Arizona republican., 1921-06-26
CENTRAL BANK
 .REOPENS DOORS F FOR BUSINESS |0N NEXT FRIDAY
Ninety-Six Per Cent Of Depositors, the Bonding Companies, Stockholders And Officers In Agree ment That Brings Re sumption

After a struggle of more than three during which there has been splendid cooperation between State Auditor Fairfield on the one hand and the o<ficers and depositors and stockholders of the Central Bank of Phoenix on the other. as well as the business men of the community. an Arrangement was completed ye<ttr- day under which the bank win be re- opened on July T.
 The litigation which recently was instifuted hy D. F. Accomoxzo. one of the depcstfors. 10 compel the <fatc auditor to report 10 the attorney sen erai the condition of the bank. i< &e believed win be dismissed as Lr. Accomozxo has stated thz< his only purpose was 10 expedite the move menf for . r<-opcninx Of the in<-irn- sion and not 10 prccfpifAte 2 re- ceiverrhip-
 IL fs underssood that the only change contemplated in the off:cinl list of the bank win bc the appoint ment of F. C. Bradford state hank examiner. 10 b< cashier Afr. Eral- ford has not r<< been elected to that position and h< has not >zgnified that he would accept if.
 banks affnirs <he chief credit i~ <sv- en to the zeal and fHmn<zs o< Ar- Apprsvss Rs-ops.;ns
 [ The plan of reorganization was { finally approved br the state sup<rlr- . { tendent Of banks yesterday and tho f offic<rn of the bank were notified ty him that the bank may resume huHl- ness as coon as tt could arrange for tta re-op<ninE-
 His spprovHi v.s based upon tne action or the nine bonding companies interc~fed in accepting and z<r~<inE to the plan of reorganization. follow ing the signing up of the d<po<i<or4' agreement hy @ per cent of the 1t po>4tor& and hy the acQui<sc<nce and Ico-oper1tLon1 Of the corr<<rordine
 hankn- The net result of these A that the bank is found to be rulrrn'
 and in cafe condition for r<sump<le.
 Folio~inx the nounc.uo> by sh' imitation. the officers of the c1r' nxcd upon July 1 as the date for th formal re-op<nlnx of the bank Mhll am earlier date might have b<<l fired the clerical work cf rr<U1rln the certificates Of deposit for dcils , cry under the depc<itorf zErc<ne1f and the other clerical work r<c<E<2r' made ir sdvls2ble 10 delay the forrua re-openinr a few days. and as th
 first of the month i< . coreenl<n time. the date was fixed as 4bot stated
 Mstts~ for csne~afuistion While there has been a delay l the re-openinx of fhe bank this h4 ' been due To the fact that the wort a
 adjusting the affairs Of the ban : under the plan Of r~urx4nIr1tic necessarily required time and latc| It is a matter. however. of cor<r4tu [ lation that <nccess finally has bee [ achlsvet and the affairs of the ban put in such shape as Go receive 70 iofficial approval of the xup<rirt<r4N1
 lof banks and to justify the confidenf
 io( all person. concerned that u
 bank wifi open under condition
 which assure it's succrrx<ui cprrntio' 4. Every friend of the bank fec
 grateful for the dlntIntcre<<rd Mn '- hearty support given to the plan . e- reorganization bf the community . Y large. The rympathcfIc and heiuf' '- attitude assumed by the other b1rt e has contributed largely 10 the rexn' n The generous support given by 70
 banks of Los Angeles. ki fa&o. k@f l- ~a~ City and New York. having a' 10 counts with the Central Bank. a. n. serves the Highest commendafion- TT
 nine bonding companies have cH a played a fairness towards the cth' .- drpo~lfors and toward. the tnr Ia itself which calls for p4rzlculnr rnN. sr ton and which should be appreclAf.
 by. the community Mir Fairfield. 2