1.
November 11, 1914
Arizona Republican
Phoenix, AZ
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Suspension or bank and Are Still Being Pursued With Hope of Success THE COOPERATION OF DEPOSITORS Meeting Yesterday in Which There Was Unanimous Expression in Favor of Aiding Institution - Allother Meeting Tomorrow The doors of the Valley Bank failed to open yesterady morning After a night spent in conference iy officials of the bank several Lankers of this city and others residing without the city, State Auditook the of tor bank Callaghan for purpose control conducting of the of a thorough investigation of its fairs. The. conferences were begun on continued throughout Monafter midnight it that a plan of day Sunday. seemed and of reorganizat- yesterday tion involving co-operation by other banks had been reached. A statement said to have been agreed to by several of the conferees was secured by The Republican after three o'clock yesterday morning and was put into type and made a part of the first edition of the paper. Later in was recalled The hope was generally expresses that that the suspension would be only who were closely 2nd yesterday of the those bank temporary the in touch susits affairs stated that was largely fact that many with pension by the brought of the about loans of the bank are-on real estate security upon which it has been impossible to realize under present conditions. In an effort to save the institution, Bank Comptroller Callaghan held number of conferences on Sunday and Monday with representative of the state and until after the hoped bankers final might adjourn- it was ment that an arrangement be for a temporary perfected would avoid reorganization suspension. partici- which These conferences were pated in by representatives of the larger banking institutions of the state, the governor and a number of state officials and the directors of the Valley Bank. Owing to the absence of a considerable representa tion of the bank's stockholders, in the short time allowed. it was impossible to perfect a legal transfer of the stock and assets of the bank. Plans for reorganization, however, are actively under way and many of the most conservative and rebankers in an active interest sponsible taking the in state the the mat- im- are is felt that with conditions of conservative proving under ter as it management the business country. and capital, the bank can be of with the increased continued the ample and a plan worked out for protection of the depositors. isAuditor Callaghan yesterday sued following brief statement: is due to "The the suspension unable the fact to that the Valley bank is realize on certain assets at the pres- is ent time to meet withdrawals. It hoped that the suspension is being only temporary. as efforts are now made towards reorganization." believed that the local situa created by the tion. It is bank suspension readily of the should be met by the other banks of the city which are in excellent condition and undoubtedly be able to take the additional come to them to care would would of business owing the Valley which the of the assets of latest published tying bank. up The banks state- show of the other local to be strong in be in a to and ments them to position available care cash for all legitimate requirements. the most is of One a reorganization of hopeful shown in When signs the of the stockholders. was spread attitude the news abroad bank yester- would day morning that the not reopen there was a large crow 1 d collected in front of the bank o There was an absence of the usual excitement and anger manifested on such occasions. is of the depositors to aid the in every way was 9 The bank desire hastily possible called shown further in a S meeting yesterday afternoon, atten th e ed by about 60 depositors, when o following resolutions were unani5. mously adopted is RESOLVED that we hereby exwillingness. and agree, as of the Valley aln depositors press our bank present to low 80 per cent of our deof posits to remain in deposit for 60 e days after the bank reopens, pro(Continued on Page Six)
2.
November 11, 1914
Bisbee Daily Review
Bisbee, AZ
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VALLEY BANK DOUNJ DOORS CLOSE INDEF FINITELY Antiquated Manner of Business And Archaic Methods Are Causes On Which Closing Is Blamed-Many Securities Midnight Discussions Reached No Decision on Manner In Which Bank May Re-open -$500,000 Place on Feet. PHOENIX, Nov. 10.-Conferences between the officials of the Valley Bank and local financiers who have been requested to come to the aid of the institution were still being held at midnight. Those credited with being closely in touch with the situation are not optimistic, however Rumors that the doors of the bank would not open this morning had been current for the preceding twenty-four hours so the surprise and consternation which otherwise would have been expressed did not develop. A typewritten notice posted in the window of the institution was the only notification to depositors that business has been suspended indefinitely. The liabilities of the bank are placed at nearly $2,000,000. divided substantially into the following terms: commercial accounts, $700,000; sav ing deposits, $400,000; time deposits, $400,000 and the balance of $500,000 is made up of various banking liabilities. 1. It is said here tonight by men best S. informed concerning the situation n that $500,000 in cash would be ree ouired '0 enable the institution to re1some business on a conservatice it working basis. 1Efforts being made tonight center to on of the y a that shall ward the proposal attitude they directors guar- to of asn at their antee sets of with the adequate bank security face the value r There is littlehope, however, to this 11 directors and, acceding proposition of the in fact, the early resumption of i. business is not expected. of The report is current that banking es Prescott. interests in Bisbee, Douglas, d Tucson and other e to extend inclined localities assistance are than less 10 would be the case if the X the directors of Valley Bank officers showed and a disposition to make such sacrifices e as the situation warrants. CGovernor Hunt was called into the na conference which was held until an he early hour this morning before final re decision was made to close the bank. m. orHe failed utterly to throw any light on the solution and withdrew after a g ui consultation with Auditor Callaghan, conferres. who was another of the ve Loans on securities which not he negotiable and bank readily archaic are ing methods are held responsible for present of the the plight institution. beIt can be stated emphatically that no other banking institution in Phoenix ill will take over the affairs of the Valhe a view to les ley the Bank with liquidating assets and providing for a resump be tion of business. It is believed that at the closing of the bank will have a of noticeable effect on the commercial to situation in Phoenix. the
3.
