The Winslow mail., 1924-10-10
WINSLOW BANK
WITH BRANCHES
CLOSED DOORS
LAST SATURDAY

The Bank of Winslow, Winslow
Arizona, failed to open its doors Sat
urday morning At the same time
the two branch banks of the Bank of
Winslow, one at Holbrook, county
seat of Navajo county, and one at ST.
Johns, county seat of Apache county,
were ordered closed following the ar
rival of State Bank Examiner A. Z.
Hammons, to investigate the cOndl-
ton of the Bank of Winslow. Bank
Examiner S. j. Dod5on is now in
charge.
Hammons was called in to take
charge Friday evening, after meet
ing of the banks directors at which
it was decided that the banks reserve
for the third time within two months
had fallen below the legal limit. On
both former occasions the reserve was
built up to the satisfaction of the
state official. The call to the examin
er was made at that time to best con-
serve the interests of depositors and
investors. Not trace of suspicion
is attached to the management of the
bank, and confidence is expressed that
within a few weeks or months the
banks affairs will have been straight
ened out and depositors will be paid
dollar for dollar
No excitement prevailed either here
or in the towns of the branch banks,
depositors facing the tie-up of their
resources with greater patience and
less ill-feeling than probably was ever
manifest in the unexpected failure of
a financial institution the size of the
Bank of Winslow.
Immediately after it became known
Saturday morning that the bank had
been closed, hurried efforts were
made to interest Phoenix people in
taking over the affairs of the bank,
so that the close would be made as
brief as possible. Negotiations were
entered into with H. r. McClung, presi-
dent of the Phoenix National, also
president of the Arizona Central at
Flagstaff with branches in several
northern Arizona cities, and also an
officer in a large Los Angeles bank,
The stress of other business prevent
ed Mr. McClung making a trip to
Winslow as he had hoped he might.
A message was received from Nc
Clung last evening from Los Angeles,
by Sam Proctor, publisher OF The
Winslow Mail as follows;
Find it impossible to postpone my
trip which will require about two
weeks Sincerely trust everything will
be worked out satisfactorily to all by
the time 1 return"
A meeting of depositors was held
at Masonic hall last Sunday afternoon
at which time a petition was sent to
Governor Geo. W. P. Hunt, asking
that in the event the appointment of
receiver was necessary that an out
side man, and one who is an expert
IN banking matters be appointed. An
other meeting of depositors was held
Tuesday evening in the city hall at
which committee was named to con-
Ter with Mr.. H. ]. McClung in the
event that he should come to Winslow
to investigate affairs. AT that time
Mr.. McC1ung had stated that it was
possible that he might arrange his
affairs so as to make the trip here
However. a larger business matter
pending, which called him to British
Columbia developed, and the wire OF
last night precluded the possibility OF
Mr.. McClung's visit here for matter
of at least two weeks.
On May 12, this year, the Bank OF
Winslow was reorganiZed, with the
ABSORPTION of the Arizona State Bank
of Winslow, and the Merchants and
Stockgrowers Bank of HolbroOk. a
branch was established at st. Johns
at that time The bank was capltaliZ
ed at one hundred fifty thousand dol
lars Resources totaled more thar
one and three quarter millions. The
last statement issued, at the close o.
business June 30, showed deposits
subject to check of more than sever
hundred fifty1one thousand, and tota