Tucson National Bank (Tucson, AZ)

Article Text

Tucson National Bank Suspended

TUCSON, Ariz., May 3.—The Tucson National Bank suspended operations yesterday afternoon by order of the directors pending a reorganization of the bank. Officers of the institution declare deposits during the last few days have been

Article Text

Tucson National Bank Suspends Operations

Tuscon, Ariz., May 2.—(Associated Press)—The Tuscon National bank suspended operations yesterday afternoon by order of the directors pending a reorganization of the bank. Officers of the institution declare deposits during the last few days have been drawn out of the bank with greater rapidity than plans could be completed for re-financing.

Henry F. Brewer, Jr., national bank examiner, representing the office of the comptroller of the currency, is in charge of the institution.

It was stated today that all depositors will eventually receive their money, as the bank has loans outstanding that total approximately $600,000.

Article Text

National Bank In Arizona Is In Difficulty

Tucson National Suspends After Rapid Withdrawals of Deposits

TUCSON, Ariz., May 2.—The Tucson National Bank suspended operations yesterday afternoon by order of the directors, pending a reorganization of the bank. Officers of the institution declare deposits during the last few days have been drawn out of the bank with greater rapidity than plans could be completed for refinancing.

Henry F. Brewer Jr., National Bank examiner, representing the office of the comptroller of the currency, is in charge of the institution.

It was stated today that all depositors will eventually receive their money, as the bank has loans outstanding that total approximately $600,000.

Article Text

Dividends Declared

Alaska Packers—Regular quarterly of $2, payable May 10 to stock of record on April 30.

Auto-Knitter—Initial quarterly of 75 cents payable June 15 to stock of record on May 31.

Household Products, Inc.—Initial dividend of 75 cents, payable May 31, to stock of record on May 15.

Wells-Fargo Express—Semi-annual of $1.25 a share, payable June 20, to stock of record May 19.

Liggett & Myers—Regular quarterly of $3 on common and preferred, payable June 1, to stock of record on May 15.

Ingersoll-Rand—Regular quarterly of $2, payable June 1 to stock of record on May 12.

KING TIRE CO. STOCK.

The King Tire & Rubber Company of Oakland today is offering a new issue of 8 per cent cumulative and participating preferred stock. The company is incorporated with 5,000 shares of preferred, par value $100, of which 2,000 are offered. There are also 10,000 shares common stock, no par value, of which 4,540 have been issued.

The company has a sales contract with the Chanslor & Lyon Co., largest exclusive distributors of automotive equipment and tires in the world. The factory in Oakland is running two shifts and the company expects to put on a third, by May 15.

All tires manufactured by the company, at present, are branded with the trade mark of the Chanslor & Lyon Co., which operates through eight branches and thousands of dealers on the Pacific Coast, and has a large export business, especially in the Far East.

TUCSON BANK SUSPENDS.

TUCSON (Ariz.), May 2.—The Tucson National Bank suspended operations yesterday afternoon by order of the directors pending reorganization.

Officers of the institution declare deposits during the last few days have been drawn with greater rapidity than plans could be completed for refinancing. Henry F. Brewer Jr., national bank examiner, representing the office of the Comtroller of the Currency, is in charge of the institution.

Motor Transit Co.—Authorized to issue $705,603 par value common stock to pay indebtedness and buy additional equipment.

Article Text

TEN MILL TAX LEVY ATTACKED

Twin Falls Commission Considers Amount Below Actual City Needs.

Special to The Tribune. TWIN FALLS, Idaho, May 2.—The problem of stretching the proceeds of a 10-mill tax levy to cover municipal expenditures for which a 15-mill levy was barely adequate last year was attacked by the new Twin Falls municipal administration immediately after its induction into office. The new officials are Mayor Shad L. Hodgin and Commissioners W. T. Leslie and J. S. Keel.

The 10-mill limit this year is prescribed by an act of the last session of the Idaho legislature. Additional taxes can be levied by the city only upon authorization by the voters. The city's income from the tax levy last year was approximately $80,000. The 10-mill levy will bring in only about $50,000, it is estimated.