November 11, 1914
Bisbee Daily Review
Bisbee, AZ
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BANK IN PHOENIX SHUTS ITS DOORS (Continued from Page One) suspension is due to inability to realize on certain slow assets. He thinks that even without help the institution could pay one hundred cents on the dollar in time. Today Col. Epes Randolph, C. F. Mills, James S. Douglas, B. A. Packard and T. E. Pollock met here to consider reorganization of the Valley bank. No public statement was made but the general belief is the bank will be reorganized and continue. A depositors association was formed. Over one hundred of the largest depositors signed an agreement to continue business with the institution if it is reorganized. a There was little excitement though many depositors stood before the - closed bank all day. All accepted as 0 true Callaghan's statement in the S window that suspension is only tem- porary.
4.
November 11, 1914
Arizona Republican
Phoenix, AZ
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# The Valley Bank
The temporary suspension of the Valley Bank, one of the oldest financial institutions of this community, whose depositors in both its commercial and savings departments number over nine thousand, has naturally created considerable apprehension, but the fact that the banking institutions of the state are, as a rule, in exceptionally good condition, and that leading bankers are very hopeful that such a reorganization of the Valley Bank can be worked out as will enable it shortly to resume business with the fullest possible protection to depositors, should do much to allay the very natural apprehension of the depositors.
The first duty of those in charge of any reorganization should be to protect the depositors dollar for dollar to the end, not only that the community—farmers, small business men, clerk and mechanics—may not be deprived of money so badly needed, but that public confidence may be restored and maintained.
The prompt action of the state auditor in taking possession of the bank and, with the co-operation of the bank officials, keeping in a separate fund all deposits made on Monday, shows that he realizes thoroughly his responsibilities as state bank comptroller and recognizes fully the fact that, while banks are supposed to be run at a profit, the primary function of the state is to see that at all times they are so run that the interests of the depositors are protected.
It is hoped that until the resumption of the bank, some arrangement may be made with the other banks of this section, who, fortunately, are in remarkably good condition, to make such necessary advances as may be required on the savings bank deposits in the Valley Bank, and to also take care of the bank's commercial customers.
Fortunately, the depositors are showing commendably good sense in keeping their heads, and, with the co-operation of the state banking officials and the other banking interests of the state, a prompt reorganization should be effected with the least possible derangement of general business.
5.
November 12, 1914
The Oskaloosa Herald
Oskaloosa, IA
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LARGEST BANK IN TROUBLE Arizona Institution is Unable to Re. alize on Collaterals and is Forced to Suspend. Phoenix, Ariz., Nov. 11.-The Valley bank, the largest financial institution in Arizona, which suspended yesterday has been put under charge of J. C. Callaghan, state auditor. The Valley had a capital of $150,000 and deposits of $2,225,000 Its cash on hand was only $30,000. Inability to realize on its cullateral to meet withdrawals was given as the reason for suspension. Reorganization of the bank is under consideration by the state banking officials, but there is as yet no definite decision in the matter. It is also reported that the bank I will reopen in four days. Mr. Callaghan, however, said that "it is hoped the suspension is only temporary."
6.
