The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-02-04

which 10 take out Of the bank a large
moun OF paper executed by himself
and the immediate members OF his
family and h hank was given six
months time within which to restore
lis capital. which was then impaired
TO the extent % about IS per cent;
that Notwithstanding knowledge Of
such condition IN the bank the row
ernor OF New Mexico permitted the
secretary and treasurer OF h COLLEGE
board Of regents thereafter to deposit
IN said bank. subsequent 90 the
month OF June. 1918. approximately
SIS, 900 % college funds.
1T Is likewise reliably stated that
the presidsnt OF the First state bank
OF las Cruces. instead Of obeyins the
instructions Of m travelling auditor
and taking out % the bank paper 81
himself and family. which was ia the
hank In January. 1914. then aggre-
gazing ss0.0o0. thereafter and be-
tween that time and the failure Of
the bank Increased such paper In the
sum OF approximately $4,000 50 that
az he time Of the banks failure
smith aud the members OF his fam
ily had paper In the bank agErcatinE
$4,000.
1T II likewise stated that at the
time Of the failure the secretary and
treasurer Of the college board Of re-
gents vas indebted to said bank In
the sum Of approximately SIS. geo.
nearly all Of which was wholly unse-
cured.
we are also informed that Mr..
Weilaufer. who was registrar Of the
college at the time % the banks fail-
ure. and had been holding such posi-
ton az that time for about six
months. Is a defaulter to the amount
OF approximately $500. II also ap-
pears that the present registrar. Mr..
Mossman, Is a partner 81 Mr. Gull
ioi n Il II reported that upon the
date preceding the closing OF the
BANK Messrs. Paxton, Liewellyn. Gull-
ION ana Mossman were all IN the
nank endeavoring to assure anxious
depositors that the bank was solvent.
II Is also stated that Messrs. Lie
weiiyn and Paxton were rot only
close political associates Of the pres
ident Of b defunct bank but were
also attorneys FOR him aud for the
bank and intimately acquainted with
the affairs Of the Institution. Ia view
Of these facts no argument Is neces-
sary to convince u nir-minded man
mat an investigation should be
made
The Investigation BiI.
AZ the conclusion OF his statement
Mr. Blood presented the Din which
waa read. az follows.
An act appointing a Joint committee
OF the senate and house Of repre-
sentativea OF the Second state leg
isiature OF New Mexico Ia lnvesti.
gate the management and financial
anairs and status OF the New Mex
leo College Of Agriculture ana Me-
manic Arts; the depositing OF the
funds OF said institution In tho
First state bank or Las Cruces. n.
~, n failure OF the said hank
ana b causes thereof. relations.
" any. existing between said bank
and The defunc, First state hank o.
Incumcari, n. A. the conduct OF
the travelling auditor and bank ex-
aminer Of b state Of New Mexico
~ connection with and pertaining
10 the affairs of the said state odu-
eatipnal institution aud said state
banks, ana his responsibility, if
y for falling To take the proper
steps Ia safeguard public funds and
AFFORD protection 10 %depositors In
aatd state banks, the acts and
Il Of auy other state officer
in connection herewith. defining
tho powers and duties uf said COM
inittee d appropriating money 10
pay an expenses Of surn investiga-
tons.
BE IL enacted by the legislature Of tho
state Of New Mexico.
section !. That "a committee OF
I've members Of the second state leg
islature. three 0f whom shall bo
members 81 the house Of representa-
tltcs, To Doe named hy the speaker Of
that body, and two members OF the
senate 10 be ramed by the committee
on committees Of the senate. IL here
by created and appointed to invcsti-
gate the management and the nnan-
ciai affairs n status 81 the New
Mexico college % Agriculture ana
Mechanic Arts; the depositing Of the
funds of said institution ln the First
state bank of Las Cruces. New Mex
Geo. the failure at said bank and the
causes thereof; the relations. II any,
aiming N'AMffN NtlN hNNN huu the
defunct First state hank of Tucum-
carl New Mexico. tho conduct of the
travelling auditor ana hank examiner
oi the state OF Sew Mexico in counec-
iion with and pertaining 90 the ar
fairs OF said state educational instltu-
tion aud said state banks. aud his re-
fponnihility' II any. for falling 10 take
me proper steps 10 snfoEulrd public
funds and AFFORD protection 20 depos-
itors In said state banks; and the acts
ana conduct Of any other state ofn-
Ger In connection Herewith.
Section 2 said committee il here
by vested with power and authority
10 issue ~subpoenaa Co compel the at
tendance Of witnesses, and the pro-
ductinn of books, papers, reports and
documents. suoh suhpoenas may be
served by the serEeant-at-arms OF
either house OF by any other officer