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This newspaper page contains 5 articles. Subscribers can read the full text of each article.
Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
Jun 16, 1959
Page
2
In Los Angeles at the California Club an 85 year old reader, James A. Wigmore, shouts at a burglar when they climb in through a window. Wigmore orders the intruder out and the burglar leaves.
Arizona Savings In Receivership says no word of a receivership suit after a board member was told by a reporter that such a suit had been filed. Kanan compares the situation to Pearl Harbor while the conference on the matter continued.
Francis Bria of Carl Lawson Advertising defends Arizona Savings against a state seizure alleging irregularities. He claims the bank is solvent, vows to answer charges, and notes loans to Scottsdale Lanes and Elson Development. Tucson director Michael Hodges criticizes the takeover as politically motivated while listing key borrowers and alleged loan patterns.
In 1958 tensions rose over excessive loans at Arizona Savings and Loan. Saunders defends the firm as soundly solvent while noting confidential records and limited powers to appraise collateral. Officials discuss code revisions and potential actions without detailing evidence.
A Tucson salesman and his wife fear losing $1 600 after moving funds to Arizona Savings and Loan. He questions protection of deposits, recalls long effort for a California retirement site, and asks what steps can be taken as headlines reveal an unfolding inquiry.
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