Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1903-08-22
Stafford At WORK.
No Makes Official Examination Of
Montszuma Trust Company.
IT IS IN EXCELLENT CONDITION.

iner CnarleS V. ShHOru mas just Huue
an official examination in his capacity
as bank examiner Of the affairs Of the
Montezuma Trust company OF this
city, completing the examination late
yesterday afternoon. The Office OF
bank examiner was only recently Gre
ated aud the duties of this official are
not fully understood by the public.
With view OF obtaining information
as to the duties OF the bank examiner,
the nature OF the examination made
and the condition of the institution
examined. The Citizen representative
sought an interview with Mr. Stafford.
Yes" Mr. Stafford stated In his us
ual distinct manner. II have now
reached the point where | can devote
some attention to the examination OF
the financial institutions OF the terri.
tory coming under my Jurisdiction.
though my other work Is only well
started. / have just closed full and
complete examination of the affairs OF
the .,iontezuma Trust company of this
city. This company is incorporated
under the law commuhly known as
the Albright Trust company law, its
legal title being An act relating to
trust companies. passed by the last
legislature. This law was probably
the most thoroughly considered meas
ure before the session, and its provis-
ions show an intricate knowledge Of
financial institutions OF the kind au.
tnorized and a commendable DISPOSE.
ton on the part OF its advocates to
place around these institutions every
safeguard, as well as to facilitate the
examination and supervision of its az
fairs by the territorial officer to whom
this duty is entrusted. The provision
OF the law prescribing my duties in
making the examination just made OF
the affairs OF the Montezuma Trust
company is found in Section ~. This
prov sion was taken from and Ii an
exact copy OF the national banking
law. and my duties and powers in ex.
aiming trust companies are the same
as the duties and powers OF national
bank examiners In examining nation
al banks" iatg
The section referred to by MIR. SAT-
ford IS as follows:
Sec. 1.-THE auditor OF the terri.
tory snail between the first day of
January and the last day OF June OF
OF July and the last day OF Decem.
Der OF each year. and at such other
i.mes as he may deem IL necessary In
order 70 full and complete knowl.
edge OF It's condition. make a thorough
examination into all the affairs OF
every sach corporation. and In doing
so to examine any of the officers OF
agents thereu. under oath. The audi
tor may appoint a suitable person to
make such examinations for HIM and
such examiner snail have the same
powers in making such examinations
as is given by law TO the auditor. and
he SHAH make a full and detailed re
port of the condition OF every such
corporation examined to the auditor
Before entering into the discharge OF
his duties such examiner shall make
subscribe to and file in the Office Of
the auditor, an oath to faithfully dis
charge the duties oil his Office as suct
examiner, and shall execute a bond e
the territory in sucn sum as the audi
tor may require, with sufficient suret,
or sureties conditioned for the faith
full discharge of the duties of his OF
ice, Such bond shall De approved b,
the auditor and MED in his Office. 1
any such corporation shall refuse L
submit to an examination required b,
this section II shaa he subject to
penalty OF one thousand dollars fo
such refusal and the auditor of tn,
territory may take charge of such cor
porat.on. close its doors, make a thor
ougn examination of its affairs an,
take such proceedings as the nafur,
OF the case may require. II any Office
or director thereof shall refuse to b,
examined under oath touching the nj
fairs OF such corporation, such Office
or director shall be subject to a pen
atty not to exceed Ave hundred dol
lars for such refusal and the audito
OF the territory may in addition re
move such officer or director. TIL
penalties herein provided may he col
lected by suit before any court of rec
ord OF the territory.
AS to the nature of the examina
lions, they will be fu.i and complete
In every particular The examination
just closed of the Trust compan
here was Of this nature. Every iteu
was traced with view of ascertain
ing whether II was proper entr
and In every instance was found to b
so, and the balances appearing wer
verified. Then | took from the ger
eral ledger detailed statement show
Ing tne resources and liabilities O
the company. Taking up the resource
first, | carefully examined footed an
verified the total. Then | similarl
examined, footed and verified the lil
bilties. | also examined the bylaw
OF the company, its general contract
and its method OF conducting it's bus