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Bank at Phoenix Closes Its Doors PHOENIX, Ariz, March 21.The Central bank of Phoenix today suspended business and its affairs were taken over by State Superintendent of Banks Fairfield. Deposits of the institution, according to the last bank call. were in excess of $2,000,000.
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CLOSE DOORS OF THE CENTRAL BANK The Central Bank of Phoenix failed to open its doors yesterday. A meeting of the directors had been held early in the morning at which that course was decided upon. It was also suggested at the meeting that President Stafford of the bank prepare a signed statement for the press. Mr. Stafford, however, has been in ill health for some time and there has been serious illness in his family, so that he was unable to prepare the statement. A brief statement was made by State Auditor Charles W. Fairfield, in substance as follows: "Following a meeting of the board of directors of the Central Bank this morning, the affairs of the institution were placed in the hands of the superintendent of banks pending the appointment of a receiver by the court." The sidewalk in front of the bank was quickly filled by a large crowd made up, though, largely of the curious rather than of depositors, The usual wild and groundless rumors were put into circulation. Among them was one that the funds of the state, amounting to $400,000, had been withdrawn from that depository last Saturday, and that the failure of the bank was in consequence of that
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(Journal-Miner Capital Bureau) PHOENIX, March 21.-This city was stirred today by the news that the Central bank, located on Center avenue, between Washington and Adams streets, had closed its doors, having voluntarily suspended. The bank is now in the hands of State Bank Examiner Chas. W. Fairfield, who is making an examination of the books and determining the value of the "paper" which represents the notes for money loaned - to farmers on cotton which has not been marketed. It is stated that Maricopa county is hit hard by the failure as the proceeds of its recent sale of an igsue of road bonds was deposited in this bank. Whether the county exacted adequate collateral or other security to protect the deposit, is yet to be determined. That the bank was in a "shaky" condition was known last December after the state auditor had issued his report. The
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THREE BANKS IN ARIZONA CLOSE DOORS Fourth Demands 60-Day Notice of Savings Withdrawals BY THE ASSOCIATED PRESS PHOENIX Ariz, March 23.Three Arizona banks today voluntarily closed their doors and a fourth began demanding 60 days notice of intention to withdraw savings deposits except in emergency cases The three banks which suspended business today were the Citizen's State Bank of Phoenix, the Central Bank of Wickenburg, and the Exchange Bank of Peoria, Arizona Each of these institutions was capitalized at $25,000. Method of Closing. The method of closing followed by each of these banks was very similar to that used by the Central Bank of Phoenix when it suspended business Monday morning Before time to open this morning each of the three placed a notice on the front door stating that the bank had voluntarily suspended and that its affairs were in the hands of Charles W. Fairfield, state auditor and superintendent of banks Both Mr. Fairfield and bank officials refused to make statements this morning, saying that nothing would be known regarding the condition of the banks until the state auditors had completed their work. Require Notices The Commercial National Bank of Phoenix today began requiring notice from depositors 60 days before savings accounts are withdrawn It also announced that certificates of time deposits would be paid only when due. Officials of the bank declared the institution was able to meet all demands against it. but believed 10 wise to require the notice as a precautionary measure They said that exceptions would be made in favor of depositors who showed they really needed their money immediately
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# OMNIBUS BILL NOT WORTH A CENT, # SENATOR SIMS THINKS, BELIEVING # GOVERNOR, IN EFFECT, VETOED IT That the net result of the passage of the omnibus bill, and its signature by the governor with the veto of paragraphs which eliminate appropriations totalling 320,000 will be about the same as if the bill had never been introduced, was the declaration of State senator W. P. Sims in an address yesterday noon before the Warren District Luncheon Club. Sims spoke on the subject of "State Finances." "I am not a pessimist," said Sims, in part, "But I fully realize the financial condition of this state. Our troubles has been due probably to three things: First, the 60 cent tax rate of 1919 was cut to 47 cents in 1920; second, a delinquency of 30 percent throughout the state in the collection of taxes; third, unwillingness of banks to handle registered state warrants bearing only 5 per cent when they can get easily 8 or 10 per cent for their money. I am sorry that I could not impress upon the state senate the importance