12865. American Bank & Trust Company (Clovis, NM)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
trust
Start Date
June 17, 1913
Location
Clovis, New Mexico (34.405, -103.205)

Metadata

Model
gpt-5-mini
Short Digest
992c2ea2f3b22502

Response Measures

None

Description

Bank was closed by the state traveling auditor/bank examiner (did not remain open). Examiner posted notice and took charge in mid-June 1913; a receiver was appointed in July 1913 and the bank's assets were liquidated with final sales/payments in late 1914. Articles note some withdrawals but explicitly say there was not a perceptible run on the bank.

Events (5)

1. June 17, 1913 Suspension
Cause
Government Action
Cause Details
Closed by traveling auditor/bank examiner after investigation revealed poor assets (only $10,000 good paper of $40,000 and low cash).
Newspaper Excerpt
Clovis, N. M., June 18.-The American Bank and Trust Co., a state institution, failed to open its doors for the day's business at 9 o'clock yesterday morning. On the door was posted a notice to the effect that the bank was in the hands of Howell Earnest, traveling auditor and bank examiner.
Source
newspapers
2. July 14, 1913 Receivership
Newspaper Excerpt
Judge G. A. Richardson, of the fifth judicial district, has appointed Charles E. Dennis to be receiver of the American Bank and Trust company, of this city, which was closed by traveling auditor three weeks ago.
Source
newspapers
3. July 24, 1913 Other
Newspaper Excerpt
Notice is hereby given that I, the undersigned, have been duly appointed Receiver for American Bank & Trust Company...that I have full charge and control of the property and assets of said bank and have full power and authority to collect all debts due said bank and to pay out and distribute to the creditors of said bank...
Source
newspapers
4. December 18, 1914 Other
Newspaper Excerpt
According to court order ... the final step in closing the affairs of the defunct American Bank and Trust Company was taken on the first of the year and it is now certain that it will include a schedule...Receiver C.E. Dennis conducted a sale disposing of the remaining property to and securities.
Source
newspapers
5. December 25, 1914 Other
Newspaper Excerpt
Depositors Being Paid. The final payment of the creditors of the failed American Bank and Trust Company is being arranged this week by the receiver, C.E. Dennis...The pro rata payment will be small.
Source
newspapers

Newspaper Articles (17)

Article from Santa Fe New Mexican, June 18, 1913

Click image to open full size in new tab

Article Text

CLOUIS BANK IS CLOSED BY BANK EXAMINER Clovis, N. M., June 18.-The American Bank and Trust Co., a state institution, failed to open its doors for the day's business at 9 o'clock yesterday morning. On the door was posted a notice to the effect that the bank was in the hands of Howell Earnest, traveling auditor and bank examiner. Traveling Auditor Earnest had been here since Sunday, investigating the bank's affairs, and it was thought until last night that the institution's affairs could be straightened out and the bank be permitted to continue business. However, a thorough investigation of the books of the institution revealed the fact. according to statements today of local bankers, that there was but $10,000 worth of good paper out of $40,000, and $6,000 cash on hand to meet deposits aggregating something over $30,000. It is reported that numerous local business firms and depositors heard the bank was in difficulties as early as last week and these withdrew their deposits, although there was not a perceptible run on the bank. L. C. West, a prominent banker of t Oklahoma, and brother of the attorT ney general of that state, is president of the institution, and in a statement issued today he promises that in time e e all of the depositors will be paid.


Article from The Clovis News, June 19, 1913

Click image to open full size in new tab

Article Text

the prominent financial standing of all these men, it is therefore, no wonder that the people were taken by surprise when informed of the financial condition of the institution and the subsequent closing of its doors. At a conference of the officers of the First National Bank and the Clovis National Bank and those of the defunct institution held Monday night, an effort was'made to have the banks above named take over the affairs of the American Bank and prevent its closing. To this end, the two banks above named offered to give $5000.00 cash apiece and furthermore, the president of the closed institution, Mr. L. C. West, offered to give $15,000.00 which offer was supplemented by one of $2,000.00 by W.A. Foyil, but it appears that all of this was rejected by the Bank Examiner as unsatisfactory. The latest statement to be given by those who are familiar with the banks condition is that although the stockholders may never realize a cent on their investment. that the depositors will be paid practically all in time. In the mean-time they will await the action taken by the Receiver.


