Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1903-05-09
MONTEzUMA TRUST COMPANY
Re-incuporation Of The Montezuma
Savings, Loan & Building As
ISOLATION Under Albright
Trust Company Law.
AUTHORIZED CAPITAL, $4,000, 600, 90.

BY virtue of the requests of the
stockholders of the MonteZuma Saw
ings, Loan and Building Association,
the directors of the association, A. b.
McMillen, j. c. Baldridge, NJ. w.
Flournoy and w. II. Gillenwater, yes
terday filed Articles of Incorporation
with the Secretary of the Territory,
re-incorporating the association under
the law passed at the last legislature,
commonly known as the Albright Trust
Company Law. The effect of this ac-
ton is to give the association, in addi-
ton to the powers already possessed.
the power to receive money in trust,
to act as trustee and in fiduciary capa-
cities and to act as agent in the man
agement of real and personal property.
The principal object sought by the ac-
ton was to enable the association to
loan to others than its members and to
receive savings deposits in trust. I'm
der the action. the association will per-
form all the functions of a savings
bank but in a different way and with
safeguards that will absolutely pro
tect all interests. The number of the
board of directors is materially in
creased and will be supplied from
among the leading business men of the
city and points where the association
now has branches. The field in Albu-
querque is a most inviting n for this
new feature and the association will be
even of a greater benefit to the city
and the territory generally than it has
been heretofore, with a corresponding
increase of profits to the stockholders.
1t will receive savings deposits as
trustee for the depositor and pay inter
est thereon or permit a limited partici-
patton in the profits of the association.
Loans may be made to others than
members on a monthly repayment
plan, practically the same as now in
vogue with building and loan associa-
tions, except that the loan contract
will be definite and certain as to the
amount of the monthly payment and
the number of such payments required
to discharge the loan. The power to
act as trustee and in fidiciary capaci-
ties and as agent in the management
of real and personal property, while
merely incidental, are very useful and
present favorable possibilities for fut-
ure business and profits. The lame
of the association as it heretofore
stood was of too much lenghth for use
in these busy times and was changed
to the Montezuma Trust Company, a
shorter and more appropriate name.
The act of Incorporating was for
the purpose of having these additional
powers and does not change the status
of the stock contract, the object being
to increase the profits of the associa-
ton and make a consequent earlier
maturity of the shares. An increase In
the authorized capital to 81 ,500, 900
was necessary last October and a fur
Their increase to $4,000 900 was found
to be necessary at this time. The as
sociation will issue new shares from
time to time as the directors may de-
termine the business requires. The
supervision as required by the AL
bright law is very strict, being an ex.
act copy of the United States banking
law, the territorial auditor being the
supervising officer, and requiring ex-
aminations and reports and publica-
ton of reports In the same m as
is required by the United States law OF
national banks. The same penalties
for false entries, false statements and
mismanagement are provided as in
the national banking law.
This association was organized ir
the latter part of 1900 by M. w. Flour
noy, F. A. Hubbell. r. A. Ffnical, now
deceased, H. T. Gardner and w II.
CLEARWATER, who were made the direc-
tors of the association. In March fol-
lowing, Mr.. Finical died and in April
Mr.. Gardner resigned. These vacancies
were filled by the election OF j. c. Bal
bridge and A. b. McMillen. The board
has since remained unchanged. The
management, while at all times con
sentative, has been energetic, and hav-
ing at the opportune time entered a
waiting field. occupied it with great
success. While the youngest, it is he
leading association of the territory
and this last action will place it still
further in the lead. The assets are
over $106 900. The company will, as it
has in the past, command the abso-
lutte confidence of the public and will
enjoy its liberal patronage.