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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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VOL. AA. NO. 232. TONOPAH DAILY BONANZA, TONOPAH, NEVADA, MONDAY EVENING, MARCH 21, 1921. PRICE TEN CENTS PROHIBITION BILL ATTACKED PHOENIX BANK PACKING EMPLOYES CLOSES ITS DOORS CONFER WITH DAVIS SERVICE BODY RETIRES AFTER By issociated Press) (By Associated Premi VOLSTEAD PHOENIX, Ariz., March 21. When PETITION WASHINGTON, D. C., March 21. GERMA AN patrons went to the Central Bank of Spokesmen for the packers' employ FOR RAILWAYS Phoenix this morning they found es presented their side of the dis42 YEARS U. S. sign on the door saying the bank pute with their employers over had voluntarily suspended business, wages and working conditions at a ACT HELD and would go into the charge of the TO REVIEW conference with Secretary Davis at IS DISCUSSED VICTOR IN ARMY SERVICE state auditor of Arizona the department of labor today
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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 Among them was one that the funds of the state, amounting to $400,000, had been withdrawn from that depository last Saturday, and that the failure of the bank was in consequence of that
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Arizona Bank Suspends PHOENIX, Ariz., March 21. - The Central State Bank of Phonix voluntarily suspended business to-day, a notice posted on the door said. The bank is capitalized at $150,000. The suspension, during which the State Auditor will be in charge of the bank funds, will be until March 28, the notice said. There was no explanation as to the bank's reason for closing. ,
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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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PHOENIX BANK TO REOPEN PHOENIX. March 29.-Announce ment was made here tonight by officers and depositors of the Citizens State Bank of Phoenix. which voluntarily suspended operations a week ago, that the institution will reopen its doors for business the latter part of this week or the first of next. This action was decided upon at a meeting of more than 600 of the depositors this afternoon. at which a plan of operation was agreed upon. A move has also been started by officers and depositors of the Central Bank of Phoenix, which voluntarily suspended March 2. to reopen that institution within the next few days, it developed at a meeting of the depositors tonight.
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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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Shun The Receivership Speaking as a rank outsider, one who had no money in the Central Bank when on one Monday morning at ten o'clock its doors remained closed, from this distinterested height, it appears to us that the depositors who fail to sign the agreement by which the bank may be reopened for business are courting certain loss as against the certain recovery of their money. A very large number of the depositors, including we believe all the larger ones have signed the agreement which provides that in case of the reopening of the bank they shall not withdraw their deposits within a certain period. This agreement to be effective and acceptable must be practically unanimous; it must be signed by from ninety to ninety-five per cent of the depositors. Some of those, we suppose, comparatively few of these who have not signed, have not been located. Others are short sightedly holding out, expecting that enough others will sign, so that they themselves will not be bound by the agreement, and may therefore withdraw their deposits, once the bank has been reopened. Still others, it is stated, have been quietly advised by applicants for the receivership of the bank against signing. Now a receivership is a fat job, one which will last a long time, a most desirable one in a period of unemployment. It will be a fine thing for the man who gets it-but for no one else in the whole community. The pay for it must come from the deposItors. The receiver's fees are large and the other expenses are heavy. It is the most disastrous way known to science, of settling the affairs of a bank. The receiver's work we will admit is effective and final as are the ministrations of an undertaker. Here is one place where a receivership would be goost wasteful: The Central Bank has deposited as collateral for loans with other banking institutions very large volume of gilt edge securities, the best It had. Under a reopening of the bank. these assets would be worth their face value. Under a receivership sale they would be worth only what they would bring and in most cases the present holders of them would probably take them in for the loans which are but a small part of their face value. It is in this and other ways that the assets of a bank in receivership are frittered away. So desirable is this job of receivership that we understand that 400 applications for it have been received, some of them coming by telegraph, within twelve hours after the news spread that the Central Bank had not opened that Monday morning. Every effort has been made to avoid a receivership. State Auditor Fairfield has done everything possible to aid the depositors. But there is a limit to what he can do and there is a limit on the time he may wait for the depositors to help themselves. That limit has almost expired. The depositors have everything to gain and nothing to lose by signing this agreement. Those who are holding out in the hope that they may get their money earlier by not having signed, if the bank should be reopened, are blind to the fact that, if the bank goes into the hands of the receiver, not only will much if not all their deposits be absorbed by the receivership, but also, if anything should be left, in the regular course, they would not get it earlier than they would get all of it under the agreement. A receivership as we have observed is a long job which the receiver does not, as a rule, try to abbreviate. Thus nothing can be lost by signing the agreement. Under it everything will be saved, and there Is no other way proposed, in sight or possible, by which this saving can be effected.
