14494. Socorro National Bank (Socorro, NM)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 4574
Charter Number: 4574
Start Date: October 20, 1893
Location: Socorro, New Mexico (34.058, -106.891)

Metadata

Model: gpt-5-mini
Short Digest: 1b8ff27e

Response Measures

None

Description

The Socorro National Bank was closed by order of the U.S. Comptroller/examined by a U.S. bank examiner in October 1893 (government action). No article describes depositor runs. Examiner overhauled affairs and turned the bank back to officials; the bank reopened in late November 1893. I corrected minor OCR typos (e.g., Secorro -> Socorro) visible in some clippings.

Events (5)

1. May 26, 1891 Chartered

Source: historical_nic

2. October 20, 1893 Suspension

Cause: Government Action
Cause Details: Closed by order of the U.S. Comptroller for persistent violations of national banking laws; placed in hands of examiner for examination/possible receiver appointment
Newspaper Excerpt: the Socorro National bank was closed by order of the U. S. comptroller
Source: newspapers

3. October 23, 1893 Other

Newspaper Excerpt: U. S. Bank Examiner Abrey has posted a notice on the Socorro National bank announcing that the institution is temporarily under U.S control. An examination ... it is not in particularly bad shape. ... in less than ten days it is expected the examiner will ... leave the bank in full operation under the old regime.
Source: newspapers

4. November 24, 1893 Reopening

Newspaper Excerpt: The Socorro National bank ... opened for business Wednesday, with Douglass Harroun ... as cashier. Mr. Catron is the president. ... The re-opening of this bank will ease money matters in Socorro.
Source: newspapers

5. July 16, 1894 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (7)

1. October 20, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, October 20, 1893

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THE SNIFFEN BANK. Some Light on the Socorro Institution That the Government Closed Up Yesterday. As announced in the NEW MEXICAN'S Washington dispatches yesterday afternoon, the Socorro National bank was closed by order of the U. S. comptroller on the ground that it has persistently violated the national banking laws. This institution was organized some two and a half years ago by John S. Sniffen, of Socorro, and is generally known as the "Sniffen bank." Hon. T. B. Catron, of this city, was one of the stockholders and at the last annual meeting of the directors, all of whom are citizens of Socorro, he was elected president. He did not qualify, however, for some months later, and then became nominally the head of the concern for the purpose of endeavoring to get its affairs in some sort of business shape and closing up its liabilities, but he has had nothing whatever to do with its internal management, leaving that entirely to the cashier and the local directors. The bank had a capital stock of $50,000 and its deposits are said to have been about $8,000. It has $51,000 loaned out and its debts amount to about $10,000. The depositors and creditors will lose nothing by the collapse, and it is thought that the stockholders may get out in fairly good shape, provided the receiver will do his duty. The appointment of a receiver will probably be the next step.

