623. Bowie Bank & Trust Company (Bowie, AZ)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: trust company
Start Date: January 30, 1915
Location: Bowie, Arizona (32.326, -109.487)

Metadata

Model: gpt-5-mini
Short Digest: 35a90325

Response Measures

Full suspension, Books examined

Other: Cashier absconded with funds; state examiner/deputy took charge; guaranty company protected county deposits.

Description

Newspapers report a run (heavy withdrawals) that prompted Cashier/President Armstrong to lock the safe and leave; state auditor ordered the bank closed Jan 31, 1915 and vault was found empty. Later articles (March 1915) report Armstrong raising funds and offering to reimburse depositors, but there is no clear statement that the bank reopened. Classified as run → suspension with uncertain reopening.

Events (4)

1. January 30, 1915 Run

Cause: Rumor Or Misinformation
Cause Details: Enemies circulated reports about the bank's condition; 'talked to death' led to heavy withdrawals
Measures: Cashier locked the safe and closed the bank building; cashier left town (took train to El Paso)
Newspaper Excerpt: Heavy withdrawals, which practically amounted to a run on Friday
Source: newspapers

2. January 31, 1915 Suspension

Cause: Government Action
Cause Details: State Auditor instructed the bank to close and state banking department investigators arrived; vault later found empty
Newspaper Excerpt: Bowie Bank and Trust company ... closed its doors January 31 on instructions from State Auditor Callaghan
Source: newspapers

3. February 13, 1915 Other

Newspaper Excerpt: The president ... decamped with all the funds in sight ... A brother ... was arrested ... The bank had suffered a run on it prior to the run of the cashier.
Source: newspapers

4. March 2, 1915 Other

Newspaper Excerpt: Armstrong ... succeeded in raising all but $500 of the amount necessary to reimburse those who had money in the bank when it closed its doors; will send a check to the state auditor when funds obtained
Source: newspapers

Newspaper Articles (9)

1. February 2, 1915 Arizona Republican Phoenix, AZ

Article from Arizona Republican, February 2, 1915

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Article Text

"TALK DID IT" SAYS CASHIER Missing Official of Bowie Bank Writes Auditor Callaghan from El Paso -Parker Bank Closed for Investigation. Because the Bowie Band and Trust company was "talked to death" and a run was being made on the institution, Cashier G. J. Armstrong locked the safe, closed the bank building and took the next train to El Paso. These reasons for the sudden closing of the institution were set forth in a letter from Armstrong to State Auditor J. C. Callaghan yesterday. In his letter Armstrong says that the bank was one of the strongest in the state, but that enemies of the institution circulated reports as to its condition. Heavy withdrawals, which practically amounted to a run on Friday, followed. In view of these circumstances, Armstrong said, he felt that the best thing to do was to close the bank and leave town. Armstrong said nothing is his letter as to whether or not he expected to return to Bowie. Deputy State Auditor James B. Ormond and Assistant Attorney General George Harben are at Bowie and are investigating the condition of the bank. While no statement has been issued as yet, Deputy Ormond in 3. telephone message to Auditor Callaghan yesterday said that he thought the depositors were well protected, and that the affairs of the institutien would be adjusted without serious loss. The first intimation that anything was wrong came when the bank failed to open for business Saturday morning. Persons then remembered having seen Armstrong boarding a train at Olga, a small station east of Bowie. There were no state funds on deposit with the institution. but Cochise county is known to have had $2,000 in the bank. At the instance of State Auditor Callaghan, the Parker Bank & Trust company has been closed. pending an investigation of its affairs by the state banking department. According to the statement of the cashier, the institution has not been operating at " profit. Auditor Callaghan sent a man to Parker last night to take charge of the bank until the arrival of H. A. Cheverton, the new state bank CXaminer who will reach the city on

