709. Bank of Northern Arizona (Snowflake, AZ)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 29, 1921
Location
Snowflake, Arizona (34.513, -110.078)

Metadata

Model
gpt-5-mini
Short Digest
4efc87ac

Response Measures

None

Description

Bank suspended July 29, 1921 because it was unable to realize on loans ordinarily good. A receiver (L. C. Owens) was appointed and worked collections. Receivership dissolved and bank reopened on deferred payment plan in early February 1922. There is no clear evidence of a depositor run causing the suspension; therefore this is classified as a suspension with subsequent reopening.

Events (3)
1. July 29, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank's inability to realize on loans ordinarily good led to suspension of operations on July 29, 1921.
Newspaper Excerpt
The Bank of Northern Arizona, which closed July 29, opened its doors for business at Snowflake yesterday... (articles state bank which suspended business from July 29)
Source
newspapers
2. September 1, 1921* Receivership
Newspaper Excerpt
The receivership matter for the Bank of Northern Arizona at Snowflake came up in the superior court ... L. C. Owens, receiver of the Bank of Northern Arizona ... is going after collections vigorously, ... the receivership was being untangled and receiver was active in collecting notes.
Source
newspapers
3. February 8, 1922 Reopening
Newspaper Excerpt
The Bank of Northern Arizona, which closed July 29, opened its doors for business at Snowflake yesterday ... The receivership was dissolved on Monday and on the following day the bank opened on the deferred payment plan.
Source
newspapers

Newspaper Articles (11)
1. August 5, 1921 The Holbrook News Holbrook, AZ
Article from The Holbrook News, August 5, 1921

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Holbrook News Notes We're duly thankful for the rains. It is reported that the Bank of Northern Arizona, at Snowflake, will resume business as a branch of one of our large and substantial banks. Dr. Sampson of Winslow was with us again Monday. Julius Wetzler left for Los Angeles the first of the week. H. D. Lore and Dave Thompson are back from logging roads in the southern part of the state. Miss Pauline Woods has assumed the duties of stenographer in Attorney Jordan's office in Holrrook, Miss Dadey taking up a like position in Mr. Jordan's office in Winslow.. Charles Crosby, of St. George, Utah, spent a couof ple days in Holbrook and visiting with relatives old friends last week. From here he went into the South for a country like visit. This visit is Mr. Crosby's first back here in seven years. Mr. Heaton has taken charge of the mail route, Holbrook to Showlow, and has added an Overland to his equipment for handling the mail contract. This makes the second Overland in this service. W. W. Franklin unloaded another car of Overlands Wednesday of this week. Bill sells 'emand no mistake. M. M. Jordan, the shoe moved into his man, has handsome new building. He will have ample light and room for his work and fast growing business. Wet grounds caused a postponement of the Holbrook-Gallup ball game last Sunday. However, the game will be played this Sunday on the court house a come good grounds. game. This So, should all be out and boost for the boys. R. D. Chubbuck has been ordered to exWhipple by Barracks the government for amination for compensation. Carl C. Magee, editor-in-chief Morning has Journal, of the Albuquerque locked horns with the First National Bank of Aq. We don't know the merits of the case and don't care to venture an opinion. However, Magee seems to be a full-fledged fighter Judge Sidney Sapp is in Albuquerque on business this week, Geo. Scott was in Holbrook early part of the week. Mr. Prescott, of Babbit Bros., was made receiver of the effects of G. N. key, bankrupt. A report has it that a Holbrook woman kneeds dough with gloyes on. We need dough with our clothes on. The play given at the L.D.S Church Wednesday night was a decided success. Under the direction of Mrs. C. H. Jennings it was ably staged. A large audience was in attendance. F. O. Crain, secretary of the 0 Holbrook Oil Co., returned from fi the coast Friday morning. Mr. Crain says that drilling will be resumed at once.

2. September 2, 1921 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, September 2, 1921

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POSTPONE BANK RECEIVERSHIP The I receivership matter for the Bank of Northern Arizona at Snowflake game up in the superior court this week, and an attempt is being made to untangle the affairs of the bank. The matter was postponed until September 15, in order that some scheme that is planned may be worked out with the state banking department.-Holbrook Tribune.

