730. Tucson National Bank (Tucson, AZ)

View Charter #11159 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11159
Charter Number
11159
Start Date
May 1, 1923
Location
Tucson, Arizona (32.222, -110.926)

Metadata

Model
gpt-5-mini
Short Digest
d0caa05b

Response Measures

Full suspension, Books examined

Other: Receiver appointed and 100% stockholder assessment; assets sold and dividends paid to creditors over subsequent years.

Receivership Details

Depositor recovery rate
58.1%
Date receivership started
1923-11-14
Date receivership terminated
1928-08-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
45.5%
Share of assets assessed as doubtful
19.3%
Share of assets assessed as worthless
35.3%

Description

Contemporary dispatches state the Tucson National Bank closed its doors on May 1 1923 after a heavy run and a national receiver (H. J. Spurway) was appointed. Subsequent articles describe receiver actions, assessments on stockholders, and liquidation distributions. Legal reporting attributes failure to bank-specific problems (cattle loans, interbank dealings) and a correspondent's failure to return securities; immediate trigger reported as a heavy run leading to suspension and permanent closure with receiver.

Events (5)
1. March 15, 1918 Chartered
Source
historical_nic
2. May 1, 1923 Receivership
Newspaper Excerpt
H. J. Spurway, receiver for the Tucson National bank which closed its doors May 1, 1923, has completed his work and returned to Washington (Feb 1926). Coconino Sun: assessment levied upon stockholders by order of the national controller of currency (Dec 1923).
Source
newspapers
3. May 1, 1923 Run
Cause
Bank Specific Adverse Info
Cause Details
Newspapers report a heavy run on May 1, 1923; later legal reporting cites bank-specific problems (questionable loans, asset issues) and failure of a correspondent to return securities contributing to collapse.
Measures
Bank closed its doors; national bank examiner Henry F. Brower in charge; receiver (H. J. Spurway) appointed.
Newspaper Excerpt
Tucson National bank which closed its doors on May 1st after a heavy run
Source
newspapers
4. May 1, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension/closure followed the heavy run and reflected underlying insolvency/asset problems and failure to obtain promised funds from correspondent institutions; receiver appointed by comptroller of the currency and later assessed stockholders 100% and liquidated assets for creditors.
Newspaper Excerpt
closed its doors on May 1st ... leaving Henry F. Brower, national bank examiner, who is still in charge.
Source
newspapers
5. November 14, 1923 Receivership
Source
historical_nic

Newspaper Articles (13)
1. May 5, 1923 Arizona State Miner Wickenburg, AZ
Article from Arizona State Miner, May 5, 1923

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Article Text

Tucson and Patagonia Banks Close Doors. Two very interesting dispatches by the associated press the past two days announce the closing of the Tucson National bank which closed its doors on May 1st after a heavy run, leaving Henry F. Brower, national bank examiner, who is still in charge. A later dispatch announces the closing of the First State Bank of Patagonia, which voluntarilly closed Friday morning and is in charge of Chief State Bank Examiner Dodson, who reports deposits to extent of $5,500 are secured to the State.

2. December 28, 1923 The Coconino Sun Flagstaff, AZ
Article from The Coconino Sun, December 28, 1923

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100 PER CENT ASSESSMENT LEVIED ON STOCKHOLDERS An assessment of 100 per cent on all stock owned by them in the suspended Tucson National bank has been levied upon on all stockholders of that institution by order of the national controller of currency. Official notice of the assessment is being made for the first time today. In addition notices will be sent to each shareholder by registered mail, it was stated by S. J. Spurway, receiver of the bank.