2. February 5, 1915 The Copper Era and Morenci Leader Clifton, AZ

Article from The Copper Era and Morenci Leader, February 5, 1915

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Article Text

BOWIE BANK CLOSED. J. D. Prewitt, constable of the Bowie precinct took charge of the Bowie Bank and Trust company, which closed its doors January 31 on instructions from State Auditor Callaghan. No. announcement was given as to why the bank was closed and no officer of the company could be found in Bowie today. Joseph Armstrong, president of the bank, left for the east on train No. 2 yesterday, according to reliable information. Cochise county had $2,500 on deposit in the bank. Harry Rose, county treasurer, is in Bowie looking after the county's interests. The bank is capitalized at $10,000. Bowie, Feb. 1.-The vault of the Bowie Bank and Trust company was found empty when it was opened today by J. B. Ormond, of the state auditor's office. The combination was obtained from William Armstrong, who was apprehended at San Simon. He is being detained but it is doubtful whether he can be connected with the affairs of the defunct institution. Tht police of various cities have been notified to be on the lookout for Joseph Armstrong, president and cashier of the bank, who absconded Saturday. The Cochise county funds which were in the bank were protected by a guaranty company. Because the Bowie Bank and Trust company was "talked to death" and a run was being made on the institution, Cashier G. J. Armstrong, locked the safe, closed the bank building and took the next train to El Paso. These reasons for the sudden closing of the/ institution were set forth in a letter from Armstrong to State Audior J. C. Callaghan yesterday. In his letter Armstrong says that the bank was one of the strongest in the state, but that enemies of the institution circurlated reports as to its condition. Heavy withdrawals, which practically amounted to a run on Friday, followed. In view of these circumstances, Armstrong said, he felt that the best thing to do was to close the bank and leave town. Armstrong said nothing in his letter as to whether or not he expected to return to Bowie.

3. February 7, 1915 Tombstone Epitaph Tombstone, AZ

Article from Tombstone Epitaph, February 7, 1915

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Article Text

TUESDAY Bowie Bank Was "Talked to Death" PHOENIX, Feb. 3.-Because the Bowie Bank and Trust Company was: "talked to death" and a run was being made on the institution, Cashier G. J. Armstrong, locked the safe, closed the bank building and took the next train for El Paso. The reasons for the sudden closing of the institution were set forth in a letter from Armstrong to State Auditor J. C. Callaghan yesterday. In his letter Armstrong says that the bank was one of the strongest in the state, but that enemies of the institution circulated reports as to its condition. Heavy withdrawals, which practically amounted to a run on Friday, followed. In view of these circumstances Armstrong said, he thought that the best thing to do was to close the bank and leave town. Armstrong said nothing in his letter as to whether or not he expected to return to Bowie. Deputy State Auditor James B. Ormond and Assistant Attorney General George Harben are at Bowie, and are investigating the condition of the bank. While no statement has been issued as yet, Deputy Ormond, in a telephone message to Auditor Callaghan yesterday said that he thought that the depositors were well protected, and that the affairs of the institution would be adjusted without serious loss. "The suspensions in this case is are due entirely to local circumstances and do not in any way reflect banking conditions in the state," said Auditor Callighan yesterday.

4. February 13, 1915 Mohave County Miner Mineral Park, AZ

Article from Mohave County Miner, February 13, 1915

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Article Text

The president of the Bowie Bank and Trust company, who was also acting in the capacity of cashier, decamped with all the funds in sight, one day last week. A brother, who was also making his getaway, was arrested at a small station east of Bowie, as he was boarding a train. Only a small amount of cash belonging to Cochise county and belated depositers was taken. The bank had suffered a run on it prior to the run of the cashier. The Interstate Commerce Commission has listed zinc dust among the inflammable solids and requires that shipments must bear a yellow label calling attention to its character. It must be packed and shipped in the same manner as is required for explosives.

5. February 27, 1915 Arizona Republican Phoenix, AZ

Article from Arizona Republican, February 27, 1915

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Article Text

CASHIER MAY PAY SHORTAGE IN FULL Will Joseph G. Armstrong, former president and cashier of the Bowie Bank and Trust Company make good the loss to depositors? That is the question State Auditor Callaghan asked himself yesterday after the receipt of a wire from Armstrong to the effect that he had succeeded in raising all but $500 of the amount necessary to reimburse those who had money in the bank when it closed its doors. The amount needed to satisfy all claims against the institution is approximately $3,500. As soon as he has that sum raised, Armstrong says, he will send a check for the entire amount to the state auditor. Armstrong, who recently won a strenuous fight against extradition proceedings, says that he took only enough money for carfare to Omaha, and that he intended to return to Bowie as soon as he had the funds to re-open the bank. It was to secure some ready cash following a. run on the institution. that he took along one or two notes, on which he has sueceeded in raising about $3000. Although it is not considered likely that he will return to Arizona, Auditor Callaghan stated yesterday that he did not think there would be any disposition to prosecute the erstwhile financier. provided he paid all claims in full. Among the deposits in the bank at the time it suspended operations was $2000 belonging to Cochise county.

