New Mexico Savings Bank & Trust Company (Albuquerque, NM)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
July 3, 1893
Location
Albuquerque, New Mexico (35.084, -106.651)
Bank Type
trust

Metadata

Events (2)

1. July 3, 1893 Suspension
Cause
Macro News
Cause Details
Closed after unusual withdrawals following suspension/failures of California banks and inability to realize loans during money stringency.
Newspaper Excerpt
The New Mexico Savings Bank and Trust Company also closed, but they say depositors will be paid in full.
Source
newspapers
2. March 1, 1895 Receivership
Newspaper Excerpt
Your committee called upon the receiver of the New Mexico Savings Bank & Trust company, J. E. Saint, who readily acceded to a request for an examination of the books and accounts of his trust
Source
newspapers

Newspaper Articles (20)

Article from The Herald, July 4, 1893

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EMBARRASSED BANKS. The Financial Tidal Wave Strikes Albuquerque, N. M. ALBUQUERQUE, N. M., July 3. - -The following notice is posted on the doors of the Albuquerque National bank this morning: "Compelled to temporarily suspend business. This has been brought about by the unusual demands of depositors since the enspension of the California banks, about 10 days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped we can soon resame business and that every creditor will be paid in full, as the assets greatly exceed the liabilities." The enspenston will cause no loss to depositors, as the bank has a eurplue of $40,000. The other banks are exceptionally strong and have a large cash reserve. Fall confidence is expressed by the citizens, and no rana whatever are being made. The liabilities of the Albuquerque National bank are $270,000, and assets $420,000. The New Mexico Savings bank and Trust company also closed, but they say the da... positors will be paid in full.


Article from The Morning Call, July 4, 1893

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BUSINESS REVERSES. Many Banks Unable to Withstand the Pressure. ALBUQUERQUE, N. M., July 3.-The following notice was posted on the door of the Albuquerque National Bank this morning: "The Albuquerque National Bank is compelled temporarily to suspend business. This is brought about by the unusual demands of depositors since the suspension of California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can soon resume business and that every creditor will be paid in full, as the assets greatly exceed the liabilities. "JOHN A. LEE, Vice-President." The suspension will cause no loss to depositors, as the bank has a surplus of $40,000. The other local banks are exceptionally strong and have a large cash reserve. Full confidence is expressed by citizens in their soundness and no runs whatever are being made. The liabilities of the Albuquerque National are $275,000 and the assets $420,000. The New Mexico Savings Bank and Trust Company also closed to-day. Its officers say the depositors will be paid in full. LEADVILLE, Colo., July 3.-A run was made on the California, Carbondale and American banks to-day, but all the demands of depositors were promptly met, and at the closing hour the run had ceased. The American National Bank closed its doors this morning, but the directors say the depositors will be paid in full. The bank's statement shows resources amounting to $3,536,134 and liabilities of $342,625. GOLDEN, Colo., July 3.-The Jefferson County Bank failed this morning. There is DO statement of assets or liabilities. The total liabilities are $76,538 and the assets $111,380. The officers are confident that every cent will be paid. CINCINNATI, Ohio, July 3.-Freiberg Bros.. liquor-dealers, have failed; liabilities, $200,000; assets, same. BROOKLYN, July 3.-There was a run on the Williamsburg Savings Bank this morning. Nearly 1000 persons crowded into the bank as it opened, and until noon anxious inquiries were made. The proportion. of those with drawing deposits was as five to one of those depositing. General A. V. Meserole, president of the bank. said: "We paid out $230,000 on Saturday and took in $140,000. mostly from the depositors. We are doing business fast, and are prepared for a run, should it come." CHICAGO, July 3.-A. G. Postlethwalte filed a bill to-day for a receiver for the Illinois Fuel Company of Sangamon County, which confessed judgment some days ago for $70,000. The complainant is holder of the company's stock. He claims that the officers put all his investment in the company and have mismanaged its affairs. He claims the company owes him $42,000 money loaned. WINNIPEG, July 3.-The Commercial


Article from The Daily Morning Astorian, July 4, 1893

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BANK FAILURE. Albuquerque, N. M., July 3.- The Albuquerque National Bank has been compelled temporarily to suspend business. It is stated that the assets greatly exceed the liabilities. Albuquerque N. M., July 3.-The Albuquerque National Bank, which closed today, has liabilities of $275,000; assets, $420,000. The New Mexico Savings Bank and Trust Company also closed, but they say depositors will be paid in full.


