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VALLEY BANK (Continued From Page One) should be reorganized under a new management: that its policy, while most beneficial to' the community had been too liberal. In reply to a question, Colonel C W. Johnstone said that he was one of the heaviest depositors in the bank, and that he heartily favored the adoption of the resolution. He movéd that it be adopted, and it was done with cheers and without a dissenting voice. Colonel McClintock said that while he was not familiar with the progress of the negotiations, he had been informed that there were prospects of obtaining sufficient capital from three different sources. E. T. Collings said that the course the depositors were taking would show to capitalists such a friendly and loyal feeling that it would be an enčouragement to capitalists. When Governor Hunt was introduced, he was loudly applauded. He said that he was proud to be a resident of a community whose citizens had shown such good sense as had been manifested by the depositors of the Valley bank. Before he was a governor he had been a banker in a city of this state where a bank had been closed against a run. But the people came to its support and it was allowed six months in which to adjust its affairs. It was now one of the strongest banks in the state, the First National bank of Globe. The statement was made that Auditor Callaghan, who was then investigating the affairs of the bank, would be pleased to appear before the meeting. and a committee was sent to wait upon him. Meanwhile copies of the resolution were circulated through the audience for signatures. Not a refusal was recorded. When James P. Lavin of the committee returned from the auditor, he said that there had been a misunderstanding. Mr. Callaghan, while in full sympathy with the purpose of the meeting and believing that good results would follow, did not believe that it would be proper for him to place himself in a position where he would be called upon to answer questions regarding the affairs of the bank which he could not with propriety answer at that time and place He would, however, receive a com-