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GILLENWATER AS A BANKER "Cap" Rushes Before Public With His Bank Record WHY HE DOESN'T LIKE BURKHART Why State Chairman Is Able to Speak On Banking Mr. Whispering Gillenwater, Republican state chairman; sponsor for Frank A. Hubbell, removed from office for mismanagement of county funds; sponsor for H. O. Bursum, removed from office for a $4,000 "error in bookkeeping"; Mr. Whispering Gillenwater, late head of the Montezuma Trust company in Albuquerque, as state chairman has published an advertisement reflecting upon the Democratic administration of state banks. Mr. Whispering Gillenwater has also anticipated an attack upon ms administration of the Montezuma Trust company in a signed letter which he issued yesterday. For the information of the public there are quoted herewith extracts from Mr. Whispering Gillenwater's advance defense of his Montezuma Trust company record. The Gillenwater recital ap plies venomous epithets to Mr. Burkhart which are deleted for the sake of decency. It should be borne in mind that the Gillenwater statement is a defense, drafted for the purpose of putting the best possible light on the difficulties in which the Montezuma Trust company became involved. The public may draw its own conclusions from this statement as to Mr. Gillenwater's qualifications to speak on the subject of Sound Banking The extracts follow: M recite another instance disclosing Mr. Burkhart's character. I was connected with the Montezuma Trust company, of Albuquerque, as its active officer, when, by reason of disagree. ments among its stockholders it was deemed best for all concerned to discontinue business, pay off the depositors and voluntarily liquidate the assets of the company. Thereupon, on November ******* 7, 1912, all depositors, except as below noted, were paid off by deG positing the amount of their respective deposits to their credit with a neighbor trust company and advising each depositor of S the action taken. The exceptions were deposits due me amounting to approximately $25,000, and one tl small unclaimed deposit amount. ing to about $160. Thereupon commenced the voluntary figui. dation of the assets of the com0010 pany and it was proceeding when Mr. Burkhart appeared, representing political henchmen of his G. having a small stock interest in the company and deliberately set about to cast the company and its assets into.a receivership, and did so, and 1 believe he did it knowing that it was not to the interest of the stockholders. The receiver was appointed November 1, 1913. Then on May 8, 1915, Mr. Burkhart filed suit against myself and other directors, the allegation of the complaint, how. ever, being directed entirely at against me, making general th charges of miamanagement on my part and that had used the company for personal ends and had at or about the time of the in company discontinued business a at large overdraft. The complaint, as you may learn from an inspec-
