement. During the afternoon, Chauncey C. Young, secretary and treasurer of the bank, said that a discrepancy of $18,000 was claimed by the commission-
TROLLEY RIDE AND SHORE DINNER. The committee of arrangements of the four lodges of Knighte of Pythias is hustling to give the members a good time at the trolley ride and shore dinner to be held Friday evening, Aug. 23, at Island View Hotel, Myrtle Beach. Special cars will leave in front of the post office at 7.30, and the dinner will be served upon arrival at the beach. Tickets can be !secured from the committee until Aug. 20, after which date the sale stops. BANKDISCREPANCY Discovery Temporarily Closes Windham County Institution Danielson Coun., Arts. 7-The Windbarn County Savings Bank has been enjoined paying out or receive ing momey by Norris S. Lippitt and Fred P.HHolt, bank commissioners, who came here yesterday afternoon and began an examination of the bank's books Mr. Young. \secretary of the institution, sadd there was a discrepancy of $18,000 between the cash book entries and the total amount of the accounts as shown by the ledger entries. He says he is certain that it is due to a clerical error and not to bad investor Itregiblerity. He has been treasurtr of the bank for the last 25 years. The injunction, which was granted by Judge Gardner If Green, of the Superior Court, is to run for four months. The bank was incorporated in 1864, and once before, a few years ago, was closed for a time. The president is John A. Paine and C. C. Young is treasurer. The amount of deposits is given as $850,000.
3.August 7, 1912The Salt Lake TribuneSalt Lake City, UT
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SILK WEAVERS' MONEY IN SUSPENDED BANK By International News Service. DANIELSON. Conn., Aug. 6.-When the silk mills closed this evening consternation prevailed among the hundreds of poor silk weavers, upon learning that the Windham county savings bank, with 3000 depositors, had been closed by the state bank commissioners. John A. Paine is president and C. C. Young is secretary of the institution. That the ledger discrepancies would be larger than in the Whidsor Locks savIngs bank swindle which was climaxed last winter by the suicide of Treasurer Alfred W. Converse, was at first rumored, but the state bank commissioners said they hoped to be able to straighten out the tangle inside of a year without loss to the depositors. Never since the bank was incorporated in 1864. they declare, has the bookkeeper taken a trial balance. The ledgers at present show deposits of $850,000.
4.August 9, 1912Putnam PatriotPutnam, CT
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Danielson Savings Bank Closed The Windham County Savings Bank of Danielson was Tuesday afternoon enjoined from paying out of funds or receiving deposits by the state bank commissioners, pending an investigation into the affairs of the institution which is in progress. Bank Commissioner Norris S. Lippitt, who was at the bank Tuesday, said that errors of long standing had been revealed by a trial balance, taken during the examination by the commissioners. An injunction was then secured. Mr. Lippitt declined to state the amount of the discrepancy discovered, but said it was comparatively small. He said it was not likely that a receiver would be asked, although the bank might be closed for a year. The ultimate outcome, he believes, will be favorable. The bank has 3,000 depositors. Its assets, according to the annual statement of the bank commissioners are $841,509.27. John A. Paine is president and C.C. Young, treasurer. The bank was incorporated in 1864, but there never has been a trial balance until the one taken by the commissioners. Commissioner Lippitt said there was no reason to suspect anyone of criminal practices in connection with the bank's affairs. The National bank has offered to make loans on pass books issued by the savings institution as security. The injunction covers a three-months' period but the bank may be opened before that time. No run on the bank was made and no grave doubts are expressed by depositors as to the ultimate outcome of the temporary difficulty.
