Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-02-07
CRUCES BANK To
PAY DEP0SITORS
IN FULL, CLAIM
Meeting Will Be Held Wed
nesday to Take Steps to
Wind Up Affairs and Pro-
teCt All Concerned.
Especial Correspondence to The journal, !

Especial Correspondence to The JOuruaD
Las Cruces, n. M, Feb. GA
meeting of the depositors Of the
Bowman Bank and Trust company,
which closed its doors last week and
is now in the hands of the state
bank examiner, was held at the
chamber of commerce Saturday
afternoon TO consider ways and
means for protecting the interests
of the depositCrs in the institution.
After mature deliberatiOn it was
decided to have a representative
committee Of Las Cruces and Dona
Ana county business men, who had
deposits in the bank, confer with
the lei Paso clearing house as to
the possibility of securing tenn
porary financial relief and assist
ance for the valley, and hold pub
lie meeting Of all depositors at the
armory at o'clock Wednesday
afternoon, February s. The object
of this meeting will be to bring
about such unity of action among
the depositors as may give them
some influence in securing efficient
and economical administration of
the affairs Of the defunct institu-
ton, to the end that every dollar
of its resources may go to those
who had deposits in the bank. The
depositors are determined that this
institution shall be free from such
scandaras attended the winding up
Of affairs of the First State bank
several years ago.
The closing of the bank naturally
has caused a financial furry which
While it was known for months
that the bank had large sums of
money tied up in real estate loans
yet only a few were aware that 1t
was on the verge of closing, and
even those few trusted that a con-
solidation would save the day
Frank w. Campbell, cashier Of the
institution, says he fully believes
the depOsitors will be paid in full
as soon as monies due are collected
and the realty holdings disposed of.
There has been some talk of re-
organizing the bank, but, according
TO Mr.. Campbell, it is not proposed
to do that and the institution has
ended its career.
Notices posted on the doors of
the bank over the names Of the
board of directors of the bank read
as follows:
Having failed to negotiate deal
with two other banks for taking
over our deposits. and desiring to
protect all depositors alike, believ-
ing it to be for the best interests Of
ali concerned, have voluntarily
turned this bank over to the bank
examiner to liquidate its affairs,
and believe we will pay all deposit
ors In full as soon a S we can collect
from those that owe us"
The board of directors is com
posed of w. w. Cox, president; "
B. May. vice president; r, T.. Nc
Bride, secretary and r. p. Porter,
II. M. Wingo, j. D. Isaacks, N. c. |
Frenger and Frank Campbell, cash
ier
It is said the directors did every
thing possible to prevent the col
lapse: that they have dug into their
own pockets for over ten years and
made good all impairments CT as
sets and if the present situation |
had arisen in ordinary times, they |
surely would have again been able |
to come to the rescue Of the insti- |
tuition, but Just at this time, when .
the financial stringencv is so great, /
it was impossible to do so.