c477f790Accommodated withdrawals, Full suspension, Books examined
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Incipient Run on Bisbee Bank. According to reports reaching Douglas there was a small run on the First National bank of Bisbee yesterday evening and again this morning, says the Douglas International. The uneasiness of depositors is said to have been caused by a joking remark in Lowell to the 1 ffeet that the First National was nott sound. It is
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JOKER CAUSES RUN ON A BISBEE BANK Cashier of First National Saw Many Faces at the Window Shortly After Bank Opened for Business Saturday -All Claims Promptly Met. According to reports reaching Douglas, there was a small run on the First National Bank of Bisbee Saturday morning, says the International American. The uneasiness of depositors is said to have been caused by a joking remark in Lowell to the effect that the First National bank was not sound. It is said that several parties from Lowell first drew their deposits from the bank and from this some uneasiness spread among other depositors. The bank met all depositors with the coin as fast as they appeared at the pay window and from statements made by those in a position to know the condition of the bank, there seems to be no cause for uneasiness about its ability to meet all demands.
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According to reports reaching Douglas there was a small run on the First National Bank of Bisbee last week. The uneasiness of depositors is said to have been caused by a joking remark in Lowell to the effect that the First National Bank was not sound. It is said that several parties from Lowell first drew their deposits from the bank and from this some uneasiness spread among other depositors. The bank met all depositors with the coin as fast as they appeared at the pay window and from statements made by those in a position to know the condition of the bank there seems to be no cause for uneasiness about its ability to meet all demands. President Eddleman, of the the bank, was called on the 'phone and he positively denied that there had been a run on his bank and that he knew of no reason for such a report.-American.
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BANK AT BISBEE CLOSES ITS DOORS First National Fails to Open For Business-May Have Been Sold to Globe Parties. Bisbee, Ariz., March 25.-The First National bank of Bisbee, W. J. Eddle. man, president; Scott Whaley, vice president, and J. P. Cull, cashier, did not open its doors for business yesterday morning. The decision to suspend was reach ed at the close of business on Monday. No statement has yet been made public by the officials. Some time ago an option on the controlling interest in this bank was given to J. N. Porter and W. D. Fisk, of Globe. They were in Bisbee the lat. ter part of the week conferring with the officials of the bank, but the result of their deliberations was not made known.
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SUSPENSION OF A BISBEE INSTITUTION First National Bank Closed Its Doors Yesterday Morning and Examiner is in Charge. Very much to the surprise of Phoenix people it was learned yesterday afternoon that the First National Bank of Bisbee has closed its doors and that H. B. Marshall, United States bank examiner, was in charge of the institution. Territorial Auditor John H. Page. who is also ex-officio examiner of the territorial banking-institutions, ever since the panic last fall, has been co-operating closely with the national bank comptroller and represented that official in Globe during the trouble there. He has been in Bisbee several days with Mr. Marshall who was inquiring into the affairs of the bank. After the suspension was announced Mr. Page wired his office assistant here. A. W. Lautz, and to Attorney General E. S. Clark, requesting them to go to Bisbee last night. The presumption is that Mr. Lautz' services were desired by the examiners in helping them to check over the bank's affairs, while it was desirable to have the attorney general on the ground to advise with the auditor, in view of the fact that the territory has $25,162.02 on deposit in that bank. There is no uneasiness however about the territory's money, but it is proper for the attorney general to be aware of every step that is taken in the regulation of the bank's affairs. The territorial money is secured by $25,000 of United States bonds that are worth more than par, and by a further surety company bond amounting to $15,000. The officials of the bank are W. J. Eddleman, president; M. Newman, vice president: John P. Cull, cashier. The condition of the bank on February 14, as shown by the statement to the comptroller of the currency, and which are the latest figures available, was as follows: Resources-Loans, discounts and overdrafts, $136,089.14; U. S. bonds and premiums, $130,000; securities, etc., $20,708.33; real estate, furniture and fixtures, $36,950.12; cash and due from banks, $52,036.29. Total, $375,783.88. Liabilities-Capital stock, $50,000; surplus and undivided profits, $16.182.56: national banks notes outstanding. $50,000 :deposits and due banks, $224,601.32 :bills payable and other 11abilities, $35,000. Total, $375,783.88.