5.November 2, 1912Norwich BulletinNorwich, CT
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STILL CHECKING UP BOOKS. Six Persons Busy at Windham County Savings Bank. Six persons are now engaged in checking up the cash books of the Windham County Savings bank, which has temporarily suspended business. There are 26 of these books, and the checkers will not average an inspection of more than three a week, 80 laborious is the task with which they are confronted. This makes it evident that the review of all the records of the institution will not be completed within the four months for which the bank was closed. this period ending early in December, so another extension of the closed period may be looked for. There is every indication, however, It is stated at the bank, that the checking up process that has been underway since August will show that bank is not short at all. This be cheering to the depositors, although they have at no time OX~ hibited any anxiety as to the ultimate outcome. Will Hear Returns Early. The people of Danielson will have little difficulty in getting election returns next Tuesday night. Besides the private return service that has been arranged. the theaters will keep the patrons posted on what has happened throughout the country as fast as the bulletins are received here. There is apparently more interest in the outcome of the local election than in any for many years. October School Attendance. The following is the record of attendance in the schools of Killingly during October.
6.June 21, 1913Norwich BulletinNorwich, CT
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the City. Israel Putnam lodge of Odd Fellows will hold annual memorial services for deceased members tomorrow (Sunday). Rev. G. D. Stanley will preach the sermon at Grove street cemetery. Edwin L. Wood of Putnam Heights has entered the employ of the Putnam Savings bank. W. J. Bartlett has a new automobile, The boat races at New London made afternoon trains into this city late Friday afternoon. Putnam lodge of Elks has under consideration an outing of considerable magnitude to be held at Alexander's lake in August, but plans are in an embryo state at present. Will Speak at Brooklyn. Judge Edgar M. Warner is to speak at a union W. C. T. U. meeting to be held in the Baptist church at Brooklyn tomorrow (Sunday). If the weather is pleasant today, the members of the eighth grade of the local schools will have an outing at Roseland park. Sailing from Boston. State Attorney and Mrs. Charles E. Searls will sail from Boston Monday for Hamburg. They will go into Norway and Sweden and then to St. Petersburg, returning to Putnam late in the summer, An unusually large number of telephone employes, principally in the plant department, are at work in the Putnam division, making ready for the installation of the common battery service and the occupancy of the new telephone building. Rebuilding Tatem Factory. The new Tatem woodworking factory is nearly completed and about three-quarters of the force employed before the fire that destroyed the former factory are at work. New labor saving machinery has been installed. The company is rushed with business. At the post office the letter carriers their summer vacations and will out July will 5 begin go in regular order until all have had the usual period of rest. Those teachers in the schools of Putnam who are not residents of the town will leave for their homes today (Saturday) to remain for the summer. Several of the teachers remained for the reception Friday evening. Ensign Tyler Coming. Ensign A. Tyler of Hartford is to be here this evening to conduct special services for the Salvation Army. Ensign Tyler is the divisional secretary of the Army for southern New England. Deputy Sheriff George F. Holbrook was at Danielson Friday to serve the papers at the Windham county savings bank in connection with the application for a receiver made by the state bank commissioners. 1913's Reception. The final event of commencement
7.July 1, 1913Norwich BulletinNorwich, CT
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Superior Court Adjourned to July 7th. Sheriff P. B. Sibley came to this city and adjourned the session of the superior court scheduled to sit Monday to next Monday, July 7, when Judge Gardiner Greene of Norwich will preside. The matter of the receivership of the Windham County Savings bank at Danielson will be heard at that time.
8.July 17, 1913Norwich BulletinNorwich, CT
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SAILING SATURDAY. Former Danielson Rectors Going to LaSalette Conference in Italy. A Cleghorn, Mass., news item reads: Rev. Celestin Crozet, pastor of the Church of St. Joseph, in company with Rev. Camille Triquet. the former pastor. now of Holyoke, will sail Saturday from New York for Naples. The two priests will attend a gathering of the delegates from the various parts of the world that are represented by LaSalette fathers. A superior general will be elected at this conference, and other important business transacted. The local priests do not plan to return until the middle of September. Rev. J. P. Guinet of Hartford will also attend in the capacity of provincial. The headquarters of the Order of LaSalette is in Susa, Italy, and the conference will be held at that town. Fathers Crozet and Triquet expect to have an audience with his holiness, Pope Pius, before their return, and will no doubt bring the blessing of the pontiff to the congregations they represent. Bank Hearing in Hartford. By agreement of all parties there is to be a hearing before Judge Tuttle in the superior court in Hartford at 10:15 a. m. Friday on the application of the state bank commissioner for the appointment of a receiver for the Windham County Savings bank of Danielson. Sheriff Sibley went to Willimantic Wednesday, opened court and then adjourned it till the time mentioned.