Article from The Salt Lake Herald, July 4, 1893

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FORCED TO CLOSE, . The Albuquerque National Bank Suspends Payment-Will Pay in Full. ALBUQUERQUE, N. M., July - The following notice was posted on the doors of the Albuquerque National bank this morning: "The Albuquerque National bank is compelled to temporarily suspend business. This is brought about by the unusual demands of depositors since the suspension of the California banks about ten days ago, and absolute impossibility during the present business depression to call in our loans. It is confidently hoped we can soon resume business and that every creditor be paid in full, as the assets greatly exceed the liabilities. (Signed) John A. Lee, vice-president." The suspension will cause no loss to depositors, as the bank has a surplus of $40,000. Other banks are exceptionally strong and have a large cash reserve. Full confidence is expressed by citizens and no runs whatever are being made. The liabilities of the Albuquerque National bank are $275,000; assets, $420,000. The New Mexico Savings bank and Trust company has also closed, but they say depositors will be paid in full.


Article from St. Paul Daily Globe, July 4, 1893

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BANKS CLOSE UP. New Mexico and Colorado Institutions Suspend. ALBUQUERQUE, N. M., July 3.-The Albuquerque National bank, which always has been recognized as next to the largest institution of the kind in the city, failed to open its doors th : S inorning, posting un a notice to the effect that the suspension is only temporarydepositors need have no tear of not being paid in full. The New Mexico Savings Bank and Trust company. an adjunct of the Albuquerque, is also closed, with the same kind of a notice posted up. John A. Lee, vice president of the national bank, states that all depositors will be paid in full by both banks. Territorial funds to the amount of $30,000, and county funds to $30,000 had only recently been deposited in the Albuquerque National bank. No run has been made on the other banks. GOLDEN, Col., July 3.-The Jefferson County bank in this city made au assignment this afternoon. The total liab. lities of the bank are placed at $76,538.79, while the assets are $111,350.35. LEADVILLE, Col., July3.-The American National bank did not open its doors this morning, owing to the impossibility of realizing upon securities. No statement of assets and liabilities is made, A number of depositors had withdrawn their money, but a great deal more money had been deposited than taken out. The probabilities are that the bank will resume. ASPEN, Col., July 3.-The McPherson County bank did not open its doors this morning, but instead made an assignment for the benefit of its creditors. Impossibility to collect on notes outstanding is given as the cause of the failure. No statement as to assets and liabilities has so far been made public. CINCINNATI, July 3.-Freidberg Bros., one of the largest wholesale liquor firms in this city, failed at noon today for $200,000, caused by stringency of the money market.


Article from Omaha Daily Bee, July 4, 1893

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FAILURE AT ALBUQUERQUE. Suspension of the Albuquerque National Bank-Depositurs will Be Paid. ALBUQUERQUE, N. M., July 3.-The Albuquerque National bank suspended this morning. The officers claim the suspension is only temporary and that the assets greatly exceed the liabilities. The suspension of the Albuquerque National bank will cause no loss to depositors, as the suspension is temporary. and, even if otherwise, as the bank has not only paid up capital of $175,000 but a surplus of $40,000. Its stock is held by more than 100 wealthy men in Vermont, New York and other eastern states, who are liable to immediate assessment of the full amount of their $175,000 of stock holdings, which would be paid over to the depositors. The bank has besides a large line of assets of its own. The other two banks of this city are exceptionally strong and have a large cash reserve. Full confidence is expressed on every hand by the citizens, and no runs whatever are being made. The First National bank has long been recognized as one of the largest and soundest banking institutions of the west. Its footings are more than $1,000.000. Cashier C. C. Hall states that the liabilities of the Albuquerque National bank are $275,000; assets, $420,000. The New Mexico Savings Bank and Trust company also closed, but they say depositors will be paid in full.