November 13, 1914
Arizona Republican
Phoenix, AZ
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Great and Harmonious Meeting at Armory Declares Unanimously in Favor of Proposition to Stand by Re-opened Bank OVER HALF DEPOSITS ARE REPRESENTED Statement Made That the Course Being Taken is Encouraging Outside Capital to Come to Relief of Closed Institution The meeting of the depositors of the Valley bank at the Armory last night was perhaps the most harmonious and best humored meeting, for the size of it, ever held in Phoenix. It was also, perhaps, unlike any meeting of the kind ever held before in the world. A stranger unfamiliar with the happenings of Phoenix within the last week would never have guessed that the gathering was made up of persons who had their savings in a bank whose doors had been closed for three days. The object of the meeting was to secure additional signatures to a resolution to be signed by the depositors that, in the event of the reopening of the bank, they would allow 80 per cent. of their deposits to remain for at least sixty days. Not fewer than 600 persons, nearly all of them depositors, assembled in the armory. The meeting was called to order by Dr. J. C. Norton, who cautioned depositors against the sale of their claims against the bank, at a discount. There was no reason, he said. why they should lose a part of their deposits. Dr. Norton introduced Colonel MeClintock as chairman of the meeting. Colonel McClintock said that the deposits in the bank constituted one of the smallest factors of the situation. He was far more interested in the settlement of the bank's affairs as a citizen and a taxpayer. He spoke of the Valley bank as an institution: of what it had been to the valley, and when he made the statement that it was "the heart of the valley," there 1 was loud applause. He said that Attorney General Bullard in the presence of Governor Hunt had declared that the investigation 1 which is now in progress had disclosed no evidence of speculation by the bank officials with the funds of the institution, or that there had r been the slightest misuse of any of a the funds for the purposes of any of ficial. e Colonel McClintock advised against e n any policy that would throw the bank r into the hands of a receiver. Ren garding the report that among the assets of the bank there was bad paper to the amount of $200,000, there S was no doubt that at least $100,000 could be easily realized on this paper. e k In any event, the surplus and stock would be more than ample to cover the deposits. If the depositors would now give the bank the assistance that had been suggested, the stockholders would be able, as well as the depositors, to. realize something. It was not proposed. the speaker said, that the Valley bank should be it merely rehabilitated, but that (Continued on Page Four.)
7.
November 13, 1914
Montpelier Examiner
Montpelier, ID
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Arizona Bank Fails. Phoenix, Ariz.-The Valley bank, the largest financial institution in Arizona, which suspended Tuesday, has been put under the charge of J. C. Callaghan, state auditor. The Valley had a capital of $150,000, and deposits of $2,225,000.
8.
November 13, 1914
Arizona Republican
Phoenix, AZ
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resolution be placed today at the leading drug stores, where the bank depositors might find and sign them, and it was stated that before the meeting signatures representing more than half the deposits had been secured. Colonel McClintock said that be would like to quiet one of many will rumors that had- been in circulation, that the troubles of the bank had been caused by the withdrawal, for spite, of the deposits of the so-called liquor interests. He said that there had been no such withdrawals in large volume. On the contrary, some men engaged in the saloon business who were depositors in the Valley bank were among those who had signed the resolution and were offering the same assistance to the bank that hundreds of other depositors were offering. Last night after the meeting, Bank Comptroller Callaghan and his force of accountants were at work in the bank until a late hour, and when be was advised of the action of the meeting. he declared that such action was a step toward the encouragement of those who might be seriously considering the proposition of financing a reorganization.
9.
November 25, 1914
Bisbee Daily Review
Bisbee, AZ
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AVOID RECEIVERSHIP FOR VALLEY BANK State Auditor Callaghan Hopes. That Institution Will Be Reorganized. PHOENIX, Nov. 24.-The following statement was made this afternoon by the state auditor and the attorney general relative to the Valley bank: "We have felt that a reorganization would resuit in the protection of the depositors' interest and also add to the standing of the Salt River valley in the financial world. We have felt that the appointment of a receiver, unelss the same became absolutely necessary, would be a calamity, not only for the depositors, but for the entire valley. We are satisfied that considerable material progress is being made in the direction of a reorganization of the bank, and that there is a more hopeful outlook for said reorganization at the present time than at any time since the bank's doors closed, and are hopeful that parties are being interested in the same who will reorganize the bank, open its doors and lend to it a financial stability even greater than it has had in the past. We, therefore, intend for a few days to delay the application for the appointment of a receiver in the hopes that this reorganization may be accomplished. "At any time that it becomes apparent that a reorganization is impossible, of course, we must act, but no one would be better please than ourselves if such action becomes unnesessary."
10.
