Arizona republican., 1921-06-21
Agree ts Plan

On ms return taSt week MT EAtr- field said the matter was under con- sideration. and the first intimation he had of any change in their view was the massage received yesterday tell ing him to go forward with his pro- gram for the reopening of the bank MT. Fairfield has made Journeys from coast to coast in the interest of the banks 1000 depositors whose in- terests he has protecyed by the plan under which business will be resumed. l Only a few hours berore the word came from the east that his months of anxiety and labor were about to be l rewarded he was served with papers in the mandamus action to compel him to turn over the affairs of the bank to the attorney general for a re- | ceivership. Before the service he had read an account Of the filing of the papers in the superior court and de- | clared that he was amazed.
 Il The opening of the Central banh l next week will mark me third of thu r three banks which closed during { ! brief interval to reopen its doors. Th' T Citizens State Bank at Five Points fl and the Exchange Bank of Peoria ! were both opened after suspension Q
 business caused by runs due ( "scares.''
 Before DelnE duNiseu UT tur tcc' news from the east, NIT. Fairfield is ? sued the following statement: Regrets Court Action "The action of Mir. Accomazzo | | applying for mandamus to compel m ? to turn the affairs of the Central Banl 5 of Phoenix to the attorney genera I for receivership came to me as quit
 a surprise.
 sT have felt that the action which
 have taken in trying to reorganiz { and reopen the bank was one whic met with the approval of all con . cerned in the affairs of the Centrs
 Bank. My course has, in fact. bee
 sanctioned by large majority. pot in number and amounts. or the creo
 tors of the bank.
 s.Immediately after the bank close . our examinations showed that. beyon n doubt. on account of the many ps E culiar conditions surrounding the al d fairs of the bank. in event Of force e liouidation of the assets. the recover = 10 the ordinary depositor would T. very small indeed There are appro' z imately 4.OOO of these depositors WI n something over a million dollars 'r stake and I have felt it my duty v protect the rights of these deposito to the fullest possible extent ! - not nelleNe tnAA dN1 0lAt thh 1N~'- | tiate a, statement to the effect tn
 the depositor or any other pers' Y. connected with the bank has suIfer s in any manner by the delay ~ "On the other hand should We " able to reopen the bank on our pr ', posed plan the depositors will in tir ol receive 100 per cent of their deposi Ill while under a receivership. cam
 believe that more than 15 or 70 ? cent repayment to depositors Will v possible. Our plans are now so me an a conclusion that this week would
 either a receivership or the start s,, work for reopening.
 V s"-The present peculiar conditlon
 ny over the United States has ma os necessary a different procedure fr' es what we have been used to in a past. A bank in Sterling. Cobra nd whose doors were closed prior ad Christmas was held by the con
 troller of the currency and reoper
 on May l. and there are several yS stances all through the western D n- of the country that could be cited oh a precedent for the action be taking.
 ids .I regret that this suit should hs m been started by one of those ed whose interests I have been work mt and I believe that Mir. Accomazzo nv not kept fully Informed of the epi ;h- situation or his saction would