3. October 7, 1921 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, October 7, 1921

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RECEIVER GOING AFTER CREDITORS OF SNOWFLAKE BANK Loral C. Owens, receiver of the Bank of Northern Arizona, is going after collections vigorously, and there is no doubt but what collection of notes will aid materially in the reopening of this institution before long. Those who owe notes to the bank cannot do better to assist it than to liquidate their indebtedness. It is not anticipated that Mr. Owens will encounter much trouble in getting people to "come through." However, he has as his attorney, C. B. Wilson, of Flagstaff, one of the ablest lawyers in the state, and where it is advisable Mr. Wilson will take over the collection of "hard" notes. This, of course, is expected to be resorted to only in very rare cases.-Snowflake Herald.

4. October 20, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, October 20, 1921

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OBITUARIES Funeral of Isaac Broner Funeral services for Isaac Broner who passed away Tuesday morning will his home 773 Berkeley road at be held this afternoon at 4 o'clock and at the chapel of A. L. Moore Son. The Masonic order, of which many Mr. Broner was a member for will have charge of the sercemetery. years, vices at the grave in Greenwood LAND BOARD MEETS TODAY- meet The state land department will ofat 3 o'clock this afternoon in the fice of the governor. RETURNS FROM FORT GRANT N. Voss of 333 Willow avenue has returned from an extended stay at Fort Grant, Ariz. ASST. ATTY. GEN. RETURNSR. Hill, assistant attorney a George returned yesterday from general, week's absence in Safford on official business. HERE TO ATTEND SUPREME of COURT-Judge Edwin F. Jones Tucson was in Phoenix yesterday on business connected with the supreme court. SPECIAL R. R. AGENT IN TOWN Joseph Kelly, chief special agent the Southern Pacific railroad, is in with for headquarters in Tucson, Phoenix on business SENATOR O'NEIL IN CITY-SenD. C. O'Neil of Douglas, accomator by Mrs. O'Neil, spent yester- home 1 panied in Phoenix, on their way they from day the Grand Canyon, where been vacationing. S have COCONINO DEPUTY HERE-Sy deputy sheriff of Coconino in e Campbell, is spending a few days with d Phoenix county, on business connected in his office. His headquarters are Williams. COMES TO SPEND WINTERf Myrtle Sellers of Blackwekk, to 11 Miss has arrived in Phoenix Mrs. 3. Oklahoma, the winter with her sister. e e L. spend A. Marsh of 1538 West Taylor g street. HOSPITAL HEAD IS VISITORHunt of the staff of Copper Dr. C. F. hospital, Bisbee, accompanied Queen Mrs. Hunt and their son, y by through Phoenix yesterJr., passed way to the Grand Canyon. day W. on H. his BROPHY IS HERE-Wil- minH. Brophy, capitalist and for liam left here last evening ing man, after spending a day in Phoe- part Tucson nix on his way to the southern Angeles. of the state from Los e HOME FROM CASA GRANDE- of the 7, George A. Mauk, proprietor from theater. has returned few 1, n Columbia Grande, where he spent mining a S, Casa days in the which interest he of is interested. some t property UNDELIVERED in TELEGRAMSd undelivered telegrams ofThe following the local Western Union W. s are at Mrs. George Hiller, C. y fice: Herndon, T. W. Cowsert, Mrs. Tizard, Wilo Birmingham, W. E. Penrod, m Clark lard J. Bonner, Mrs. F. F. Is C. ENTERTAIN H. McPhail. SUNFLOWER CLUB e sunflower club will be enter- East e The by Dr. M. Blasse, 900 y o'clock. Moreland tained street, on All Friday members afternoon and at friends 2:30 are cordially invited. A good time for all is assured. WILL MEET-The Phads 1] PHADS meet on Saturday, October club will the home of Dean Thayer, 340 m 22, at Monte Vista road. The evening HalEast devoted to celebrating g will be in the usual way. Ghosts to lowe'en goblins will be lurking about ghost and flavor to the weirdest of n give The merriment will begin espeto stories. 8 o'clock and members masked. are d at requested to come rt cially SCOTTISH RITE REUNION-A Scottish in of members of the as Rite tention is directed to the announcement Scotish rs the fall reunion of the Rite ar he that will be held at the Scottish November 7 se Rite cathedral. Tueson, on attract 10. The reunion is state c8. 9 and in every part of the ing notice plans are being laid to of make its kind it and the most successful affair in the southwest. ry ever TO held BOOST CEREMONIAL-H. Zaribah B a Claire recorder of El of No. ill St. Ancient Arabic Order leav d. bles temple, of the Mystic Shrine, for will north part of the week the latter Arizona in the interest of here the ern fall ceremonial to be held expects it great November 11 and 12. He on abouta week. : 2, to INJURED be gone IN MINE-Struck by train while working in a Hurley drif is motor Sacramento mine, Jack wor 1g in the injuries, according to White ac sustained received yesterday by Jack deputy mine inspector, from his the ac state Myers of Bisbee, where was E F. occurred. Hurley's leg cident Myers reported. broken. ASST. PROHIBITION DI NEW K. Parsons, formerl an RECTOR-R. the office of the colSchief clerk in revenue and after at lector auditor of internal for the Columbia the ward has been appointed assistan state of ater, director for the er prohibition assumed his duties unde n. Arizona and M. E Cassidy yesterday. Director SNOWFLAKE BANK TO RE Bank of Northern Ari OPEN-The which suspended business This July zona, will be reopened next week. from 29. word brought back W was the yesterday by Charles state Snowflake superintendent of bank Fairfield, Fairfield said the banks. Mr. on the deferred payment would the open policy being somewhat which sim plan, that of a Phoenix bank a ilar to resumed business after recently suspension. L. C. northern Owen voluntary is acting as receiver for the bank. COMPLETE TEMPE ROAD gaj BY YEAR END That highway the three-n which is nov in the paved Tempe will be completed given befor ou being was the word de Christmas at the state highway an yesterday Contractors Miller have th partment. believe that they will b White road finished 10 Dec. entire stretch instead of of the later day which