Article from Santa Fe Daily New Mexican, July 5, 1893

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ALBUQUERQUECOLLAPSE The savings Bank Has Failed to Comply With the Law-Official Correspondence. The collapse of the Albuquerque National and the New Mexico Savings bank is still a topic of much interest in business circles. A U.S. bank examiner will probably be ordered to take charge today, and in the mean time C.C. Hall is in charge under direction of the treasury department. The territorial secretary received the following yesterday: Hon. S. Alexander, Secretary of the Terriof New Mexico, Santa Fe, N. M. July 3, Sir: ALBUQUERQUE, tory '93.-Dear On account of the suspension of the Albuquerque National bank this day, the directors of this (the New Mexico Savings Bank & Trust company) passed the following resolution: whereas, such suspension is cer"And, to so public confidence in tain shake all financial institutions as to precipitate a run on this bank which it is not prepared to meet in the present condition of business which makesi it impossible to convert our assets into cash at short notice; and, whereas, fairness and justice to our depositors as a wholerequire the course now decided upon, believing, as we do, that as short delay will enable us to satisfy all our creditors, therefore, "Resolved, that this bank close its doors for the present with an assurance to the public that depositors will be paid in full. In a few days we will forward to you a report of the condition of the bank as usual in the month of July. Kindly send necessary blanks and adviso us if, while the bank is closed, a publication of such statement will be required. We assure you that we believe you will see from this statement that the bank is perfectly solvent and that depositors will be fully paid. Very respectfully, NEW MEXICO SAVINGS BANK & TRUST COMPANY, A. W. JONES, Vice-President. THE SECRETARY'S REPLY. In response Secretary Alexander yestorday wrote Vice-President Jones as follows: "I find by examination of the records of this office that your corporation has filed no report of its condition in this office since July 8, 1892, and that you have to neglected comply with section 10, chapter 68, of the session laws of 1887, in filing your January statement in this office. "I think you should at least make a as required by law. I regret to inform that we no statement you have blank forms for the making of such statements in this office." LAW ON THE SUBJECT. Section 10, chapter 68, acts of 1887, referred to in the socretary's reply, reads as follows: The directors of any such corporation or association (savings banks) shall semiannually, in the month of January and July, and whenever any dividends shall be declared, make a full, clear and accurate statement to the secretary of the territory of the condition of such corporation or association, as it shall be on that day, and after declaring the dividend, if and the any shall be declared; * * same shall be published at least once a week for three consecutive weeks in some newspaper in the county where such corporation or association is located. Section 13, of the same act, provides that "if any such corporation or association, or the officers or directors thereof shall neglect to make out, file and publish ; the statement required by this act, for one month beyond the period when the ; S. same is required to be made, or shall wilfully violate any of the provisions of this act, the directors shall be personally liable for all bad debts of such corporation or association contracted previously to and during the period of such neglect."


Article from Western Liberal, July 7, 1893

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On Monday the Albuquerque National bank did not open its doors for business, but a notice was posted sayitg that owing to the withdrawal of some large deposits since the failures of the California banks and the impossibility of realizing on loans it was compelled to close for a period. The bank claims to be perfectly solvent and will pay out dollar for dollar in a short time. The territory has about $50,000 on deposit in this bank, but it is amply secured by a bond of $300,000 signed by some of the most reliable men in Albuquerqne. The New Mexice Savings Bank and Trust Company an adjunct of the bank closed its doors at the same time. The stringency of the money market is the cause of these failures, as given by the Albuquerque papers. Others who claim to be acquainted with the affairs of the bank say the trouble is an old one, reaching as far back as the Dane failures in this county. These banks being intimately connected, at one time Mr. Dane was a director of the Albuquerque concern and he came near pulling it down. Ever since the failures in this county the bank was on the ragged edge and a failure would have caused no surprise at any time. Many outside banks refused credit their customers for checks er. this to uk, simply taking them for collection. Which story is right the LIBERAL is unable to state, but if the latter is correct the people who knew all about it were criminally silent when the bill was before the legislature providing for the deposit of the territerial funds in this institution. This is the first bank failure in the territory since the present stringency set in and we trust it will be the last. The patrons of the other banks in Albuquerque did not seem to be scared, there was no run on them. They are both solid institutions, the First National being one of the best in the territory.


Article from The Star, July 12, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them until after collection has been made by them. The First National Bank of San Diego, Cal.. which suspended a month ago, has re. sumed. ALBEQUERQUE, N. M.-The albequerque National Ban't suspended and the New Mexico Savings Bank and Trust Company, an adjunet, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSBURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.--The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap; ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaha and Houston Improvement Company. The Finley county bank of Garden City, Kas., has failed. The American National bank. of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National bank became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000, OMAHA. NEB.--The National bank of Ashland clo ed its doors. The closing of the American Saving Bank of this city are sup. posed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $159,000 and assets of $259,000.