Article from The Clovis News, July 10, 1913

Click image to open full size in new tab

Article Text

Union Mortgage Company as Receiver of the American Bank and Trust Co., which was recently closed by the State Bank Examiner. Mr. Dennis will remove the bank records to the office of the Union Mortgage Co., opposite the News office on Grand Ave., where he has more cΓ²mmodious quarters. The appointment of Mr. Dennis, who is one of our most conservative business men, meets with the general satisfaction of the depositors.


Article from The Clovis News, July 10, 1913

Click image to open full size in new tab

Article Text

American Bank Notes. The Receiver for the American Bank has not yet been named but Judge Richardson is expected here today (Thursday) in which event it is thought that he will appoint the Receiver. The information obtainable is not official and will not be until such appointment is made. The NEWS has again learned since last issue, that there was a small amount of cash and sight exchange on hand at the time the bank closed, but that all the special fund containing deposits taken on the last day the bank did business, was refunded to the depositors, who were railroad employes. It is argued by some that unless the depositors are paid in full, then criminal proceedings may follow and this appears to be the shape affairs have taken at present. Dennis Appointed Receiver. The Latest news is to the effect that late Thursday afternoon Judge Granville A. Richardson announced the appointment of C. E. Dennis of the


Article from El Paso Herald, July 14, 1913

Click image to open full size in new tab

Article Text

MADE RECEIVER OF CLOVIS BANK Judge G. A. Richardson Announces Appointment of Business Man to Handle Affairs of State Institution. Clovis, N. M., July 14.-Judge G. A. Richardson, of the fifth judicial district, has appointed Charles E. Dennis to be receiver of the American Bank and Trust company, of this city, which was closed by traveling auditor three weeks ago. Mr. Dennis gave out a statement that there were easily in sight in assets to pay 40 to 50 percent of the deposits, and that he expected to make good enough paper on hand, that otherwise might not be considered the best, to add another 25 percent to this. There were $30,000 in deposits in the bank, and $60,000 in loans. The bank was capitalized for $30,000. L. C. West, of Mountainview, Okla., was president, and M. Boyle, cashier, the latter being actively in charge of the bank.


Article from The Clovis News, July 24, 1913

Click image to open full size in new tab

Article Text

Notice. Notice is hereby given that I, the undersigned, have been duly appointed' Receiver for American Bank & Trust Company, by the District Court of Curry county, New Mexico. That I have full charge and control of the property and assets of said bank and have full power and authority to collect all debts due said bank and to pay out and distribute to the creditors of said bank any and all moneys coming into my hands as such Receiver. Notice is further given that all claims against said bank must be proven by the sworn affidavit of the creditor. his agent or attorney and filed with me on or before the 15th day of September, 1913. CHAS. E DENNIS, Receiver for American Bank and