November 27, 1914
The Snowflake Herald
Snowflake, AZ
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display of dry farm products. Indians from the Sacaton and other reser took twenty-three first prizes in the agricultural department and twel seconds. In the mine rescue contest the Copper Queen team, from Bis won first place with 95 points out of a possible 100. The Detroit Coi company team, from Morenci, was second, with 82 points; Old Domir team, Globe, third, 79 points. First prize was $100 and a silver cup Old Dominion team carried off highest honors in the first aid contes The Detroit Copper company team was second; Old Dominion second tear third; Copper Queen, fourth; Detroit second team, fifth. Helen Keith Woc ford of Phoenix was the winner of the sweepstakes prize in the "better be bies" contest, in which 250 babies from all parts of the state were entered award was made on 99 points out of a possible 100. Mrs. John Roc Tombstone took first prize in the art department with a picture of horse, painted by herself. The cowboy. sports proved an interesting feature the fair. John Fredericks of Phoenix won the broncho riding contes: Doc" Pardee and "Lone" Jordan of Yavapai county were his principal competitors. Tommy Rice of Phoenix won the cowboy relay race in thr straight heats. Mrs. Samuel Mahan, wife of a Phoenix gravel hauler, has sudden found herself heiress to $14,000, all because she befriended an old mine apparently penniless, in the last few weeks of his life. Last May Pete Peterson, the old miner, appeared at the little shack in the bottom of Se river, a mile south of Phoenix, where the Mahans made their home. Mahr then eking out a precarious existence by hauling gravel from the rive to Phoenix, and his wife had recently been a dishwasher in a Phoen Mrs. Mahan was able to speak Swedish, Peterson's native tong he soon became a close friend of the family. Finally he camped no Mahan shack. Six weeks ago he fell ill and the Mahans moved hi their home, where Mrs. Mahan nursed him until he died. He left a W bequeathing her all his earthly possessions, which she supposed amounte fo a few dollars. When she inquired at the bank wher he kept his fund found that he had a balance of $14,000. The Valley Bank of Phoenix, Arizona's largest financial institution, the hands of the state banking department, and has not been open f business since November 10. It has deposits totaling over $2,000.000. Th Valley Bank and Trust company of Globe and the Consolidated No "onal Bank of Tucson are negotiating for the Valley, and either may tak over. President C. F. Mills and General Manager R E. Moore are cor ducting the negotiations for the Gila Valley company. while Albert Steinfel and Col. Epes Randolph represent the Consolidated National. Attorne General George Purdy Bullard is expected to make application in the S verior court of Maricopa county for a receiver for the suspended bank. that event, the Val'ey bank directors probably will ask that George A. Mau named as receiver. Counsel has en employed by the wholesale and retail liquor dealer Arizona to br'ng action in the federal court to prevent the enforcement the prohibition amendment. approved bv a majority of the voters Nover 3, until the legislature can enact legis'ation to make it effective. There difference of opinion as to whether the amend ment becomes self-effec 1 or enforcible. January law uak to must have a
11.
December 7, 1914
Arizona Republican
Phoenix, AZ
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COMMITTEE OF DEPOSITORS, VALLEY BANK Board of Trade, Phoenix, Arizona. December 7, 1914. To the Depositors of the Valley Bank: A proposition for reopening the Valley Bank under new management has been made to the Directors of that bank by entirely compétent and responsible people. The acceptance of this plan has been approved by the State Banking Department and by anadvisory body of seven bankers from this state and from California. In brief, this plan requires that some of the notes and other paper now held by the bank be taken over by a trustee, and that the reorganizers be paid for this paper $350,000 in cash or the equivalent thereof. The paper in question will require time for realization. and is on that account not desirable paper for the bank to hold, but it is the opinion of experts who have examined the paper closely, that if it can be handled by a Trustee, with ample time in which to collect and dispose of it, and with no necessity of sacrificing any value by hurried action, that a very material amount can be realized from it. A Corporation, named the "Valley Bank Adjustment Company," has been formed by the depositors of the bank to handle this matter. The Capital Stock of this company is $350,000, composed of 40,000 preferred shares, par value $5.00 each, totalling $200,000, and 30,000 common shares, par value $5.00 each, totalling $150,000. The preferred stock must be taken at par by the depositors of the bank, and may be paid for by checks on the Valley Bank to the extent of one-fourth of the subscribers' deposits. The common stock has been taken by the Directors of the Valley Bank. The paper to be turned over to the adjustment company will amount to $869,000. The proceeds from the realization on this paper will be distributed, first to the payment of the reorganized bank of $212,000, and next in order to the preferred stockholders, who are depositors until they have been fully paid, and any balance will then go to the common stockholders until they shall have been fully repaid the amount of their stock. It is expected that the preferred stockholders will be paid in full under this plan. If the $200,000 from the depositors is not forthcoming for the preferred stock at once the plan will fail and a receiver will be immediately appointed. Under a receivership it will be probably at least eighteen months before one cent will be received by the depositors, and in the end not over sixty per cent. of your deposits will be repaid to you. Your immediate attention to this matter is absolutely necessary. Under the plan proposed, depositors will, upon the reorganization of the new bank, have a live balance available with which to do business. Sign the enclosed check for one-fourth of your deposits in the Valley Bank and return in enclosed envelope today. Your check should be in even figures, neglecting the cents. If one-fourth of your deposit is $21.50, make check for $20: if one-fourth of your deposit is $33, make the check for $35. This is important to you personally. Send in or bring in your check at once to the Phoenix Board of Trade. Committee of Depositors:
12.
