1756. Putnam Savings Bank (Putnam, CT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
August 11, 1924
Location
Putnam, Connecticut (41.915, -71.909)

Metadata

Model
gpt-5-mini
Short Digest
794d6421

Response Measures

Full suspension, Books examined

Other: Receiver appointed; statements to be issued later by receiver and Treasury officials.

Description

Newspaper reporting in August 1924 describes heavy withdrawals (a run) on the savings department, followed by suspension of payments in mid‑August and later references (October) to the bank's failure and a receiver. Cause appears to be bank‑specific adverse information (mention of an admitted shortage and the Gilpatric family/possible suicide linked to the bank). Dates are inferred from publication dates and internal phrasing (e.g., yesterday, more than a fortnight... since the Putnam Bank suspended payment).

Events (3)

1. August 11, 1924 Run
Cause
Bank Specific Adverse Info
Cause Details
Large withdrawals and loss of confidence in the savings department after disclosures and apparent shortage; mention of Gilpatric family and a possible suicide linked to the bank's affairs.
Measures
Other local bank/ business interests arranged to cash checks and to receive deposits; examiners/audits initiated.
Newspaper Excerpt
the run of the savings department The line bank yesterday throughout of from funds the depositors was not but one long institution an in of line were average the day yesterday.
Source
newspapers
2. August 13, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy withdrawals and undisclosed shortages in the bank; federal examiners and a receiver involved and silence from directors raised suspicion about the bank's condition.
Newspaper Excerpt
More than a fortnight ... has passed since the Putnam Bank ... suspended payment.
Source
newspapers
3. October 29, 1924 Receivership
Newspaper Excerpt
No heads thejicket, and this one needs stay awake nights waiting sweep in Jm Glynn. for further details touching the PutWashirton this week nam bank failure ... The clear prospect is that ... statements from the bank receiver. ... Statements from the receiver of the bank may be expected ... telling ... how much depositors can recover on the dollar.
Source
newspapers

Newspaper Articles (3)

Article from New Britain Herald, August 12, 1924

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Article Text

ALL FINDS GOVERNOR STATE FUNDS INTACT (Continued from First Page) the bank national examiner pending The statement Insertigation. he said Haker not aut was the official further was unsigned horized and Mr. to add anything to stails Adair Insured et the all From bank. official to the even who permit deelined it was had that stated of have the of his discovered name. if by the Institution examinar hieh been examiners the affairs under of the since by last 60 were Thursday that national bank that the affairs decided that new and limity examineral involved should of the books and sethorough the audit the institution. in that stated curities The official of further 60 far the er federal any examiners which would their examination had falled indicate to discove that the A the official made known if it that became confidence bank thing receivership was Insolvent was and quite he likely expressed necessary of the the affairs instituto be able would its of to tion liquidate that depositors the bank dollar for dollar " the pay their deposits. Bank To Aid that Putnam savings to cash for checks was Other later announced bank had made any arrangements (or Putamounts reasonable necessary nam and ready business Interests at but the present time over take the city's erts. to receive were deposits commercial not equipped banking to interearBank of banking Putnam instituti ions acin this ries The all the all the business a do which hanking business counts of section the interests and of of Putnam The of for this the called meeting citizens is such expected complete be for necessary to the any preventing bank's the constituency townsamong Public sentiment who had evinced people, previously the has utmost ndergone confidence a the past change twenty-four during as by hours. evidenced continued the on run of the savings department The line bank yesterday throughout of from funds the depositors was not but one long institution an in of line were average the day yesterday. throughout Public Losing Confidence of the offiany direct absence the found for this in the bank of the statement was the bank cial That statement was of responsible conditions for found this in responsible in of the resilocal change attitude and dents 1 in depositors a of stockholders was the bank plain interwith That no of views many affrom came directors statement was ter last session night's It of the cause added was that disappoliente regarded of the some nature official disclosure at of the the and extent shortage by an bank, official already admitted be today. would the forthcomingries famGilpatric c ily been whose the since of Mr. source, The members policy of of silence discovery has of the Gilpatric, up continued the friends attempt maintained to suicide refuse only information source of of the inlearnfamily. Mr. Gilpatric of the day formation this morning being these close it bas in been note shoot- left was he reven ed for that his wife on the the fact and that had therefore ing financially his life. was little There of the patient decided Condition to end Unchange if any at the in was any temperature change the hospital hospital the condition however, today. and His if for there the better, of jower." noted it was said. the No except visitors authorit members see the to have been family permitted be so as far could patient, ascertain is of the some and family member with to him said been have almost to the he was since taken constantly Conlast Thursday hospital afternoon. he whatever information sequently the note may written have revealed he in or wife since to his is of in the shot conversession himself. to out who give have refused family Estate. in the of Absence estate was any facts. The an of which Iministrator to be is said inquiry of the has which nature the Mary Gardnipatric Mr. subject of not been that fact made public. Beyond in he induswas interested had and and trial business on enterprises friends many induced in to their them nothing invest of is J the these known possibility in diffia being involved the led which W the finandiemptod cuities f suicide. Bank pelayed. Opening 9 At for the the openo'clock the First Bank. National of the president and doorway notified building Charles ing of H. stood Brown. who the approached that the or 10 until bank o'clock He than gave usual. hour the no for change. D. Guy Baker. Cashier the that change a at hours the Assistant had stated been directors authorized early today


