Valley Bank (Phoenix, AZ)

Episode Information

Episode UID
7033867791379
Episode Type
Run β†’ Suspension β†’ Reopening
Bank Type
state
Bank ID
703386779 hash
Start Date
November 10, 1914
Location
Phoenix, Arizona (33.448, -112.074)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
67e581c95d53d2e7

Response Measures

None

Events (3)
1. November 10, 1914 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals following discovery that large portion of assets were slow/illiquid and unable to be realized on collateral
Measures
Depositors' committee solicited pledges to leave 80% of deposits for 60 days; formation of Valley Bank Adjustment Company to take over slow assets as part of reorganization
Newspaper Excerpt
The state bank examiner took charge Nov. 10, after a run, which the institution was unable to withstand
Source
newspapers
2. November 10, 1914 Suspension
Cause
Government Action
Cause Details
State bank examiner/auditor took charge and suspended payments due to inability to meet withdrawals and illiquid assets
Newspaper Excerpt
The doors of the Valley Bank failed to open yesterday morning ... State Auditor Callaghan took charge of the bank
Source
newspapers
3. December 30, 1914 Reopening
Newspaper Excerpt
The Valley Bank ... closed Nov. 10, will be reopened tomorrow with a new set of officers and directors ... None lost a penny
Source
newspapers

Newspaper Articles (23)
1. November 11, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 11, 1914

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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 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, November 11, 1914

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LARGEST BANK IN ARIZONA CLOSES INDEFINITELY Capital of $150,000 and Deposits of $2,225,000 Shrink to Only $30,000 in Cash on Hand for Depositors. (BY MORNING JOURNAL SPECIAL LEASED WIRE] Phoenix, Ariz, Nov. 10.-The Valley bank, the largest financial institution in Arizona, which suspended today, has been put under the charge of J. C. Callaghan, state auditor. The bank 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 collateral to meet withdrawals was given as the reason for the suspenscion. Reorganization of the bank is uner consideration by the state banking officials, but there is as yet no definite conclusion in the matter. Early in the day it was reported that the bank would reopen in four days. Mr. Callaghan, however, said tonight: "It is hoped the suspension is only temporary."

3. November 13, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 13, 1914

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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.)

4. November 13, 1914 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, November 13, 1914

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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.

5. November 13, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 13, 1914

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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.

6. November 18, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 18, 1914

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The Valley Bank Matter Is Progressing Rapidly And Well The condition of the reorganization ening out the affairs of the bank. They have just completed a careful appraiseof the Valley bank and its probable imment of assets and their statement, as mediate consumation was the question presented to the committee, was more under discussion at a meeting of the favorable than had been expected. directors of the institution with the "The completion of this appraisemembers of the policy holders commitment now makes it possible to talk intee yesterday. The committee is comtelligently with outside capital looking posed of Dr. J. C. Norton, Col. C. W. toward reopening the bank. The deJohnstone, A. L. Moore, Francis S. Vepositors' meeting is working hand in lie, Rev. H. M. Campbell, Frank T. Alhand with the officers of the bank to kire and Clay F. Leonard. After the prevent a receivership and it is confimeeting the committee gave out the dently expected that negotiations now following statement for publication: in progress will result in the speedy "This morning the directors of the reopening of the bank without the loss Valley bank met with the depositors' of a dollar to any depositor. The decommittee in a lengthy conference that positors' committee, as fast as warwent deeply into the affairs of the inranted, will give through the press to stitution. The directors have been the depositors and the public all posworking night and day toward. straightsible information of interest."

7. November 27, 1914 The Snowflake Herald Snowflake, AZ
Article from The Snowflake Herald, November 27, 1914

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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

8. December 7, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, December 7, 1914

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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 compΓ©tent 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:

9. December 8, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, December 8, 1914

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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

10. December 8, 1914 Bisbee Daily Review Bisbee, AZ
Article from Bisbee Daily Review, December 8, 1914

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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.

