Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1893-07-31
BANK RECEIVERSHIP.
The Territory Interyenes Under the
Law-Showing Not Sufficient
to Justify a Receiver at
this Time.

An application having been made upon
the petition of W. R. Whitney, Fred
Hardrich, Mary Millington and 7. A.
Wright, depositors representing $4,000 in
the Albuquerque Savings Bank & Trust
company, for the appointment of re-
ceiver for this institution, the order to
show cause why this should not be done
was heard before Judge Lee on Saturday.
Solicitor General Bartlett appeared on
behalf of the territory, acting under the
law which makes it "the duty of the at
torney general to take such steps for the
protection of depositors and creditors
as the nature of the case may REQUIRE"
and filed a sworn petition setting out the
reasons why the territory should be al
lowed to file separate bill as intervenor
in the case. A letter from Examiner
Hughes was also read, showing that the
circular letter issued by the bank officers
| to depositors in regard to it's financial
condition was misleading in many re-
spects.
At this stage of the proceedings the at
torneys for the bank protested against
the territory coming into the case and
asked for time, until p. M, to make a
showing, which was granted. During
this proceeding, tho court room was
crowded, most OF those present being de-
positors, and after the judge had left the
bench, one of the depositors, Mr.. e.
Bourgougnon, addressed the crowd. He
denounced the action of the solicitor gen
eral as being an attempt on the part of the
so-called Santa Fe ring to interfere with
the domestic affairs of Albuquerque, with
a view to getting control of the money OF
depositors and harrass and embarrass
the bank, stating that the depositors were
satisfied with the management of the
bank.
At o'clock the solicitor general again
appeared for the territory, and by leave
of the court filed its intervening bill and
examiners report showing the financial
condition of the bank at the time of the
examination. The banks attorneys pre-.
sented affidavits from officers and depos-
itors of the institution showing that the
condition had changed materially since
the date of the examination; that loans to
the amount of $4,000 unsecured at that
date were now secured by mortgages on
Albuquerque real estate and that large
number of depositors had signed cir.
cular letter consenting to an extension Of
time and asking that the present manage.
ment be continued in power.
Argument followed, based entirely or
the examiners report which was admitted
to be correct and true statement at the
time it was made, and as result the court
concluded that the showing made was moi
sufficient at this time to justify the ap
pointment of receiver, but the case was
held open with leave to be taken up and
the order to show cause heard at some
future day convenient to all parties.
The solicitor generals part in the affair
was taken because the law makes it his
duty to appear in all such cases, and the
knowledge that the territory would insist
in taking part in the case no doubt had
much to do with the officers of the bank
taking steps to improve its condition by
securing security for many of the unse.
cured outstanding loans as they appeared
on the books at the date of the official
examination, instituted by Sec. Alexan.
der.