Article from The Kenna Record, October 24, 1913

Click image to open full size in new tab

Article Text

NEW MEXICO IN BRIEF Western Newspaper Union News Service. Dates for Coming Events. Nov. 23-26.-Meeting New Mexico Educational Association at Albuquerque. Howard Mielenz of Dexter has been appointed a notary public by Governor McDonald. The Federation of Women's clubs held a pleasant and profitable meeting at Santa FΓ©. It will require fifty stock cars to ship the 15,000 sheep acquired by E. C. Chambers, a buyer at Gallup. Albert Kauzlowski, a miner, employed at the Heaton mine, near Gallup, was killed by a powder blast. Governor McDonald has disposed of a large number of cattle, owing, it is said, to short feed on his Carrizozo ranch. Judge Pope of Santa FΓ©, sentenced Nez, a Navajo Indian, to four months in jail for opening a mail sack and taking out a letter. The Rev. George Splinters, rector and dean of the parish of Bernalillo, and well known in Santa FΓ©, died after an illness of eleven days. The Savings bank of Taiban was closed by the state banking department, and L. B. Waters placed in charge pending further developments. Judge Pope, at Santa FΓ©, sentenced several prisoners who had been convicted in U. S. District Court, among them being some for selling liquor to Indians. Attorney General F. W. Clancy went to El Paso to be present during the taking of testimony in the boundary suit between the state of Texas and the state of New Mexico. Clovis was so eager for silos, that the Chamber of Commerce offered a premium of $25 for each one constructed in that section; twenty have resulted from the crusade to date. James Lynch of Roswell, on trial at Clovis a second time for the murder of City Marshal Roy Woofter at Roswell two years ago, entered a plea of guilty to murder in the second degree. Ira Brown, colored, who in November, 1909, was sentenced from Luna county to the state reform school for from five to six years, has been pardoned conditionally by Governor McDonald. Paroles were signed by Governor McDonald in the cases of W. P. Kookeen and Frank Rice, both of Chaves county, who had served their minimum sentence. Both men have work offered them. The Hope Community Irrigation Company filed a dissolution notice with the State Corporation Commission. This company organized about two years ago it is said, but never commenced business. "Sweet Potato" Charley of near Hagerman claims he can raise on portions of his farm 59,820 pounds of sweet potatoes per acre, which, at two cents per pound, should increase his bank account $1,196.40. The body of Ben Reddinger, who disappeared from camp in the Manzano mountains foothills near Albuquerque, was found by a searching party. It is believed that his death was. caused by heart failure. Two convicts at the state penitentiary made their escape by sawing their way out through the roof of the ice house. Del Rexford, one of the prisoners, was overtaken and taken back to prison within a few hours. Governor McDonald signed a requisition to the governor of Oklahoma, asking for the return to New Mexico of L. C. West, president of the American Bank and Trust Company of Clovis, which was closed several months ago. A sale of 16,076 acres of state lands in Luna county will be held Dec. 8. Chadwick and Deyo, contractors for the grading on the new branch line of railroad running from near Whitewater to the Burro Mountains, have practically finished the job and tracklaying has been in progress for several days. Ninety-five cars of cantaloupes were shipped from Roswell and South Springs this season off of 450 acres; 600 were planted. Portales has shipped this season forty-four cars; Artesia and Lakewood, 3; Fort Sumner, thirty-six cars. Agua Nergra grant, in Guadalupe county, recently changed hands at a price said to be in the neighborhood


Article from The Clovis News, November 13, 1913

Click image to open full size in new tab

Article Text

Notice of Suit. IN THE DISTRICT COURT OF CURRY COUNTY, NEW MEXICO. Chas. E. Dennis, Receiver for American Bank & Trust Co., Plaintiff, vs. J. H. Ritter, Defendant.


Article from The Clovis News, November 13, 1913

Click image to open full size in new tab

Article Text

No. 674. To the Defendant, J. H. Ritter: You will hereby take notice that a suit has been filed and is now pending in the District Court of Curry county, New Mexico, in which Chas. E. Dennis, as Receiver for American Bank & Trust Co. is plaintiff, and you, the said J. H. Ritter are defendant, and that said suit is numbered 674 on the eivil docket of said court, and that Harry L. Patton, whose business and postoffice address is Clovis, New Mexico, is attorney for plaintiff. You will further take notice that the object of said suit is to recover judgment against you in the sum of $3675.99 on account of overdraft owed by you to said bank and on account of a certain promissory note executed by you, payable to said bank, together with costs, interest and attorney's fees, and that the following described real estate belonging to you, situate in Curry County. New Mexico, has been levied upon and attached in said suit, to-wit: Lot 8, block 3, in the original town of Clovis. You will further take notice that unless you appear, or answer in said suit on or before the 5th day of December, 1913, judgment will be rendered


Article from Las Vegas Optic, November 25, 1913

Click image to open full size in new tab

Article Text

Auditing Four Counties An audit of the books in four counties of the state is now going on. T. J. Guilfoil is at work on the books of Lincoln county, Walter L. Kegel has about completed the work on the books of Chaves county, E. A. Mossman commenced work last week on Valencia, and G. H. Van Stone is checking Santa Fe county. Payment to Despositors Receiver Charles E. Dennis of the American Bank and Trust company at Clovis, has announced another payment to depositors during the first week in December. Although bids were advertised for, all proposals were so low that Mr. Dennis rejected all but one in attempting to dispose of the bank's real estate for the benefit of the stockholders. New Probate Judge A. W. Hockenhull, a Clovis attorney, and democratic county cnairman in Curry county, has been appointed probate judge in Curry county by the commissioners to take the place made vacant by the resignation of Judge McBee, who moved to Oklahoma, In United States Court Judge John R. McFie, of counsel of