Reorganization of the city commission was effected by the appointment of J. S. Keel to be commissioner of finance, succeeding S. S. All, a holdover member, who was named commissioner of streets and waterworks in place of S. G. McAuley, who was defeated for reelection; W. T. Leslie was named commissioner of public welfare to succeed J. E. Roberts, who also was defeated for reelection; F. L. Cogswell, the remaining holdover member, retained his position as commissioner of parks and public grounds.

Mayor Hodgin announced the appointment of four officials, all of whom were confirmed by the commission. They are: Treasurer, Charles E. Jones; chief of police, P. O. Herriman; attorney, A. J. Myers; police judge, S. D. Davis.

TUCSON BANK SUSPENDS. TUCSON, Ariz., May 2.—The Tucson National bank suspended operations yesterday afternoon by order of the directors, pending a reorganization of the bank. Officers of the institution declare deposits during the last few

Article Text

BANK IN TUCSON SUSPENDS OPERATION

By Associated Press

TUCSON, Ariz., May 2.—The Tucson National Bank has suspended operations by order of the directors, pending a reorganization of the bank. Officers of the institution declare deposits during the last few days have been drawn out of the bank with greater rapidity than plans could be completed for refinancing.

It was stated that all depositors will eventually receive their money, as the bank has loans outstanding that total approximately $600,000.

Article Text

TUCSON BANK CLOSES

TUCSON, Ariz., May 3.—The Tucson National Bank suspended operations by order of the directors, pending a reorganization of the bank.

Article Text

Tucson and Patagonia Banks Close Doors. Two very interesting dispatches by the associated press the past two days announce the closing of the Tucson National bank which closed its doors on May 1st after a heavy run, leaving Henry F. Brower, national bank examiner, who is still in charge. A later dispatch announces the closing of the First State Bank of Patagonia, which voluntarilly closed Friday morning and is in charge of Chief State Bank Examiner Dodson, who reports deposits to extent of $5,500 are secured to the State.

Article Text

Strolling C. B. Says That

This column is not to knock, but to criticize carelessness and recognize efforts for civic betterment.

The holes, bones, tin cans, and stones strewn so liberally on the hill near Jefferson street are poor advertisements for our city.

Every passenger that passes thru Wickenburg on the trains retains a mental picture and his impressions of our city.

Surely if the city would keep the streets attractive along the railway, the Santa Fe company would then have inducement to make the right-away cleaner and more attractive.

The railway company could not be expected to make any special effort in beautifying a street that even the city would not show pride in.

On our main business street there are unpleasant odors from horse and mule corrals.

Some business houses keep their back yards clean, but others do not.

Some empty lots are clean and show that the owners have civic pride, and some are filthy and breeding places for germs and diseases.

A clean lot will attract a buyer sooner than a dirty one will, and a cleaned up town will attract clean citizens sooner than an unclean one will. A city that is cleaned up only once a year is seldom clean.

Wickenburg could be the most attractive little city in Arizona, but she will never be until there is manifested an unselfish civic pride and earnest cooperation among her citizens.

A critic is not necessarily a knocker, because a critic is constructive and a knocker destructive.

Wickenburg needs more constructive criticism, as she is no exception.

With all the reports about $1 gasoline inside of a year, intended to create impressions of oil shortage, four oil concerns this week in Kansas, Oklahoma, and Texas dropped prices from 90c and $1 to 75c for 28 degree gravity. Those concerns which made cuts are known as Mexia and Curry of Texas, Magnolia Petroleum of Oklahoma, and the Prairie Oil and Gas Co. and the Sinclair Co. of Texas.

Tucson and Patagonia Banks Close Doors.

Two very interesting dispatches by the associated press the past two days announce the closing of the Tucson National bank which closed its doors on May 1st after a heavy run, leaving Henry F. Brower, national bank examiner, who is still in charge. A later dispatch announces the closing of the First State Bank of Patagonia, which voluntarily closed Friday morning and is in charge of Chief State Bank Examiner Dodson, who reports deposits to extent of $5,500 are secured to the State.

Article Text

Labor Interests Will Absorb National Bank, Assurance of Thomas

Coast Banking Officials Satisfied at Conditions of Local Institution After Visit Here.

