Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1893-08-17
CLOSED DOORS.
Suspension of the Hart
ford Bank.
tits Said by the Cashier
to be Solvent.
Fatally Long Continued With
drawal of Deposits.
The Announcement OF the Failure
Received Yesterday Morning
Without Excitement.

Yesterday morning the Hartford
Bank failed to open it's doors, upon
which was posted paper, informing
it's patrons that the cause was long
continued withdrawal Of deposits and
inability to realize on it's securities.
The decision to suspend had been reach
ed late in the afternoon before the ar
rival OF the eastern mail. which brought
information OF failure to make negotia-
tions.
After brief consultation, it was de-
termined ass gn, and Under-Sherif j.
T.. Walker, former official OF the bank,
was asked if he would accept the posi-
ton OF assignee. He consented to do
so, and at eight o'clock that night, he
was put in possession OF the banks al
fairs. Soon after o'clock, a mortgage
for $40 900 from the bank to the Mari
copa q Phoenix railroad had been filed
with the county recorder.
The papers in assignment were filed
Yesterday morning along with Mr..
Walkers bond of $1,000, signed by
Charles Goldman and Henry f. Kemp.
This was the first bank failure in the
territory, and the commendable con-
fdence OF the people OF Phoenix, YVES
shown in the fact that it failed to
create only a ripple OF interest and none
OF excitement, or uneasiness. 1t was
known that it had not been the result
of a run on the banks treasuryiand was
not likely connected with the stringency
which. IS affecting other parts OF the
country. All were satisfied at any rate
that the failure WAS due to causes which
would not be publicly disastrous. A com
plete statement OF the banks affairs,
has not yet been given out, but Mr..
Hitler, the cashier, who was seen yes
terday by REPUBLICAN reporter, says
that the concern is solvent.
His partial statement Of affairs is as
follows: The assets as shown by the
books amount to $4,000, but these
have been scaled down on basis OF
safe calculation to 100000. The La
bIlities are 1000, only $4,000 OF
which remains unsecured. In making
up the assets the bank property is put
in at $4,000. Four years ago the
ground, twenty-five feet, was purchased
at SO foot. The building cost 5000.
The income from this property now
Yields 10 per cent on $4,000. A con-
siderable part OF the assets consist OF
real estate, among which is the Todd
ranch of eighty acres, well improved
and containing a handsome residence
Killers addition OF $50 acres and l6u
acres west OF the city. There are sew
eral water-rights, share in the Ari-
IONA canal, put in at 5000, and con-
siderable property in Tempe. The de,
posts received on the day OF suspen-
sion were that night put into envelopes
and locked up in the vault, subject to
abe call OF the depositors.
Mr.. Hitler says the books are quite
correct and fully explain the situation
Neither the Phoenix Light and Power
company or the Water Works and
Sewerage company will be affected by
suspension. He says that the liabilitie:
of the bank will be paid in full. w
Pitcher, one OF the principal owners o.
the bank, is now absent from the city
He will shortly 90 tolLondon and if he
can make such arrangements as he hal
reason to believe he can business viii
be resumed on an extensive scale ir
which large syndicate including the
Light and Power company and the
Sewerage company Will figure.
The bank was organized six years age
with fair prospects but for variou.
reasons its patronage has decreased
steadily. The officers at closing were
G. S. Master, president; w. Pitcher
vice president and Z. Ii. Hitler
stier