9.July 17, 1913Norwich BulletinNorwich, CT
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Court Adjourned To Friday Next. The Superior Court was again adjourned by Sheriff Sibley from Wednesday to' next Friday at 10:15 a. m. It is believed at Friday's session the hearing relative to the appointment of a receiver for the Windham County Savings bank at Danielson will come before the court. It was stated at the court house Wednesday that the court might be adjourned Friday and the Danielson bank matter might be heard before Judge Tuttle at Hartford.
FORFEITURE OF BANK'S CHARTER UP TO COURT Hartford, July 18-No decision was given by Judge Joseph P. Tuttle in the superior court today on the application made by Bank Commissioners Holt and Lippitt for the appointment of a receiver for the Windham County Savings Bank in Danielson, but before the hearing an agreement was entered into withdrawing the bank's plea in abatement and the demurrer to the plea. The bank's lawyers contended for e. more specific statement as to what the commissioners mean by alleging that the public is in danger of being defrauded. The commissioners ask for the forfeiture of the bank's charter and the winding up of its business. Without indicating how he would decide the latter Judge Tuttle expressed himself as not in sympathy with the proposition that two public officials should have the officers of an institution into court asking. for a receiver and the forfeiture of a charter without giving the facts upon which the application is based. |It is possible that the judge may order a more specific statement. The bank commissioners say the assets. of the bank are about $30,000 less than its liabilities. No irregularities on the part of any of its officials is suggested. The bank has been under injunction from :paying deposits since Aug. 6, 1912. This injunction expires October 4.
11.July 19, 1913Norwich BulletinNorwich, CT
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HEARING IN WILLIMANTIC. Judge Tuttle, at Hartford Friday, Sets Aug. 29th as Date for Considering Opposition to Receiver for Danielson Savings Bank. -Judge Tuttle at a session of the superior court, held at Hartford, Friday, took under advisement the request of Judge Harry E. Backs of Danielson and Judge Henney, of Hartford, to have the state bank commissioners file a statement of why the publie would be defrauded If a receiver was not appointed for the Windham County Savings bank at Dantelson. a movement that is being strenuously opposed bp the officials and depositors of the bank, who clai mthe institution is solvent. The matter will come up for hearing at a session of the superior court to be held in this city Aug. 29.
12.July 22, 1913Norwich BulletinNorwich, CT
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DECISION FOR BANK. Bank Commissioners Must File More Specific Statement. (Special to The Bulletin.) Danielson, July 21.-Judge Tuttle, who in Hartford last Friday heard the motion of counsel for the Windham County Savings bank for a more specific statement from the bank commissioners filed a decision favorable to the banks on Monday. The memoranda on the motion is as follows: The complaint alleges against the defendant the failure to conduct the savings bank and long continued insolvency and inability to resume the business of the savings bank and further that in the opinion of the petitioners the public is in danger of being defrauded. The plain inference is that facts other than the failure to conduct the savings bank and long continued insolvency and inability to resume the business of the savings bank have come to the attention of the petitioners upon which they base an opinion that the public is in danger of being defrauded. No reason exists why the ordinary rules of pleading should not be followed and the defendant is entitled to know in advance what these facts are. I am satisfied that independently of the particular allegation in this petition, there is nothing in the statutes which warrants the bank commissioners in citing a bank into court and asking for a receiver thereof upon the mere statement of their opinion that the public is in danger of being defrauded by the continued operation of the bank. The defendant's motion for a more specific statement is granted, such a statement to be filed on or before the 16th day of August, 1913, and the defendant is directed to answer the petition as so amended on or before the 22nd day of August, 1913. Tuttle, judge.