Consummation of a transaction whereby the banking interests headed by Dr. Walter F. McCaleb will absorb the Tucson National bank, now suspended, in a new financial institution to be opened here, was virtually assured yesterday as a result of a trip here by three representatives of the well known bank organizer, according to the assertion of Dr. C. A. Thomas, a large stockholder in the local institution.

Arriving here Sunday, N. Adair, a director, N. L. Leavering, vice-president, and J. S. Abbott, cashier, of the San Bernardino Valley bank, spent Sunday and yesterday in conference with officials of the Tucson National bank and in thoroughly inspecting the assets of the local institution.

Giving their approval to the condition of the affairs of the Tucson National bank and the proposed transaction for its absorption by labor interests, the representatives of Dr. McCaleb stated that it would be their recommendation to the bank organizer that plans as verbally agreed upon in San Bernardino, Calif., last week, be consummated.

McCaleb to Come Here

Dr. Thomas declared that no transaction will be closed for the absorption of the Tucson National bank until word is received from Dr. McCaleb regarding his decision. It is anticipated he will come to Tucson shortly to complete the transaction.

Doubt was cast upon reports of the inclusion of the Co-Operative Bank and Trust company in a consolidation plan yesterday, it being understood that no definite or tentative agreement to this effect has been reached, as yet.

A large portion of the time spent in Tucson by the San Bernardino bankers was devoted to examination of all securities and assets of the Tucson National bank, as well as its liabilities.

It was declared by Dr. Thomas that the trio of bankers were enthusiastic regarding the prospects of establishment of a banking institution in the Old Pueblo, whereby the Tucson National bank would be absorbed.

Report to Chief

The bankers, who are personal representatives of Dr. McCaleb, it was understood, will go to Los Angeles directly, where they will make a complete report relative to the facts discovered regarding the local banking institution. Dr. McCaleb is understood to be organizing a bank in Los Angeles at the present time.

Stockholders of the Tucson National bank will not be called together for action upon the plan being worked out for absorption by labor interests until the arrival of Dr. McCaleb in the city, or definite word from him regarding his decision upon recommendations of his representatives.

It was understood that immediately upon closing of a transaction, plans will be placed under way for the organization of a banking institution to include the Tucson National bank and to be opened for operations quickly.

Article Text

Expect Opening Of Bank Now Suspended

TUCSON, Oct. 21.—Dr. Walter F. McCaleb, organizer of a chain of labor banks in California, expressed the opinion here today that the suspended Tucson National bank would be successfully reorganized.

“I fully believe that we will successfully complete negotiations to settle the difficulties of the Tucson National bank. If I were not of that belief, I would not have given the time to come here,” said Dr. McCaleb.

A. T. Hammond, state director of banks, arrived here this morning to participate in a series of conferences to determine the status of the suspended bank.

Article Text

100 PER CENT ASSESSMENT LEVIED ON STOCKHOLDERS An assessment of 100 per cent on all stock owned by them in the suspended Tucson National bank has been levied upon on all stockholders of that institution by order of the national controller of currency. Official notice of the assessment is being made for the first time today. In addition notices will be sent to each shareholder by registered mail, it was stated by S. J. Spurway, receiver of the bank.

Article Text

$40,000 IN TAX MONEY SAVED IN COURT FINDING

Sawtelle Refuses to Rule Out City and Claims Against Bank Receiver

Tucson and Pima county scored a victory yesterday in the litigation involving $40,525 of tax funds which were on deposit in the defunct Tucson National bank, when Judge W. H. Sawtelle of the United States court overruled the motion of attorneys for Receiver Shumway to dismiss the proceedings. The suit filed jointly by the county and city requests the court to set aside the public funds as a preferred claim to be paid in full before other claims against the bank are settled.

Ralph W. Bilby, attorney for the bank receiver, made the motion several weeks ago to have the case dismissed because of no cause of action. Judge Sawtelle ruled yesterday that there was cause for action, so the hearing of the case is expected to take place within the next few months.

Approximately $14,000 of the city money and $26,525 of county funds were on deposit in the bank at the time of its failure, according to the attorneys for plaintiffs. Ben Hill, city attorney, and K. Berry Peterson, county attorney filed the suit several weeks ago after receiving authority from the council and supervisors.

In 40 years the number of Russians in the United States has multiplied 39 times.

