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GOING OUT OF BUSINESS. The Home Savings Bank Will Retire From the Field. The board of directors of the Home Savings bank decided yesterday to discontinue operations. Or, rather, this step had been decided upon some time ago, but the manner in which it was to be accomplished was not determined until yesterday. A meeting of the board was held on Friday afternoon and was adjourned until next morningNotices were issued to all depositors to call and withdraw their deposits and arrangements were made to close the doors of the bank next Saturday. The bank was organized a year ago last April with a capital of $200,000. Its officers were J. H. Braley, of Los Angelee, president; Henry E. Kemp, vice-president, and W. K. James, cashier. Its directory was composed of Henry E. Kemp, C. F. Ainsworth, Col. Wm. Christy, of Phonix. and J. H. Braley and M. W. Stimson, of Los Angeles. Though its special object was to conduct a savings bank business it engaged in general banking on a safe and conservative plan. It placed a large volume of loans at rather lower than the prevailing rate of interest, but the securities were etrictly gilt edge. The banking field in Phoenix, however, being already occupied by five strong, excellent and well established institutions, there was little opening for further competition The financial stringency which followed a couple of months later and reduced the volume of business in all lines rendered the outlook for the new bank still less promising. The fixtures of the bank have been purchased by E. J. Bennitt, who will take the apartments ae an insurance office. The chamber of commerce will also establish a permanent display of agricultural products in the room.
