Arizona republican., 1921-04-30
shun The Reeeivership

Speaking rank outsider one who had money in the Central Bank when Monday morning at ten o'clock it's doors remained closed, frum this distnterested height it appears to us that the depcsitors who fail sign the agreement by which the bank may be reopened business are courting certain against the recovery of their money.
 very large number of depositors includ- ing believe all the larger ones have signed agreement which provides that in of the opening of the bank they shall not withdraw their deposits within a certain period. This agreement be effective and acceptable must be practically unanimous: 1t be signed by from ninety n1ncty-five per cent of the depositors.
 Some of tlrose suppose. comparatively few of these who have not signed have not been located. Others short sghtedly holding expecting that enough others will sign, that they themselves will not De bound by the agreement. may therefore withdraw their deposits. the bank has been re- opened sun others. it stated have been quietly advised by applicants the receivershp bank against signing.
 Now a recefvership is a fat job. one which win last long time. desirable a period of unemployment It will be a fine thing the man who gets it-but for else in the whole com uunity. The pay for it must come from the depos- itors The receivers fees large and the other expenses heavy. It is the most disastrous way known to science. of settling the affairs bank. The receivers work We will admit is effective and nnsl the ministrations of undertaken.
 Here is place where receivershp would be Uost wAsteful The Central Bank has deposited as oolateral for loans with other banking institutions large volume of gilt edge securities the best . had Under a reopening of the bank. these assets would be worth their value. Under receiver ship sale they would be worth only what they would bring and in the present holders them would probably take them for the loans which but . small part of their face is in this and other ways that the a receiver ship frittered away
 So desirable is this job of receivership that understand that 400 applications for it have been received. some of them coming by telegraph, within twelve after the spread that the Central Bank had opened that Monday morning
 Every effort has to avoid a receiver ship. State Auditor Fairfield has done everything porsble to aid the depositors. But there a limit so what he do and there is limit the time he nay the depositors help themselves. That limit almost expired.
 The depositors have everything gain nothing to lose by signing this agreement Those who are holding in the hope that they may get their money earlier by having signed if the bank should be reopened blind the fact that, hank goes into the hands of the receiver, not only win much if not all their deposits be absorbed by the receivership. but aso if anything should left in the regular they would not get it earlier than they would get all of it under the ment-
 which receiver does not rule. try to abbre- viate.
 Thus nothing be lost by signing the agree ment Under everything will be saved, and there Is no other way proposed, in sight or possible, by which this saving can be effected