Article from The Clovis News, November 27, 1913

Click image to open full size in new tab

Article Text

Notice of Suit. To H. W. Williams: You will hereby take notice that suit has been filed and is now pending in the District Court of Cnrry County, New Mexico, in which Chas. E. Dennis, as Receiver for American Bank & Trust Company, is plaintiff. and you, the said H. W. Williams, are defendant; and that said suit is numbered 704 on the Civil Docket of said Court. You will further take notice that the general objects of said suit are as follows: To recover judgement against you in the sum of $498.60 and costs, interest and attorney's fee, on account of a certain promissory note, executed by you on December 31, 1912, payable to American Bank & Trust Company; and to foreclose a chattel mortgage executed by you to secure said note upon the law library, furniture and fixtures belonging to you and therein described. You will further *take notice that unless you appear, answer or plead in said suit on or before the 8th day of January, 1914, judgment by default will be rendered against you and plaintiff will apply to the court for the relief prayed for in his complaint filed in. said suit. You will further take notice that Harry L. Patton, whose business and Postoffice address is Clovis, New Mexieo, is attorney for plaintiff in said suit. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said court this the 26th day of November, 1913. A. L. AWALT, County Clerk. N-27 D-18. (Seal)


Article from The Clovis News, December 18, 1914

Click image to open full size in new tab

Article Text

AMERICAN BANK PROPERTY SOLD AT RECEIVER'S SALE Depositors of Institution Will Get Their Pro Fata Share of Proceeds of Sale Soon. According to court order the New Train Schedule final step in closing the affairs of the defunct American Bank & A new time table will be issued Trust Company was taken on the first of the year and it is Saturday when Receiver C.E. now certain that it wiil include a Dennis. conducted a sale disposschedule of the new Galveston ing of the remaining property to Pacific daylight train. It is and securities. The sale of the stated on good authority that securities disclosed the fact that this new train will include two offic ers of the bank had loaned Frisco sleepers from the east themselves from $500.00 o and through sleepers from Gal$1800.00 on their personal notes veston to Los Angeles or San and had also overdrawn their Francisco. The train will be account. Mr. Dennis informs made up here and this equipthe NEWS that the results of ment maintained to its final the sale were satisfactory and destination. This will give brought over $4,000.00, which towns west of Clovis in New he will distribute to the creditors Mexico daylight train service, as soon as possible and he is ena n accomodation which they deavoring to effect this settlehave long desired. It will also ment before Christmas. give them a double daily train The following statement was service. given out by the Receiver o the press regarding the sale: Masons Elect Officers The bank building was bought Clovis Lodge A. F. and A. M. by Jere Haggard, cashier of the No. 40 held its annual election Citizens' Bank of Albuquerque. of officers for the ensuing year, The price paid was $2,950. The Tuesday night. As the date of Albuquerque bank was one of installation, Dec. 27 (St John's the heaviest losers in the Ameriday), falls on Sunday this year, can Bank & Trust Company failthe installation of officers will ure, but Mr. Haggard's good be held on Monday. Dec. 28. judgment in buying the building The following officers were undoubtedly will help his bank elected: to recover at least a portion of P. A. La Shier, Worshipful the loss. Master. W. H. Land, a Fort Sumner R. L. Pryor, Senior Warden. banker, bought the notes and W. I. Luikart, Junior Warden. judgment, Notes aggregated W. S. Carmack, Treasurer. $20,001.46, and Mr. Land paid A. J. Whiting, Secretary. $425 for the lot. Several thousBert Curless, Tyler. and dollars worth of judgments The other efficers of the lodge brought only $120. Six or seven are appointive and will be an thousand dollars worth of notes nounced later. had been charged off the books, for which there was no offer. Best Postoffice Several scattering lots in Clovis were sold, also a small equity Postoffice inspector. Mark in a farm north of town. Williams made an examination A surprising feature of the of the Clovis postoffice in his defunct bank is the fact that rounds recently and complimentofficers, stockholders and emed postmaster, A. B. Wagner on the first class condition of the ployees of the bank owed the bank $16,347.78 when its doors office. He said that the Clovis were closed, which left an inpostoffice was in the best condebtedness of less than $4,000 dition of any he had examined by outside parties. in his district, which comprises Mayor, Cash Camey, surprised New Mexico, Arizona, a part of the natives by demonstrating Colorado and a part of Texas. that he is a first class auctioneer. He also spoke highly of the