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The First National bank of Bisbee, Arlz., capitalized at $50,000 and carrying deposits of some $125,000. has suspended, following an order by National Bank Examiner Marshall Heavy loans on inadequate security are given as the cause, the president of the bank, W. J. Eddleman, being reported a heavy borrower.
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First National of Bisbee Suspends [Special to THE PROSECTOR] BISBEE, March 21-The First Na. tional Bank of Bisbee failed to open its doors for business this morning. The cause is not known and the efficials have thus far not given out any statement further than that the bank 18 in charge of the Comptroller of the Currency. The last statement issued of the bank's deposits shows $220,000. It is thought the bank will be able to liquidate in full, but considerable ex. citement has been occasioned by the suspension.
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BISBEE FINANCIAL INSTITUTION SUSPENDS. (From Thursday's Daily) Advices received here yesterday at the office of the attorney general tell of the closing of the First National bank, of Bisbee H. B. Marshall, United States bank examiner, is in charge of the institution. John H. Page, auditor and ex-officio examiner of Territorial financial institutions, is co-operating with Marshall in the examination of the bank's affairs. After the suspension of the bank was announced Auditor Page wired to Phoenix asking his assistant, A. W. Lautz, and Attorney General Clark, who was in the Capital City attending the opening session of the supreme court, to come to Bisbee at once. Attorney General Clark's presence there is desired, it is thought, because the Territory has on deposit with the closed institution some $25,000. The officials of the bank are W. J. Eddleman, president; M. Newman, vice president; John P. Cull, cashier. The condition of the bank on February 14, as shown by his statement to the comptroller of the currency at that time, and which are the latest figures available, was as follows: Resources - Loans, discounts, and overdrafts, $136,089.14; United States bonds and premiums, $130,000; securities, etc., $20,708.33; real estate, furniture and fixtures, $36,950.12; casa and due from banks, $52,036.29. Total $375.783.88. Liabilities - Capital stock, $50,000; surplus and undivided profits, $16,182.56; national bank notes outstanding, $50,000; deposits and due banks, $224,601.32; bills payable and other liabilities, $35,000. Total, $375,783.88.
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Bank Officials Are Arrested (SPECIAL TO THE PROSPECTO '.) BISBEE, March 30.- 1 sensation in connection with the suspension of the First National Bank of this city occurred today when President Eddleman and former Cashier Nolan were placed under arrest charged with misapplying funds of the bank. The two officers were arrested upon complaint of Bank Examiner H. D. Marshal, Jr., who has been here for some time. The prisoners were taken before Commissioner Stanford who fixed the date of the hearing for Wednesday afternoon and placed Eddleman under bond of $7500 and Nolan under bond for $5000. Bonds were furnished in each case and the prisoners released. No statement is given out by any of the parties concerned which adds more mystery to the sensational developments. Reports are out of the attempt of one of the defunct bank officials to break open a desk in the bank, evidently to recover some papers. This, however, is not officially au henticated and no arrests has been made. Bank Examiner Laken, who is to be the permanent receiver, arrived toa day from Chicago and will imme. diately take charge of the bank.
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The statements of the territorial and national banks of Arizona at the close of business May 14, 1908, show that Cochise county is by far the richest county in the territory, and that Bisbee is the second city in the territory in bank deposits. Phoenix, with four banks, has deposits of $2,748,923.39; Tucson, with four banks, has $1,750,341.53, and Bisbee, with two banks (exclusive of suspended First National, with approximately $125,000 in deposits), has $2,109.182.25.