5. November 16, 1921 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 16, 1921

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COMING ON BUSINESS-J. H. Larson, superintendent of the state industrial school at Fort Grant, will be in Phoenix today on business before the board of directors of state institutions. W LADIES SOCIETY SOCIAL-The ladies' of the will give a W tional church society First social Congrega- of Wed- Mrs. nesday evening at the home G. S. Kline, 72 West Moreland street. b All members and friends of the W church are cordially invited. a CLASS TO MEET-The GanG class W will hold their business meeting tob night in the boys' department at the Th Y. M. C. A. The meeting will be § called to order at 7 o'clock sharp and all members are requested to be present. Th BIRTHDAY PARTY-Mrs William Bradley tendered a party to 10 little of guests to mark the fifth birthday Th her daughter, Margery May, at their F home, 913 North Third street, yesterday afternoon. Among the guests F present were Adell Galliver, Phyllis Th and Jane Nafziger, Lorraine Whiso nant, Mary Gear. Eleanor Estes, WinS ifred Luplow, Bebe Roullen and Ione Tearnan. RECITAL TONIGHT-A cordial Th invitation is extended the public to attend the recital at the Arizona School of Music tomorrow evening, Th when Walter Hastings Olney, head of the vocal department, presents his Th pupil, Miss Bess Barkley, the popular singer, with Mrs. Anna Petrina Davis, reader. and pupil of Mrs. Th Dwight Earl Easley, head of the expression and dramatic department. Th Everyone is requested to be present at 8:15 o'clock in order to avoid confusion after the program begins. Fr ENTITLED TO SALARY-Members of the county highway commission are entitled to a salary of $10 a Fr day for the days they are actually enin the work of the commission Fr and, gaged in addition to that, their actual and necessary traveling and other inFr cidental expenses, actually and nec- of Sa essarily incurred in the discharge their duties, according to an opinion renedered by the attorney general's the Sa office. The question of salary of ofmembers was officially put to the fice recently and the reply was forSa warded vesterday. BANK TO REOPEN-The Bank of Northern Arizona at Snowflake, which will Sa suspended operations on July 29, acbe reopened today or tomorrow, head cording to Charles W. Fairfield, who of the state banking department, with H. M. Moritz, bank examiner, to left last evening for Snowflake ree complete arrangements for the e a sumption of business on the deferred will : payment plan. The receivership for dissolved today, when the plan th ou be reopening, worked out by the depart- court, receiver and state banking : will go into effect. ment, COMING TO PHOENIX-Rev G. Neil, D. D., of Philadelphia, G Samuel representative for the American be in PI field Publication society, will of Baptist this week in the interest been Phoenix organization. Dr. Neil has soof that missionary for the publication and was m a for a number of years o' ciety time in charge of the chapel the for a "Evangel," operating through interma car west. Dr. Neil is an lia middle and enthusiastic preacher He as is e bo testing a mission secretary. an : well as Phoenix in the interest He will of visiting missions in Arizona. in an Baptist over Sunday and preach morning. pa remain Calvary church in the First Le and the in Dr. Shanks' pulpit in the 1 CO church Sunday night. e da SUES TO COLLECT-Suit to costs colg ica judgment of $10,000 and Judge CO lect a her by a jury in court a in awarded division of the superior alienation S cia Lyman's November 3, 1921, in an e Of on affections suit was filed yesterday Mrs. A of Mary M. Taylor against and by Mrs. Elkins R. Richardson t Mary E. Mrs. Taylor alleges of g u) R. H. Elkins Fugua. on May 7, 1921 transa or Mrs. her property to Richardson e al ferred consideration for the purpose her in n or a without delaying and defrauding 10, she na of judgment. On July se securing Richardson conveyed the prop- the se says, to Fuqua. She asks that null S n erty declare these conveyances to r d court void and the property subject judgp and by the sheriff on the Elkins it e e execution Mrs. Taylor sued Mrs. husband's p ment. the alienation of her S. o for affections and secured the judgment H on November 3.

