Arizona republican., 1913-11-08

ness of the bank. The changed con ditions that have obtained recently left the amount of loans dispropOr tionate. The recent withdrawal of some deposit accounts, added to the material reduction in amount of many others, left in the bank less than the legal reserve, and collec- tions could not be made fast enough to meet the demands of the business of the bank.
 The examination, so far as now made. indicates that the bank may resume within a few days, and that whether it does or does not, that the assets ale sufficient to meet all lia- bilitfes. so that the depositors will 1 receive their money in full Further report will be made to ! the public as matters develop. FLETCHER NJ. DOAN, l President "Another Statement. Supplementary to the statement of 1 Judge Doan, E. P. GrindeIl, secretary cf the company, said: Today the de posit liabilities of the bank amount tu approximately $1OO,0OO, and the l impression appears to prevail that i tue live assets will amply protect the l depositors. The assets, I think. are about S13O,O00. Excessive loans and 1 slow collections have caused the em- l.stl rassment which. it is believed 1 will prope only temporary
 Every Heavy Loans. Aside from this written statement Mir Grindel said that the loans of the bank approXimated $120,OO0. while the deposits amounted to but &11o,OOO. He said the bad condition of the money market also contributed to the cause. I am quite sure that the matter will all be strengthened cut and the bank doing business again within q very short time. The condition which warranted the bank | in making the present examination came just at the time when the bank vas in the process of reorganization and had the reorganization been ac- 2 mplished in advance of this We would have been in the very best condition
 Five Years Old.
 The Arizona Bank and Trust com rany was organized in 19O8 with a capital stock of O.0OO and surplus of $7,500. It was placed on it's feet by some of the best men in the city and has had q rapid growth. Judge Fletcher NJ. Doan is it's president: N. R. Henry. vice president: Ed | Grindeu. secretary, and J. H. Baker. cashier. Until recently John Doan was cashier, he having resigned on account of poor health, being now in BUlah, Mexico. with his brother. Fletcher Doan. Jr., who owns some valuable mines at that place.
 U. Ii. Baker formerly mayor of Douglas, and one Of it's best citizens. mas been assistant cashier about eight months, and his record is good.
 John Doan left the bank With ab- solutely clean skirts. according to the statement of all the officials today. and made a good recold as cashier.
 Ed Grinden the secretary. has been connected With the bank al- most since it's organization He is the very soul of honor and has been Instrumental in the affairs of the bank in the capacity of secretary. having assumed more active part cnly since the resignation of ATr DCan as cashier. It is known he had been actively engaged in the reor- ganization of the bank ever since his return from Wisconsin. where he spent a vacation after resigning as secretary Of the chamber of com merce.
 The men named constitute the directorate of the bank
 Many Customers.
 The bank had customers among many of the best people of this com niunity and it always handled its business well It is the first bank to close it's doors in Arizona for many months