Putnam Savings Bank - Putnam, CT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: December 29, 1913
Location: Putnam, Connecticut (41.915, -71.909)

Metadata

Model: gpt-5-mini
Short Digest: 0438a350

Response Measures

None

Description

The Putnam Savings Bank was restrained from paying or receiving deposits by the state bank commissioner on Dec 29, 1913 and reopened under court order to pay 10% to depositors on April 15, 1916. Articles report very light withdrawals (<1% of depositors), so there was no run. OCR errors in Article 1 were corrected (dec. 29, 1913 closure).

Events (2)

1. December 29, 1913 Suspension

Cause: Government Action
Cause Details: State bank commissioner restrained the bank from paying or receiving deposits on Dec. 29, 1913.
Newspaper Excerpt: The Putnam Savings Bank was restrained from paying out or receiving deposits by the state bank commissioners, Dec. 29th, 1913.
Source: newspapers

2. April 15, 1916 Reopening

Newspaper Excerpt: Will Begin Active Business April 15th ... By deferring the opening until April 15 ... 10 per cent. of each deposit became available ... the Putnam Savings bank began paying out money for the first time since December 29, 1913. Saturday 10 per cent. of each deposit became available for the more than 7,000 depositors of the institution, but less than one per cent. of the number appeared to make withdrawals Opened Last Saturday to Pay 10 Per Cent to Depositors Wishing to Withdraw ... Of over 7,000 depositors less than seventy-five availed themselves ... The bank is perfectly solvent ... The Putnam Savings Bank was restrained from paying out or receiving deposits by the state bank commissioners, Dec. 29th, 1913.
Source: newspapers

Newspaper Articles (5)

1. February 25, 1916 Putnam Patriot Putnam, CT

Article from Putnam Patriot, February 25, 1916

Click image to open full size in new tab

Article Text

TO REOPEN Will Begin Active Business April 15th If Court Order Is Forthcoming Court Will Restrict Withdrawals. Bank Is Solvent and Confidence Is Evident A meeting of the directors of the Putnam Savings Bank was held in the banking rooms Monday afternoon. the meeting it was annonnFollowing that decided to ced it had been open for active business 15th if order from court is the the bank necessary the April it will forthcoming, and it is expected bank is in a and so by be. is The regarded solvent the state condition bank It goes bank will not pay that commissioner. the without depositors saying While in full as soon as it is opened. it is not believed that the withdrawals will be extremely heavy it is the duty of the officials to properly safeguard the bank and the depositors as they have done. It is thought that as soon as open ten percent will be available to the depositor wishing to withdraw. Later withdrawals can be made re strictively, the whole plan being under such order as the court may make. By deferring the opening until April 15, the bank will have an opportunity to collect interest due on its securities and other investments on April 1, and otherwise make preparations for an event that will mean much to Putnam. That the bank has the confidence of the people is being indicated from day to day by persons who go to the insti tution and ask to deposit funds. These of course, are not being received as yet, but will be when the bank reopens,but it is a splendid sign of faith in the bank and its able management. It was made known to the bank of ficials Monday afternoon that the man who made the last deposit in the bank before it was closed, in the sum of $100, is anxious to be the first to make a de posit after the bank reopens. The bank has deposits in excess of two and three quarter million dollars. Much of this amount is represented in bonds, the depreciation in the market of caused the the The market has value bank. which improved closing of few during the past and recently a considerably months reached forecasted stage the of improvement that opening of the bank, as now announeed. At the regular monthly meeting of the trustees, held in December, it was announced that it was hoped to reopen the bank in April. Since that time no statement had been given out by the officials. February 14th it was announced that William E. Moss had been engaged as teller of the bank and Michael Daigle as bookkeeper. This was the first outward sign that Actual prepara tions for the reopening in April were being made. In the December statement it was announced that it had been the nim of to conserve bank until they were or the the trustees the of assets equal the of value than the amount which is greater deposits, $2,747,318.61, of much and that at that time the goal was nearer than at any time since the bank restrained from paying out or reDec. 29th, on the books deficit ceiving was shown deposits, of 1913. the bank The the appraisal of July, 1914, had wiped out by by been entirely the the market earnings of investments and value of the bonds had reached nearly the appraisal value. the past two years that the been closed bank During has there and has little been nothing resembling a panic if alarm has been as the any final satisfactory expressed solution of time the to It has been stated that the earning difficulty. and again capacity but the of the assets was not impaired whole difficulty was due to the decrease in the market value of the large amount of railroad bonds held. The trustees have carried out their policy that it was their first duty in- to safeguard the principal of deposits trusted to the bank and to make it posthe same if sible to secure reached desired. they This condition having been stated that the matter of declaring dividends could be considered. When the board became confident that they could turn the bank's securities into cash, if desired, at a price equal or ex: are the values at which they ceeding the books ot the bank, they earried would reopen, on upon the approval bank of the bank commissioner. If the ex reopens April 15th, as it is now pected it will, then the above satisfac tory conditions will exist.