6. November 25, 1921 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, November 25, 1921

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LIKELY SNOWFLAKE BANK WILL RESUME BUSINESS Charles W. Fairfield, Arizona state auditor and superintendent of banks, spent a day or two in Holbrook this week. He was accompanied by bank examiner H. M. Moritz. As we understand it, the visit was in connection with the possible resumption of business by the Bank of Northern Arizona at Snowflake. There seems to have been a few difficulties to be overcome before reopening of the bank could be assured, and we are told that these matters are now being adjusted by those interested. In conversation with Loral Owens, receiver of the bank, the editor of the Holbrook Tribune was told that there seemed to be every likelihood of the bank being able to resume business.Holbrook Tribune.

7. December 2, 1921 The Winslow Mail Winslow, AZ
Article from The Winslow Mail, December 2, 1921

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SNOWFLAKE BANK OPENS It is pleasing news to learn that the Bank of Northern Arizona at Snowflake has again opened its doors for business. Its inability to realize on loans ordinarily good was the cause of ssspension.

8. February 8, 1922 Arizona Republican Phoenix, AZ
Article from Arizona Republican, February 8, 1922

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SNOWFLAKE BANK REOPENS The Bank of Northern Arizona, which closed July 29, opened its doors for business at Snowflake yesterday, according to the announcement made by Charles W. Fairchild, state superintendent of banks. The receivership was dissolved on Monday and on the following day the bank opened on the deferred payment plan. Joseph W. Smith is the cashier. ROB STANDARD OIL COMPANY -Thieves broke into the office of the Standard Oil company in Glendale Monday night, according to a report made to the sheriff's office yesterday morning, and took about $5 worth of postage stamps. Deputy Sheriff Al DeWitt. who, with Constable Rudd of Glendale, investigated the robbery, said entrance was gained to the office by prying off the padlock on the front door of the office. The thieves then broke open the drawers of all the desks in the place, he said, but secured only the stamps as no money is kept in the office at night. Some valuable clues were obtained, the officers said. CATTLE COMPANY INCORPORATES-The Three Cattle company filed its articles of incorporation with the corporation commission ye sterday, the incorporators being James Dunseath and Rudolph Zepeda, prominent residents of Tucson. The capitalization of the company is $75,000, divided into 750 shares at $100 par. The Skousen Construction company was another company in which Arizonians are interested to incorporate yesterday, The incorporators named were W. S. Kousen and Daniel Skousen, both of Mesa. The authorized capital of the construction company is $100,000. divided into 1000 shares at the par value of $100 each, FIVE WOULD SELL SHARESFive applications for permits to sell stock were filed with the corporation commission yesterday, The Oatman Gold Mining and Milling company asked permission to sell 200,000 shares at 25 cents. The company has property in the San Francisco mining district in Mohave county. The East View Farms, Inc., which has an authorized capitalization of $25,000 shares, asked to sell the full amount of its stock. The Arizona National Mining and Development company of Nogales has asked authority to sell 250,000 shares at 75 cents. The Arizona Utah Oil and Gas company has petitioned for authority to sell 10,000 shares at $1. Phoenix men are interested in the company, which operates in Graham county, Utah. The Diamond Bar Land and Cattle company asked the right to exchange 50,000 shares for property in Mohave county, the property including lands and live stock. and asked permission to sell 15,000 shares at $10 each.

