Arizona weekly citizen., 1884-05-17
THE BANK FAILURE.
The Effect It Has and the Condition
 of Bankers and People.
And Word About the school House
 Matter.

AHfSE are uncommon times. The are times that try mems souls. thei patience and fortitude. It is uecessar to bring to bear a good deal of philo
 sophy to wrestle with the trials am
 misfortunes tbat have overtaken n zoo,
 many people in this city in the las
 Few weeks. The shutting down of tn
 Tombstone mines paralyzed business il
 that city ani threw out of employmen
 tour hundred men. There was, so it Ii
 stated, deposited in Hudson & Co.,
 branch bank in Tombstone SI25,OOO
 winch amount was drawn out within ;
 few days without, so stated, warning
 It was n drain neither that nor tn,
 mother bank could stand, and this
 c'used the sudden and immediate clos
 ing up of the bank of Hudson & Go, oi
 this city, and an assignment being
 made. It was startling information | The gentlemen composing the company
 had tae unbounded confidence of not
 only the community but the business
 world as far Gs known. There was not a
 breath of susplcion against them. It was
 as popular banking institution as could
 be found anywhere. It had the largest
 number of depositors. The poorer class
 deposited freely, tru>tingly and there
 were hundreds, perhaps, of smal de-
 posltors, who feel the loss greater than
 heavier depositors. If any are protected
 It Is the custom of protecting the
 heaviest depositors. We hope this.
 however, is not the case n this instance. It IS believed, and talked upon the street, that the failure cannot reflect upon
 the integrity of Messrs. Hudson & Toole.
 It IS said that they have relinguished all their private property to protect the depositors. That there is a necessity for bank failure IS not understood by the public and the people will and do blame officers of any bank that fail. We are told that the assets of the bank is equal to its liabilities. We hope this is true aud have no reason to doubt it.
 Speculat On is rife on the street that the liabilities are greater taan the asset.
 We hope the officers Oi the company
 will make this point clear to those who a-e losers. The ciamo= comes from the email deposltors. The county Treasurer aai S35 0UO deposited in the bank.
 Yesterday afternoon, al what time We Go not know. the bond holders made themselves secure, so that they will lose nothing. The county would not have been loser. There is much dissatis- faction n thIs transaction. DepOsitors clam that all should have shared alike. It mas raised the cry that other large depositOrs have been favored. Now this latter Is mere conjecture, but if true the bank will be censured to the highest degree; but would it not be well for all { wait and hear what the condi- tion of the bank is |? We are told that all will come ont we'll That fhere is enough to satisfy every one, just as soon as 1t can be realIzed up n. The public that feels itself iplured and s large loser, has but ntt!e patience and will not listen to excuses. They must have facts and figures. The heavy failure of Lord X Williams is still fresh in the memory of our people The failure of the GunsIght Mining Company, as we'll as other, but smaller enterprises are also fresh and there is good deal of i'll feeling at present. Couple these with the school house muddle and the grand jury in- vestigstion, involving some of our prIn- cipal citizens the conditions of things, to l sey the least, are rather discOursging. The bank failure is disaster that can l not be measured in this community. It is great and 1t will take time to recover, but no one should despair, even though l the last dollar is gone. Our faith in men and banks may be shaken, but our energles should not be paraly zed.
 4 word may not be out of place here about the school house matter. The | Index this morning charges that the school house building was a 'job' entered into by Messrs. Scott, Mason and Drake. school trustees, the con- tractor and the architect. While 1t IS a fact-broad and undenied-that the srhooI house building Is a failure, that the school trustees deliberately set to work to defraud the people out of | their money We do not believe. We are of the opinion that the fault will be
 ,laced where it belongs. That certain | parties are to blame, which we will not pane, at this time, cannot be denied, but must be admitted, but We cannot believe with the light we have before us that there was conspiracy to rob the people. but m these times, each mnn has hls l idea. his theory; some are right, some are wrong. Bad news travels much ! faster than good news. We shall not cansure until Re have proof undeniable. l The bank failure is not free from public criti.ism. and If hard and harsh things are said. the gentlemen must bear II II they have the ability and honesty ot purpose to carry out their statement that satisfactory settlements will be made, the community will bon"r them; if not. they must bear the misfortunes with still greater fortitude. When men are losers by those they have trusted they have very little charity for the oth- CT fellow, you may be snre.
 THE situation of the bank failure Of Hudson < Co. is unchanged from Satur- day. There have been rumOrs that the