11. December 8, 1914 Arizona Republican Phoenix, AZ
Article from Arizona Republican, December 8, 1914

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$100, each bearing the name of the depositor the number of his account and the date issued. No account may be opened for less than one dollar, nor will fractions of a dollar be received, savings less than a dollar made be made by the purchase of postal saving cards and stamps. Interest of 2 per cent is paid annually. Depositors may draw out any part of their deposits at any time. The Phoenix postoffice might be wiped out of existence, the banks might all fail, but the depositor in the postal savings account would get i his money just the same. When the : Valley bank suspended payment some people who were timid and who were looking for safety wanted to deposit two and three thousand dollars at a time, but when they found they could not do so, and that only $100 would be received, they bought money orders made payable to themselves. It does not cost anything to open an acount in the postal savings and e the depositor has an additional ade vantage of receiving interest, but peot ple have to pay for money orders. Nevertheless, money orders to the ex3 tent of thousands of dollars were purI chased and while the purchasers will receive no interest on same, their . money is absolutely safe. Money deposited in the postal savings account does not cripple business e : nor injure the local banks as it is ime mediately redeposited in the banks : which are United States depositories. it In the past Phoenix only handled 3 the money deposited in its own of3 fice, but an order has been issued that ! from now on other Arizona postofI fices shall send their deposits to the - postmaster at Phoenix. I I This will add quite largely, of 1 course, to the sum total of the postal t savings funds to be handled by the - - Phoenix postmaster. The postoffices - ordered to remit their postoffice ret ceipts to the postmaster at Phoenix I are as follows: Ash Fork. Bisbee, Benson, Clifton, S Douglas, Duncan, Flagstaff, Florence, e Globe, Grand Canyon, Hayden, Hole brook, Humboldt, Jerome, Kelvin, - Kingman, Mesa, Metcalf, Miami, Morn enci, Ray, Safford, Sonora, Tempe, . Tombstone, Warren, Wickenburg, Will- cox, Williams, Kinkleman, Winslow. I Yuma.

12. December 11, 1914 The Copper Era and Morenci Leader Clifton, AZ
Article from The Copper Era and Morenci Leader, December 11, 1914

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VALLEY BANK TO REOPEN (Continued from Page 1) a live balance available with which to do business. Sign the enclosed check for onefourth 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 a 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 Board of Trade. Committee of Depositors: J. C. Norton, Chairman, A. L. Moore, F. S. Viele, E. T. Alkire, H. M. Campbell J. H. McClintock, C. W. Johnstone, Clay Leonard, Harry Welch, Secretary. Letter to Depositors. Phoenix, Arizona. December 5, 1915. To the Depositors of the Valley Bank: When in the performance of my official duties, it became necessary to close the Valley Bank, and it was apparent that if a receivership resulted, a calamity to depositors and the people of the Valley would ensue, I considered it a duty to recommend delay, to the end that efforts toward reorgani zation might be exerted. Accordingly, I invited parties whom I regarded as likely to be interested in the reorganization and who could command sufficient resources to rehabilitate the institution. In all of this your committee was in thorough accord and heartily joined. It now appears that our efforts are, with your co-operation, about to be successful. The plan or reorganization has been approved by leading bankers of the state and others. The prospective purchasers of the Valley Bank represent some of the strongest financial interests in the United States. Their advent into this city will, in my opinion, prove a blessing to this Valley. amply compensating for the temporary delay you have experienced. I consider the plan presented as the very best that could be devised for the immediate relief and ultimate protection of the depositors. I congratulate the depositors upon what promises to avert the disaster of a receivership, and upon the patience, good sense, and genuine spirit of confidence at all times manifested,

13. December 19, 1914 The Western Outlook Oakland, San Francisco, CA
Article from The Western Outlook, December 19, 1914

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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. PhΕ“nix 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

14. December 30, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 30, 1914

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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.

15. December 30, 1914 The Evening Herald Albuquerque, NM
Article from The Evening Herald, December 30, 1914

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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

16. December 31, 1914 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 31, 1914

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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.

17. January 1, 1915 The Copper Era and Morenci Leader Clifton, AZ
Article from The Copper Era and Morenci Leader, January 1, 1915

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The signers of the notice are men of whose standing and of whose ability to carry out the reorganization there is no shadow of doubt. L. D. Ricketts is the chief consulting engineer of the Phelps-Dodge com pany and the general manager of the Greene-Cananea mines. Thomas F. Cole, is a multi-millionaire of Duluth, Minn., and one of the principal owners of the Calumet & Arizona Mining company. C. E. Mills is the president of the Gila Valley Bank & Trust company and has charge of the Phelps-Dodge interests at Globe. The most acceptable Christmas gift that Phoenix and the Salt River valley could have had is the news that the Valley bank will be reopened. The announcement was definitely made this morning by the depositors' committee. Always recognized as one of the strongest and most liberal banking institutions in the state, the news of the closing of the bank by State Auditor Callaghan on Nov. 10 came as a shock and surprise to the thousands of depostirs and tens of thousands of friends of the institution. by the press of the entire. southwest dreds of depositors had their entire savings in the bank, there was no panic and the depositors took the situation calmly-so calmly that their attitude was remarked on favorably by the press of the entire southewest. Their first step was the appointment of a committee to take charge of their interests and this committee, under the leadership of Francis Veile and Dr. J. C. Norton, has done yeoman service and has well deserved the thanks of the depositors and of the citizens at large. After several attempts at reorganization and the introduction of outside capital had failed, a proposition was made to the depositors by which, if they agreed to take stock in a holding company to the extent of 25 per cent of their deposits, the bank would be re-opened. This proposition has been accepted and the great majority of the depositors, large and small, have signed the agreement. This provides that certain assets of the bank are to be turned over to a corporation known as The Valley Bank Adjustment company, which will take over from the bank sufficient assets to pay off the depositors in full, to pay the directors and stockholders, and any surplus remaining will be turned back to the bank. This assures the depositors the payment in full of their deposits so soon as the assets are realized upon,and in the meantime the bank will be reopened with ample capital and will continue business. Phoenix and the Salt River valley are to be congratulated on the fact that the good old bank which has done so much for the city and valley will continue business under auspices