Article Text

WILL PAY OFF CREDITORS Tucson-Announcement by H. J. Shurway, receiver, of the plan to pay off all of the creditors of the Tucson National bank at a rate of practically 60 cents on the dollar was made by Spurway last Friday. The plan, with a letter from the receiver, was mailed to each of the creditors, Spurway said, and it is expected that the proposal will be in the agreement of the creditors to the proposal will be in his hands in the next ten days, after which the final details of the deal will be quickly closed. The sale of the assets of the bank and the resultant pay.off will close the incident of the bank's failure which took place about a year and one half ago.

Article Text

BANK DIVIDEND CHECKS AWAITING CREDITORS

[EXCLUSIVE DISPATCH] TUCSON (Ariz.) Jan. 18.-Re. ceiver H. Spurway of the Tueson National Bank states that 000 in dividend checks remains in his uncalled for by eighty creditor The bank closed May 1923. dividend lately was declared of 50 per cent of the claims,

Article Text

Tucson National Bank Receiver Finishes Task

TUCSON to

Article Text

by Gordon H. yesterday Sawyer. Wankowski take the place of Perry Winslow Weldener.

States America, the inspector appointed the grand the late former inspect AriUnited Monzona. SPURWAY ENDS WORK and ask share of AS BANK RECEIVER Like the Arabs in the poem, H. receiver for the Tucson National bank, which closed doors May 1923, folded his tents and silently away Spurway to at Tucson been yet for their obtain by writing the Washington. since all unclaimed checks to Washington.

Article Text

TUCSON BANK RECEIVER COMPLETES HIS WORK TUCSON, Feb. 2.-H. J. Spurway, receiver for the Tucson National bank which closed its doors May 1, 1923, has completed his work and returned to Washington. Depositors who have not called for their first dividend checks may obtain them by writing to the comptroller of currency at Washington, D. C., as all unclaimed checks have been returned to Washington, according to an announcement by Spurway just before his departure from Tucson.

Article Text

TUCSON BANK RECEIVER COMPLETES HIS WORK TUCSON, Feb. 2.-H. J. Spurway, receiver for the Tucson National bank which closed its doors May 1, 1923, has completed his work and returned to Washington. Depositors who have not called for their first dividend checks may obtain them by writing to the comptroller of currency at Washington, D. C., as all unclaimed checks have been returned to Washington, according to an announcement by Spurway just before his departure from Tueson.

SAN ANTONIO. Tex. Feb. 2.-The Fort Clark, Tex., team defeated Fort Meade, S. D., 9 to today in the last semi-final match of the southwest mid-winter polo tournament, and will play the Wichita Falls civilian four on Thursday for the circuit cup.

Article Text

STATE SUPREME COURT HEARS ORAL ARGUMENTS PHOENIX, March 2.-Oral arguments in three cases brought to the court on appeal were' heard before the supreme court today during the second day of a five days' calendar set for argument. The three cases were submitted to the court for decision. The cases argued are as follows: Pima Farms company, appellant against Henry Proctor, appellee; A. I. Winsett, Nathan Kendall and B. F. Morris, appellants against H. J. Spurway, receiver of the Tucson National bank of Tucson, appellee; and M. Wehby et al, appellants against H. J. Spurway, receiver of the Tucson National bank of Tucson, Ariz., appellee.

Article Text

CONS

GIVEN JUDGMENT the bank case InvolvCameron, the defunet National receivers for that bank, given] in superior court afternoon Judge Gerald Jones. The styled Consolidated National bank Spurway, Colla Cameron, and Porter. 1923 Colin assigned his interest estate of Interest In the estate his mother, the Southern Arizona Bank Trust. Co., secure loan that Cameron made from the bank for $9400 and also agreed the that If had extensions of his any would mortgage on property that he received from the estate to secure the In 1924 (January) Spurway of the Tucson National of $5000 against Cameron reason his liability incurred because of his holding fifty shares stock in the Tucson National bank. Under law judgements liens all real estate of the judgement debtor. After this judgement was obtained, Cameron, wishing renew note to the Southern mortgage some property which had been distributed him from his mother's estate assigned the Southern bank Conand this the Consolidated bank action and Porter, has defunct national banks, claimed that entered the