6. March 5, 1915 The Copper Era and Morenci Leader Clifton, AZ

Article from The Copper Era and Morenci Leader, March 5, 1915

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Article Text

CASHIER MAY PAY SHORTAGE IN FULL PHOENIX, March 2.-Will Joseph G. Armstrong, former president and cashier of the Bowie Bank and Trust Company make good the loss to depositors? That is the question State Auditor Callaghan asked himself yesterday after the receipt of a wire from Armstrong to the effect that he had succeeded in raising all but $500 of the amount necessary to reimburse those who bad money in the bank when it closed its doors. The amount needed to satisfy all claims against the institution is approximately $3,500. As soon as he has that sum raised, Armstrong says, he will send a check for the entire amount to the state auditor. Armstrong, who recently won a strenuous fight against extradition proceedings, says that he took only enough money for carfare to Omaha, and that he intended to return to Bowie as soon as he had the funds to re-oren the bank. It was to secure some ready cash following a run on the institution that he took along one or two notes, on which he has succeeded in raising about $3,000. Although it is not considered likely that he will return to Arizona, Auditor Callaghan stated yesterday that hedid not think there would be any disposition to prosecute the erstwhile financier provided he paid all claims in full. Among the deposits in the bank at the time it suspended operations was $2,000 belonging to Cochise county.

7. March 6, 1915 Bisbee Daily Review Bisbee, AZ

Article from Bisbee Daily Review, March 6, 1915

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BOWIE BANK CASHIER TO SQRARE LOSSES ARMSTRONG SENDS WORD HE HAS SECURED NEARLY ENTIRE AMOUNT PHOENIX, Mar. 5.-Will Joseph G. Armstrong, former president and cashier of the Bowie Bank and Trust Company, make good the loss to depositors? That is the question State Auditor Callaghan asked himself yesterday after the receipt of a wire from Armstrong to the effect that he had succeeded in raising all but $500 of the amount'necessary to reimburse those who had money in the bank when it closed its doors. The amount needed to satisfy all claims against the institution is approximately $3,500. As soen as he has that sum raised, Armstrong-says he will send a check for the entire'amount to the state auditor Armstrong, who recently won a strenuous fight against extradition proceedings, says that he took only enough money for car fare to Omaha. and that he intended to return to Bowie as soon as he had the funds to reopen the bank. It was to secure some ready cash following a run on the institution that he took-along one or two notes, on which hélhas succeeded in raising about $3,000. A1thought. is not considered likely thati he will return to Arizona, Auditor. Callaghan stated yesterday that he did not think that there would be any disposition to prosecute the erstwhile financier, provided he paid all claims in full. the Among the I deposits in the bank at the time it suspended operations, was $2,000 belonging to Cochise county.

8. March 7, 1915 Tombstone Epitaph Tombstone, AZ

Article from Tombstone Epitaph, March 7, 1915

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Cashier May Pay Shortage In Full PHOENIX, Mar., 1.-Will Joseph G Armstrong, former president and cashier of the Bowie Bank and Trust Company make good the loss to depositors? That is the question State Auditor Callaghan asked himself yesterday after the receipt of a wire from Armstrong to the effect that he had succeeded in raising all but $500 of the amount necessary to reimburse those who had money in the bank when it closed its doors. The amount nesded to satisy all claims against the institutionis approximately $3,500. As soon as he has that sum raised, Armstrong says, he will send a check for the entire amount to to the state auditor. Armstrong, who recently won a strenuous fight against extradition proceedings, says that he took only enough money for carfare to Omaha, and that he intended to return to Bowie as soon as he had the funds tore-open the bank It was to secure some ready cash fol1 owing a run on the institution that he took along one or two notes, on which he has succeeded in raising about $3000. Although it is not considered likely that he will return to Arizona, Auditor Callaghan stated yesterday that he did not think there would be any disposition to prosecute the erstwhile financier, provided he paid all claims in full Among the deposits in the bank at the time it suspended operations was $2000 belonging to Cochise county.

9. March 10, 1915 Weekly Journal-Miner Prescott, AZ

Article from Weekly Journal-Miner, March 10, 1915

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BOWIE CASHIER TO SQUARE UP LOSSES PHOENIX, March 8.-Will Joseph G. Armstrong, former president and cashier of the Bowie Bank and Trust Company, make good the loss to depositors? That is the question State Auditor Callaghan asked himself after the receipt of a wire from Armstrong to the effect that he had succeeded in raising all but $500 of the amount necessity to reimburse those who had money in the bank when it closed its doors. The amount needed to satisfy all claims against the institution is approximately $3,500. As soon as he has that sum raised, Armstrong says, he will send a check for the entire amount to the state auditor. Armstrong, who récently won a strenuous fight against extradition proceedings, says that he took only enough money for car fare to Omaha, and that he intended to return to Bowie as soon as he had the funds to reopen the bank. It was to secure some ready cash following a run on the institution that he took along one or two notes, on which he has succeeded in raising about $3,000. A1thought it is not considered likely that he will return to Arizona, Auditor Callaghan stated yesterday that he did not think that there would be any disposition to prosecute the erstwhile financier, provided he paid all claims in full. Among the deposits in the bank at the time it suspended operations. was $2,000 belonging to Cochise county.