3. January 4, 1924 The Winslow Mail Winslow, AZ
Article from The Winslow Mail, January 4, 1924

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ARIZONA ITEMS Bonds for the Casa Grande electrical district No. 1. in the sum of $354.000, have been sold, par, to an eastern bond firm. Taxpaying voters of Nogales will vote January 24 on the proposal to issue $100,000 in street paving bonds, the council voted. Martin Hihn and Joe Brennan, miners, met their death when the Lexington mine shaft collar collapsed, burying them beneath twenty-five tons of muck. Eastern capitalists are contemplating the construction of a resort hotel at the Verde Hot Springs, near Fossil Creek. Construction is to begin within the very near future. Estimated to weigh several tons, a snowdrift caused a skylight in the Copper Queen hotel at Bisbee to collapse, dumping the snow into the writing room. Fortunately, there was none writing at the time. Following action by the county supervisors in appropriating the full 75 per cent fund to the construction of the Douglas-Willeox road, the Bisbee Chamber of Commerce began circulating a petition of protest throughout the Warren district. Demonstrations of a new mechanical cotton picker made on a plantation in the Imperial valley recently, have convinced growers that the day is not far distant when machinery will supplant hand picking in practically all the large cotton tracts. Damages for the amount of $150,000 are sought in the case of Paul D. Phillips, administrator, vs. the city of Phoenix, in the death of Hiram Phillips, which occurred on December 22, 1921, while the deceased was in the employ of the city in the capacity of consulting hydraulic engineer. Passengers in a Pullman of the Golden State limited, en route from El Paso to Tucson, were thrown into a panic of excitement recently, when five revolver shots rang out in a state room of the Pullman. With the shots came. sounds of scuffling. Officer Robert E. O'Rourk, plain clothes man with the Pasadena force, was emptying his gun into a prisoner, whom he was taking from El Paso to Pasadena, and who had attempted to hold the officer up with a gun preparatory to making his escape. Gov. G. W. P. Hunt, in a proclamation issued at the executive offices, calls upon dealers in the state to "decline to accept and fill orders for munitions of war" because of the emergency situation created by the present civil strife in Mexico. Declaring he had reason to believe that "arms, ammunition and munitions of war are being purchased in Arizona for use in Mexico," the chief executive urged in his proclamation that "business men and merchants decline to sell munitions of war to aliens." Announcement has been made that the Ash Fork-Prescott highway, which has been in the course of construction for several months, will be completed and opened to traffic soon. The road is fifty-three miles long and gives the traveler a straight road connecting the two northern cities, with grades so gradual that few gear shifts will be necessary for the motorist, according to engineers who have had charge of the work. The road provides a connecting link between the National Old Trails and the cities of central Arizona and will, when completed, be one of the best examples of highway construction to be found in the state. work will also start soon on the Prescott-Hassayampa road, which is a continuation of the Ash Ford highway and engineers are now on the ground. Application for permission to discontinue the last thirteen miles of the Crown King branch of the Santa Fe railroad in Yavapai county, running from Middleton to Crown King, has been filed with the Arizona Corporation commission by the Santa Fe, was announced by Amos A. Betts, chairman of the commission. The Arizona Bank and Trust Company of Safford failed to open its doors a few days ago and the bank was placed in the hands of James P. Dodson, state bank examiner. Willard Pace is president of the institution and William McRae is cashier. Officials said depositors were fully protected and "would not lose a cent." An assessment of 100 per cent on all stock owned by them in the suspended Tucson National bank has been levied upon all stockholders of that institution, by order of the national comptroller of currency. Official notice of the assessment has been made in the advertising columns of the Tucson Citizen. In addition, notices were sent to each shareholder by registered mail, it was stated by H. J. Spurway, for the bonk

4. June 6, 1925 The Border Vidette Nogales, AZ
Article from The Border Vidette, June 6, 1925

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WILL PAY OFF CREDITORS Tucson-Announcement by H. J. Shurway, receiver, of the plan to pay off all of the creditors of the Tucson National bank at a rate of practically 60 cents on the dollar was made by Spurway last Friday. The plan, with a letter from the receiver, was mailed to each of the creditors, Spurway said, and it is expected that the proposal will be in the agreement of the creditors to the proposal will be in his hands in the next ten days, after which the final details of the deal will be quickly closed. The sale of the assets of the bank and the resultant pay.off will close the incident of the bank's failure which took place about a year and one half ago.

5. January 14, 1926 The Los Angeles Times Los Angeles, CA
Article from The Los Angeles Times, January 14, 1926

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BANK DIVIDEND CHECKS AWAITING CREDITORS [EXCLUSIVE DISPATCH] TUCSON (Ariz.) Jan. 18.-Re. ceiver H. Spurway of the Tueson National Bank states that 000 in dividend checks remains in his uncalled for by eighty creditor The bank closed May 1923. dividend lately was declared of 50 per cent of the claims,

6. February 3, 1926 The Arizona Republic Phoenix, AZ
Article from The Arizona Republic, February 3, 1926

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Tucson National Bank Receiver Finishes Task TUCSON to

7. February 3, 1926 Arizona Daily Star Tucson, AZ
Article from Arizona Daily Star, February 3, 1926

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by Gordon H. yesterday Sawyer. Wankowski take the place of Perry Winslow Weldener. States America, the inspector appointed the grand the late former inspect AriUnited Monzona. SPURWAY ENDS WORK and ask share of AS BANK RECEIVER Like the Arabs in the poem, H. receiver for the Tucson National bank, which closed doors May 1923, folded his tents and silently away Spurway to at Tucson been yet for their obtain by writing the Washington. since all unclaimed checks to Washington.