Article from Putnam Patriot, August 29, 1924

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Article Text

Praise - CriticismSuppostions-Contributions Letters to the Editor To the Editor of The Putnam Patriot: Comptroller of the Currency and appointees, the examiners and the Dear Sir: More than a fortnight ceiver, is that of public servants, has passed since the Putnam Bank pointed by the government to pro suspended payment. The facts of the the owners of this bank. It was t failure are still completely concealed. duty to publish the facts on which The directors and officers, the Compsuspension was based immediately troller of the Currency, the bank exter the suspension. The silence aminers and the receiver all maintain of the directors and the federal an impenetrable silence. They act as cials justifies the suspicion that if they owned the bank. This bank is have each neglected their duties, owned by its stockholders. They, and know that the facts, if published, its depositors and general creditors, ghow it. alone have any interest in its assets. The only fact yet published by The directors are merely trustees for body is a newspaper statement, the owners. It was their duty, while which no one knows the anther or the bank was doing business, to proaccuracy, that the bank's less teet the owners: when the bank closamount to at least $262,000. ed. to disclose to the owners all the sum is obviously a total. What facts relating to the failure. the items which make it up? If The relation to the bank of the bank has been ruined by the abst


Article from Putnam Patriot, October 31, 1924

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Article Text

BY BULKLEY SOUTHWORTH GRIFFIN (Special Correspondence to The Punam Patriot) I Washington, D. C., Oct. 29.-No heads thejicket, and this one needs stay awake nights waiting sweep in Jm" Glynn. for further details touching the PutWashirton this week nam bank failure to issue from Washing on te apparent sile ington. The clear prospect is that ator MeLan during the I what further information does come paign. br the first time out will see the light in Connecticut, years a New England mar either in the course of the Gilpatric for presient, and, it migh trial, or from statements from the ed, everyNew England se bank receiver. be working his head off f Treasury department officials here But, so fr is Washington ( are somewhat hazy in discussing the Lean is pt doing this. matter. But they give the belief that is doing ID work for the n they don't intend to issue any detailed mittee, a are many other statement, covering the final verified Is the reason to be fo Lean's vce to override the assets and liabilities, as for long weeks they had been expected to. veto of tie bonus? It is I Facts Not Public Property last sprhg many Repub One official this week said that such said that if McLean or a statement was not proper public tried to ake the stump in land after their "deserti property and compared it, in a general way, to the income tax lists now presiden, they would onl being published in the midst of objecRepublican leaders. tions. Another treasury official said Lanent Brandegee's that to give such a statement, which would include the estimated worth of One till hears here com all notes held by the bank, would prosad going of Senator Bra duee the effect of making folks who has been revealed that h gave out dubious notes careful not to would have to have one le pay more on them than a detailed in the niar future. A hig statement said was expected to be rethe government has pr covered on them. your correspondent that Statements from the receiver of the this fac, taken together W bank may be expected as the weeks ator's financial worries, a and months go on, telling, in a gradual the sucide. Mr. Brande way, how much depositors can recover has said emphatically that on the dollar. had nd sign of cancer, which killed his sister, an Candidates' Campaign Expenses side of one leg, where t Congressman Freeman, up to about hardening of the artery the middle of last week, had listed gave no ground for suicide campaign expenditures of only $50. Demberatic chiefs here This $50 was given to the New Lonhave a chance to elect the don Republican city committee. ApBrandigee. They think parently Mr. Freeman is not getting when the special election excited over anything will not be the name of Other facts brought out by the filing idge at the head of the ti of campaign statements here by the the Republican voters. candidates were that Congressman O'Sullivan paid out $250 for dinners to Praise For Mrs. convention delegates at the Hotel ElDemocratic headquarter ton, Waterbury, and that Congressington this week gave p man Tilson received outside aid in the work of Mrs. Fannie Dixo shape of a check for $500 from the National committeewoman f tional Republican congressional comas assistant to the head o mittee. cratic women's work in N Congressman Merritt has the largNew York and New J est expense bill, $1,455. It is not itemWelch has her headquart ized. Mr. Tilson has spent $500, but York. There are over thi he does not give any details. Davis Clubs now in Conn Probably the fact that Tilson is Homer S. Cummings, f toiling as head of the eastern speakcratic committee head, h ers' bureau of the national committee, from his speaking tour and cannot find time to devote to his west, and is devoting the home fences, is one reason for the of the fight to Connecticut boost he got from the congressional chusetts. Cummings, this committee. ed other prominent men The hottest fight in the state rement which declared that mains in the Fifth Congressional disof Nations is not a trivial trict, where former Congressman campaign. So does Mr. C Glynn is trying to oust O'Sullivan. a word for his early love Glynn lists no expenses up to a week pionship of the League a ago. of Woodrow Wilson hav Coolidge Help to Glynn and steadfast. Cummings In ordinary times, taking the factors did a gracious thing when as they are today, O'Sullivan should the funeral of Senator win; but this year Calvin Coolidge here.