December 8, 1914
Arizona Republican
Phoenix, AZ
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WORLD of SPORT CUBS ARRANGE SCHEDULE VALLEY BANK COMMITTEES RIZE AWARD (Continued From Page One) OF BASKETBALL CONTESTS in error, as was explained by one member of the committee as all who have money on deposit are requestIN BIKE RACE The Cubs will play the Leaders' ed to be a part of the body of declass of the Y. M. C. A. a game of positors who assist in rehabilitating basketball this afternoon at four the bank. o'clock. They will take on the night This is regarded as necessary beclass team of the Y. later in the rotests Against Winners cause of the number of depositors week. of the whole nine thousand who will do Not Stand, and Bovs The following line-ups have been not be found, no matter how careGet Their Rewards; Plans given out for the games: ful or thorough the canvass, The Leaders: Putney and Tovrea, forfact that this or that depositor has Being Considered for wards; Dorris, center; Reno and not been or is not visited is not to Chandler Race. Cheney, guards. be considered as a slight by any Cubs: Pickrell and Lefevre, formeans as the assistance of every one wards; Irvine, center; Detweiler (capis needed in the movement. Ie is 'he protests that Harold Kincaid tain( and Heflin, guards. necessary to obtain signatures to Harry Newnham helped themY. M. C. A. Night Class: Grosso checks on the bank equal to the sum ves along the route of The Reand McCoy, forwards; Boyer, center; of $200,000 and none less than that. olican's Tempe Phoenix bike race, Wright and Smith, guards. This being true the invitation of the ring failed to be proven, the comThe Night Class has won two out committee for depositors to visit the tee has awarded the prizes to of the three games played with the board of trade rooms has double se two young athletes, who finLeaders, a fact which promises a force. ed one and two in the contest. Neil strenuous combat with the fast Cub Further than this the present comheney gets third prize, Harley Frateam. mittee feel in need of other workers o winner of the Echo Canyon to who will assist in making the canpenix race, fourth and Alfred Sanvass. There are many who have The Giants were the only team to S fifth. signified their willingness to work score over 100 runs against the incaid's reward for having made who have not yet been. heard from over Braves last season. They put best time, will be a handsome and these are requested to get in 114 while the Cincinnati Reds regisuseful coat sweater, and the big touch with Dr. Norton, chairman of tered 53. of the purse raised by collecting the depositors' meeting, or Harry o ry fees. The other winners get Welch, secretary, and work will be Reports from Chicago tell of blood rehandise prizes and small cuts off assigned to them. friend, poison threatening our old 11-the bacon as it were
13.
December 8, 1914
Bisbee Daily Review
Bisbee, AZ
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DEPOSITORS TO JOIN VALLEY BANK PLAN PHOENIX, Dec. 7.-The plan for the reorganization of the Valley Bank, which was referred to the advisory committee of the bankers of Arizona and Los Angeles summoned to meet in Phoenix on Friday at the invitation of State Bank Comptroller Callaghan has been carefully cerutinized by the depositors' committee, who feel that the recommendation of the bankers is well advised and the only possible solution of the situation with due regard to the speedy reopening or the bank and the payment in fill of the depositors of their accounts. The plan as recommended by the aa. visory committee of bankers requires to a certain extent the co-operation of the depositors. The committee of depositors is forming a company to take over certain assets of the bank which will require time upon which to rea:ize. Each depositor will be visited n person, or will receive a letter withn forty-eight hours outlining the COoperation which is required from each individual to make this plan successful. It is a great relief to the state bankng department and to the depositors' committee to realize that a solution of this difficulty has been reached which will make possible the reopening of the bank and will avoid the necessity if applying for a receivership. If a receiver were appointed for the bank no payments on deposits could possibly be made for over a year and under a receivership not over sixty per cent of the deposits could ever be repaid. This amount could only be realized after three years or more of earnest effort on the part of a receiver With the co-operation of the depositors the plan for the reorganization will be effected within the next few weeks and depositors will be paid in full. The depositors' committee earnestly request that every depositor answers immediately the letter which will reach them within the next few days and that every encouragement be given the committee in its endeavors to bring about the prompt reopening of the bank.
14.