of the situation but a state legislature believes that all it has to do is to make appropriations and the money will be forthcoming from somewhere. Mining Companies Punished "Cochise county and mining counties in general often are punished because they are able to pay their taxes. In 1920, 62 percent of the taxes were paid by mining companies and railroads, and 30 percent were delinquent, which left only 8 percent that were paid by other classes of property. "What is the answer? The state has to run. Cut expenses? That is the last thing a state legislature ever does. The governor, the treasurer and the state auditor are, together, the loan board of the state. They called on banks for assistance, but the banks are not interested, even though state paper were at 8 percent insteead of 5. The situation was that one bank, the Central Bank of Phoenix, had about $500,000 of state finances on inactive deposit, and the other banks could not be interested because they were not carrying any large amounts of state money. The Central bank has since failed, but the state money is secured by surety bonds, and the state will not lose. "Senator Woodward of Gila county introduced a bill to limit the amount of state funds deposited in any one bank, basing the amount on the combined surplus and capital stock of the bank. When the bill came to the senate for the second reading he asked the privilege of withdrawing it, declaring that he feared its passage would close several banks which had state money on deposit. Subsequent events have shown the wisdom of not passing the bill. Bond House Offers Solution "A bond-house offered a solution in what are termed 'anticipatory' bonds. This means, in effect, putting a mortgage on future revenue to take care of immediate needs. The state is now behind in tax collections about $1,200,000. Also when we went to the semi-annual payment of taxes we fell behind six months, that is, the state gets the revenue six months after it is due. When this bond issue is sold it will turn over about one or one and a half millions to be used to pay outstanding warrants. The present situation is that of mortgaging six
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NEED CO-OPERATION OF DEPOSITORS TO OPEN CENTRAL BANK "Whether the Central Bank of Phoenix opens its doors for business within the next few days without the necessity for an expensive receivership, depends entirely on our securing 100 per cent co-operation in the plans which are now under consideration," declared C. H Rittenhouse, a member of the depositors' committee, last night. These plans will be fully explained, he said, at a meeting of the depositors to be held the early part of next week, the exact date of which probably will be announced Sunday. Significant activity in furtherance of reorganization followed a meeting of the committee yesterday, as a result of encouraging reports indicating strong desire on the part of the directors as well as state officials to secure an arrangement which will not require the appointment of a receiver. Several sub-committees were suggested yesterday for taking up various phases of the work preliminary to reopening. As suggested by Mr. Rittenhouse's statement, the most important of these is the committee to be named to interview the depositors and secure their unanimous endorsement of the plan which the committee has in mind. In a general way this plan follows that adopted by the Citizens' State bank, although it may vary in this respect: $t is believed that it will be possible to effect an arrangement whereby depositors will be granted a share of their deposits before the close of the first year. There will probably be five equal payments, to be made at intervals of three months, though this is a detail which has not e been fully determined upon. Finis T. Rogers chairman of the depositors' committee, last night exn pressed himself as very hopeful as a result of recent developments. "I am reasonably certain," he said, "that n matters can be worked out to a satise factory conclusion if we can secure O the united support of the depositors. Without this we can hope for nothe ing." "I am confident that there will be S no necessity for the appointment of a a receiver," declared V. A. Thompson, another member, "I have talked with n a number of depositors who believe d we are on the right track. All that r is needed is a little grit and determinn ation to put this thing over, and I believe we are going to get it." S reminiscences of the speaker brought S Vance K. Auxier, C. W. Smith, a Ralph Murphy, Fred O. Adams and James J. Wesley, other members of e e the committee, expressed themselves along similar lines, all voicing optimism, and all pointing out the urof gent necessity of 100 per cent cooperation in whatever plan is finally is adopted by the depositors. For the purpose of securing this cort of operation it is proposed to conduct an organized campaign among the depositors in which every one will be e personally solicited. The selection of o a man of ability to head this drive is now under consideration and will e come up for final decision, at a meetiing of the committee at 10 o'clock this n morning at the chamber of commerce.