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BANK OPENING PLAN NEAR TIME LIMIT "The man who is holding back his signature to the depositors' plan for the opening of the Central Bank of Phoenix is comparable to the man on a sinking ship who runs to the life boat ahead of the women and children." The foregoing is the opinion of the depositors' committee in charge of the plan of rehabilitation in considering those few depositors who are refusing to sign the agreement on the ground that the bank will reopen in any event, and that they will get their money after their fellow depositors have done the work. In answer to these the committee emphasized the fact yesterday that the signature of every depositor must be obtained if the plan is to be put into effect. This requisite is demanded by the state banking officials, who will not be satisfied with anything else. The state has also placed a time limit upon the activities of the committee in its efforts to reopen the bank, If the signatures are not obtained, or if the time limit expires before the plan is signed 100 per cent. a receiver will be appointed and the affairs of the bank will be entirely out of the hands of the depositors. It is necessary, then, that every depositor co-operate with the committee, especially in furnishing any information they may have of the addresses of depositors who they know have left town. This is becoming a vital consideration with the committee and now makes up the greater part of its work.
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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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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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Today this possibility can be looked upon as a nightmare which will never come true, for the bank's doors are open for business and the depositors and stockholders are wearing the smile that won't come off. Much Due C. W. Fairfield In the minds of many who have been in close touch with the situation. the credit for having consummated the readjustment of the bank's affairs and its reorganization rests largely on the shoulders of a young man known as Charles W. Fairfield, state auditor and superintendent of banks. Fairfield is chary about accepting this credit, however. "Others evolved the plan," he says, "I merely used my official position and influence to put it through." Among those who know the inside, however, there are not many who will agree with this modest viewpoint on the part of the state bank superintendent. Regardless of whose mind it was that worked out the details of organization, this much is known and admitted, that Mr. Fairfield devoted tireless energy and his whole soul to the task of bringing together a number of conflicting interests. Three general groups had to be brought into line; the depositors, the banks from which the Central had borrowed money, and the nine bonding houses which had guaranteed the deposits of the state, county and city. In each of these groups there was diversity of opinion as to what step should be taken. These difficulties had to be ironed out first and then the difficulties which arose in harmonizing the interests and getting them to agree to the general plan of reorganizatión. Works Incessantly All of this took time, energy and determination. Fairfield was sparing of none. For three long discouraging months he worked incessantly toward the goal, struggling his *way through a mass of circumstances so disheartening that more than once the friends of the bank declared "It can't be done." But it was done, and that is why the state's bank superintendent is being showered with congratulations today. His work in this connection is generally regarded as one of the most constructive that has ever been put over by any state official since statehood. If anyone doubts for a minute the disaster which would have been brought about by a receivership let them hear Fairfield's analysis of the situation. "The Central bank owed to its five corresponding creditor banks approximately $525,000. The Central had given as collateral in its regular course of banking a trifle over $1,000,000 to these banks as security. In the event of a receivership the five creditor banks would have foreclosed on the notes and other collateral, and would have bought it up for the amount of their claims of $525,000. Subtract this from the $1,000,000 and you have $475,000 as representing the loss through forced collection to the depositors. The bank's deposits outside of public funds was approximately $1,000,000. Pocketing the loss caused by forced liquidation and paying over the heavy burden of costs of a receivership, would have left very little for the depositors. I am satisfied that they would not have received over 10 cents or 15 cents on the dollar. Co-operation Did It "Aside from its effect on the bank and its depositors and stockholders, wholesale foreclosure proceedings would have plastered half of the Salt River valley over with mortgages and judgments, bringing hardship to many others. The readjustment allows a longer time for individual borrowers from the bank to meet their obligations. All values are now at low ebb. but with a return of normal values every person who has made loans will have an opportunity to pay out with-
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CENTRAL BANK OPENS AGAIN AT PHOENIX Phoenix joined in the general rejoicing when victory in the long, hard struggle to reopen the Central Bank of Phoenix, finally was written at 10 o'clock Friday morning as Charles W. Fairfield, state auditor, turned a key and threw open the doors of "The Bank of Phoenix," the name by which the institution will be known in the future, as attested by newly painted signs in the front windows. "This is one of the most pleasant days of my life," declared Mr. Fairfield, as he unlocked the double doors to admit a crowd of eager depositors and well-wishers of the bank, just three months and nine days after he had locked the same doors and business was suspended.