Article from The Clovis News, December 25, 1914

Click image to open full size in new tab

Article Text

Depositors Being Paid. The final payment of the creditors of the failed American Bank and Trust Company is being arranged this week by the receiver, C.E. Dennis. District Judge, G. A. Richardson, of Roswell, passed through the city last Friday and signed the order for final settlement from the proceeds of the sale of bank property and securities held on December 12th. The pro rata payment will be small.


Article from Deming Graphic, December 25, 1914

Click image to open full size in new tab

Article Text

Santa Fe-Remarkable are the disclosures made in the final winding up of the business of the defunct American Bank and Trust company at Clovis. The receiver, Charles E. Dennis, sold what remained of the bank's effects. Jerre Haggard, cashier of the Citizens bank at Albuquerque, bought in the bank building for $2,950. However, the startling feature was that W. H. Land, a Fort Sum ner banker, who for $425 bought $20,001.46 of notes and judgments. Besides, some $7, 000 in notes had been taken from the books and charged off as uncollectable. The surprising fact is that the officers, stockholders and employes of the bank owed the bank $16, 847.78 while outsiders owed less than $4, 000. This failure, as well as that of the First State bank at Las Cruces, have already re sulted in a banking act being drafted for introduction in the legislature to put a quie tus once for all on political banking in Few Mexico.


Article from Western Liberal, January 22, 1915

Click image to open full size in new tab

Article Text

April 2-3.-Annual Meeting Southwestern New Mexico Cattle Growers' Association, at Deming. The postoffice at Harrington has been discontinued and mail is now sent to Gladstone. New Mexico's Representative in Congress, Hon. Harvey B. Fergusson, voted for equal suffrage. A broom corn buyer in the Clovis section claims to have paid out $100,000 for the article during last year. Three cars of broom corn were shipped from Rock Island by farmers from the district northwest of town. The Meloche ranch people recently bought 1,000 tons of alfalfa at Maxwell, paying $9 per ton for the bale article. The wool production in New Mexico in 1914 was 19,077,000 pounds, being exceeded only by Montana and Wy. oming. The New Mexico counties received a total revenue of $128,015.50 from the liquor traffic in the fiscal year ended Nov. 30 last. Joseph Goodale of Arizona claims to have earned $1 from each hen in his possession the past season. He now has one thousand. C. E. Dennis of Clovis, receiver of the defunct American Bank and Trust Company, announces a payment of 11 per cent on all deposits, A report of the city manager for the year 1915 shows that at the end of the calendar year Roswell had on hand a balance of $12,490.18. The residence of William S. Prager, one of the finest in Roswell, was almost entirely destroyed by a fire that started from a defective flue. E. A. Wayne, for the past several years general manager of the Ernestine Mining Company, operating extensive properties at Mogollon, has resigned. The attorney general, in an opinion informs R. G. Marmon of Laguna, that he knows of nothing which should exempt able-bodied Pueblo Indians from the road tax. The Enterprise Coal Company of Gallup, capital $50,000, has filed articles of incorporation with the commission. The company starts with $10,000 paid in. At the annual meeting of the state corporation commission Matthew S. Groves was unanimously re-elected chairman and Edwin F. Coard was reelected secretary The Gila river, which became a raging torrent as the result of the recent rains, has washed out big areas of agricultural land along its banks, according to reports from Redrock and other points. Over 1,600 applications for 1915 automobile licenses have been received at the office of the secretary of state, and the total of the checks and money orders accompanying the licenses is more than $10,000. The Elizabethtown mining district, one of the best-known and most Im portant mining centers in New Mex ico, is reviving again, and will, during the present year, become an important gold producer. The boys and girls of the Artesia section of the Pecos valley are being interested in the raising of stock and hogs as well as poultry. A "Baby Beef and Pig. Club" is being organized by O. M. Trotter. Wright and Stauber, operating the Pacific No. 2 mine at Pinos Altos, the y scene of recent rich gold strikes, struck another gold pocket, which is said to equal in extent and richness those pockets formerly encountered. Rio Arriba county erected seven new school houses the past year. Life and death entered the home of Mr. and Mrs. Mariano Mares at Gallup almost at the same instant. Just f as the year-old daughter of the family, after an illness of several days, passed away, the mother gave birth to an other daughter. Rev. Father Marra, S. J.. of Las Vegas, is mentioned prominently for selection as head of the Society of Jesus, it is learned upon apparently good authority. Father Marra left Las Vegas some time ago to attend a conference of representatives of the order in Rome, which will select a successor to the last Black Pope, who died about the same time as Pius X. There has been a marked increase in the salaries paid both men and women teaching school in New Mexico in 1913-14 over the previous educational year, but there are still 686 teachers in the state receiving less n than $300 a year. These are disclosures made by the salary report completed by Prof. Rupert F. Asplund and Statistician Paul A. Hall, of the department of public instruction. Governor McDonald honored a requisition from Governor Colquitt of Texas for the return to the state of it Will Pierce, who was under arrest at Clovis, Curry county. Pierce is wanted on an indictment for forgery in Hunt county, Texas. g "I believe our showing here means much more to New Mexico than any citizen now suspects or comprehends," says Fayette A, Jones, president of the New Mexico School of Mines, in a letter to Governor McDonald concern-


