The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-10-21

idcnt OF the state National bank OF
this city. In retiring as president OF
tho New Mexico Bankers association,
at the recent convention In Roswell
has attracted wide attention among
bankers throughout the country. Tat
Chicago Banker % weekly journal for
bankers. publishes the address In full
with n photograph Of Mr.. Herndon
and refers TO the address az the
strongest presidential address IT the
year" and ~ stating "a constructive
policy OF the highest type"
The address follows:
Gentlemen Of the New Mexico
Bankers association;
In 1905. when a few OF our faithful
met In Albuquerque and organized
the New Mexico Bankers association.
Il was with the idea OF launching an
organization that would work for the
good OF our then territory and hoped
for state.
Some Of Us who labored in those
days 20 keep alive our orsa alzatiOn.
know how hard the work has been,
and some Of those who met with IA
have passed into the great beyond and
We hope and trust are reaping the
rcward OF their labors. hut | am glad
TO know that most OF those that we're
At u FIRST meeting. and gave OF their
time and influence. are here today.
Our second meeting was held IN
Las Vegas In September. 1905 A
splendid program was prepared hy
the Las Vegas bankers and carried
out, and all who we're fortuna.e
enough TO attend shall ever carry
pleasant memories Of the great recep-
ton given. and the general good time
shown us by the big hearted people
OF tina city.
We had an enthusiastic meeting and
ach felt that our association was we'll
launched and on it, way to perform
the mission for which II was organ-
ICED. but with he panic of 1905 COM
ing on just AZ the time when we were
next to meet. no man felt like leav-
ing his institution aud no meating
was held.
Again in 1905 1. was deemed ex-
nedient 10 hold no meeting. but our
executive and legislative committees
did not cease to work and they con-
sciontic usly looked after the interests
OF the organization. and even during
those years much good was accom-
pllshcd.
With the return Of better times.
regular annual meetings were again
held, and each ear .hey ave grown
in Importance aad In the good work
performed, and while our MEMBER
ship In smaller than most OF the tate
associations, there are none doing
better work for their members ani
state han ours
Recognizing the impcr'ections Of
our banking laws. one OF the first acts
Of our organization was to appoint a
strong legislative committee with fun
power to investigate, employ counsel.
and draft a wise banking bill and
present It To the legislative commit
tees Of the house n senate. This
was done and the bill presented to
the first state legislative assembly. but
with the press Vt many important
matters incident to the inauguration
OF statehood. at that time, Il was i'm
possible To get the attention given to
II necessary to insure rs passage.
Again In 1915 the legislative com
mittec was active. and again the Blk
with necessary amendments to make
II conform 10 the new federal reserve
law. was presented.
In the meantime the bankers all
over the state had been discussing he
nill with their representatives. and I
am glad To report 10 YOU that the
chairman of both the house and sen
ate committee ON finance. gave your
committee repeated and respectful
hearings. aud with their hearty CO.
operation the btl was passed and II
now on our statute books.
Your legislative committee has
worked In and out of season and now
well they have performed their duties
n attestcd by the splendid banking
law that h now being enforced. They
nave also beer instrumental IN having
passed other acts for the good OF the
Banking fraternity and the state a
large. but all this viii be more fully
covered 10y the report o. the chairman
OF said committee.
our new bank examiner has enter
ed upon the duties of his office In an
energetic manner, dnd with our CO.
operation. am sur tho shygter
banker will be unable to procure "a
charter, and hat the days of wildcat
banking, wlthia u borders. are for
ever over, Since our last meeting we
have tad two disgraceful bank fail
ures, but these two banks should
never have been permitted 10 ryan
lie, aud as our new law gives the ~
aminer ample discretion a. to grant
ing charters, ! am sure w VIII have
no more banks organized by unscru-
pulous promoters.
The past year has been one Of ever
changing cOnditions-No man could
forctell what the morrow might 1flng
forth-A European war with an ia
horrors and devastation has swept
away many OF the old time methods
and brought about new financial
problems for .hc bankers 10 solve.
You have seen interest rates reach
the maximum and sink to the min.
MUM. you have seen sterling cx.
change higher than for years. and
again. alarmingly low, and likewise
some % our industrial stocks and
bonds
In July 1914. some Of our most I'M.
portant exchanges shut down to keel
European holders OF our securities
from dumping them into markets
and draining our banks of their sur
plus gold. and during the past month
We find the anomaly OF these SAINT
financial interests begging ion Amori'
can securities and trembling IN feat
lest the surplus gold being sent "a