13.July 25, 1913Putnam PatriotPutnam, CT
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Danielson Bank Hearing. The application for the appointment of a ceceiver for the Windham County Savings Bank of Danielson came before Judge Joseph P. Tuttle in the superior court in Hartford, Friday morning but, because of an agreement entered into between the lawyers, the matter took but little time. The question argued was whether the bank was entitled to a more specific statement than the mere allegation that the bank commissioners were of the opinion that the "public are in danger of being defrauded." That is, the bank claimed that they had a right to know in what manner the commissioners claimed that the public would be defrauded if the bank was allowed to continue. The attorneys for the commissioners claimed that under the statute the commissioners were not compelled to give their reasons, that it was the duty of the defendant to file an answer and to let the court determine whether the commissioners' opinions were well founded. Judge Tuttle said the question was a new one to him and he said that he would give it consideration :before deeiding. Without in any way indicating what his ultimate decision would be, he said that he did not have much sympathy with the plan of a public official or two public officials haling a corporation into court and saying in their opinion the public was in danger of being defrauded without giving any reason for that opinion. It was agreed that, if Judge Tuttle decides that the more specific statement should be ordered, that it will be filed on or before August 16. The time for the bank to answer the petition was fixed for August 22 and then under the agreement of yesterday the lawyers will appear before Judge Marcus H. Holcomb in the superior court of Windham county on Friday, August 29, and ask to have a day fixed for a hearing on the question as to whether a receiver shouldsbe appointed.
OFFICIALS STATE CLOSING BANK IN DANIELSON ERROR Hartford, July 25.-A committee of the directors/of the Windham County Savings Bank of Danielson, for which the bank commissioners have applied to the Court for a receiver, have issued a statement concerning the financial condition of the bank and expressing the opinion that the bank should be released from the restraining order. The bank has not been doing business since Aug. 6, 1912: On July 18 the application of the bank commissioners for the appointment of a receiver was heard in this city by Judge Joseph P. Tuttle of the Superior court. The application alleged that the depositors were likely to be defrauded unless this action was taken. The bank officials denied this and asked for a more specific statement. Judge Tuttle has the application under consideration. The directors statement today says: "Closing the bank was due to an apparent error of $20,659.44 from the general ledger and a trial balance taken at that time. The officials of the bank claimed that these were clerical errors and after a thorough search these errors were corrected and the books balanced. The balancing of the books was approved over the signature of Bank Commissioner Fred. ₽. Holt. "The earnings of the bank from June 30, 1912, to July 1, 1913, have been $40,245.42. Had the bank been allowed to invest this sum in the usual way a tregular rates it would have realized an increase in earnings of from $1,500 to $1,800. "Even though the bank was called upon to pay a flat dividend upon its total deposits during the period referred to, after paying this dividend the bank would still have had a balance left out of its earnings of $6,187.54. "This very satisfactory showing is made in spite of the fact that the bank has been put to heavy extra expense for auditing and additional clerical help in connection with the investigation of the bank's accounts, following the present restraining order. "Upone" the strength of the actual condition of the bank as shown by its board and records and the following statements of its assets and lla bilities, it is the opinion fo this committee that the bank should be TOleased as soon as possible from the restraining order and allowed to resume business." The injunction was to have expired on August 6 next, but a later order was secured to run to October 3.