18. January 1, 1915 Arizona Republican Phoenix, AZ
Article from Arizona Republican, January 1, 1915

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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

19. March 27, 1917 Arizona Republican Phoenix, AZ
Article from Arizona Republican, March 27, 1917

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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.

20. January 9, 1918 Arizona Republican Phoenix, AZ
Article from Arizona Republican, January 9, 1918

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examined tion. after they they had found minutely that assets un- to the assets; of nearly $900,000 difficult were to the amount either slow and This condesirable wholly worthless. the obhandle, or as to the character of contrary clusion, assets, was quite notion bejectionable popular notion; that "slow," but to the that they were simply coming good. The depositors' efforts to ingenerally persisting in their of promittee bankers, a plan terest cedure, these acceptable to all concerned, finally worked out. was provided for the organiza- to be This plan entirely new bank, mention of an the wealthy men just leading owned by joined by some of the bank to tioned, of Phoenix, the new (instead citizens of Valley bank the have the Valley name Bank of Phoenix" and to of "The the failed institution), of half name of cash capital, paid bank in, to buy have a dollars: the new bank a million assests of the suspended full. and all the its depositors in all the and to to pay another corporation the new to sell the old bank which for assets should of consider undesirable of this arbank A condition of it to retain. was that the depostors of the rangement bank and the directors projected the old should form the was to old purchasing bank corporation, The Valley which Bank Adjust- was be known company. as This corporation of the assets ment to buy old and bank pay as for the such new bank These might unof the undesirable to keep. listed, had deem desirable assets, as $869,000, finally and they face value of the Adjustment a to be sold to their net cost were for precisely $562,000. The company which was value of to the bank, between the face they difference and the price at which by the the assets purchased was represented failed bank, were and surplus of the as a loss 4 capital sum was to be figured the old bank. which stockholders of needed sum of to the raise the which How to the final problem depositors. $562,000 was the committee of character confronted most familiar with the to be pur$ Those of the assets of which the opinion were that the ultimate chased were yield $212,000, therefrom together. should be possi- ap- acthe interest which bly, with that sum during the it was upon period, be some of proximately crue liquidation-which necessarily should period realized, would prospective owners of The that, sell- the years. bank agreed, therefore, $562,000, new undesirable assets for for repaying the would grant long time of the they of $212,000; the remainder in cash or ment price to be paid of $350,purchase This remainder the Adits equivalent. be the capital of that 000 was to company. It was agreed invited to justment should be directors the depositors for $200,000, and subscribe the for subscribe bank should to of the old the depositors, however, Adjustment $150,000. preferred stock in the of the old have and the directors which a company have common stock: reat bank to that if the depositors stock ever they S meant, on their holdt would lized anything get dividends ahead of the h e ers of common was stock. carried out. The their diThis plan of the old bank gave mortgage rectors notes, secured by aggregate separate collateral, in the to the Ade or other $150,000. executed turn enK sum of company, which in notes to justment and guaranteed the up this f dorsed bank. To make the old the new President Bennett of Cashier e f bank $150,000. contributed contributed $37,500: $37,500. and the the $12,500. Christy directors each contributed is the S other six "Contribution" and a sum of word, for these officers miracle, f directors to knew that, barring the a common 3. d their of the Adjustment The camd stock proper subscriptions loss. company old e would with prove the a total depositors of An the and paign equally successful. having n o alysis bank was of the list of been depositors decided that if been made, invited it has to subscribe one-fourth the all of were their deposits in the old bank.

21. March 11, 1921 Mohave County Miner and Our Mineral Wealth Kingman, AZ
Article from Mohave County Miner and Our Mineral Wealth, March 11, 1921

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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.

22. April 1, 1921 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, April 1, 1921

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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.

23. April 1, 1921 The Holbrook News Holbrook, AZ
Article from The Holbrook News, April 1, 1921

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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.