2. April 17, 1916 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, April 17, 1916

Click image to open full size in new tab

Article Text

BEGINS PAYING MONEY. Less Than One Per Cent. of Depositors, However, Withdraw Anything From Putnam Savings Bank-Big Deposits. That there was complete justification for the forecast that its depositors have confidence in the future of the institution was demonstrated on Saturday, when the Putnam Savings bank began paying out money for the first time since December 29, 1913. Saturday 10 per cent. of each deposit became available for the more than 7,000 depositors of the institution, but less than one per cent. of the number appeared to make withdrawals, which in total were so surprisingly small for the day as to be almost negligible. On the other hand, more money was deposited and by a greater number of depositors than on any one day since the bank began receiving money, April 1. President Chester E. Child and Treasurer Daniel B. Byrne when seen at the bank after the close of business expressed themselves as well pleased. The bank officials said that the institution was well prepared to meet the demands of depositors for money, but that only a comparatively small number had come in, and in many cases the withdrawals were what might have been expected in the ordinary run of business. The bank now has a strong interest account. The March statement showed this account as approximately $50.000. which amount has since been substantially increased. making positive the payment of the October dividend. The bank has been applying interest to all accounts since April 1. Among depositors who came to the bank Saturday were a number who made their visit for the purpose of

3. April 21, 1916 Putnam Patriot Putnam, CT

Article from Putnam Patriot, April 21, 1916

Click image to open full size in new tab

Article Text

SAVINGS BANK Opened Last Saturday to Pay 10 Per Cent to Depositors Wishing to Withdraw Less Than 100 Embraced Opportunity. More Deposits Made Than Any Day Since Bank Opened to Receive Money The utmost confidence in the future of the Putnam Savings Bank was evidenced Saturday when the institution WAS opened for the first time in over two years to pay out money to depositors. The payments were restricted to 10 percent under 8 court order. Of over 7,000 depositors less than seventy-tive availed themselves of the opportunity to withdraw this amount of their money. On the other hand several new accounts were opened and others brought their books in to have interest added, leaving their original amounts. Both President Chester E Child and Treasurer Daniel J. Byrne expressed themselves as pleased and highly gratified at the confidence evidenced by the community served by the institution. After the bank closed at 4 o'clock, for the day, these officers said: "We are very much pleased at the confidence shown in the bank. While we did not anticipate any great run on the bank we were prepared to meet all demands that might be made. We were surprised at the few withdrawals made and also at the number of new accounts opened, which were the largest in number since March 3rd when we were allowed to receive money from depositors. We do not care to give the amounts of withdrawals or deposits made today but will say that the deposits were substantial and the withdrawals very light. The bank is perfectly solvent and the interest ac. count has shown a substantial increase since March when we stated that it approximated $50,000. The October dividend will certainly be paid and the bank will do all any bank could do for its depositors under the circumstances." The Putnam Savings Bank was restrained from paying out or receiving depesits by the state bank commissioners, Dec. 29th, 1913. The commissioners announced at this time that in had. been. fun - La

