The Holbrook news., 1921-03-04

Albuquerque Deposit Ace ount" drafts on the First National dur ing the period of Dec. 4 to Il ill favor of the Federal Reserve of Los Angeles and other banks aggregating $11,137.27 were not honored by the First National and that the First National charged back against the account of the Holbrook State sub sequent to Dec. II, ietms included in former remittances aggregating $3,O50.21. Two shipments of cur rency to the Los Angeles branch of the Federal Reserve were made a few days before the closing of the bank.
 It is worthy of note that on
 December |, the balances of the
 First National was $1,52s.S4 but
 that on Dec. 10 this balance had
 increased to $19,357.e6 and on
 Dec. II was decreased to S7,473.-
 g because of notes returned by
 the First National aggregating
 $16,9O0 and offset by notes sent
 tS Albuquerque. Page no of the
 letter file clearly shows the ef-
 fort of l.. M. to shovel into the home office all the available
 funlE.
 A letter from R. H. Hanna of the home office shows the attitude of J. M. Reynolds at that time, and it's reverse side shows the k'twIedSe of L. M. Raynoids Of the seriousness of the situation.
 A letter signed G. L. Rogers in- dicates that the First National was protecting itself on notes taken over from the Holbrook State which they considered good, and which were never returned by the First Nation al to the HOlbrOOk Bank.
 Page 122 of the report, although undated indicates that. during the latter days of the Holbrook State J. M. Reynolds made a frantic ate tempt to keep the ruinous policy of IL. M. from rocking the boat, and page 123 is a memorandum in the files relating to the final transfer of certain documents that were es- sential.
 Here is the order to gather up the fragments of what is left and hurry it to the First National be- fore it is to late:
 "Get certified copy of R. E.. mortgage On-lOan and send in at once. @r'EsT Get certified copy of c. NJ. on
 loan and send fin at once. Get R. E. mortgage on Hancock loan and send at once.
 Get certified copy of R. E. mortgage on Wakefield note and send in at once
 Wire to Les Angeles to sell the liberty bonds and transfer the balance to Albuquerque at once.
 s. M. These were frantic days at the home office when they were send ing out the s. O. S. call to salvage the remnants of the Holbrook unit. When the bank examiner called down the Holbrook unit on account of their low reserves he was made to believe that the Turbeville loan was $3o, o,634.9O, when in reality $20,- 900 additional to this same amount was planted in Albuquerque. In other words, the records were so juggled that the bank examiner could not determine the true status of this loan, at that time $50,634.90.J While he was assuring the examiner and other banks that he was trying to unload on that the Turbeville loan was good, he penned this path etic appeal to Turbeville's father down in Texas:
 Sept. 97, 1920. J. H. !Turbeville,
 Archer, Texas.
 Even yet I have not heard frOm you, I would certaiais ape preciate line frOm you as to whether you feel that you can help us out of this deal, as to date it looks just as black to us as it ever did.
 Would you please let me hear from yOu if you will help in any way at all. I assure you it will be an act of brOtheriy love
 .ro-Il