15.August 15, 1913Putnam PatriotPutnam, CT
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STATE OFFICERS MUST GIVE FACTS Motion Made by Savings Bank of Danieison is Granted PAYMENTS ARE RESTRAINED 8 Commissioners Contended That Liabilities Were Greater Than Assets -Held That Bank Should Not Be Permitted to Continue. (Special Hartford Correspondence). Hartford.-Fred P. Holt and Norris S. Lippill, as state bank commissioners, must, under an order made by Judge Joseph P. Tuttle, supply to the Windham County Savings Bank of Danielson the information which the officers of the bank seek. The bank has for about a year been under an order of the superior court, restraining it from paying out any of its deposits. A few weeks ago the state bank commissioners made application to the superior court that a receiver be appointed to wind up the affairs of the bank. The commissioners contended that the liabilities of the bank were greater than the assets, and that the public was in danger of being defrauded if the bank was permitted to continue business. When the application for the appointment of a receiver came before Judge Tuttle, the bank was repre ented by Judge William F. Henney of this city and Harry E. Beck of Danielson, while Ralph O. Wells and Stewart N. Dunning appeared for the bank commissioners. It was agreed that the hearing be continued to the regular session of the superior court in Windham county, but Judge Henney made a motion that the bank commissioners be required to make their petition for a receiver more specific, by stating in what way the public was in danger of being defrauded. The motion was argued at some length, the lawyers for the bank commissioners being opposed to it. Judge Tuttle then reserved his decision, and he has now decided that the bank is entitled to the information asked for under the motion.
16.September 23, 1913Norwich BulletinNorwich, CT
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The trial of the case of the state bank commissioners VS. the Windham County Savings bank of Danielson, the appointment of a receiver being asked for by the commissioners, was commenced here Monday in the superior court, Judge Marcus H. Holcomb presiding. The bank was closed Aug, 6, 1912, under a reseraining order issued by Judge Gardiner Greene of the superior court and has since remained enjoined from paying out or receiving money, the injunction having been twice extended since it was originally placed and since last extended in April of this year, the commissioners have applied to the superior court for the appointment of a receiver, alleging that the bank is insolvent and that the depositors are in danger of being defrauded. A Tedious Session. While there was considerable of interest in the first day's progress of the trial, the session proved a tedious one in a way, as much of the time was taken by the counsel for the commissioners in going through the routine of laying in books of the bank for exhibits and tracing various transactions involving loans, etc. Clerk Young on Stand. Earl M. Young, 24, Danielson, clerk in the bank since June, 1907, and who has been the secretary and treasurer of the institution since May 1 of this year, when his father, C. C. Young, treasurer of the bank for many years, resigned, was on the witness stand all day with the exception of a short time that the court was in session. Morning's Proceedings. Attorney Ralph O. Wells and Attorney Stewart Dunning, both of Hartford, counsel for the commissioners, conducted that side of the case, Attorney Wells doing the examining of
17.September 24, 1913Norwich BulletinNorwich, CT
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missioner Holt that during the lunch hour recess a conference was held between the court, the bank commissioners and the counsel in the case, at which an agreement was reached that an entirely new set of corporators, directors and officers of the bank should be elected, all of whom should prove satisfactory to the court and to the bank commissioners. This seemed a happy solution of the dilemma and will result in the saving of the Windham County Savings bank to Danielson. Officials Not Dissatisfied. While present officers and directors are obligated to resign their positions and connections with the bank under the terms of the agreement under which the bank is to resume business, none of those who are slated to go and who could be reached for interviews expressed regret when they learned of that feature of the agreement. Those who have been in close touch with them since the bank became involved in difficulties say that they have expressed a willingness to resign if by doing so they could benefit the bank, but that they have hesitated to do so under fire, so were retaining their positions until such time as the bank's difficulties were adjusted. That this feeling among them was accurately forecasted was indicated by what some of them said Tuesday afternoon in the corridors outside the courtroom, where they were awaiting the outopme of the conference. Commissioner Lippitt's Statement. The adjustment of the case Tuesday, when the trial was threatening to drag through the remainder of the week, was welcomed by all. Commissioner Lippitt, while talking with counsel concerned in the trial, was