Raynolds System Puts State Bank On Rocks
A major Holbrook bank failure unfolds as Holbrook State Bank closes for liquidation amid mismanaged loans and alleged favoritism toward Joshua Raynolds’s Albuquerque First National Bank. Depositors face losses while a citizen committee and Merchants' and Stockgrowers' Bank rush to aid locals awaiting a court-appointed receiver.
MENTIONED IN THIS ARTICLE
Raynolds
Arizona
Southwest
Holbrook State Bank
Ater
Holbrook
First National Bank of
Albuquerque
Joshua Raynolds
Joshua
Captains of Finance
National
Albuquerque Bank
Josh
Judge Thomas
Merchants’ and
Holbrook State
Munch
Around the Town Gossip Mixed With Local Notices
Local notes report President Raynolds avoiding comment for bank depositors while saying little on the affair. Advertisements tout sales at the Toggery Shop and Wetzler's with Christmas gifts. County officials discuss contracts for medical supplies and county printing as Holbrook hosts board meetings and court business. Goldwyn moviemakers scout White Mountains and Indian reservations for potential scenes.
Give the Young Men a Chance in the Army Drive
Sergt E B Davis and Cpl S A Kinthicum of the Los Angeles recruiting station will visit the city December 16 to 20 offering short term enlistments in the U S Army. One year options exist in the 19th Infantry at Camp Sherman Ohio or 82nd Field Artillery at Fort Bliss Texas or 32nd Infantry at Presidio California. For a three year enlistment two men may go to any post. The service provides schools medical and dental care laundry and tailor services and pay ranging from 30 to 103 85. With over 24 000 enlistments in November the army nears quota and interested youths should apply soon.
MENTIONED IN THIS ARTICLE
Sergt
E. B. Davis
Cpl. S. A. Kinthicum
Los Angeles
U. S. Army
19Th Inf
Camp Sherman
Ohio
82Nd Field Artillery
Fort Bliss
Texas
Presidio
Calif
Senate extends six month mine assessment period
Telegram from United States Senator Phipps reports the senate approved extending the assessment work period by six months for 1920 lode and placer mining claims and shale oil locations. Favorable action is anticipated in the house of representatives.
MENTIONED IN THIS ARTICLE
United States
Phipps
Senate
House of Representatives
Holbrook Drug Company Announcement
The Holbrook Drug Company offers continued courteous service and credit through Christmas. Prices will be adjusted to meet customers needs. Outstanding checks on Holbrook State Bank endorsed or issued by the firm will be paid at face value.
MENTIONED IN THIS ARTICLE
Holbrook State Bank
Holbrook Drug CO
Governor Campbell sees upward trend for country
Governor Thomas E. Campbell, back from Washington, told Arizona leaders that national financiers believe the worst is past and business conditions will improve. He urged thrift, warned about rent costs in Phoenix and Phoenix area, and urged voluntary remedies over new law to curb profiteering. He noted unemployment is worse east of the Rio Grande, discussed a Chicago backed hundred million dollar credit plan to boost foreign buying and copper demand, and discussed tariff, immigration, and mine assessment issues with state and federal officials.
MENTIONED IN THIS ARTICLE
Arizona
Thomas E. Campbell
Washington
Sproule
Campbell
Phoenix
Tucson
Arigona
Smith
New York
Harris
Rio Grande
New Mexico
Chicago
Congress
Harding
Pacific Coast
Ralph Cameron
Raynolds Arrested in Bank Insolvency Case
L. M. Raynolds was arrested on a criminal complaint for feloniously opening the bank and receiving deposits after knowing it insolvent. A preliminary hearing is set before Justice Easley Saturday at 10 o'clock, as investigators investigate the Raynolds System and potential others involved.
MENTIONED IN THIS ARTICLE
Raynolds
L. M. Raynolds
Easley
Bank Collapse Not Affecting Holbrook Oil Field
Wrecking of the Raynolds bank will not hinder Holbrook oil development. Reports from wells at Zuni Holbrook and Adamana are encouraging, signaling continued operation and capital availability. Only the Raynolds owned bank will close, not the local oil efforts.
MENTIONED IN THIS ARTICLE
Holbrook
Holbrook State Bank
Raynolds Bank
Zuni
Adamana
Raynolds
What's Doing in the Holbrook Oil Field
Timbera and a new engine arrived for the Holbrook Oil Company and were moved to the well for installation. A cable and other pieces are expected soon and the rig will be ready to proceed as needed. Delays in material have prompted express delivery, showing managements eagerness to advance the drilling toward the anticipated result.
MENTIONED IN THIS ARTICLE
Timbera
Holbrook Oil Company
Zuni project seeks earlier break in difficult strata
Drilling continues diligently but progress is slow due to tough formation. Management hopes to exit the hard strata before year’s start and report needed depth to reach the sand. Mechanical and financial conditions are excellent. Major Caldwallader and Field Agent Dolman completed a northern Arizona tour aiding disabled ex servicemen with hospital care vocational training and rights advice in Flagstaff, Winslow, and Holbrook.
MENTIONED IN THIS ARTICLE
Raynolds
Phoenix
Winslow
Holbrook State Bank
Caldwallader
Flagstaff
Holbrook
Major Cadader
Carroll G. Dolman
Heard Building
Ariz
The
Federal Board For Vocational Education
Copper mines Cut Wages In Arizona District
Calumet and Arizona Mining Company and Copper Queen branch of Phelps-Dodge announce wage cuts effective January 1 affecting about 4000 workers. A flat 1.00 daily cut for those earning 5.35 or more, 0.80 per shift for under 5.35, and a 20 percent salary reduction for non daily or shift pay. Service bonus plan ends with current year's payment. Smaller miners pledge to follow the new scales.
MENTIONED IN THIS ARTICLE
Calumet and Arizona Mining Company
Copper Queen
Phelps-Dodge Corporation
United States
Warren
Calumet
Arizona
Near East Relief Urges Aid for Armenian Orphans
Officials warn more than 25 000 orphans under American care in Armenia and Syria face hardship as winter deepens. A $5 donation feeds a child for a month, $15 covers feeding clothing and schooling for that period. If aided evenly, refugee children would line a 24 mile table.
MENTIONED IN THIS ARTICLE
Arizona
Near East Relief
Armenia
Syria
Assembly of the
League of Nations
Armenian Republic
Also Mentioned on This Page
Holbrook Bank
Navajo County
C. H. Jordan
Wetzler’s
Anson Smith
Mohave County
Kingman
Jesse
Hulet
Wetzler Supply Co
Board of Supervisors
Dr. Samson
Holbrook News
Creswell
John A. Freemen
Crosby
Greer
Supreme Court
Federal Court
Bisbee
White Mountains
Goldwyn Moving Picture Company
Holbrook Drug Company
Gov
Holbrook Oil Field
Jordan
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