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APPOINTED BANK RECEIVER David Cowan, who has been federal examiner of receivers, has been ap. pointed receiver of the First National bank of Las Vegas, N. M., according to letter received yesterday by A. H. Denton, receiver of the City National bank Mr. Cowan has frequently visited EH Paso in the last few months.
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TWO STATE BANKS CLOSE IN EAST LAS VEGAS, N. M. Suspension Follows Failure of First National in June-Only One Bank Left. By the Associated Press. EAST LAS VEGAS, N. Mex., August 21.-Two banks, both State institutions, closed here yesterday. The Peoples' Bank and Trust Co., incorporated at $100,000, failed to open and is in the hands of the State bank examiner. The Las Vegas State Bank, an affiliated institution. closed voluntarily, on advice of the bank examiner, for the protection of its depositors, officials of the bank announced. The closing followed the failure of the First National Bank of the city last June. This leaves only one bank in the city. The last statement of the Peoples' Bank and Trust Co., gives its resources as $668,113.72, and deposits as $331,825.34.
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COURT SUSTAINS NORMAL SCHOOL NOTE DEMURRER State Institution Argues That Loan of Las Vegas Bank Should Be Void Because It Is Public Corporation A demurrer of the Board of Regents of the New Mexico Normal University in the suit brought of against it for the recovery an alleged $10,500 promissory note by David Cowan, receiver of the First National Bank of Las Vegas, was sustained federal court by Judge Orie Phillips, Monday. The arguments presented in the demurrer by M. E. Noble, counsel for the Normal school, were that the institution was public corporation which was not organized for pecuniary profit. Therefore, the demurrer said, the defendant had no authority to issue negotiable promissory notes in evidence of its indebtedness For this reason the note was void and the suit should be dismissed, Attorney Noble argued. C. M. Botts, attorney for the bank receiver, announced Monday evening that an amended complaint would be filed. Judge Phillips granted 20 days for the filing of such complaint. The bank alleged in the complaint that on February 1925, the Normal school took out renewal of prior indebtedness. At time the institution took out promissory note for $10,500. the complaint says. No interest had been paid on the note, the plain tiff alleged. The bank asked for the amount of the note with interest eight per cent from the date it was out and ten per cent additional for attorney' fees.
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BANK RECEIVER SEEKS INJUNCTION IN TAX SUIT IN SAN MIGUEL COUNTY filed today in the district clerk's office here by David Cowan, the First Na tional bank of Las Vegas, an insolv banking corporation Collins special Miguel county, Cleofas Romero treasurer and collector of San Miguel county. and Lorenzo Delsheriff. show cause preliminary injunction should not granted against them from seizcattle from molesting structing plaintiff in administration his The suit filed by Messrs Sinims Boots of and that on September of San Miguel county borrowed $12,093 from the First National bank of Las Vegas, gave promissory note for and mortgaged 380 head of cattle and 30 head of horses two mules alleged there now due $11.950 with Interest. complaint sets out other sums borrowed Mr. Smith and mortgages given with the declaration that amounts are of the value of the cattle covered by mort stated the complaint that the county officials San Miguel trying to collect taxes from Mr Smith
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BANK RECEIVER WANTS SALE OF CATTLE FOR TAXES TO BE STOPPED David Cowan, receiver for the First Natonal bank of Las Vegas, has filed an action in federal court to prevent the seizure by San Miguel county for taxes of 161 head of cattle belonging to E. E. Smith and on which the bank holds mortgage. Cowan alleges that the officers of the county are about to seize the cattle and sell them for back taxes.
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BANK RECEIVER GETS $10,000 JUDGMENT IN SUIT AGAINST NORMAL David Cowan. receiver of First National bank of Las given judgment against the board of regents the Normal University for federal court here The court that no tion issue for the the but that be collected any unexpected ceeds deficiency appropriations which may have been hereafter made
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OFFICIAL NOTES BANK RECEIVER SUES ON NOTES Suits been filed in the United States district David court by Cowan, receiver of the First National bank of Las Vegas, on alleged promissory notes. the first. asks judgment against Rossco Spriggs of Colfax county for and torney's fees, and in the other. judgment against Frank Zummack and Mary Zummack, his for interest and attorney's
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FEDERAL COURT NOTES District Judge Neblett today named Shettler, of Silver City. referee bankrupety vice Frank deceased. The counties are Dona Ana, Grant, Luna and Sierra. BANK RECEIVER ON NOTE Suit filed in the district clerk's office today by David Cowan. receiver of the First National bank Vegas, against Edward and note for PETITION OF NEIL GIBBS CRANTED District Judge Neblett today granted the of Nell Gibbs, matter the American Surety Silver City Beer and Ice allowed make proof of claim previously filed. Testimony will taken December The court also sustained motion Carmen Maxwell to dismiss cause failure the amended supplemental complaint to state action.
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BANK RECEIVER ASKS THAT OFFER OF LORENZO DELGADO OF $2,000 ACCEPTED AS PAYMENT OF DEBT David Cowan. receiver of the funct First National Bank of Vegas, today petitioned the federal court here allow him to accept an offer of Lorenzo Delgado to pay in payment of debt. In the petition some light is thrown on the financial relations between Lorenzo Delgado and Secundino Romero. Lorenzo Delgado became unusually prominent this fall when he ran for lieutenant governor on the Demo, cratic ticket, Mr. Romero formerly was marshal. The petition is worded as follows: 'In the matter of the of the to the First Nation al Bank of Las Vegas of Lorenzo Delgado." is then stated that Receiver Cowan shows that: such receiver all of the assets and property of the said First National Bank of Las Vegas, an Insolvent Institution. has become invested in him as receiver. "That by virtue of such receivership one Lorenzo Delgado is indebted to him as follows: (a) As endorser of note by Secundino Romero in the principal sum of $6,834.23 Interest of attohneys fees of of note with "(b) As maker Secundino Romero in the principal interest of $528.08 sum of fees of attorneys "(e) As maker note endorsed Romero in the principal sum of $10,000. Interest of $3,125, of $1,312.50. attorneys fees "That the receiver with the consent and the comptroller of of the court the currency has heretofore made an with the said Secundino adjustment Romero, full statement of which appears in the files of this court. "That the said Lorenzo Delgado execution proof; that prior to the insaid First National solvency of the bank of Las Vegas sult on said notes was brought against the said Lorenzo Delgado taken with no recovery except head of cattle, "That the said Lorenzo Delgade has offered in cash for cancellation indebtedness the sum of of the said $2,000." that the offer has Petitioner says the comptroller of been approved by currency, and the petitioner is confident that unless it accepted he will nothing from able to Lorenzo Delgado.
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BANK RECEIVER FILES AGAINST R. R. DEVINE ON ASSESSMENT FOR $1,500 Suit was filed in the office today by David the First National Las Vegas, an insolvent against Devine, asking ment for stock. The assessment was July of 1925. Attorney W. G. Ward, Vegas, represents plaintiff.