Arizona republican., 1914-11-11
Plans for Reorganization
Were Sought Preceding
Suspension Of Bank and
Are Still Being Pursued
With Hope of Success
THE COOPERATION
OF DEPOSITORS
Meeting Yesterday i'll Which
There Was Unanimous
Expression in Favor Of
Aiding Institution - An
other Meeting Tomorrow


The doors of the Valley BANK
failed to open ycsteraGy morning
After night spent in conference
Nv officials If the bank several
Ianlzars Of this civ and others re
ding witbo1t the civ state Audi
for c,llaahan took control of he
lant fo, tba n,,rpose If conducting
= thorough investigation Of its If
fairs
Tho conforancee were beeun on
c,,nda,. no,tinned throuobonr Mon
,1,,. and ,t,o,. ,,idniobt If Yesterday
II seemed tbot a Man of reoreanizqt
rio, INVOLVING co.oneration nv Other
hanks had hean raacbed stale
,,,or. said to b,,.a been agread =.
~, sa,ora1 of tha confarnes was So
n,,ra5 -. rha pa,nblir.r aftar th,4a
o.rIoci, ,-eeterda., rnornino and WAS
nm, ipta t,ne and made a mart Of
ibo first adition of the naner Later
+, u.,s racaIled
The home was generally expressed
Yesterday thar that the SUSPENSION
Of the hank would he only temporary
and those who were closely in touch
with it's affairs stated that the sus-
nensjon was largely brought about
hv the fact thai MANY Of the loans
of tho hani. arr. ON real estate So
curitv mon which it has been I'M
roeeib1a to reaIize under nresent CON
ditions
In an offort to save the institution
porl, ComntroIIer Callaphan held "a
numbo, of conferences on sunday
and Monday with representative
bankers Of the state ana it was
Loned pntil after the final adjourn
mont that an Arrangement might be
perfocted for reorganization when
would avoid n temporary suspension.
Those conferences were nartfci-
nated in ny represantatiyes of inc
lIarpor bankino institutions of he
etato tho Governor and - number of
etata officials and the directors Of
tho valley Panl, Owing 70 the ab =
sence of considerable representa-
tion Of the banks stockholders. in
tho short time allowed if was i'm
| roe,.n,,o To ,orfact q loyal transfer.
~ tho stocl, md assets of the hank.
Plans for reorganization. however.
are actively under way and many
Of the most conservative and re-
sponsible bankers in the state arc
/ taking an active interest in the mat
ter as if is felt that with the i'm
proving conditions of the countrs',
under conservative management ana
with increased capital the business
or tho hank can be continued and
. man ,rorI,ed ont for the ample
election of the depositors.
Auditor Callaghan Yesterday is
s,,e1 tho follovino brief statement:
..rba onsneneion ie due ia the fact
n,a+ +no valley hank is unable f.
roaIiza on certain assets at the pres
emf time TO meet Withdrawals It is
honed that the SUSPENSION is only
! temnorarv. as efforts are now being
made towards reorganization"
It is believed that the local situa
tion created nv the suspension If
the hank should be readily met
nv tho other banks of the city
which are in excellent condition and
v.o,,ld nndouhtedlv he able 70 take
care of the additional business which
wo,1ld come 70 them owing TO tn.
living nm of the assets of the VallaZ
thork The latest npblished state.
> ments of the other local banks sho"
| tantN ta lC ct n