Article Text
After an absence of some years from activity in politics, Mr J. C. Callaghan becomes concurrently with this announcement, a candidate for the office of State Treas urer of Arizona, subject to the action of the Democratic prim ary election to be held Septem ber 7th. Through the instrumentality of the first State election, Mr. Callaghan, a resident of Bisbee in Cochise county, became the first State Auditor of Arizona. He was re elected in 1914, and retired of his own volition upon the conclusion of his second term, constituting, with one ex ception, the only state official thus to retire after a second term. During the period referred to, the ex officio duties of the State Auditor comprised those of State Bank Comptroller and of mem. bership on the State Board of of Control; the former in charge State Banks, the latter of State Institutions. As State Bank Comptroller his CO operation became, with that of the Attorney General, a ne cessary factor incidental to the negotiations which resulted in the organization of The Valley Bank of Phoenix upon the ruins of the old Valley Bank. Con temporaneous statutes made mandatory an immediate receiv ership, whereas weeks of exami nation of the assets of the in solvent institution became an essential preliminary toward a possible reconstruction. The final consummation, contrasted with the comparative effect upon the State at large, especially upon Phoenix and the Salt River Valley, and more particularly upon the interests of the 9,000 depositors involved, which a long drawn out receivership would have entailed, evoked much enthusiasm, and was her. alded with acclaim. The accom plishment, briefly described, made possible, upon the opening day of the new institution (a new and entirely distinct corporation, the personnel of which had no con nection with the management and affairs of the old organiza tion), after a six week interim, the payment over its counters of approximately 80 cents on the dollar to depositors of the defunct bank. An official, lacking