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SAYS REOPENING OF CENTRAL BANK IS UPTODEPOSITORS' "The reopening of the Central bank is up to the depositors." That was the way the Central bank situation was summed up yesterday by the committee of depositors which has been working on plans to reopen the bank. On the willingness of the depositors to co-operate depends the resumption of business by the bank, it was declared. A mass meeting of all depositors of the bank will be held at the Shrine auditorium at 2 o'clock Saturday afternoon. At this meeting definite plans for reopening the institution will be presented. "It is imperative that every depositor attend the meeting," said a member of the depositors' committee last hight. "The opening of the bank is up to the depositors now. If the bank opens, every depositor must help. They must start by attending the meeting Saturday. "If the depositors do not act, the bank will be thrown into the hands of a. receiver, which would result most unfavorably for all persons concerned," he continued. In this connection. he said that the receiver for the defunct Glendale bank will soon make his report. This report, he continued, will probably show that the bank will be unable to pay more than a fraction on the dollar. The depositors' committee has been working diligently for the past several days in an effort to get plans into shape for the bank's reopening. Bank officials and attorneys have also cooperated to make the reopening possible, and it is believed that the affairs of the institution are in shape now to throw open the doors if the depositors will extend their co-operation,
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ULTIMATUM TO DEPOSITORS OF BANK IS ISSUED Receiver To Be Appointed Unless Depositors Take Quick Action On Central Bank Reopening Plan The Central Bank of Phoenix, efforts for the reopening of which have been exerted for several weeks by a committee of depositors, must show definitely that the plan of reopening will be in operation immediately or a receiver will be appointed. This ultimatum "vas issued to the committee yesterday by Charles W. Fairfield, state superintendent of banks. The committee has been working day and night to obtain the signatures of depositors to the plan of reorganization, but the difficulties of getting the signatures of all the depositors, which have been increased by the apathy of many of those who have money in the bank who should be the first to assist in its rehabilitation, have delayed the reopening until Fairfield's declaration has been forced. In commenting upon the ultimatum members of the committee said yesterday that there is only one course to pursue, and that is to persevere until the last moment in getting signatures. Under the plan every depositor is certain to get his money; under a receivership he will have hardly a chance to save anything. The depositor, therefore, who is standing back and is letting George do it is playing a fool's game, for he is jeopardizing his own money and that of hundreds of others. Although more than half of the depositors of thebank have signed the agreement, there is outstanding yet a large sum in deposits of $500 or more, the owners of which have not signed This sum alone will preclude the possibility of reopening the bank unless the signatures of the depositors are received immediately. The committee is carrying an advertisement in today's newspapers in which a coupon to be signed and returned is included. The attention of every depositor in the Central bank is directed to these advertisements. Those who have signed the agreement are asked to go a step further, to get in touch with their neighbors and friends and see that every one that they can reach who has a deposit at the bank sends his or her signature in without delay. The committee is also in need of workers and those who can give even Florence and Josefina Cordova, 32, of Tempe.
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DEPOSITORS MUST HASTEN EFFORTS TO OPEN CENTRAL BANK Following the receipt of notification from Charles W. Fairfield, state superintendent of banks, that unless the Central Bank of Phoenix is reopened immediately by the depositors its affairs will be placed in the hands of a receiver, there has been a definite increase in the number of signatures to the agreement upon which the plan of the bank's rehabilitation is founded, it was announced yesterday. But the possibility of the reopening
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EVERY DEPOSITOR OF CENTRAL BANK MUST SIGN PLAN In a statement issued yesterday by the committee of depositors in charge of the plan of rehabilitation of the Central Bank of Phoenix, another urgent appeal for assistance was carried to all those who have funds in the bank and who have not signed the agreement. The statement emphasizes particularly the fact that while by far the greater number of depositors have signed the agreement, the work already accomplished will amount to nothing if the list does not contain every name. Without the signatures, according to the committee, the entire plan is worthless. It has been required by the state authorities that every depositor sign the agreement before it can be put into effect. In addition, the state has placed a time limit upon the activities of the committee. The net result is that the depositors must all sign the agreement and sign it within the next few days or see their funds go into the hands of a receiver. The consequence of this, as pointed out by the committee, will be that the depositors will be lucky if they get even a small portion of their money. Under the plan of rehabilitation they will get every cent. The delay requisite for this will be paid for by the fact that every depositor saves 100 per cent of his money. Under a receivership he will probably only have the memory of his account. Depositors are asked again to render whatever help to the committee they can. Some may assist by working personally with the committee, others may help by forwarding to the committee at the bank the addresses of depositors who have left the city or by seeing that their friends and neighbors sign the agreement and bring or mail to the bank. There is a part for each depositor in reopening the bank. The committee is made up of depositors who are devoting their time at a sacrifice to the affairs of the bank, and all that they are asking in return is a little co-operation on the part of those who have been involved with themselves in the closing of the institution.
