Bisbee daily review., 1913-11-07
REPORT ON BANK EXPECTED TODAY
State Comptroller Will Finish Checking Up of Cash and Notes of Arizona Bank and Trust Company.


 DOUGLAS, Nov. 6.-No report will be ready for publication, concerning the condition of the Arizona Bank & Trust company before tonight an6 possibly not until today, according to the statement of State Comptroller J. C. Callaghan, yesterday afternoon On Tuesday the comptroller and his assistant. J. B. Ormand. completed the counting and checking of cash on hand in the institution. Yesterday was consumed in obtaining & check Of the notes held by the bank.
 W. T. Arnold. cashier of the Ric Grande Bank & Trust company, of Fl Paso. arr.E ed in the city yester day to confer with NIT. Callaghan con. ceIling claime owing to his banl 1 by the Arizona bank.
 Secretary E. P. Grindell stated | yesterday that a plan is on foo whereby the stockholders hope to SC 1 cure financial assistance which wi allow of the bank being opened fol business again in a few days. Judge Doan, as president of tn, bank, issued the following statemen, to the press:
 1 'The Arizona Bank & Trust com | pany is now under examination b, State Bank Comptroller J. c. Calla ! shan and his assistant, s. B. Or | mond.
 The condition that rendered thi, necessary arose from the bank be
 ing over loaned. The condition oi i business during the summer seemed I to warrant the placing Of loans that
 were then proportionate to the bust ness Of the bank. The changed con
 ditions that have obtained recent,
 left the amount of loans dispropor tionate. The recent withdrawal e
 some deposit accounts, added to thi
 material reduction in amount c
 many others, left in the bank les
 than the legal reserve, and collec
 tions could not be made fast enougl
 to meet the demands of the business , Of the bank
 The examination. so far as nov
 made, indicates that the bank ma,
 resume within a few days, and tha } whether it does or does not, that tn iassets are sufficient to meet all Iia I bilities, so that the depositors vii r receive their money in full
 k Further report will be made to tn
 public as matters develop.
 FLETCHER NJ. DOAN. President. } Supplementary to the statement C
 Judge Doan, F. P. Grinden, secretar !. of the company, said: Today tn deposit liabilities of the bank amour to approximately s1OO.O0O, and tn 4 impression appears to prevail tha . the live assets will amply protect th
 depositors. The assets, think, ar about sl30.0OO. Excessive loans an
 slow collections have caused th 70 embarrassment which it is believe will prove only temporary"
 Aside from this written statemer f Mir. Grindell said that the loans (
 the bank approximated SI20.O I while the deposits amounted to b. Y $I10O00. He said the bad conditio '' of the money market also contrib' s ted to the cause. T am quite sur T that the matter will all be straigh g ened out and the bank doing bus
 ness again within a very short tim ! The condition which warranted th Il bank in making the present examini . ton came just at the time when tn bank was in the process Of reorgan . Zation. and had the reorganizatio
 been accomplished in advance of tn 1 we would have been in the very be. condition"
 The Arizona Bank & Trust cor pany was organized in 1908. with capital stock of s3O.G0O and surpIr of s7500. It was placed on it's fe. | by some of the best men in the cit
 and has had a rapid growth. Judg ] Fletcher M. Doan is its president W. R. Henry, vice president; E | Grindell secretary, and J. 1T Bake cashier. Until recently John Doa was cashier he having resigned o account of poor health. being now Bulah. Mexico, with his brothe Fletcher Doan. Jr, who owns som valuable mines at that place. ]. H. Baker, formerly mayor ( Douglas, and one of Its best citizen has been assistant cashier abos
 eight months. and his record is goo
 Iohn noan Jeff the hank with abs