Tombstone epitaph., 1921-08-21
FIRST NATIONAL BANK ccSES ITS DOORS

I Pending an investigation being car ried on by attorneys and representa- tives of Mrs Mary N. Costello, presi- dent of the First Natonal Bank of
 Tombstone, the bank did not open it's
 doors this morning and is now in
 charge of R. H. Collier, chief National
 Bank Examiner of the l1th Federal
 Reserve District with headquarters at
 Dallas, Texas.
 When a reorganization of the banks
 affairs was perfected last Saturday in which all officials resigned and a new board. headed by Mrs. Costello as president, took charge, Mrs. Costello
 caused to be issued statement which
 was published in which she guaran
 teed to depositors and friends of the
 bank that she would fully protect their
 interests. It was understood then that
 Mrs Costello had gone to Los Angeles
 to make financial arrangemnts to take
 up all the questionable assets held by
 the bank, over which the reorganiza- ltion had been effected, and would re-
 turn here within a few days ard rs
 main here in active charge until all
 matters were settled and the bank
 placed in liquid condition.
 On this assurance depositors net
 only did not withdraw from the banhh,
 as had been the first impression, but allowed the.- money to remain, and in many instances new deposits were made continuing until close of busi- ness yesterday.
 . This morning. however, it was an . nounced that oa advice of her attor- neys. Mrs. Costello had decided to re- - pudiate her former assurance and agreement, and would not go through with the matter as formerly intended
 The reason given for this action. it
 was said. is because the statemen.
 was too broad ard let down the bars for unlimited guarantee and it was also understood her attorneys went so far . as to advise that unless the banks D doors were closed the statement would r be publicly repudiated.
 The decision was finally reached
 whereby the bank would close it's
 doors for few days pending invest
 gation into the affairs of the institu- : ton and probably within three or four T days a definite policy will be an ,. nounced
 2 Mr. Collier. bank examiner in > charge. this afternoon. stated that it 2 was the desire of all concerned to {; liquidate the affairs of the institution | in the easiest and best manner for the protection of the depositors. Whether r. il would be necessary to appoint a
 temporary or permanent receiver, he
 could not say, however, pending the
 return here of a special investigator Q enclcyed by Mrs Costello tc go into
 the banks affairs.
 T. was the general impression, how 7 ever, that deposits made at the banh B since last Saturday and those allowed s- 10 remain in the bank following the T. public statement made by the presi 2 dent of the bank, would be fully pro ,f tected. although il is the desire that ! TO accounts be tied up indefinitely g if steps can be taken 10 liquidate the E. affairs of the institution in any other 1T manner possible.
 d As the situation stands this after II noon, from what information can b. IS gained, there is little doubt hu. wha ] every cent on deposit in the banl 70 will be paid back to depositors wheI D the proper Solution can be arrived a y by those in charge Of affairs. d That the closing of the banks door! e. came as a blow to the depositors al le well as the newly elcted officials at when the presidents action repudia: O. ing her former public statement 0 h. personal guarantee was made, zoe Is without saying. Just how much th m amount involved Tn tn situation effect ?. ed by the reorganization, was not mad b public. 'n It will, however, be two or thre' 3 days longer before a definite polio. AL E..x..