4. July 25, 1916 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, July 25, 1916

Click image to open full size in new tab

Article Text

PUTNAM Observance of Feast of St. James at Episcopal Church-Country Club Visitors Won Tennis Matches at Norwich-Busy Day in City CourtChamber of Commerce Has Added 78 Members During 1916. The feast of St. James will be observed with a communion service at St. Philip's church this morning at 9 o'clock. Rev. C. J. Harriman will conduct the service. Rhodesville clerks have a baseball game scheduled with the Down Town clerke for Thursday afternoon on Tourtellotte field. To Omit August Meeting. It is announced that there will not be an August meeting of the directors of the Chamber of Commerce, the next meeting being scheduled for Sept. 8. Patrick Roche, given a stiff sentence in the Killingly town court on Monday, has furnished excitement for this town and business for the local court in the past. Looking for Providence Woman. Officer William Kiernan of the Providence police was in this city Monday seeking a woman who "jumped" a $500 bond in the Rhode Island capital. Won Tennis Matches at Norwich. The Putnam Country club members who went to Norwich should have been given the credit of winning the tennis tournament, two matches to one. Ads in New Haven Road Cars. Some of the passenger coaches now being run through this city by the New Haven road are equipped with the advertising about which so much has been said. The advertising cards are much the same as in the electric cars. The directors of the Chamber of Commerce passed a resolution congratulating the Putnam Savings bank upon the removal of all restrictions under which it has been operating. Miss Rose Seder has returned to her home in Worcester after spending a few days with Mr. and Mrs. Charles Seder, Grove street. Interest in Supt. Crampton's Comment There was special interest here in Supt. J. S. Crampton's comment on the deer law and the reference to the socalled Torrey case. Incidentally the decr in this section are being exterminated and, under the present law. will be as scarce as hen's teeth in another year two. There are many who will be glad is they are, especially farmers who have suffered Gamoces-on hunters whose dogs, trained for special purpose will leave any trail for that of a des More Leniency in Bay State. Automobilists here learn with intercat that the matter of allowing Concars the same legal rating in as cars of that state beer conceded This claim that C215 unde a recently onbusett law. would have protection while in Massachulet er writing campaign the results now accuring Interpretert in Three Languages. Interprétoes of three different lanMonday that court them whit 01.6 retween of nations who were in COUNT to natior IC them of a real serious nature Joseph Merin, charged with having been intoxicated and with breach of the peace, pleaded guilty to the first charge, not guilty to the second but was found guilty on both. He was fined $2 on the first count, $3 on the

5. May 11, 1917 Putnam Patriot Putnam, CT

Article from Putnam Patriot, May 11, 1917

Click image to open full size in new tab

Article Text

doors he left the bank and engaged in the lumber business buying timber lots and cutting them off. He was successful and his dealings, small at first, continued to expand. Ten years or more ago he organized the Child Lumber Corporation and became president and treasurer of the concern.This corporation became one of the prominent lumber manufacturing concerns in Southern New England and the largest in Eastern "Connecticut, cutting and marketing several million feet of lumber, ties, etc., annually. Mr. Child gave the business his personal supervision and he became an expert and was recognized as one of the best informed lumber men in Southern New England. This was recognized when he was elected prest. dent of the Lumber Manufacturers' Association of Southern New England which, through hisefforts and the efforts of others, was formed some five or six years ago. When the official body of the Putnam Savings Bank underwent reorganization he was elected president of the bank in July, 1915. His election to this important position instilled new confidence in the many hundreds of depositors of the institution which WAS at the time under a cloud with its doors closed by order of the state bank commissioner. The confidence in the president and board was evidenced when the bank opened its doors. There was no excitement, no substantial number of withdrawals and deposits began coming in the very first week. This confidence has been maintained and the [institution is again on a sound basis with prospects of a bright future. Mr. Child married Miss Annie C. Carpenter, daughter of Mr. and Mrs. John A. Carpenter, who with four a son and children, three his daughters, mother survive. He also leaves and sister, Miss Elizabeth Child, residing in Putnam, and a sister, Miss Grace Child, of Windsor. The funeral service will be from the Congregational church Sunday afternoon at 2:30 o'clock, Rev. F. D. Sargent, pastor of the chureh, of which Mr. Child has long been a member, officiating. Burial will be in the Grove street cemetery.