2. October 23, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, October 23, 1893

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THE BANKS. The Socorro National to ResumeDane Bank Dividends-The Albuquerque Savings Bank's Showing. U. S. Bank Examiner Abrey has posted a notice on the Socorro National bank announcing that the institution is temporarily unde .S control. An examination of the bank's affairs reveals the gratifying fact that it is not in particularly bad shape. It owes about $12,000 to depositors and those holding its obligations, while its assets amount to at least $60,000. So that no one need in any event antici pateany loss of their funds due them by the bank. The institution has not been closed, and in less than ten days it is expected the examiner will walk out leaving the bank in full operation under the old regime. THE DANE BANKS. The checks for the dividends declared by the comptroller of the currency in favor of the depositors of the First National banks of Silver City and Deming were paid to depositors by Receiver Foster on Saturday. The dividend for the Deming bank is 15 per cent and for the Silver City dopositors 20 per cent. It will be several months before another dividend is declared and the next one will in all probability be final. The amount to be paid out on the Deming bank is $20,294.94 and $42.63 on back first dividends and on the Silver City bank $16,901.14 and $319.34 on the back first dividends. ALBUQUERQUE SAVINGS BANK. Hon. J. E. Saint, receiver of the New Mexico Savings Bank & Trust company at Albuquerque, has filed a statement in the district court showing what he found in the bank when he assumed control. From this it appears that the liabilities of the bank amount to $189,877.09; capital stock, $50,000; surplus fund, $10,000, and interest account, $4,199.53; total amount, $254,573.62. The asseis are as follows: Loans and discounts, as shown by the report, $210,459.53; due from Albuquerque National bank, $5,882.75; stocks and bonds, $17,000. The receiver found cash on hand, $13,079.32, making a total of $246,421.60. Following the liabilities and assets is a list of the names of those who owe the institution, a list of the local and eastern directors, and a list of all the depositors. LAWYER CHILDERS' MISSION. The Davenport Live Stock company whose ranches are situated in western Bernalillo county, and of which exAlderman John A. Johnson, of Albuquerque, is the head, has 2,500 head of cattle and forty head of horses on the range near Lamar, Colo., which Receiver Schofield is trying to get hold of for the benefit of the defunct Albuquerque National bank creditors. On application of Attorney W. B. Childers, Judge Hallett, in the U.S. circuit court at Denver, has enjoined Johnson from mortgaging this stock. The complaint recites that John A. Johnson owes the bank $18,000 of a loan of $31,632.86 he made Dec. 15, 1892, when he mortgaged the cattle and property. It is alleged that the cattle were removed to Colorado from New Mexico only on an understanding that the mortgage be recorded in Colorado, but instead John A. Johnson had executed a mortgage in favor of Caleb Johnson his father, for $11,620.06 and also had given the Barse Commission Co. a mortgage. Intention to defraud is alleged.

3. October 25, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, October 25, 1893

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OFFICIAL GOSSIP. The juries for the November term of court in San Miguel county have not yet been drawn, nor is it now likely that such will be the case, owing to the absence of Chief Justice Smith. The Cerrillos Water company injunction, which involves the right of municipalities to grant exclusive franchises, is to be argued before Judge Seeds to-morrow. N.B. Laughlin appears for the Water company and C. A. Spiess for the town trustees. If a receiver is to be appointed for the Socorro National bank, the man should be selected from Socorro.-Albuquerque Citizen. There is little probability that the bank will require the services of a receiver, hence Mr. Hesselden, of Albuvuerque, shows good taste in retiring from the contest. Jose Dominguez and Desiderio Ortiga, who have served three years in the penitentiary for larceny from Bernalillo county, were released to-day, and restored to citizenship by the governor as a reward for their good behavior. The Saving's bank receiver should provide a notary public if he wants the depositor to certify to deposits, or take the deposit books as evidence of the bank's indebtedness. It is not fair to compel the depositors to go to additional expense. Depositors are requested not to pay notary fees, because the court will no doubt modify the order.-Albuquerque Citizen. In his report to the district court, Hon. Pedro Perea, foreman of the territorial grand jury for Bernalillo county, shows that that county has the following sums tied up in the defunct Albuquerque National bank: Court fund, $2,054; general fund, $744; road fund, $43; river fund, $451.12; school fund, $6,828.48; county bonds, $7,890. Capt. Bullis; agent for the Jicarilla Apache Indians, is advised that the band of 100 stragglers who have been in Mora county all summer, under the direction of Juan Peseta, a sub-chief, have consented to return to the sub-agency at Dulce, Rio Arriba county. About 100 more of these Indians are now in Taos county and Capt. Bullis hopes to bring them to terms without trouble in a short time and have them back upon their reservation.

4. November 18, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, November 18, 1893

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The Socorro Bank. The NEW MEXICAN has inside information that the Socorro National bank, recently placed in the hands of the government for examination, will shortly reopen. Bank Examiner Abry has completely overhauled its business, checking up everyone of its accounts and has reported to Washington the condition of affairs. There is money now in the safe to liquidate every obligation. Mr. Abry has been called to Denver in connection with the business of one of the suspended banks there. It is generally understood that on his return to Socorro this bank will be again opened and Socorro relieved of the embarrassment of its closure. Mr. Abry has been very reticent about his report but the above facts are known.