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about all this by private inquiry, but SO far has been unsuccessful and he has invoked the aid of the court. But the receiver has this suspicion: that the notes were turned over to the state treasurer by the Central Finance corporation and that the latter as to the notes claims to have held them as security for indemnity bonds made by the Central Finance corporation signed as a surety thereon and which bonds were intended to to be used as security for deposits by the state treasurer in the Central Bank of Phoenix. But it is stated that these indemnity bonds were never accepted by the proper officers of the state and as to which the Central Finance corporation at no time became liable. It could, therefore, never have had a right to the control or possession of these notes as collateral of the bank.
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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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was the that primary campaisn hot and hot, my darned of the the friend, COPPER his was ERA, throwing it harpoon I'll and say, when an he artist harpoon. I at it. and have each years. I nine recall twenty in we both to into arowing me, But, Bill other Kelly for years many ago partici- an an outpated Indian whichApache incidend in while buck daveling break. the White board through Mountain of and Indian course. a when over came here he naturally his was and har found I throwing all me, into up got and to him. and harpoon proceeded him bad very same called names But, after doriferous in he was said his over fight great made in my the that Nobody had made miles ever traveled a hun times. is behind and paper won. fight, 7000 I spoke over all about me, ticket, behind greater car and He knew the Democratic and to want to now The Bill Kelly dred that, and and he make he is this apology good man and the and Democratic tickbehind good "Why is he the Democrats there comes years, are are all Becausafter four State, who of trying the why ticket? this State, of this burdens must State, time in people bear the STOCK I was that the to TAKE business man of that this "You know years before years bank. It was Presidention a stock once year twenty-HY twelve of days a to take we took stock every no of in month been stock taking Governow time customery I in the and later There on four has we to are Now, years. take going to some facts the presenber of burdens been Governi in this a presented has been great silence stock. "I want -to those to who They campaign. have not There some which have been preshould a read law, I want carefully. you want what things sented. "Now, I am you going to listen to to understand issue in this of paramount campais and waste and because I think I the stoppage go forward and re method, of this leaks and business-11 s-like to the world. people If you in a confidenceutside get capital: who is store and the you won't W. Wism- about talk W. W? (Reads state don't about do it this will I. talk to Para. you 4637to law? an I. later on.' 1913). attention ag bank 4655. that C. C. I call your three years PhoeBank Why do Some organized of in Phoethey there this was a the when they had nix called and it business was that probably they the started nix. in with the law; a year ago its complied a little over Phoenix closed its doors Central when FIVE had: but Bank of it closed the State's HUNDRED doors. found and that DOLLARS of that avail- ONF THOUSAND thev was deposited half of the deposited able money bank: cash more bank. of than the and state securities when was they of absolu- came that in inspect one the apparently quoted the it? to Bank they were I have think about night? to tely worthless. What do you the other Mexico and in They discussed hingto Washing the Capitol law Was that discusse trip to and talked -any of the attention parathing a about trip to pictures of detract the State the from get the busy people issues. Republicans. and you the "Now the law dein and mount look you up that $500,000.00 yourself state was of good will realize cash of the We have best the available one bank. some of the West the banks posited in institutions Arizona: in They ailable were financial located in Arizona of in half put one to that. are ignored and State something was else to in cash of the is owing bank Leginness in Maricopa should The in business law that they of course, Campbell crease passed Julge; a and, appoint a Re Jencks, to County, another had to and when some he publican, Judge failed it was Receiver. up as They this Bank appoint a awhile, dimflammed and case Judge to around finally the and he understand before it, Judge Jencks the Chair Cencame up Mr. Republican Beaumert, State been appointed of the and he since has that man committee, ever you tral on the lid what have have any sitting 6 months ago If you it is time to confronts of thing and Half say was about to say that? make about things a that noise. which It is one the this gone, they people cash was Special the to call a get of get up available serious of State. money Ses- and the sion the then of the had Legislature, they necessar timersity to have to run They said of money the and into amount state and to that close its were doors, called pass a of the would have of the State session to funds: law the golons extraordinary to raise calling for called some kind passed what a they course. and they of Of used to but they Tax the issuance Anticipation have Bonds. always companies, been have in "scrapping" Arizona, always the mining paid their taxes.
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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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# 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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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?