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BANK RESERVES OF STATE GAIN A!pril Report Places Reserve At 28 Percent, Compared With 26 In February PHOENIX, May 24.-Report of state and national banks of Arizona at the close of business April 28 showed an increase in the reserve over that re: ported in response to /the February call, according to a report issued today at the office of Charles W. Fair, field, state superintendent of banks. The April reports place the reserve at 28 per cent while those of Februarv showed 26 per cent. A decrease in loans during April. 1921, compared to those made during April, 1920, was shown. The figures for April, 1920, were taken from the reports submitted at the close of business May 4, 1920. The loans during April, 1921, were $35,982,160.93. Those during April. 1920, were $3,838,910.44 greater, or $39,821,071.37. Banks shown in previous statements, but not included in the one made public today were listed as follows: Central Bank of Phoenix, reorganization pending: Central Bank of Wickenburg, in receivership; Someron State Bank, in receivership: and the Security Trust and Savings Bank of Tucson, absorbed by the Tucson National Bank.
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INCREASED RESERVES REPORTED BY BANKS Reports of state and national banks of Arizona at the close of business April 28 showed an increase in reserve over the February call. The April call gives the reserve at 28 per cent. while that of February was placed at 26 per cent. There is a decrease in loans over a year ago, the amount for April, 1921, being $35.982 160.93, or $3,838,910.44 less than the loans of 1920 during the call ending May 4. The banks shown in previous statements not included in the recent call were the Central Bank of Phoenix (reorganization pending): Central Bank of Wickenburg (in receivership) : Somerton State Bank (in receivership), and the Security Trust and Savings Bank, Tucson, absorbed by the Tucson National Bank.
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Plans Reorganization WILLCOX-If plans are perfected, the affairs of the suspended Central Bank at Phoenix and the branch here, the Central Bank, will be taken over by the Central Finance Co., headed by R. O. Whyman with former Supreme Justice D. L. Cunningham as vice president and counsel. There is report that the prospects are brightening for an early reopening of the bank. This result will be due especially to the efforts of State Auditor C. W. Fairchild, who is said to have brought into the creditors' agreement,
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BANK TO RE-OPEN PHOENIX, June 25. - Charles W. Fairfield, state superintendent of banks, today announced that the Central Bank of Phoenix, which suspended business more than three months ago, would be reopened on July 1.
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NAME AND STRONGER CENTRALBANK Of The Bank Phoenix With And increased The InstiStock Capital BusiWill tution Resume In Of The Best Conness dition the of The Bank formerly Phoenix... of volBank which Central Phoenix, about operations for suspended will three ago, reopen untardmonths 10 at moro'clock business tomorrow 90 ning. This follows of of the on work part days intensive of the the and officials depositors banks, superint and place institutions as state. been to bankebabilitate state it upon strong the basis and which solid as made any in the is these Among its other being bank changes in the which policies have are to few. inits from stock capital The bank or its thorization $100,000 be as will done which to D'Nean with Stafford to view to crease. $200.00gstible, ccording of the bank, the bank has what soon as president strengthen been done by been a even beyond of bank have chairman the The by laws to provide directors, for a a position Tovamended board of assumed Arizona by E. A. Packof which the will be of the additions to are the president New staff state, rea, ing personnel company. Tovrea of Ed the C. banking Bradford, for new the former instiE.A. bank examiner of the president who and Grocery chief will be George cashier Mickle, company. of tution, who the will Arizona of be the a board vice-presidention of directors and of of Bank memberitution. the Officers of Bank the staff of board The official is now as follows: chairman Stafford, of the Phoenix Toyrea, D'Nean of the vice-pl Ed A. of directors: Donald Dunbar, resident; B.C. George Stafford of the president president: Detronolitan garage, vice-pre esident; Arizona Gro- C. Ed president: asFagan, of the scery Bradford Mickle, company. cashier. cashier: and John O. J. F. Alford, bank assistant sistant The board cashier rectors of E. A. Tovrea, Donald chair- DunE. will include: Stafford, Judge R. the man; George D'Nean Collings, Mickle, president of combar, E. T. and Harness Sloan, Coilings Vehicle Ed C. Bradford. acceptance.com of the of pany. Mr. and Bradford's of the expressed position Phoenix. In of other vesterday cashier officials As as chief being state parthemselves pleased. was in complete Central bank ticularly examiner .the affairs he of the of suspen. Bank control bank sion, and during of cashier his the willingness period of The as to an take abso the o post of looked upon soundness its an Phoenix warranty is of the policies for un the lute the bank Mr. and Bradford of experience has had in bank po future. usual