Article from The Evening Herald, March 12, 1915

Click image to open full size in new tab

Article Text

what was done at said meeting is vague and indefinite but your committee finds that although the governor of New Mexico and the traveling auditor at the time they so met with the officials of said bank knew that T. R. H. Smith the president of said bank was undesirable in every way in connection with banking matters and had no financial resources, had deliberately deceived the traveling auditor's office and that the bank at that time was insolvent, the capital stock being impaired at least to the extent of 150 per cent, yet not a thing was done from that time on by either the governor or the traveling auditor to require the affairs of said bank to be placed in a better condition. That although during all that time the governor and the traveling auditor knew that the funds of the state college were deposited in said bank no steps were taken by either the governor or the traveling auditor to protect said funds in any way. That neither the governor nor the traveling auditor notified either directly or indirectly any member of the board of regents of said schools, that said bank was in a precarious condition, so that the funds of said school could be protected. That the traveling auditor has attempted to justify his action on the theory that he had notified the board of regents of such condition it would have caused a run on said bank and the institution would have been closed. However, in connection therewith we wish to state that prior to the closing of the American Bank and Trust company, of Clovis, N. M., a telegram was sent from the traveling auditor's office to the treasurer of Curry county,


Article from Albuquerque Morning Journal, March 13, 1915

Click image to open full size in new tab

Article Text

Dereliction Charged. That although during all that time the governor and the traveling auditor knew that the funds of the state college were deposited in said bank no steps were taken by either the governor or the traveling auditor to protect said funds in any way. That neither the governor nor the traveling auditor notified either directly or indirectly any member of the board of regents of said school, that said bank was in a precarious condition, so that the funds of said school could be protected. That the traveling auditor has attempted to justify his action on the theory that had he notified the board of regents of such condition it would have caused a run on said bank and the institution would have been closed. However, in connection therewith, we wish to state that prior to the closing of the American Bank and Trust company, of Clovis, N. M., a telegram was sent from the traveling auditor's office to the treasurer of Curry county, directing him to withdraw the county funds from that bank. It may be suggested, however, that according to the testimony of the traveling auditor, said telegram was sent without his knowledge or direction, but was sent by a subordinate in his office, one W. L. Kegel. In connection with that matter it is very suggestive that although the traveling auditor knew of the falling condition of the American Bank and Trust company, of Clovis, no steps were ever taken by him to assist the treasurer of the county in protecting the county and state funds: that being done by said W. L. Kegel on his own initiative. Governor's Advice to Cox, We further find that in October, 1913, after the examination of the