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OF LOCAL INTEREST of TO COAST.-J. B. Tempe Cook. left GONE creamery of busines last the night Pacific for Los Angeles on a strip. SANTA MONICA.-Mrs. last night Dave over spend the Goldberg TO the Southern and family Pacific summer. left for Santa Monica GONE to TO CHICAGO.-G. night Truehaft over the and Pacific for daughter left last Chicago, where Southern the summer. they A SUIT will spend ON ACCOUNT.-Sult court yesterday was begun in the Gold district against D. W. Steele of a by Marton $260, the amount year threshing to recover bill incurred about a ago. TO MISSOURI.-George. for MisBACK will leave Saturday a couple Woodson where he will visit for in the souri He will return someof months. staked down here land fall time having ago for good with some holdings. THE SLAUGHTER-Dr. of AFTER and E. J. Bennett, members party who Barlow Los Angeles hunting the Peterson the camped near in white had been Tempe and engaged home, place at left last night for netwing a killing most successful slaughter, after thousands of birds. LEAVES and ting FOR SOUTH CAROLINA. little son -Mrs. S. L. Easterling will leave Saturday for and daughter South Carolint, will to spend join Bennettsville, Mr. Easterling his the them summer. about September, that being native DOWN heath FROM in Dixie. KINGMAN.-Henry in the city yesterday purchased Irovin of on Kingman, a business. carload was of While watermelons He here reports he shipments to that city. country as for interests in that work and mining the usual amount of doing the cattle industry generally prosperous. FOR ROOSEVELT Yesterday travel by OFF salubrious day for enjoy being a who know how to fully L. C. those Arizona rides, Engineer Hill and typical accompanied by Mrs. out for Hill, daughter, Margaret, set occurs, their If nothing unusual Sunday. Roosevelt. to be back again State they NEW expect MACCABEE LODGE. just reE. L. Bumpus has WickCommander from two weeks' work at tent turned where he has instituted a No. 8. enburg, order. Wickenburg Tent and the of this T. M., was instituted, the enK. O. are the officers for J. C. following term: Past commander. Weidmeyre; suing commander, C. H. K. D. Reed; A. W. Pentland; R Baxter; Lt. Com., chaplain, R. W. Collins; T. G. Widmeyre; physician. Pete sergeant, Duke Keith: master-at-arms, Charles HyMichelson; first of M. of G., G., E. O. Beaver: der, second C. C. M. Short; picket, L. Crabb 8th sentinel, JULY WEDDING.- July OklahoA C. Goff of Marble City, Edith Lloyd be married to Miss ma, will daughter of H. H. Phoenix, Creigh- a Creighton, who lives northeast of met ton, distance. The young people Misshort fellow students at Park college, into at their acquaintance ripening friendship that is marin a most a souri, closer culminate happy expected wellwill The prospective groom is a young riage. and highly respected brideknown of his home town. The life man has spent the most of her she to-be this valley, except the years talin been away at school, and is a ented has and highly esteemed young woman. WILL CASH THE BONDS.-When colFirst National Bank of Bisbee panic the under the pressure of the had a lapsed months ago, the territory in a few sum of money on deposit treasgoodly institution. The territorial in the that however, was not worried in urer, for he had stowed away of slightest vault as security $25,000 worth and the States consols, due in 1930, that United 2 per cent. Ever since the bearing he has been holding them in could time that the Bisbee institution the hope itself together, pay back It has pull and take the bonds. money to do so, however, and yester- bonds failed the treasurer forwarded the inday New York banking house with 1st. structions to a to sell them on July the proceeds over and above Any the bank owes the territory its amount will be turned over to the bank or assigns. WANTS PAY FOR TIME.-Abran the youth who was arrested Lopez, Wednesday for the burglary of the the of Francisca Franco, of fifteen cents on theft mansion therefrom, Johnstone and had before Justice a and was held to the He denied the yesterday hearing theft the of grand silk jury. but he says he found a a while money, handkerchief rummaging hand- in for cash. He sold the a trunk to an Indian. Lopez had of his own. grievance kerchief He wants was pay infor a half day's work which Davis terrupted by Deputy Sheriff ten when he made the arrest about engaged in loading 2 nor of o'clock in the morning. Lopez malone was In
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Richest County in the Territory The statements of the territorial nd national banks of Arizona at he close of business May 14, 1908, how that Cochise county is by far he richest county in the territory and that Bisbee is the second city in the territory in bank deposits Phoenix with four banks has leposits of $2,748.923.39; Tucson. with four banks has $1,750,341.53, and Bisbee, with two banks, (exclusive of suspended First National, with approximately $125,000 in deposits) has $2,109,182.25.