December 8, 1914
Arizona Republican
Phoenix, AZ
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December 7, 1914. To the Depositors of the Valley Bank: A proposition for reopening the Valley Bank under new management has been made to the Directors of that bank by entirely competent and responsible people. The acceptance of this plan has been approved by the State Banking Department and by anadvisory body of seven bankers from this state and from California. In brief, this plan requires that some of the notes and other paper now held by the bank be taken over by a trustee, and that the reorganizers be paid for this paper $350,000 in cash or the equivalent thereof. The paper in question will require time for realization, and is on that account not desirable paper for the bank to hold, but it is the opinion of experts who have examined the paper closely, that if it can be handled by a Trustee, with ample time in which to collect and dispose of it, and with no necessity of sacrificing any value by hurried action, that a very material amount can be realized from it. A Corporation. named the "Valley Bank Adjustment Company," has been formed by the depositors of the bank to handle this matter. The Capital Stock of this company is $350,000, composed of 40,000 preferred shares, par value $5.00 each, totalling $200,000, and 30,000 common shares, par value $5.00 each, totalling $150,000. The preferred stock must be taken at par by the depositors of the bank, and may be paid for by checks on the Valley Bank to the extent of one-fourth of the subscribers' deposits. The common stock has been taken by the Directors of the Valley Bank. The paper to be turned over to the adjustment company will amount to $869,000. The proceeds from the realization on this paper will be distributed, first to the payment to the reorganized bank of $212,000, and next in order to the preferred stockholders, until they have been fully paid, and any balance will then go to the common stockholders until they shall have been fully repaid the amount of their stock. It is expected that the preferred stockholders will be paid in full under this plan. If the $200,000 from the depositors is not forthcoming for the preferred stock at once the plan will fail and a receiver will be immediately appointed. Under a receivership it will be probably at least eighteen months before one cent will be received by the depositors, and in the end not over sixty per cent. of your deposits will be repaid to you. Your immediate attention to this matter is absolutely necessary. Under the plan proposed, depositors will, upon the reorganization of the new bank, have a live balance available with which to do business. Sign the enclosed check for one-fourth of your deposits in the Valley Bank and return in enclosed envelope today. Your check should be in even figures, neglecting the cents. If one-fourth of your deposit is $21.50, make check for $20; if one-fourth of your deposit is $33. make the check for $35. This is important to you personally. Send in or bring in your check at once to the Phoenix Board of Trade. Committee of Depositors: J. C. NORTON, Chairman.
15.
December 14, 1914
Arizona Republican
Phoenix, AZ
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MOVE TO HELP THE TAXPAYERS Suggestion of Plan for Their Relief and at the Same Time Assist in the Reorganization of the Valley Bank (By C. B. WOOD) Today is the last day for the payment of taxes. Hundreds of taxpayers cannot meet their taxes because their money is in the Valley Bank. That this bank will be open in a week or two there is every reason to believe. The re-organization committee is bending every energy toward that end and it will ultimately be successful. Extension of time should be granted for the payment of taxes or rather the tax-collector should be allowed to accept Valley Bank checks in payment of same. This can be done and the tax-collector is willing to accept the same if the Board of Supervisors will give him a few days longer to make his settlement with the county. He would accept taxes all this week, date the same as if paid today, and would expect a little longer time of course to check his books and make his report. This has been done before when no such great need as now and should be done this year. Now as to Valley Bank checks: The re-organization committee is securing checks in order-partly-to give the re-organized bank an opportunity to open without having a run or having to sacrifice the assets on hand. In other words it keeps a large percentage of the deposits in the bank until these assets can be realized upon. If taxes were permitted to be paid by the means of Valley Bank checks the tax-collector would immediately re-deposit them in this bank as they would be protected by the bond given, and the re-organized bank would have another $100,000 to open on, and the new management would have the guarantee that this money would not be immediately checked out and they would have a very material sum to assist them in earrying out their plans. This would be not only a good thing for the bank, a boon to the taxpayers, but a present help in time of need to the whole valley. This can be done easily by a word from the Supervisors. It has been done before and should be done now. A majority of the Board succeed themselves. January 1st, Mr. McDonald, treasurer and tax-collector, succeeds himself and there is nothing needed but a little common sense and exercise of wise discretion. Mr. Macdonald is willing it is un to the
16.
