Arizona republican., 1915-02-01
Twenty-Five Hundred Stock Certificates Accompany, Checks, Finishing Up the Work of Committee of Depositors
GREAT WORK HAS
 BEEN ACCOMPLISHED
Adjustment Company's
 Work Example of Broad minded Cooperation - Economy Was Watch
 word With Committee

The committee of depositors of the Valley Bank, organized soon after the closing of the bank early in No- vember has completed it's work in the mailing of twenty-five hundred checks to depositors and sending as many certificates of shares of the stock of the Valley Bank Adjustment company. The work of mailing these letters which will be thankfully re- ceived was begun on Saturday and was completed last night. The checks will be for 171h per cent of the amount of the subscriptions for stock, which under the first announcement, would be twenty-five per cent of the amount of each depositor in the Val ley Bank. In securing those sub scriptions to which most of the de- positors who could be communicated with, responded literally, the commit tee tried to get as much as possible so that the amount of subscriptions for stock might be brought as far below twenty-five per cent as pos sible
 
 however. on the authority of the com mittee that the amount that would be returned of the subscriptions would be twenty per cent. But er- TOTS in accounts have been discovered which have reduced the percentage to seventeen and a half.
 It will be interesting to learn that tbic of 1,+hi hn committee undertook has been ac- complished at an expense of about s250 for incorporating, postage. print ing and other necessary items. The members of the committee and other citizens all of whom are men of af- fairs which have been to a great ex- tent neglected, have done their work without cost. Even much of the clerical work and it has been enor- nous. was done freely by the clerks of the new Valley Bank
 Among the items of expense is the war revenue tax Every certificate of shares in the adjustment company must bear a five cent stamp for every s100 or lesser amount. In the arrangement with the new Valley bank, the adjustment company un- dertook to make good at the outset s212 900 of the securities amounting to sS69.000 turned over to it and that was done by a note on which 1 the revenue tax was something more ! than S42: that is, the note had to bear a two nt stamp for every s100. i To one familiar with figures the work that has been done in the last two months has been almost appall- | ing All of these 2500 accounts in the Valley bank from which subscriD- 1 tions have been made. have had to be checked over carefully. In many cases it was found that outstanding checks altered the face amounts of the deposits. Then the calculations had to be made and when it was found how much might be returned to each subscriber there came the looking up and verifying of the ad- dresses and the issuance of the checks which had all to be signed by two men. and then, the mailing. A good many interesting things and some complications nave occurred within the experience of the commit tee. A good many phases of human nature have been encountered. some narrow mindedness and more broad mindedness. On the whole, said a member of the committee yesterday. he had emerged from the task with a better opinion of his fellow men.
 
 woman whose deposit in the Valley Bank was s20 Her subscription to the stock under the early arrange ment would have been s5. The com mittee decided that in her extreme case the subscription would not be taken and she was informed that the
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