The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-12-24


personally one fourth Of the require
ments to place the Hoibrook state
bank In solvent condition. provided
other Interests involved provide the
remainder This course. and an in
tulligent adjustment. u was stated NJ
the time, would have put tho bank
on It's feet 1nl permitted the pay
mcnt Of all dupositors In full There
was no obligation upon the First Ma
tionHl bank or hnv of its officers to
do anything. u was stated, but Mr.
layn"ld- was willing personally 70
provide the assistance stated because
Of h.z desire % aid T.. NJ Raynolds.
Putnry out to- Get" Officers.
Putncy showed tho letter from
Joshua $ Rnynolds to numerous
people I'm Iloll rook aud elsewhere.
aud stated that he would force
Hayuolds or the First National bank
to pny the cu'irr loss incurred In the
Holbrook hanf failure. Putney's
effort to get" tho officers Of the First
Nationll banr Il was stated TODAY,
began at that time and has continued
without interruption.
The attacks urun the First National
bank by Carl 4. Nngcc through his
newspaper. u was stated today, were
inspired by pntnry. to whom Mngcc
T. said Ia he under financial ohlign-
Iion-. When ttc First National hank
found Il ncc,'ssary, early In 1921 IL
collect overdue loans made tn NRgcc.
the latter made use of the incident "a
open M his attacks upon the First
National The banks Cflort "a collect
it, money was used ~ basis for
Magcc's appeal for subscriptions Ia
bonds of the journal publishing COM
far NklttsHt Lar l.rN a
people subscrih'd These bonds have
never been delivered although they
were paid for mainly in cash So fnr
~ could br lcarncd from holders of
Magcc's receipts today. interest an
the money advanced him has not been
paid,
Both Putncr and Nagoc were IN
Iiolbruok during the time the special
grand jury wis In session In the
more than a yvat which has elapsed
since tho Hildr, Of the Hplbrook
state bank. cnnrtf have been made ia
find grounds Tor civil suit against
officer, Of ih" FIRST National bank
Such e suit WI nlod here to-day m
the district court hy receivers ot the
Holbrook bank
Bank Officers Statement
We 80 not care 20 discuss these
Indictments IN ayy detail at this time
! g. l.. Roger, ,ico-prCaidcut uf the
! Ftrst National said today We hay,
not been served with any process ant
| do not know what the indictment,
| contain, The .'.r.t National bank did
everything In its power. consistent
with conservative banktuE, 90 aid no
only the Ilnllrook Stuto bank. bu
/ the other ban. at llolbrook durinl
the period of extreme stringcncy. aa,
| this bank actually carried that dis
| trict through it. most Troublesome
! time. The affairs of the HolbroOl
| state bank became 80 involved tina
! n could not be- saved. We had moth
! ing whucVor tp do with either n,
| loans or the management ~ the huul
which resulted In that condition
| our connection with the bank wa
/ entirely matter of legitimate bank
ing business, aud when the facts ar
\ fully developed II will be shown tina
| nothing that u not In harmony viii
good banking practice aud the strict
est integrity AN he charged ngains
either Mr.. Reynolds or myself
"It viii also Dc shown that the agi
tntiun resulting in the finding Of thcs
indictments, whatever thcy may n
found Ia contain, has been due TO th
activities Of Mr.. Putncy aud that
was inspired nnt by Huy dcsirc 20 hcI
the depositors and stockholders Of tn
Iiolbrook hank hut because the Eirs
National bank refused tn stand for
form Of more nr less polite blackmal
~ declining 10 pay 20 PutncN ia