December 19, 1914
The Western Outlook
Oakland, San Francisco, CA
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S. Roberts died on Dec. 14th at the home of I. Smith. F. Rosser and P. Payne went 30 miles in the country to hunt. They were gone 48 hours, and all they bagged was one duck and a hawk. The bazaar and concert at the C.M.E. church under the management of Mrs. J. Wiggins and Miss Henderson was a big success. Mrs. Clarington's paper was well rendeted, and Mrs. Smith's solo ditto. Presiding Elder Z. Johnson held quarterly meeting at the C. M. E. church Sunday. The Tuskegee Students rendered some fine selections at the high school Saturday and at the A.M E. church and Indian school Sunday. Mr. Clarington of Fort Apache is in the city visiting relatives. The Valley bank's affairs are still tangled It is reported that It will go into the hands of a receiver this week. Phœnix has ten theatres and moving picture shows, and no one should complain of being lonesome in our city. The K. P. ball last week was was well attended. Tne music was furnished by Johnson's orchestra. A. Lewis and wife entertained a jolly bunch on Dec. 14th at their home on West Apache street. Mrs. Clarington sang and played excellently. Burglars attempted to enter the residence of Frank Rosser recently, but were frightened away. Phoenix is in the north frigid zone. Ice formed in the gutters during the recent cold snap. Meharry medical college students were recently presented a message from Andrew Carnegie, the message being delivered by Dr. Pritchett of New York, president of the Carnegie foundation. Among other things he said: I bring greetings and a message to you from Mr. Carnegie. He asked me to say to you that your opportunity is great and your profession is noble in 80 far as you practice it in the interests of humanity, and not for the gratification of a seltish end." Continuing Dr. Pritchett called attention to the great European war, which he said is the outcome ef race hatred. You have an opportunity to de'hrone racial batred which surrounds you by means of the Christianity which we profess. Christianity, and not creed, is the hope of the races." Speaking of the Germans he said that they are the most religious nation in the world, having three religions, and from the first day a child enters school it is steeped in the doctrines and creeds of one of these religions, but along with it there is not that Christianity which is a soul passion to help
17.
December 30, 1914
Evening Times-Republican
Marshalltown, IA
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PHOENIX BANK REOPENS. Largest Institution in Arizona Reorganized on Substantial Basis, Phoenix, Ariz., Dec. 30.-The Valley Bank, largest in Arizona, which was closed Nov. 10, will be reopened tomorrow with a new set of officers and directors, headed by E. M. Mills, of Miami; C. E. Moore, of Phoenix, and Dr. L. D. Ricketts, of Douglas. The bank had thousands of depositors. None lost a penny, and in celebration of the reopening they will give a parade Saturday followed by a "prosperity dinner." The state. bank examiner took charge Nov. 10, after a run, which the institution was unable to withstand and because of having a large amount of "sold assets." It had deposits of $2,225,000, but there was less than $30,000 on hand at the time it closed. In the reorganization just effected many of the larger depositors accepted stock and the bank reopens with more than $700,000 in cash and currency in its vaults.
18.
December 30, 1914
The Evening Herald
Albuquerque, NM
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VALLEY BANK WILL OPEN TOMORROW AT PHOENIX Not a Penny Lost to Depositors Through Run Which Absorbed Liquid Assets of Institution. Phoehix Ariz. Dec. 30. -The Valley bank largest in Arizona which was closed November 10. will be reopened tomorrow with a new set of officers and directors headed by S. E. Mills of Miami, e E. Moore of Phoenix and Dr. L D. Ricketts of Douglas The bank had thousands of depositors None lost a penny and in celebration of the reopening they will give a parade Saturday followed by at "prosperity dinner The state bank examiner took charge of the Valley bank November 10. after a run which the Institution was unable to withstand because of having a large amount of "slow assets. It had a deposit account of $2,225,000 but there was less than $30,000 on hand as the time it closed In the reorganization just effected many of the larger depositors accepted stock and the bank will resume business with more than $700. 000 in cash and currency in its vaults
19.
December 31, 1914
Omaha Daily Bee
Omaha, NE
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Suspended Bank Will Reopen With Prosperity Dinner PHOENIX, Ariz., Dec. 30.-The Valley bank, largest in Arizona, which was closed November 10, will be reopened tomorrow with a new set of officers. and directors, headed by S. E. Mills of Miami, C. E. Moore of Pheonix and Dr. I D. Ricketts of Douglas. The bank had thousands of depositors. None lost a penny, and in celebration of the reopening they will give a parade Saturday followed by a "prosperity dinner." The state bank examiner took charge of the Valley bank November 10, after a run, which the institution was unable to withstand because of having a large amount of "slow assets." It had a deposit account of $2,225,000, but there was less than $30,000 on hand at the time it closed. In the reorganization just effected many of the larger depositors accepted stock, and the bank will resume business with more than $700,000 in cash and currency in its vaults.
20.