amount of brings his new know affairs, and fund of banking under ledge ing gition in a large addition of the to a business. thorough was with Before th standing to Arizona he National bank afte o National coming Stocky tockyards Ill., and later, was con nected East St. Louis, middle west. National he bank Until he with he left with the the First his latest position wa bank of Douglas The Bank examiner of Phoenix. for the stat banking chief department. Depositors of Loyal the soundnes will No stronger proof which the according bank of the plan upon be adduced. institution reopen interested can in of the depositors wh pu those the number agreement to th than signed the operation. Despite scattere have the plan the into deposiors were that many fact that country; changes th that over the had when entire failed they to removed leave was from entire 97 new address them the plan per cen they city, to and them, more become than parties to hat th of them have In addition, evidences of thos con agreement. given such decided to the bank and that day f tinued support labored night in the in three feel that the have been more of the repaid for terest who have than amply depositors months the was signe by work. The the depositors agreement and which upon which th Continued on Page Nine)
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"Any such bank desiring to avail itself of the benefits of the provisions of the next preceding section, shall make, execute and deliver a bond with good and sufficient securities of the in a penalty state of Arizona which shall not be less than the amount which the said bank shall be entitled to receive on deposit." And Paragraph 4645 still further provides: "The bond required by this title SHALL BE APPROVED BY THE GOVERNOR, THE TREASURER AND THE AUDITOR OF THE No treasurer shall deSTATE posit an amount of public money in any designated bank in excess of the bond given by said bank." If any bond was given by the Central Bank of Phoenix to the state to indemnify it against lose, that bond necessarially under the law had to be approved by the governor, the treasurer and the auditor. If no bond was given by the Central Bank, and if-as the Sun would have us believe-the money was deposited by the treasurer in that bank over the protest of the governor, why has not Governor Campbell, as is required by law, proceeded to collect this money from the treasurer and his bondsmen? If a bond was given, that bond as has been stated had to be approved by the governor, the treasurer and the auditor; and if the bond was not so approved, the deposit was illegally made by the treasurer and he and his bondsmen are legally responsible for the money. What effort, if any, has been made by the governor to recover this money? By the way: After that expert banker and accountant, "Uncle Andy" Baumert, republican national S committeeman, had been appointed receiver of the defunct bank by the S state bank examiner-who himself S had been appointed by the governa or-we would like to know if there S were any unsecured personal notes or accounts of any state official found among the alleged assets of the Cend tral Bank.
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Southwest News From All Over New Mexico and Arizona in F. E. Perry died at a hospital rePrescott as a result of injuries ceived when he fell from a Santa Fé electric repair car twelve miles north of Prescott and was run over by the car. Ramon Apocada of Albuquerque was held up by two highwaymen as he was returning to his home, and when the thugs found he had no money one of them beat him over the head with his gun, inflicting a bad scalp wound. The coroner's jury inquiring into the death of Owen S. Barnett at Bisbee brought in a verdict that the deceased came to his death from a gunshot wound under the left eye from a pistol held in the hands of Walter L. Bailey. William A. Denny, former employé of the Rio Grande Oil Company at Globe, Ariz., was arrested in Long Beach on telegraphic instructions from Globe. A complaint has been filed against him at Globe charging embezzlement of $1,295.48 of company funds. Mrs. E. D. Nelson is believed to be dying at a road camp near Las Vegas as a result of a bullet wound, self-inflicted, officers said, after she made an unsuccessful attempt to assassinate her husband by firing a shot into a tent where he and several other men were spending the night. The bullet went wild. There are three known dead in the fire which destroyed a large warehouse on the Chambon estate at Socorro. Mrs. Jose Crespin, wife of Jose Crespin, who perished together with his son, Cornelio, is in a hospital here critically ill. She had been ill, but the news of the death of her husband and son has caused a relapse and doctors fear she will not live. At Tueson the experiment station has just published a "Timely Hint on Early Baart Wheat." This will be sent to all wheat growers in Arizona who are interested. This circular gives a short history of the introduction and distribution of Early Baart wheat in Arizona by the experiment station and of its displacing the common Sonora wheat. Early Baart wheat is the most valuable grain crop grown in Arizona now. Contrary to the opinion that most of the cattle in the southern part of New Mexico have been shipped out, it is said that there are still many for sale, most of them being in prime condition. Many