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A DIVIDEND IS SOON DUE SAYS LAKIN Receiver First National Hopes One of 25 Per Cent Can Be Declared During September. Has $20,000 on Deposit. Receiver T. N. Lakin, of the defunct First National bank of this city, in an interview with a reporter for the Review yesterday, stated that he hoped to declare a dividend of twenty-five per cent during September. The receiver has been very conservative in his statements to the public, and there is little doubt but that the dividend referred to will be made within the time specified and possibly before that time. Receiver Lakin now has on deposit at Washington $20,000, while he has paid all but $5,000 of the $25,000 which was due on the building occupied by the bank. This $5,000 he is able to pay at any time, but has yet about four months in which to raise it. This he hopes to do without drawing on the funds at Washington, just as he paid the $20,000 already paid on the building. without touching the amount deposited at the capital By redeeming this building the receiver has saved to the depositors at least $10,000, as he is able to sell it at any time for $35,000. It is surprising to note how many have failed to present proof of their claims to deposits. When the bank closed its doors the sum owed to depositors by the institution was $116,000. Of this amount about $90,000 has been claimed, although the doors of the bank have been kept open by the receiver many weeks longer than was originally intended, in order to allow proofs of claims. Proofs may yet be made at any time. While the actual amount claimed is more than two-thirds of the total owed by the bank, as the heavier depositors naturally presented their proofs early, yet not more than two-thirds of the depositors who have money coming to them have présented proofs of their claims. All dividends will be declared on a basis of the total amount owed to the depositors, whether proved or not. When the affairs of the institution are finally closed. all dividends which have not been called for will be forwarded to the comptroller of the currency at Washington, where they will be kept in trust for them for five years. If at any time during the five years proof is presented of claims to any part of the amount, the same will be paid. If at the end of five years there is any money which has not been claimed. it will go into a general fund for the payment of receiverships of defunct banks. Receiver Lakin is still confident that the institution of which he is in charge will be able to pay the depositors in full. Whether this will be within the next six months or within the next year, he was unwilling to state yesterday, as the results of his efforts are dependent upon circumstances. He is anxious to get back to his newspaper in Illinois, however and wishes to wind up the affairs of the bank as soon as possible and at the same time do justice to his trust.
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DIVIDEND SOON AFTER PRESIDENTIAL ELECTION Receiver Lakin of Defunct First National Says Collections Are Very Slow, Receiver T. N. Lakin of the First National bank is busy making preparations for the suit to be brought for the recovery of $30,000, alleged to be due from the company in which two of the officers of the bank went security on bonds. The depositors of the bank will be represented by Judge Baker of Phoenix and Attorney J. M. O'Connell of Bisbee. Proofs of the claims of the depositors have already been filed. When asked as to the time the first payment would be made to depositors, Receiver Lakin stated that it would not be until after the presidential election, as collections had been very slow. There is enough money already on hand to make one payment of 15 per cent, but Mr. Lakin is waiting until there is sufficient to make the first dividend 25 or 30 per cent.
