El Paso herald. (El Paso, Tex.) 1901-1931, 1918-02-11

r9W TO raise the quota OF $780,
RI 100000 IN certificates Of indeb-
y \ edness assigned to the 11th
federal reserve bank district was the
question discussed by q gathering Of
representative bankers from Arizona.
New Mexico and west Texas. at the
grill room OF the sheldon hotel Mon
day morning A determination 10
exert every sinew to meet the de-
mands OF the government was ex-
pressed by every man present,
T'ErBey Tells Meetings Purpose.
". ". Turney was appointed chair
man Of the meeting by Nathan
Adams, chairman Of the 18th federal
reserve bank district In taxing
charge Mr. Turney gave brief &C
count Of its purpose It is the de-
sire Of the government according 10
Mr.. Turney. 70 float a sufficient
credit 10 carry the country over IN
Ill the issuance OF the next Liberty
loan. Reports from various parts Of
the country had led the treasury de-
partmeut to believe that a far greater
sum would be realized from the IN
come tax than had been at first eX-
pected. he said Certificates Of in
debtedness issued by the government
are expected to carry the government
until the next loan. The treasury
department is asking the banks OF
the country 10 assume these certifi-
Gates OF Indebtedness
Waiting For Tax Estimate.
James G. McNary, president OF the
First National bank Of FL Paso, gave
q comprehensive review OF the entire
subject He stated briefly the i'm
pressions he haL received on his re-
cent trip to New York and Washing
ton.
Considerable uncertainty as yet
prevails in the treasury department"
said Mr.. McNary. as TO when the next
Liberty loan viii be levied. and how
much it viii call for. This uncer-
tainfy is caused by the impossibility
OF foreca sting Just what the surplus
profits tax and income tax VIII bring
in Various estimates run from three
20 ten billions Of dollars The impos-
Eihility OF forecasting the receipts
from the excess profits tax is the rea-
son for not calling another Liberty
loan ut present.
Certificates to Eridge Over.
Certificates of Indebtedness are
being Issued by the United States
bridge between the present and the
time when the next loan will be
levied. The banks OF the United
states are being asked to take these
cerll1lcaEes OF Indebtedness " C are
asked TO invest 10 percent Of our capt.
tai in thees certificates This is TO
be arranged gradually. One percent
week of our capital is to be put into
certificates Of indebtedness for ten
weeks This sum is TO be cut into
Indebtedness certificates for three
months. when the certificates will be
Houidated by the treasury department
and We VIII have our money released
Must Strain Resources.
There IS q question as to whether
the banks of the country can do the
task that is imposed on them Every
resource must be strained to meet the
governments requirements. We who
do not 30 20 the front must furnish
a good reason ro- remaining behind.
and re should 20 the limit to prove
that we are more good at home than
in the trenches. The needs of the
government must come first. and we,
lie bankers Of the southwest. must
see that our government gets our en-
tire support. This gathering OF the
representative bankers Of the south
west should serve TO crystalize opin-
ion. and TO draw US together in a
common purpose. Similar conditions
confront US in all our different 10