8. February 3, 1926 Douglas Daily Dispatch Douglas, AZ
Article from Douglas Daily Dispatch, February 3, 1926

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TUCSON BANK RECEIVER COMPLETES HIS WORK TUCSON, Feb. 2.-H. J. Spurway, receiver for the Tucson National bank which closed its doors May 1, 1923, has completed his work and returned to Washington. Depositors who have not called for their first dividend checks may obtain them by writing to the comptroller of currency at Washington, D. C., as all unclaimed checks have been returned to Washington, according to an announcement by Spurway just before his departure from Tucson.

9. February 3, 1926 Douglas Daily Dispatch Douglas, AZ
Article from Douglas Daily Dispatch, February 3, 1926

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TUCSON BANK RECEIVER COMPLETES HIS WORK TUCSON, Feb. 2.-H. J. Spurway, receiver for the Tucson National bank which closed its doors May 1, 1923, has completed his work and returned to Washington. Depositors who have not called for their first dividend checks may obtain them by writing to the comptroller of currency at Washington, D. C., as all unclaimed checks have been returned to Washington, according to an announcement by Spurway just before his departure from Tueson. SAN ANTONIO. Tex. Feb. 2.-The Fort Clark, Tex., team defeated Fort Meade, S. D., 9 to today in the last semi-final match of the southwest mid-winter polo tournament, and will play the Wichita Falls civilian four on Thursday for the circuit cup.

10. March 3, 1926 Douglas Daily Dispatch Douglas, AZ
Article from Douglas Daily Dispatch, March 3, 1926

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STATE SUPREME COURT HEARS ORAL ARGUMENTS PHOENIX, March 2.-Oral arguments in three cases brought to the court on appeal were' heard before the supreme court today during the second day of a five days' calendar set for argument. The three cases were submitted to the court for decision. The cases argued are as follows: Pima Farms company, appellant against Henry Proctor, appellee; A. I. Winsett, Nathan Kendall and B. F. Morris, appellants against H. J. Spurway, receiver of the Tucson National bank of Tucson, appellee; and M. Wehby et al, appellants against H. J. Spurway, receiver of the Tucson National bank of Tucson, Ariz., appellee.

11. October 30, 1926 Arizona Daily Star Tucson, AZ
Article from Arizona Daily Star, October 30, 1926

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Bank Failure Blamed To Violated Promise That and Drouth, Not Defendants' Acts, Explain Disaster to Tucson National, Attorney Assures Jury. (Continued from Page One) pound to those rfbs, that stuck out through their hides. What beautiful solution, to be found in southern Arizona in those days! "The directors instructed Brooks to buy the cattle from the owners take the animals California and find market for them, so that some money come into the bank If there was conspiracy as result of this decision. then the other directors of the bank were in the conspiracy too!" Adverting to count 88. which in. volved the elebrated made by Mrs. Leticia Cox Ortiz, Darnell elaborated upon the of Land's situation at the time he returned her note to her in ex. change for stock that she had bought and which she was turning in to the bank was poor human being sitting in front of that bank with woman saying Give me back my note give me back my note give me back my note! you don't I'll peddle this stock all over 'He feared for the results if she did that He knew what meant to start rumors about bank Put yourself in his place as president of bank who realized that his in stitution would be jeopardized by having stock peddled about There might run on the bank. with people Give me my money give me my money, give me my money Land and Brooks have been blamed for that hap pened to the bank, Darnell continued. the janitor left the door open. they were to blame. he said. "If Ogle makes a mistake, they are to Regarding the "R Day" account Woods gave "ragged clothing" when he testified about it. the defnese lawyer referred to the testimony of Fred Hermes local banker. who or the stand quoted a deputy bank ing as having said that such an account was splen did Yet the government would have you believe that Brooks and Land sought to denude the bank, 'with telonious intent by means of this account. Darnell shouted Tribute to Hermes The defense lawyer paid glowIng tribute Hermes as an right. citizen, of high standing in the community whose Integ rity has never been After referring derisively to "the 277 varieties of exhibits" put into the record by the government. Darnell launched into consideration of the various overt acts set forth in support of count the conspiracy count of one of the indictments. Darnell explained of these overt as having been done under the of the directors of the bank or of Henry Brewer federal bank examiner The defense attorney emphasized that Brooks reported to the directors all his with E. M Tankersley in California, with ref. erence to the cattle business of the 'Some of these counts all refer to the he continued "If the bank had had 50 books. there would been 50 for every book into which the same transaction had been entered! Darnell blamed the failure of Weiss, member the Federal Reserve bank Dallas, to return $150,000 worth of securities to the Tucson National bank May 1923 as the cause of the closing of that institution The defender asserted that Welss had promised to turn over $100,000 in cash in return for $150,000 of the best notes of the bank, on that day and failed to keep his guarantee. After referring to the "sheaves" of checks, notes, ledger sheets, posit slips and other papers filed exhibits by the government, Darnell said "What the gist of this whole business? Here it is: Did the de fendants have the intent to evade the law? Did Land and Brooks officers of the bank. owning many shares of its stock. having been connected with it since 1918, realizing that if went under they would go under with it-did these two men conspire to encompass its ruin Darnell was preceded by John L. Van Buskirk. also of defense counsel, whose argument to the jury consumed the greater part of the morning session Van Buskirk stressed the fact that "a mistake in judgment is no crime "There isn't an insinuation that either Byrd Brooks or Webster Land ever stole penny from the Tucson National bank." Van Buskirk declared. adding that the de. fendants had explained everything in detail. 'If the mistakes in the Tucson