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ARIZONA NEWS. Arizona Sentinel: New winter canteloupes are now in the Yuma market. G. W. McClelland brought in a wagonload Monday from his farm twelve miles down the valley. A later planting by him will yield a crop along about Christmas time. Something good all the year round coming from the Yuma valley or the mesas. Douglas American: About one o'clock this morning a Mexican whose name could not be learned, was burned to death at the Copper Queen smelter. He was employed as a converter opener, and in some way happened to get under one of the slag pots just as it was being tipped. The firey shell fell out, crushing him under its weight and burning him horribly. Arizona Sentinel: One of the new institutions which is sure to bring good returns to the valley farmers and prove a valuable asset to the business interests of this city is the Yuma creamery. The machinery for the plant has arrived and is being placed in position, and the management has planned to have it in operation by the first of December. Bisbee Miner: Within the next thirty or forty-five days the receiver of the defunct First National bank of Bisbee will declare a dividend, and from all indications it will be a substantial one. Receiver Lakin has notified all the debtors of the bank that they must pay up at once. Much of the collateral held by this bank was mining stocks, the greater part of which was of the local mining companies. Flagstaff Sun: About 1,000 cords of wood, cut and piled at the Santa Fe pump house located nine miles south of the city, burned Tuesday. The railroad company has been preparing to pump water from that station to Flagstaff during the winter. The loss of the wood will probably make it necessary to continue to buy from the city. How the fire originated is unknown, but it is thought that it caught from a spark from the engine in the pump house. Douglas American: Charles Overlock of Douglas went to Tombstone last evening to attend court. He, in conjunction with editor White of the Cochise Press of Benson, are under indictment for criminal libel, the charge growing out of certain assertions made in the Press about Ross, the democratic candidate for district attorney. Overlock is confident that nothing will come of the charge. It is hinted that there may be some unexpected developments to the case if it is pressed. Bisbee Review: Thomas Ninnis of this city was exhibiting his latest invention today, on which he has secured a patent. It is a cement railroad tie and a device to hold the rails to the same. In speaking of his invention, he said that last year 8,000 people were killed in railroad wrecks which were caused by the rails spreading. The Ninnis device, it is claimed by the inventor. will prevent the rails
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NEWS OF THE TERRITORY. Tempe has adopted the curfew bell and all children undersixteen mustgo home when the pesky thing sounds. The production of copper in the Warren district for the month of November amounted to 14,000,000 pounds of Globe ern of Miners, The Federation members union, voted West De cember 8, for state officers in Arizona The First National Bank of Bisbee which closed its doors during the panic, has declared a 20 per cent. dividend. The indictment against Frank Norris, of Prescott, has been quashed and the district attorney will appeal to the supreme court. R.C. and E. S. Miller, capitalists of Liverpool, Qhio, are investigating conditions in Tucson with a view to putting $100,000 in a big department store. Kolar, a pioneer business one of the most man John and S. influential men in Kingman, died in Los Angeles list week, where he went to be operated on for cancer. The Hotel Willard of Tucson, which has always been conducted as a ho on the American plan, that in has telry announced strictly the future will be conducted in such a manner can take meals that the guests they their desire. at the hotel or not, as H. Cameron, has gone to delegate-elect, Hon. Ralph Washing- Arizona's ton for a stay at the national capital of months. is for the purpose of seyeral attending The the visit sessions of congress as a' spectator, and learning the ropes. strike has been made on Ibex-Plomosa A the rich gold property near to Wendon. The mine was supposed a property, be copper but richest the gold new discovery makes it the mine discovered in to reports from according yet Yuma the county, hills. J. C. Wardwell, the leper widow of Gen. Wardwell, case Mrs. whose in Arizona, recently created such stir last week of her in Los county died hospital Angeles. leprosy in Since the the from Arizona, and of her husband, Mrs. death her return and Wardwell death had grown steadily worse had been expected for some time. Governor Kibbey last week pardoned a convict named A. Valencia on account of his bad health, as it was certain he could-not live long and he to be with his die the prison walls. wanted within people Valencia and arrival not died one hour previous to the of the papers at Yuma. At the request of Engineer Louis C. the city council has permission to govHill, granted of the Phoenix to put up poles string within the city ernment wires limits, and held in ac- by cordance with the franchises the wires to to distribute power Uncle Sam, generated be u-ed at the Roosevelt dam. The new steel bridge across the Rillito, on the Aracle-Mammoth road, has been accepted by the board of supervisors of Pima county. It is a structure flood to occur substantial withstand any likely designed con- to in the Rillito. The superstructure sists of five steel spans each sixty feet in length. The cost of the bridge was about $11,000. Lewis Goldberg, a wandering Jew, at Douglas last week with stealing was charged arrested about dealer $700 worth of clothing from a in A very small were at Cananea. the goods located portion Naco. of is some question as to can be Goldberg There prosecuted. whether him Au effort will be made to have extradicted. Viola Sharp, the little two-year-old daughter of Albert Sharp, who resides on the Halm ranch, eight miles of Five Points, Maricopa was drowned of the child was body north county, last found week. by men The along the in current some employed the swift canal, distance floating from by the house, where it had caught the to the roots a to the indictment deOwing clothing of being tree. by the court, of vs. C. A. clared the faulty Territory of Overlock, criminal the case indicted on a charge ordered libel, was Overlock resubmitted alleged to the next grand jury. is committed the the to procured have publication libel when of he an article to the Cochise County Press on the reflecting reputation Ross, of As- in sistant District Attorney connection with a mining stock deal at Douglas.
