Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1893-07-05
ALBUQUERQUE COLLAPSE
The savings Bank Has Failed to Com
piy With the Law-0tlicial
Correspondence.

The collapse of the Albuquerque Ma
tional and the New Mexico Savings bank
is still topic of much interest in bust
ness circles. A U. s. bank examiner will
probably be ordered to take charge to-
day, and in the mean time c. G. Hall is in
charge under direction of tho treasury
department.
The territorial secretary received the
following yesterday:
Hon. s. Alexander, Secretary of the Terri
tory of New Mexico, Santa Fe, N. NJ.
ALBUQUERQUE, July 3, '93.-Dear Sir:
On account of the suspension of the Al
buq uerque National bank this day, the
directors OF this (the New Mexico Savings
Bank & Trust company passed the fol-
lowing resolution:
| "And, whereas, such suspension is GER
tain to SO shake public confidence in all
financial institutions as to precipitate q
run on this bank which it is not prepared
to meet in the present condition of bust
ness which makes it impossible to convert
our assets into cash at short notice; and,
| whereas, fairness and justice to our de-
| positors as a wholerequire the course now
decided upon, believing, as We do, that q
| short delay will enable US to satisfy all
our creditors, therefore,
| "Resolved, that this bank close its
doors for the present with an assurance
to the public that depoeitors will be paid
in full.'
In few days we will forward to you n
report of the condition of the bank Us
usual in the month of July. Kindly send
necessary blanks and advise us if, while
the bank is closed, publication Of such
statement will be required. We assure
you that we believe you will see from this
statement that the bank is perfectly sol
vent and that depositors will be fully
paid. Very respectfully,
New MEXICO SAVINGS BANK
& TRUST COMPANY,
A. W. JONES, Vice-President.
THE sEonETARY's REPLY.
In response Secretary Alexander yes
terday wrote Vice President Jones as fol-
lows:
81 find by examination of the records of
this Office that your corporation has filed
no report of its condition in this Office
since July 8, 1892, and that you have
neglected to comply with section 10,
chapter 68, of the session laws of 1887, in
fling your January statement in this
office.
II think you should at least make a
statement as required by law. regret
to inform you that we have no blank
forms for the making of such statements
in this Office"
LAW ON THE SUBJECT.
Section 10, chapter GO, acts of 1887, re-
ferred to in the secretRry's reply, reads
as follows:
The directors of any such corporation
or association Savings banks) shall semi
annually, in the month of January and
July, and whenever any dividends shall
be declared, make full, clear and accur-
ate statement to the secretary of the
territory of the condition of such corpor-
alton or association, as it shall be on that
day, and after declaring the dividend, if
any shall be declared; * Il and the
same shall be published at least once q
newspaper in the county where such cor
poration or association is located.
Section IS, of the same act, provides
that eff any such corporation or associa-
ton, or the officers or directors thereof
shall neglect to make out, file and publish
the statement required by this act, for
one month beyond the period when the
same is required to be made, or shall
wilfully violate any of the provisions OF
this act, the directors shall be personally
liable for all bad debts of such corpora
ton or association contracted previously
to and during the period of such neglect