The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1918-03-04
Rapid Growth of State Banks Is
Reflected in Annual Report of
Van Stone Filed With Governor


srrcist eoFstsrostsEet 70 tst HraA.e
Santa 70. y. NJ. March fTh,
third annual rcport OF the state bank.
ing department Of New Mexico. u,
George ~ Van stone. state bank oX.
aminer, sets a new pucc In report.
from that office. Mr. Van Stone pre-.
SCENTS q rccord of business like cffi.
cheney for those Interested In an cffi.
cient administration OF this important
office The report. wlnch rs addressed
"a COY. Lindsey. contains the follow
ing highly interesting important in
formation
~ tne beginning of the war. seeing
the necessity Tor cooperation with the
government ia the financing OF the
war. The bank examiner placed hts Of
fee az the command 81 the national
government insofar rs IL and is la
%VilitiCs might Ice of use. Labor. time
aud money were devoted. on his ewn
responsibility. to aid the government
aud the banks Ia liberty loan work ana
various other activities. Air. Van
Stone pays the banks a tribute for
thoil assistance In matters pertaining
10 the finances OF tho nation.
Mr. Van stone snys ~ the federal
sorscrvc system:
The extraordinary aud uuprecc-
dcntcd conditions u To- the entrance
OF The United tSatcs into the world
war have brought out ana emphu-
sized the effectiveness ana value OF
the federal reserve system believe
that u Is commonly conceded that.
without the federal reserve system.
The strain upon our machinery OF IL
u during the year past would in
evitably have caused q complete
breakdown with disastrous results
Indeed. 10 required Just such "a crisis
to make cyidcnt the fun merit of that
system mud the good resulting from it,
existence
Get Ia Federal Reserve.
'Th" president Of the United
states has asked that aII banks not
m'mbcrs 81 the federal reserve .ys-
tom lend their prestige. influence
aud oid under the irving conditions
of war Icy entering b. lu the line
ct cooperation ! have Kept in close
touch with the federal reserve banks
300 the two districts within which New
MeNlCo lies and have seen that our
hnnks were olaccd in possession OF
al Information THAI would ucuutiut
them viii the situation understand
uertccu, wen that certnin local COM
ditinus aur certain provision. OF the
original federal reserve act may have
had 90 tendency to cause our banks
tu hositlt" over cttcring the system.
10 NOT already members OF d. Tho
federal reserve act has been changed
10 meet many or practically AN of
the objections that were 40 first raised
against 10 and. while local conditions
remain DOB much the stms condition. !
feel tuut rho governing huIi.s of the
federal reserve banks of the two dis
triots Within which New NcVicp lies
viii apply the law 90 our hauka
which may become mcmhors iu the
most broHi-rturcd spirit some Of
uUr state hanks have applied for add
mission into the system and feel
sure TINT an eligible state banks viii
sooner 90 later SEQ the d]osirabllity
%. entering b. None 81 u4 want tu
Do, ana none of as are 'slackcrr
which We risk becoming 10 we let
tho other fellow benefit us hy cur
iyiug 20 burden, if burden there hc.
% part uf tho weight ~ which We are
NOT ourselves willing to carry
hanks Meet situations We'll.
Calling attention 10 the war and
other unusual conditions which have
combined to make the year 1917
memorable in the history Of New
MeNico banking. NJ Van stone con.
ttnuos.
prices received for livestock. wool.
copper and agricultural products were
a~buornslly high while weather con
ditiou~ tended toward the reduction
Of crops and herds and "a greatly in
creased cost ~ maintaining the re-
mniainE herds. Labor has hccu
scarce and has commanded high