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Winding Up Bank's Affairs. Receiver T. M. Lakin of the defunct First National bank of Bisbee is authority for the statement that the affairs of that institution will probably be finally closed by July 1. Only one divi dend so far has been paid, a dividend of 20 per cent, issued December last. No dividend will be declared until af. ter the cases against W. J. Eddleman and J. H. Noland, president and cashier of the bank, have been tried. It is expected that these cases will be called during the coming term of court. As soon as these cases are tried, the receiver will bring action against the bonding companies for $30,000, the amount of the bonds of the president and cashièr. Then a final dividend will be declared.
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# BISBEE BANK MEN # WILL BE TRIED # NEXT MONTH ALEXANDER SAYS AN ORDER HAS BEEN MADE AT TOMBSTONE FOR JURIES PHOENIX, March 25.-In reply to recent criticisms of Receiver Lakin of the First National bank of Bisbee, United States Attorney Alexander gives out the following: "Receiver Lakin appears to believe that I am to blame because he has not yet received from the bondsmen of President Edelman and Cashier Nolan of the Bisbee bank, but he forgets that I have nothing to do with his case to recover against the bondsmen, and that he has nothing to do with the criminal prosecution against Edelman and Nolan, "To relieve his anxiety I will say that an order has been made for the convening of the federal grand jury at Tombstone on the fourth Monday of April, when the Edelman and Nolan cases will be considered. The trial jury has been called for the first Monday in May. "There has been no federal grand jury in Cochise county since the cases against Edelman and Nolan were brought. In the first place, Associate Judge Doan has been busy with the criminal business of his district, and in the second place this matter has been postponed for reasons that were approved by the department of justice." Receiver Lakin recently in an interview tried to make it appear that Attorney Alexander was purposely delaying the prosecution of the First National officials, adding that this delay was hampering him in closing up the affairs of the defunct bank.
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to take over and operate the properties of the Gold Nugget Mining company in the northern part of Cochise county near Bowie, under the name of the Arizona Verde Copper & Gold Mining company. The second payment of $10,000 on the purchase price of the Hackberry mine in Mohave county was made last week to W. B. Ridenour by J. A. Wood of Kansas City, general manager of the Mammoth Silver Mining company. Extensive preparations are under way for the beginning of operations on a large scale by the Arizona Marble company in the vicinity of Bowie, and if reports are true this should soon develop into one of the largest marble enterprises in the west. Volume 10, Arizona Reports, the last account of the doings of the territorial supreme court to be compiled by Judge E. W. Lewis, has been published. The new law book contains all cases of 1906 and a digest of all cases contained in volume 1 to 10 of the report. One of the largest cash mining deals ever made in the Winkelman district was consummated a few days ago when William Gammel and Philip Botler paid Frank Harbin several thousand dollars in gold for his interest in the Golden Saddle and Gold Bluff groups, which adjoin the London Arizona and the Saddle Mountain properties. On a change of venue the papers in the famous case of Receiver T. N. Lakin vs. the United States Fidelity & Guaranty company to recover $40,000 alleged to have been embezzled from the First National Bank of Bisbee by W. J. Eddleman and John H. Nolan, have been filed in the district court at Phoenix, and the scene of the case will be in the Capital City from now on.
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# DEPOSITORS MAY # WIN SUIT FOR # $40,000 Another chapter in the history of the failure of the First National bank of this city, wherein many citizens fo Bisbee lost heavily, is being written in Phoenix. Attorneys Geo. Neale and J. M. O'Connell left here yesterday in connection with the suit of the receiver, T. N. Lakin, to recover $40,000 from the U. S. Fidelity and Guarantee company of Baltimore. Neale will represent the bonding company, O'Connell the receiver. The latter will be assisted by Attorney Baker of Tucson. The trial of this suit has been postponed heretofore, pending the trial of President Eddleman and Cashier J. H. Nolan of the defunct institution. Now that their cases have been disposed of, the trial of the civil suit will proceed. If the receiver is successful in winning the suit, it will mean just $40,0000 more to be paid to the depositors of the institution. Naturally the issue of the trial is awaited with considerable interest in this section.