Article from The Middleburgh Post, July 13, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them antil after collection has been made by them. The First National Bank of San Diego, Cal., which suspended a month ago, has reumed. ALBEQUERQUE, N. M.-The albequerque National Ban's suspended and the New Mexico Savings Bank and Trust Company, an adjunct, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSHURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.-The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap: ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaba and Houston Improvement Company The Finley county bank of Garden City, Kas., has failed. The American National bank of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National ban't became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000. OMAHA. NEB.--The National bank of Ashand clo ed its doors. The closing of the American Saving Bank of this city are supposed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech bad an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $153,000 and assets of $259,000.


Article from Santa Fe Daily New Mexican, March 1, 1895

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# THE DEPOSITORY SCANDAL. The Albuquerque banks investigation committee appointed by the house made their report to that body yesterday. The report sets forth the fact that the committee proceeded to Albuquerque, but were unable to make any examination of the books on account of the telegraphic orders from Comptroller Eckles published in the NEW MEXICAN some days ago. The report continues: "Being unable to gain access to the books of said bank, your committee deemed it best not to enter into any investigation whatever of the matters submitted to us. "Your committee are of the opinion that the best interests of the people of the territory demand a full and thorough investigation of such matters, and believe that upon proper presentation of the facts to the treasury department at Washington, D. C., and to the president of the United States, authority will be granted for a legislative committee to examine all of the books, papers and records of said Albuquerque National bank; and that the whole truth regarding the transactions which your committee were to investigate may become known, therefore your committee respectfully recommend the passage of the joint resolution herewith submitted as a part of this report. Your committee called upon the receiver of the New Mexico Savings Bank & Trust company, J. E. Saint, who readily acceded to a request for an examination of the books and accounts of his trust, and from such examination your committee approves of the statement of said receiver regarding the condition of the territorial funds in said bank as true and correct, and believe that said receiver is justified in the statements made re-


Article from Santa Fe Daily New Mexican, May 8, 1895

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Fine McBrayer whisky at Colorado sa.oon. A New Receiver. In the district court at Albuquerque Jos. E. Saint's resignation as receiver of the New Mexico Savings Bank & Trust company was accepted and Neil B. Field was appointed to the place. Receiver Field filed his bond in the sum of $50,000, with the names of the following as his bondsmen: Alex Bowie, of Gallup; Thos. B. Catron, of Santa Fe; Edward Dodd, W. Y. Walton, H. E. Leeds, Meliton Chavez, Andres Romero, J. L. Perea and W. W. Strong, of Albuquerque.


Article from Western Liberal, October 18, 1895

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A dividend of ten per cent has been declared by Receiver Field of the New Mexico savings bank and trust company at Albuquerque.


Article from Las Vegas Daily Optic, May 20, 1896

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Receiver Field, of the New Mexico Savings Bank and Trust company, Albuquerque, notified depositors that another 10 per cent. dividend has been declared.


Article from Santa Fe New Mexican, May 19, 1899

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Albuquerque Items. A. J. Van Cott, who shot himself, died yesterday. A natatorium is being built by Ralph Goodwin. Deputy Sheriff Newcomer has been appointed receiver of the New Mexico Savings Bank & Trust company at a salary of $150 per month. Depositors have received 80 per cent of amounts originally due. Professor J. P. Owen has been admitted to practice law. The term of court will end Saturday, but Judge Crumpacker will begin another term Monday, acting for Chief Justice Mills.


Article from Albuquerque Daily Citizen, May 4, 1900

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Dividend Declared. C. E. Newcomer, receiver, will be at the office of P. F. McCanna, room 11, Grant building, on Saturday, May 5, 1900, from 2 to 6 and 7 to 9 p. m., for the purpose of paying a 10 per cent dividend to the depositors of the New Mexico Savings Bank and Trust company. After that date he can be found at the sheriff's office in the court house. Special Saturday Prices at the Albuquer-


Article from Albuquerque Daily Citizen, May 5, 1900

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Dividend Declared. C. E. Newcomer, receiver, will be at the office of P. F. McCanna, room 11, Grant building, on Saturday, May 5, 1900, from 2 to 6 and 7 to 9 p. m., for the purpose of paying a 10 per cent dividend to the depositors of the New Mexico Savings Bank and Trust company. After that date he can be found at the sheriff's office in the court house.


Article from Albuquerque Daily Citizen, May 7, 1900

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Call for Your Dividend. C, E. Newcomer, receiver, will be at room 11, Grant building, from 2 to 5, from May 7 to May 11, inclusive, for the purpose of paying a 10 per cent dividend to the depositors of the New Mexico Savings Bank and Trust company.


