Valley Bank (Phoenix, 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.

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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."

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The Valley Bank, of Phoenix, one of the biggest institutions of the kind in the state, closed its doors to business first of the week. State Auditor Callaghan has the bank in his control and it is thought everything will be justified and in running order within a few days.

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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.

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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.

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Correct-Attest

JNO. R. HULET H. H. SCORSE C. H. BROWN Directors. Valley Bank Closed. The Valley bank of Phoenix did not open for business Tuesday morning, a notice being posted to the effect that the affairs of the institution had been taken over by the state auditor. At 3 o'clock Tuesday afternoon, J. C. Callaghan, state auditor and bank examiner, authorized the following encouraging statement. "The suspension is due to the fact that the Valley bank is unable to realize on certain assets at the present time to meet withdrawals, it is hoped that the suspension is only temporary, as efforts are now being made towards reorganization."

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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

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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

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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

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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.

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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

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Briefs From the Wires Are Undesirables [By United Press] PHOENIX, Ariz., Dec. 31.-The (By United Press] reorganized and recapitalized Valley WASHINGTON, Dec. 31.-By a bank, which has been closed since vote of 34 to 26 the senate today votNovember 10th, reopened today amid ed down the amendment to the immithe cheers of thousands. Nine tho.13gration bill admitting to America and depositors were waited on by fugitives from political, religious and the new management and told racial organiations, whether they them they could withdraw 75 per could pass the literacy test or not. cent of their deposits today if they wished, but this was not taken advanWill Defend His Measures tage of and at noon today Vice-pres[By United Press] ident Moore estimated that the deWASHINGTON, Dec. 31.-Presiposits exceeded the withdrawals by dent Wilson has decided to speak at 100 per cent. The bank is recapital- the Democratic celebration at Indianized at $500,000 and it is rumored the apolis on January 8th, and it is underPhelps-Dodge mining interests are stood his political talk will be signifbehind the reorganization. The Val- icant and will probably defend the adley bank was the largest in Arizona. ministration against recent attacks.

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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.

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ARIZONA BANK REOPENS DOORS Phoenix, Ariz., Dec. 1.-Three thousand persons packed in the streets in front of the re-organized and re-capitalized Valley Bank cheered lustily when the bank re-opened its doors today. It had been closed since November 10. The 9,000 depositors of the bank, which is the largest in Arizona, were permitted by the new management to withdraw 75 per cent of their deposits today if they wished. At noon VicePresident Moore estimated that the deposits for the day, however, would exceed the withdrawals by 100 per cent. The bank has been re-capitalized at $500,000. Rumors are current that the George Phelps-Dodge mining interests are behind the re-organization.

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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

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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

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JAMES GILLEN James J

Gillen, who for the past six years has been prominently identified with the development of the state of Arizona. passed away yesterday morning at 8 o'clock at St. Joseph's hospital. Mr. Gillen has been seriously ill for the past several months, and a few days ago it became apparent that death was but a question of time. For the past year or SO Mr. Gillen had been assistant cashier of the Valley bank Coming to Arizona about six years ago, Mr. Gillen entered the employ of the Southern Arizona Bank & Trust company at Tucson. He remained there until 1913, when he was appointed state bank examiner by State Auditor J. C. Callaghan. When the old Valley bank suspended business, Mr. Gillen was put in charge, remaining as assistant cashier when it was taken over by a new group of bankers. Mr. Gillen had a notable record in banking for one of his age. He was formerly connected with the Contimnental-Commercial bank of Chicago, one of the greatest and strongest banks of this country. Mrs. Gillen was Miss Lillian Koch, formerly of Chicago and Tucson. They were married on June of 1915 He was 31 years old and is survived by a wife and small son. The funeral will be held tomorrow morning at 8 o'clock from St. Marv's church, burial being in the Catholic cemetery.

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BANK WANTS ADDRESSES

The Valley Bank Adjustment company, which is settling up the affairs of the old Valley Bank, of Phoenix, wants to get in touch with the following depositors, there being some money due to each:

Chong Lee, Charles Purtyman and M. E. Trout, all having lived in Kingman at the time of making the deposit. If anyone knows the address of these parties they will confer a favor on them by sending it to Sims Ely, receiver.

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BANK RUSHERS SHAMED WHEN THEY FAIL TO BUST BANKS AT PHOENIX The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.-Phoenix Republican.

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BANK RUSHERS SHAMED WHEN THEY FAIL TO BUST BANKS AT PHOENIX The tip of the tail end of the bank run passed yesterday a little before noon with a slight flicking, and after that all trace of the insanity of the day before vanished, leaving a feeling of greater confidence in Phoenix than had prevailed since the first rumors of the weakness of some of the smaller banks of the city and vicinity were circulated several weeks ago. It was demonstrated to the satisfaction of even the fearful that the banks now doing business are unbreakable. At the hour of opening, The National Bank of Arizona, The Valley Bank, The Phoenix National and The Phoenix Savings Bank and Trust company were quickly filled. The throng was composed in part of a large number of business men who had come to make deposits, in accordance with the spirit of the mass meeting at the Chamber of Commerce the night before. But in the crowd were many who had come to continue the run of the afternoon before, and those of the latter class could be distinguished by the shamefacedness with which they entered the doors.-Phoenix Republican.