January 1, 1915
Arizona Republican
Phoenix, AZ
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Many Hurry to Bank to Show Confidence in Reorganized Institution, Putting More Money in Than is Paid Out OLD EMPLOYES ARE CONTINUED Feeling of the Community Brightens as Oldest Banking Institution Begins Business After Seven Weeks of Suspension Five hundred citizens of Phoenix gathered around the doors of the Valley bank yesterday morning to cheer the opening of the institution and give their best wishes for its success to the men who have rehabilitated the oldest bank of the Salt River valley. When the doors swung open for the first time since November 10, when they were closed by the state bank examiner, the crowd cheered and applauded, and many depositors who had been waiting for some time. rushed to the receiving teller's window and began paying in money, thus demonstrating their faith not only in the institution, but in the section and state which will support it, and which looks to it for a means of upbuilding materially in the immediate years. At the close of the first day's business a balance was shown that considerably more money had been paid into the bank than was taken out by depositors. In fact. the number of folks who drew out money was surprisingly small, and in many cases represented those who had checks issued to them on the bank prior to the suspension of business. The fact that they were able to cash these checks for their face value was one of the strongest features of the day. Among the officials of the new bank who were on and to greet the many who have for years done business with the Valley bank were Lloyd T. Christy, formerly cashier of the Valley bank, and P. T. Slayback, formerly Assistant Cashier. These two gentlemen, with many other former employes, will continue with the organization and thus continue the hold it has on the public love in this section. Mr. Christy issued the following letter to the depositors of the bank. which was made public yesterday: "The Valley bank reopens its doors with sufficient capital and cash on hand to meet all the demands of the depositors. It is a great pleasure to me to be able to announce this to the various friends of mine who were doing business with the bank before it suspended temporarily six weeks ago. "The people who are associating themselves in the bank are men of great means, and there will be sufficient funds to meet all the banking requirements of the bank's customers when adequate security is offered. "I would earnestly beg you to continue your account with us and we will do our very best to treat you in the future as we have in the past. "LLOYD B. CHRISTY."
21.
January 1, 1915
Arizona Republican
Phoenix, AZ
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# Up to the County Treasurer
If a member of the state tax commission was correctly quoted in The Republican yesterday morning, he had overlooked a provision of the law for the listing of property which had escaped the attention of the county assessor. It is a reasonable presumption that our tax laws contemplate that every property owner shall bear his full share of the burden of taxation. And it would be an outrageous presumption that any property owner might legally evade his share of the burden if he is sharp enough skillfully to conceal, for a time, his property from the attention of the assessor.
The suspension of payment last November by the old Valley Bank disclosed that several citizens had on deposit large sums of money which they had not returned to the assessor and whose existence the assessor had no means of ascertaining. Among these deposits was one, something in excess of $26,000, which had not been returned to the assessor. At the time of its discovery the work of the assessor had been done, his books were closed and could not be reopened by him. The county board of equalization had also finished its work and could make no further changes in the tax roil.
The tax commissioner said quite properly that the commission could do nothing in the premises, and he added this rather hopeless statement:
"Any information relating to property not on the tax rolls should go properly to the assessor, not to the treasurer. The treasurer is merely empowered to collect the amount shown on the assessment rolls, and property not on that list does not properly come within his province. If the law is enforced in one case, it should be enforced in all."
But the law very plainly empowers and directs the county treasurer to circumvent the schemes of those who may thus far have sequestered their property from the view of the assessor. According to Paragraph 4901 of the Revised Statutes:
"When the county treasurer of any county, after the roll is committed to him, ascertains that any real estate, horses, mules, cattle, sheep, goats, swine or OTHER PERSONAL PROPERTY, then in his county, are omitted from the roll, and has reason to believe that such personal property has not been taxed in any other county for that year, he shall forthwith proceed to list and assess said property in the same manner that the assessor might have done, and shall enter such assessment on the roll, following the levies made and delivered to him by the board of supervisors, and such entries shall be designated as additional assessments; and the taxes so levied and assessed by the county treasurer shall be as valid for all purposes as if the assessment
22.
January 8, 1915
The Holbrook News
Holbrook, AZ
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VALLEY BANK OPENS After Seven Weeks Suspension, Oldest Bank of Salt River Valley Re-Opens. Amid the cheers of five hundred of the citizens of Phoenix, the doors of the Valley Bank were opened last Thursday, for the first time since November 10th, when the state bank examiner closed the institution. Many depositors proved their faith in the future of the bank and of the section which supports it, by immediately paying in their savings, so that the day's balanceshowed far more received than was withdrawn. Lloyd T. Christy and P. T. Slayback, cashier and assistant cashier respectively, as also several other employes, will remain with the organization, which is a fortunate circumstance, as those gentlemen have the confidence of the patrons of the bank. The speedy adjustment of the affairs of the Valley Bank and