announcements or cattle shipments from the southern counties have been made but the fact is that only a little over 11,000 head have been shipped to other pastures, and this is only a small part of the total which are on the ranges. Word has been received in Wagon Mound, N. M., to the effect that the Santa Fé railroad will erect large stockyards at Levy during the coming year for the benefit of the local cattle and sheep men. The matter has been approved by the Corporation Commis sion and an appropriation will be made by the Santa Fé for this purpose dur ing the winter. It is thought that the yards will be ready for the spring shipping. Judge R. S. Stanford of the Superior Court at Phoenix has set Dec. 11 as the date for the trial of C. N. Stafford, president, and E. Stafford, vice president, of the old Central Bank of Phoenix, indicted by a Maricopa county grand jury recently on charges growing out of the failure of the institution. Judge Stanford set Dec. 8 as the date for the trial of Phil Lewis, former president of the same bank, also indicted in connection with the same series of transactions. The auto dealers and merchants of Las Vegas are planning for the big auto and style show the last of March, 1923, the dates having been set for the 29th, 30th and 31st. The big show will be held at the armory and all the latest models in automobiles will be shown at this time. Good music will be provided for the three days and a big dance will be given each night. This is now an annual affair in the city and is said to be one of the best displays of its kind in the state, According to the reports of the Cotton Growers' Association, most of the cotton grown in the Pecos valley in New Mexico this year will run over $100 to the acre. A large part of the crop has been picked and stacked in the fields and the price has been gradually going up for some time until now the growers are getting the top netch figure for the product. The big gin which was partly destroyed by fire some time ago is running again and there is every indication that the season will be a busy one. The gin at Hagerman is running full time and is turning out about twenty bales per day. Three of the big mining companies in Arizona have refused to pay the taxes levied against them on the ground that the taxes were based on valuations in excess of the full cash value. These companies are the United Verde Extension and the United Verde, both of Jerome, and the United Eastern of Mohave county. This failure to pay the taxes was not on account of inability of the companies to pay, but the claim was made that the mining properties had been assessed for a greater sum than their full cash value.
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GOVERNOR'S MESSAGE the banking situation in thorough investigation Arizona should of be made of Bank by the affairs Legislature. of reopened the Central under the in The later "Bank of Phoenix,' atname should of the Superior County, particular Arizona, of The the judge receive your before made for Court application a receiver, has whom tention. of Maricopa of was institution had the appointment of this defunct several months. the affairs control for by the court and under receiver his appointed the assets term The made no report the of bank until the about to liabilities of Judge was that a peof office of the of the fact several months expire, in spite with the court such a retition was ago filed requesting that is port is be imperative, filed. that if sound the banks credit of It maintained, implicit confidence to be State have the I trust that your and investigation the of the people, may and be throrough unbiased. Banking Department. salaries The appointive State policy officials paying officialsponsibilities higher than those who have paid to to elected State greater such apequally if not devolving upon my opinion. than pointive those officials is, in term of unwarranted. policy of fixing official a ex- ofAlso the an appointive of the ficial one tending office making for beyond the the appointment which term does is not an policy; economy. of law promote unwise this efficiency connection or I the recommend office of In creating Banks be amended State that the Superintendent to provide extend that the beyond term the the of this officer of the will Governor not making the not appointment. term further recommend State Superintendent that the to sal- ex- of ary of be fixed at a by sum elective heads law ceed Banks State that departments; received that for the holdthat of the amended so ing this office a little trust for does bankers are law be providing not create qualifications be qualified amend- where- this it position; by only and that the the elimination there of to provide for as I think ed deputies, law. the one of sufficient the work to present justify is not for in the Law. staff provided Bank Guaranty statutes Depositors now have bank Several States for a depositors' that the which provide I recommend advisabilguaranty the enactLegislature law. legislation investigate and adequately the protect the ment ity of of such such funds laws of as the will depositors of the State banks. the Protection of Finances of the Municipalities that of appropriate the State. that bank- legisiation I recommend be enacted, used directing as depositories institutions, of the municipalities, be required to of the ing of the moneys purpose