12. November 24, 1926 Tucson Citizen Tucson, AZ
Article from Tucson Citizen, November 24, 1926

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CONS. GIVEN JUDGMENT the bank case InvolvCameron, the defunet National receivers for that bank, given] in superior court afternoon Judge Gerald Jones. The styled Consolidated National bank Spurway, Colla Cameron, and Porter. 1923 Colin assigned his interest estate of Interest In the estate his mother, the Southern Arizona Bank Trust. Co., secure loan that Cameron made from the bank for $9400 and also agreed the that If had extensions of his any would mortgage on property that he received from the estate to secure the In 1924 (January) Spurway of the Tucson National of $5000 against Cameron reason his liability incurred because of his holding fifty shares stock in the Tucson National bank. Under law judgements liens all real estate of the judgement debtor. After this judgement was obtained, Cameron, wishing renew note to the Southern mortgage some property which had been distributed him from his mother's estate assigned the Southern bank Conand this the Consolidated bank action and Porter, has defunct national banks, claimed that entered the

13. March 30, 1927 Arizona Daily Star Tucson, AZ
Article from Arizona Daily Star, March 30, 1927

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WINSETT PAYS $6000 DUE TO BANK RECEIVER Settles Claim Resulting From Failure: Wehby Also Admits Defeat An echo of the crash of the Tueson National bank resounded in Tueson the past few days when A. Winsett Tueson real estate dealer, admitted defeat in his peal against the judgment given the receivers the bank the $5000 claim held against plus $1000 interest hen the bank failed May 1923. Winsett M. Wehby stockholders, declined to accept the $5000 liability held to be against them. and appealed from the perior court here to the state supreme court The Arizona upheld the ruling of the superior and notice appeal was given by the defendants ing the be taken the The preliminary the was the and Winsett paid the claim in full after the courts contended had defense. The Wehby claim is being paid. Mathews and Bilby Tucson represented general M. Porter Washingin the represented by Curley Pattee of Tueson. Declaring that both the Anglo London bank San Francisco and the Consolidated NationBank of Tucson were in para delicto equally in negotiat ing loan which violated the national banking by being more than the legal attorneys for the Consolidated Na donal argued yesterday there no recovfor the Anglo on the ery given by the jury its suit for $67,500 due The of the jury was that loan had made the Tueson bank The argument between the attor was heard yesterday afternoon by Judge Gerald Jones of the superior with Frank Hereford George Darnell and Timothy Cusick of Tueson the Tucson bank and Judge G. W Schute representing the National The which completed the superior court and to try brought before the jury maze of from banks covering number of transactions in which the money involved in the suit had The notes in question been part were those held by the Consolidated National against the Tucson Cattle Loan company which at the time of the transaction, in 1921 had in terlocking directorate with the hank judgment had been en by Judge Jones last night.