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# Demurrer Sustained # in Important Case Attorneys George Nesle and J M O'Connell have returned to Bisbee from Phoenix, where they the went as opposing counsel in the suit of T N Lakin, as receiver for the First National bank of Bisbee against the bonding company in which Eddleman and Nolan, president and cashier, respectively of the defunct institution were secured to the amount of $40,000. Attorney Neale, for the bonding company, filed a demurrer to the complaint of the plaintiff, alleging among other things that the charges were too general. This demurrer was sustained by the court and the plaintiff's attorneys allowed an additional twenty days in which to file a new complaint The suit of the receiver to recover the amount in which Eddleman and Nolan were secured is watched with the keenest interest by the depositors of the bank, to whom it means a generous percentage on their losses.
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# CITIZENS' BANK WILL # ERECT OWN BUILDING Lot Is Secured on Main Street and Plans Are Said to be Drawn It is the intention of the Citizens Bank & Trust compan- from their present quarters on Brewery avenue, sometime between the present and March 1 to a building which they will erect upon Maia street. Just where the building will be located cannot be ascertained, severai options are held by the bank upon Main street property, so it is stated. One of these lots is understood to be very centrally located and to be optioned at 600 a front foot. Plans for replacing the building which now stands upon this lot are it is said, being discussed by the directors and as a result a large and substan Val banking house of handsome architecture will probably be erected. This move will be taken, it is stated, by the Citizens' bank as a result of their offer for the banking building of the defunct First National being refused by Receiver N. Lakin. Their bid was the only one submit the matter of selling the received and Mr Lakin co too low, refused to entertain it He building to headquarters at Washington immediately
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LOOTER OF BANK IN THE LAW'S TOILS R. E. Wilkins, Formerly Assistant Cashier of Defunct Bisbee First National, Arrested Here by Jas. McDonald. SEVEN YEAR OLD CASE BROUGHT TO LIGHT Wilkins Alleged to Have Been Indicted by Federal Grand Jury and to Have Left Without Answering the Case. The precinct. the county, and the state may go to sleep. but Uncle Sam is always on the job. After seven of rest a case years which the attracted state of widespread attention in and in ren at that time, Arizona district. particularly the is again War to the attention of the yesbrought lie by reason arrest of here, the Unit- pubterday, by James F. McDonald. of ed States Marshal, R. E. Wilkins. of the formerly assistant cashier First National Bank of Bisbee. Through the wide-awakeneas primarily of the local deputy, the arrest was made. R. E. Wilkins has been the United since the ment wanted of by justice States bank depart- went under the hammer in April, 1908. No one here seemed to know of Wilkins' whereabouts since he surreptitiously disappeared with a federal indictment hanging over his head. in Bisbee yesterday He registered at morning. He arrived the Cop. per Queen Hotel and the scrawl of his signature foiled the eye of the experienced clerk who is used to hieroglyphies. Not so, however, the Deputy United States Marshal Wil kins registered from Dallas, Texas. McDonald, remembering the case. immediately wired to Joe Dillon. United States Marshal in Phoenix The Marshal in turn. took the matter up with Thomas J. Flynn. United States attorney for the state of Ario'clock af. zona. At four yesterday received ternoon Deputy McDonald information to arrest Wilkins and this was accomplished a short time Wilkins is now a special in later. guard. custody under of McDonald who awaits instructions from Phoenix as to his final disposition. History Of Case. Those who lived in Bisbee during the high-strung stock days of 1906 and 1907. immediately before the Bankers' panic of the last named year, will remember, some to their loss and sorrow, of the failure of the First National Bank The bank was officered by W. J. Eddleman. as president, J. H. Nolan. as cashier. and R. E. Wilkins, as assistant cashier. The offices of the bank were where the Bisbee Smoke House is now located. Bisbee was stock mad. Everthing from the best stock on the market to every wild cat scheme could be used as security in some of the banks in the state. Some of the bankers. themselves, indulged freely in bucking the market. The First National Bank. it afterward developed. and its officers were prime offenders. Denn stock was then occupying the limelight on the local exchange. Its course was followed upward and up. ward. Many hung their stars to its colors and some sold while it was high. Others hung on and bought more on a margin, thinking that it couldn't go any lower. When the panic hit the country in October 1907 however. the tale took on a different aspect and all stocks, regardless of (Continued on Page Three)