heard to remark that notwithstanding all of the insinuations that have been made against the commissioners in connection with the difficulties of the Windham County Savings bank, he would be pleased to see the bank saved as could be a satisfactory to Danielson, agreement could done be had reach- if the ed, and that he has always best interest of the bank at heart. Officers and Directors to Resign. In compliance with the terms of the agreement, the officers and directors who are to go are to resign at once, list of the court and and proved the by new corporators, bank commis- apsioners in agreement with the attorneys for the bank, will elect a new board of directors and officers. A Protection to the Bank. That part of the agreement under which the depositors will be allowed the privilege of withdrawing 10 per cent. of their money on Oct. 6 and 10 per cent, every three months thereafter until further notice is regarded as a protection to the bank for a period of time. Will Get Dollar for Dollar. It is now assured that the depositors will get dollar for dollar up to the amounts shown on their passbooks. as those who know of banking affairs in eastern that with its new and feel conditions positive Connecticut board of directors the bank can go on doing business, and in a profitable way. Run Not Probable. The opening of the bank will be hailed with delight by the majority of the 2,600 depositors of the Institution, as many of them have been put to no small amount of inconvenience by the tieing up of their funds since Aug. 6 of last year. While heavy withdrawals are to be expected when the bank opens, a disastrous run is not liable under the agreement plan for opening
18.October 10, 1913Putnam PatriotPutnam, CT
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BANK RE-OPENS Closed 14 Months. Prospect Bright Daniel J. Byrne, New Treasurer Of Wind. ham County Savings Bank The Windham County Savings Bank of Danielson opened its doors Monday morning. The bank was closed August 6th, 1912, under a restraining order of the Superior court granted at the request of the state bank commissioners. At the recent term of court held in Putnam the bank commissioners and bank officials came to an agreement whereby the bank has been allowed to reopen under a practically new set of officers. The announcement of these officials has already been made with the exception of a treasurer. The announcement was made Tuesday that Daniel J. Byrne of Boston had been elected to fill this position. This announcement was received with pleasure in Putnam where Mr. Byrne is well known. Mr. Byrne is the elder son of Mrs. Mary Byrne, Woodstock avenue. He was born in Mechaniesville and later removed with his parents to Uxbridge. After he came to Putnam he entered the Putnam High school. He finished his education and fitted himself of a business career in Providence. For fifteen years he was connected with the Putnam Savings bank. Four years ago he went to Boston and became manager of the Safe deposit department in the First National bank. Mr. Byrne is a man of sterling worth and ability and the Danielson bank is fortunate in obtaining his services. When the bank opened Monday after its long enforced idelness people were curious to see the effeet. There was no run on the institution which denotes that the public have the contidence in the bank that they have steadily maintained. Of course there were some accounts withdrawn but there were likewise deposits made. The withdrawal of money was to be expected as some of the depositors of small means were doubtless in need of money which they had been unable to get for fourteen months. The people of Danielson are greatly pleased that the bank has been saved to them and that the outlook for its future is so bright.
19.January 23, 1914Putnam PatriotPutnam, CT
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Bank Commissioners' Report A Word About Putnam and Danielson Banks In their annual report for the year ended Sept. 30, 1913, the state bank commissioners report as follows relative to the Windham County Savings bank of Danielson and the Putnam Savings bank: The Windham County Savings bank, which was under a restraining order at the time of our last annual report, continued in this condition until the time when, acting with the approval of the Attorney General, we asked to have a receiver appointed to wind up its affairs. The case was delayed in the court, not coming to trial until Sept. 22, 1913. During the trial the counsel for the bank offered to bring about an immediate and complete change in the management of the institution and we were glad to discontinue the suit and thus save the institution to the community. This change in management has taken place. We are, therefore, gratified to report that the outlook for this bank is very bright. On Dec. 29th the assets of the Put. nam Savings bank were found to be insufficient to meet its liabilities so that we, acting in concert with the counsel of the bank, issued an order restraining the bank from receiving deposits or paying out funds. The bank has an earning power of approximately $120,000 gross per annum. We hope, therefore, that it will be able to resume before any serious inconvenience results.
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