9. February 10, 1922 The Snowflake Herald Snowflake, AZ
Article from The Snowflake Herald, February 10, 1922

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Many Attend Reception at Bank Opening If there were any "Doubting called upon for short address Alof Larson led with an Thomas" or pessimists at the vocation, who was followed re-opening of the Bank of NorSamuel F. Smith, President thern Arizona Monday, they the Stake Mormon Church must have chased "Old Man Navajo County, with a short a Gloom" forever and said to him: appropriate address. The oth "Never speak to me again.' prominent speakers were: Jud The feeling of confidence and J. E. Crosby, of the Nava County Superior Court; H. good will shown the officials Moritz, State Bank Examine at the opening reception of the C. B. Wilson, attorney: L. bank Monday seemed to be unOwens, receiver; Jess M. Smit animous. The house was filled cashier; the School Faculty to overflowing by friends and Principal, Silas L. Fish, J. patrons and a spirit of optimism Robinson and Prof. H. M. Bla seemed to be everywhere in evzard; Don C. Smith, of t idence. It was the kind of a Apache R'y; John Murray, pos "run" on the bank that does you master; E. F. Chaffee and ma good to see. Instead of running others. H. F. Bushman, o to draw out money, everyone local merchant, received a fi expressed a feeling of confidence compliment for his good wo and the amount deposited when in circulating a petition and S they had closed Monday evencuring signers for opening t ing, it is said, had reached three bank. C.H. Baliard offered thousand. few appropriate words at t Joseph W. Smith acted as dismissal and all departed fe Master of Ceremonies at the oping the occasion had been m ening exercises, and after a few auspicious as to the future a musical selections from Prof. vancement and prosperity of Crandell's band, a number were Bank of Northern Arizona.

10. February 10, 1922 The Snowflake Herald Snowflake, AZ
Article from The Snowflake Herald, February 10, 1922

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called upon for short addresses. Alof Larson led with an invocation, who was followed by Samuel F. Smith, President of the Stake Mormon Church of Navajo County, with a short and appropriate address. The other prominent speakers were: Judge J. E. Crosby, of the Navajo County Superior Court; H. M. Moritz, State Bank Examiner; C.B. Wilson, attorney: L. C. Owens, receiver; Jess M. Smith, cashier; the School FacultyPrincipal, Silas L. Fish, J.S. Robinson and Prof. H. M. Blazzard; Don C. Smith, of the Apache R'y; John Murray, postmaster; E. F. Chaffee and many others. H. F. Bushman, our local merchant, received a fine compliment for his good work in circulating a petition and securing signers for opening the bank. C. H. Baliard offered a few appropriate words at the dismissal and all departed feeling the occasion had been most auspicious as to the future advancement and prosperity of the Bank of Northern Arizona.

11. February 24, 1922 The Snowflake Herald Snowflake, AZ
Article from The Snowflake Herald, February 24, 1922

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Nobleese Oblige! They Do Read The Snowflake Herald After reading our write up in The Herald of the recent re-opening of the Bank of Northern Arizona, a correspondent of the Los Angeles Times, under date of February 18th, sent in the following which was published: "The re-opening of the Bank of Northern Arizona at Snowflake was made the occasion of a own jubilee- The village brass band was in tuneful evidence and the population gathered from all the surrounding country to participafe with a ceremonial that started with prayer and also included much speech-making. Even more substantial than the exercises was the fact that large deposits were made and withdrawals were few."