Article from Albuquerque Daily Citizen, May 9, 1900

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Call for Your Dividend. C. E. Newcomer, receiver, will be at room 11, Grant building, from 2 to 5, from May 7 to May 11, inclusive, for the purpose of paying a 10 per cent dividend to the depositors of the New Mexico Savings Bank and Trust company.


Article from Albuquerque Weekly Citizen, October 18, 1902

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# NOTICE OF SALE num from the date of this decree, with ten per cent additions of the amount found due as attorney fees; that the said defendant, James Sanches, pay the same to the plaintiff, Charles E. Newcomer, receiver of the New Mexico Savings Bank and Trust company within thirty days after the entry of said judgment and decree and that in default of such payment that the said premises or so much thereof as may be sufficitne to raise the amount due by said decree aforesaid, pricipal, interest and atorney fees and the cost of suit in this case, be sold by and under direction of W. E. Dame, who is appointed special master for that purpose, at the front door of the postoffice in the city of Albuquerque in the county of Bernaiillo, at public auction to the highest bidder for cash, first giving four weeks public notice of the time, terms and place of sale and of the property to be soid by advertisment in some newspaper published 1. the city of Albuquerque; and that upon such sale he make, execute and deliver to the purchaser a good and sufficient deed of conveyance for the premises sold; and Whereas, Said James Sanches has failed to pay any part of said sum adjudged to be paid by him to said Charles E. Newcomer, receiver of said New Mexico Savings Bank and Trust company of Albuquerque. Now the undersigned, therefore, by the authority vested in me by the said decree will, on the 8th day of November, at the front door of the postoffice in the city of Albuquerque at the hour of 10 o'clock in the forenoon of said day offer for sale and sell the premises hereinafter described to the highest bidder for cash all the right, title and interest of the said James Sanches therein, for the purpose of satisfying or tending to satisfy said indebtedness by said decree decreed. The premises to be sold are situated in the county of Valencia, territory of New Mexico, and described as follows: The description, and particular boundaries of the property to be sold under this judgment, so far as the same can be ascertained from the complaint and the deeds therein referred to is as follows: All those lots. pieces and parcels of land situated in the County of Valencia and the Territory of New Mexico as follows: The southwest quarter of the northwest quarter of section twenty-one, and the south half of the northeast quarter, and south half of the northwest quarter, and the northwest quarter of the southeast quarter in section twenty in Township six, north of range two, east of New Mexico meridian in New Mexico Territory, containing one hundred and fifty-seven acres and thirty-six hundredths of an acre, also the following land in the Ana de Sandoval y Manzanares Grant, beginning at a point where the section lines between sections twenty and twenty-one in township six, north, range two east, intersects the south boundary line of the Ana de Sandoval and Manzanares Grant, thence running west seventeen hundred and twenty-six and eighty-one hundred (1,726.81) feet along said south boundary of said Ana de Sandoval and Manzanares Grant to the right of way of the New Mexico and Southern Pacific Railway Company; thence north, ten degrees and one minute east along the east side of said right of way, fourteen hundred and nineteen and ten one-hundredths (1,419.10) feet; thence south, eighty-five degrees and two minutes east, eleven hundred and sixty-six feet to a post; thence north, ten degrees and ten minutes east, five hundred and fifty-one feet to a post; thence eighty-four degrees, thirteen minutes east, nine hundred and thirty-six and twenty-five one-hundredths (936.25) feet to a post on the west bank of the Rio Grande; thence south, twenty-three degrees eight minutes east, along the west bank of the Rio Grande, eight hundred and ninety-six (896) feet to a post; thence south, six degrees, thirty-four minutes east, along the west bank of the Kio Grande, nine hundred and twenty-six and seventy one-hundredths (926.70) feet to a post at the intersection of the south boundary line of the Ana de Sandoval y Manzanares Grant; thence west along the south boundary line of said grant, eleven hundred and sixty-eight and twenty one-hundredths (1,168.20) feet to the place of beginning, containing an area of ninety-three and one-half acres, magnetic variation, twelve degrees thirty minutes east on all courses. Another piece of land, beginning at the northwest corner of fractional section nineteen, in township six, north range two east, on the south boundary of the Ana de Sandoval y Manzanares Grant, thence north nine hundred and forty-seven (947) feet to a post; thence south seventy-four de-