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LOOTER OF BANK IN THE LAW'S TOILS R. E. Wilkins, Formerly Assistant Cashier of Defunct Bisbee First National, Arrested by Jas. McDon. ald. SEVEN YEAR OLD CASE BROUGHT TO LIGHT Wilkins Alleged to Have Been Indicted by Federal Grand Jury and to Have Left Without Answering the Case. BISBEE, Ariz., Nov. 28.-The precinct, county and the state may go to sleep, but Uncle Sam is always on the job. After seven years of rest a case which attracted widespread attention in the state of Arizona and particularly in the Warren district, at that time, is again brought to the attention of the public by reason of the arrest here, yesterday, by James F. McDonald, United States Marshal, of R. E. Wilkins, formerly assistant cashier of the First National Bank of Bisbee. Through the wide-awakeness primarily of the local deputy, the arrest was made. R. E. Wilkins has been wanted by the United States department of justice since the bank went under the hammer in April, 1908 No one here seemed to know of Wilkins' whereabouts since he surreptitiously disappeared with a federal indictment hanging over his head. He arrived in Bisbee yesterday morning. He registered at the Copper Queen Hotel and the scrawl of his signature foiled the eye of the experienced clerk who is used to hieroglyphics. Not so, however, the Deputy United State Marshal. Wilkins registered from Dallas, Texas. McDonald, remembering the case, immediately wired to Joe Dillon, United States Marshal in Phoenix. The Marshal, in turn, took the matter up with Thomas J. Flynn, United States attorney for the State of Arizona. At four o'clock yesterday afternoon Deputy McDonald received information to arrest Wilkins and this was accomplished a short time later. Wilkins is now under a special guard, in custody of McDonald who awaits instructions from Phoenix as to his final disposition. History of Case. Those who lived in Bisbee during the high-strung stock days of 1906 and 1907, immediately before the Bankers' panic of the last named year, will remember, some to their loss and sorrow of the failure of the First National Bank The bank was officered by W. J. Eddleman, as president, J. H. Nolan, as cashier, and R. E. Wiikins, as assistant cashier. The offices of the bank were where the Bisbee Smoke House is now located Bisbee was stock mad Everything a from the best stock on the market to every wild cat scheme could be used as security in some of the banks in the state Some of the bankers n themselves, indulged freely in bucking the market. The First National Bank, it afterward developed, and its officers were prime offenders. Denn stock was then occupying the S limelight on the local exchange. Its n course was followed upward and upward Many hung their stars to its colors and some sold while it was high. Others hung on and brought b more on a margin, thinking that it couldn't go any lower. When the le panic hit the country in October, 1907 h however, the tale took on a differer t aspect and all stocks, regardless of is their intrinsic value, took a tumble. Denn, one of the best, followed suit. It was then that Hugh D. Marshall, t United States bank examiner for this section, dropped into town. Marshall n t is now cashier of the Phoenix National Bank at Phoenix, one of the S1 rongest banking institutions in the state. The examiner was alive and after being in the bank but a few c hours knew that it was insolvent d In fact it had been looted. n The institution was closed. Eddleman, Nolan and Wilkins were indicted in the United States federal court. The first two were indicted on sevA eral counts but were tried for the falsification of reports to the bank f comptroller of the United States 1 Joe Alexander, the United States attorney for the state of Arizona. conducted the prosecution. George Neal and Eugene S. Ives defended Eddleman and Nolan, while Judge O'Connel and Judge A. C. Baker of Phoenix, were looking after the interests of the bank and its creditors. Eddleman and Nolan did not desire to face a trial and pleaded guilty to the above indictment. They were sentenced to five years in the federal penitentiary each. Both served about half of their sentences in Florence and were paroled.