provide an safeguarding adequate bond for the of public funds. deposits Co-Operative proven Marketing. the value Experience has for the co-operative farm and marketing the necessity of the produce products of the of the and the Arizona range. The can be handled Experts most State of by this method. that proper effectively maintain properly on the subject necessary to an legislation co-operative is institutions. safeguard primary election In the recent the Constitution Due was amendement meet to this situation. amendments. proposed to that other the proin which to the would fact have destroyed our basic law, gressive feature the electors at not the fairly same the were time, before the opportunity people was of the State presented to pass on to the amendement so-called "co-operative independentmarketing" ly of the other recommend measures. that subject the ful- Legislature I therefore investigate of the ascertaining rewhat ly for additional the purpose to legislation properly may safeguard be conquired, if any, of producers and the interests that such legislation be sumers. and be found essential. enacted as may Warehouses. State Arizona permits Constitution industrial The of in constitutional purthe State to engage this should suits. To render machinery effect. be provision provided useful. for carying it into the handThe with the the icaps under and particularly ed to of marketing his the labor needs of agriculture. farmer crops, construction suggest is forc- problem advisability of State. wherein warehouses. farm may be 1y stored until preventing of the the products thereby of the by the the market products dumping can absorb safe- on is a able to them, greater the open volume market of than food the public have buy. of Arizona who past few The farmers much during the in their efyears suffered should so be the assisted tremendous bur- now forts to remove which they are that den of debt therefore under recommend laws and egislature laboring. I enact such
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# Sheriff's Notice of Sale on Execution and Order of Sale No. 17583. In the Superior Court of Maricopa County, State of Arizona. Frank R. Stewart, Plaintiff, vs. Minnie B. Swartz, J. A, Towler, Central Bank of Phoenix, a corporation, Perry M. Williams, Receiver of the Central Bank of Phoenix, Defendants. No. 17583
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DELINQUENT TAXES IN ARIZONA HEAVY Delinquent taxes in Arizona in the amounts considered possible of collection amount to $3,700,000. Another possible asset of the state is in deposits in suspended banks amounting to $480,835. Of this sum, $341,419 is due from the Central bank of Phoenix and most of the balance from the same bank's branches at Wickenburg and Willcox. Taxation for the past year gave the treasury an income of $4,053,101, though the gross revenue was $9,447,178. The balance came from federal and county road funds, $308,434 from gasoline tax and $338,719 from motor car license collections, $176,974 from inheritance tax collections and $267,374 from the corporation commission and the state at the time of the last treasurer's report had $2,437,000 of deposit in various banks, but the general fund is now depleted to such an extent that issue is to be made of $750,000 in tax anticipation bonds, to be redeemed in December.
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other towns of Arizona. Lewis is a fugitiv from justice aided by a nonprosecuting attorney's office, under a Campbell administration. Cox finds a co-operative support among Republicans as well as democrats. Republican newspapers also are giving him highly complimentary notices all over the state. Cox's opponent on the Republican ticket, Geo. W. Mickel, was a director of the P. K. Lewis institution and in the, psuedo reorganization and reopening of the Central Bank under a new title of the Bank of Phoenix was prominent as a director therein. It is now asserted that with consummate Republican gall he is still debtor to the depositors of the reorganized Bank of Phoenix for his note in the amount of $700, which is still unpaid-as a relic to the camouflaged depositors-even while running for the state senate. Can you beat it?
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NAME BAUMERT DEPUTY TO U. S. REVENUE CHIEF Andrew Baumert Jr. of Phoenix has been appointed deputy collector of internal revenue for Arizona, according to an unofficial announcement made Saturday. Mr. Baumert will assume his new position on December 20, it was stated. He will succeed C. C. Lewis, present deputy collector of internal revenue. The appointment of Mrs. Shepard Hiscox of Phoenix as secretary to the collector of internal revenue and assistant cashier was unofficially announced. Mrs. Hiscox succeeds Mrs. Nina E. Duncan, who has acted as secretary to Frank R. Stewart, former collector of internal revenue. No other immediate change in the personnel of the office of the collector in Phoenix is contemplated, it was stated. Mr. Baumert the new deputy collector of internal revenue has been identified with the republican politics in Arizona for a number of years. Mr. Baumert served as secretary to the board of directors of state instituttions during a portion of the two terms served by former Governor Campbell. He also served as receiver of the defunct Central bank of Phoenix for more than two years,