5. November 24, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, November 24, 1893

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ROUND ABOUT TOWN. Meeting of Aztlan lodge No. 3, I. O, O. F., at 7:30 this evening. Santa Fe stands sadly in need of a public hall, conveniently located. This was demonstrated by the crush at the W. B. T. entertainment last night. Read the NEW MEXICAN'S telegraphic dispatches telling of cold weather and pass a vote of thanks for the privilege of living in the finest climate on earth. Lieut. E. V. Stottler, post quartermaster, has posted notices in front of the postoffice calling for bids for paints, oil and lumber for repairs to the military hospital at Fort Marcy. There wasn't elbow room in the Gonzales block apartments where the Woman's Board of Trade gave their dance and supper last evening. The affair was a jolly success in all respects, notwithstanding the crush, and the ladies cleared $50 for their treasury. Manuel Castellano, war chief of the Taos pueblo, is here on business connected with the Taos pueblo grant. He brought some corn for sale and says his people raised fine crops this year. Lorenzo Martinez, a bright young Taos Pueblo who is interpreter in Capt. Bullis' office, acted as chaperon for Castellano. A blind girl, 13 years of age, was brought here from Abiquin yesterday and application was made for her admission to the territorial school for the deaf, dumb and blind. Under the rules of the institution pupils must have a six months' supply of clothing. This girl had absolutely not enough to make her comfortable. The matter was brought to the attention of the Woman's Board of Trade and that worthy organization supplied her with clothing enough to serve her for a year. Accordingly she was taken into the school. The Socorro National bank, which passed into the hands of Bank Examiner E. A. Abry about a month ago, opened for business Wednesday, with Douglass Harroun, son of Dr. Harroun, of this city, as cashier. Mr. Catron is the president. For a short time Phillip Harroun, a brother of the cashier, will assist at the bank until all the departments are running smoothly. The re-opening of this bank will ease money matters in Socorro.

6. December 1, 1893 Sierra County Advocate Truth or Consequences, Hillsboro, Kingston, NM

Article from Sierra County Advocate, December 1, 1893

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The Secorro National bank which passed into the hands of Bank Examiner E. A. Abry about R month ago, epened for business Wednesday, with Doug lass Harrous, son of Dr. Harroun of Santa Fe, as cashier, the examiner receiving instructions from Comptraller Eckels to turn over everything to the bank officials. Besides a board of directors, who are some of the best pien of Seaerre, T. B. Cafron 18 the president and Mr. Harroun cashier. For a short time Phillip Harrous. a brother of the eashier, will assist at the bank until all the departments are running smoothly. The re-opening of this bank will ease money matters in Secorro.

7. November 6, 1894 Southwest-Sentinel Silver City, NM

Article from Southwest-Sentinel, November 6, 1894

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TERRITORIAL. A car of mining machinery arrived in Springer for the upper country. Baron VanZuylen has returned to the Baldy mining camp, and expects to resume work on his mine at an early day. The New Mexico Agricultural College, down at Las Cruces, is making splendid progress under the present management. It is now an assured fact that a wool scouring mill will be started at Roswell soon, on a small scale, but afterwards enlarged to meet all demands. The Territorial supreme court met in Santa Fe, Monday, Oct. 29, for the purpose of delivering opinions and hearing some cases still on the docket. The "Iron King" mine, in the Cochiti district, has some wonderful ore, that will run all the way from $500 to $1,000 per ton, and improves as depth is gained. The following notaries public have been appointed by the Governor: Karl A. Snyder, of Albuquerque; Robert O. Barret, of Pinos Altos, Grant County; Chas. T. Clark, of Magdalena, Socorro county. The Socorro National Bank is closing up its affairs. All noteholders and others, creditors of said association, have been notified to present the notes and other claims against the association for payment. Receiver Schofield, of the Albuquerque National Bank, informed the Citizen that a dividend will be paid the depositors of the defunct institution on and after November 1st. Checks for the dividend are expected from Washington, D. C., in a few days. The Advertiser says that in Socorro, several prominent republicans acknowledge the defeat of their ticket, and console themselves with the thought that it is not a good one, anyway." Funny! Exactly the same state of affairs exists in Grant County.