El Paso herald. (El Paso, Tex.) 1901-1931, 1918-06-18

H.--N III EaEN lal maze TO retain
I its trade territory I'm The same fed
eral reserve district as the city it,
self was placed in, and its entire sue
I cess along these lines
We did not ask for a main bank
10 be established iu FL Paso" said
Ar- Wiuso- "N hat we wanted was
/ the retention of our trade territory,
and the right 20 minister 10 that ter
rltory financially. which could best
/ be done through a branch OF the dis
] triCt federal reserve bank To judge
/ Ramsey we owe the fact that such
/ branch bank has been established
here, giving US financial control Of
Z practically all the territory we asked.
except ella county, Arizona.
81 Judge Ramsey has warned US that
the branch in FL PasO is merely an
experiment. as we are the smallest
city in the United States 10 have one.
II IS up 60 us 70 make the branch
success. and 10 this end we ask our
friends or arizona and New Mexico
to help u.s."
Welcomes Southwestern Bankers.
James @. AicNary. the next speaker.
welcomed the visiting bankers in the
name OF the city and the banks Of the
city.
-The bankers Of Arizona. New Mex
leo and west Texas viii always be
welcome in III Paso.' said Mr.. Nc
Nary But they viii never again be
present at such q significant occa-
sion as the present The federal re-
serve bank is one of the greatest
pieces Of financial legislation ever
passed by any country. and the es-
"a 1ilshmeur OF branch of the re-
serve bank I'm II Paso means much
10 us The system has been the SAL
walton Of the country during the times
Z Of financial strain and stress attend
ant upon this war.
with the help Of the bankers OF
I Arizona and New Mexico. FL Paso
] serve board or the lltn district VIII
] never reEret its action IN establish
! Ing tho branch bank here With
total Of banking resources Of nearly
I 100000. 600. and growing all the time
with the development Of this great
district 7 am certain that the estab-
lishmeut Of the reserve bank here viii
[ be fully justified
Look Forward with Anticipation.
/ Judge Ramsey spoke. in part as
+ follows;
During the past few weeks. I have
3 come TO believe that a larger share Of
the credit for having the reserve bank
I branch established hc-e ras been ac-
corded me than was due: hut 7 shall
always claim lar- of rhe credit but
not all Every memhe- Of the boar
T of directors Of this reserve dis-ri IT
has looked forwa-I MANY months to
the contamination Of this great en-
terprise.
I'VE did not have in the state for
many years p system az state banks.
They have had 90 Arizona. where the
large part Of The banks aud banking
resources in the state To a lesser
degree. This was so I'm New Mexico.
old. but great strides have been made
Texas Banks Coming In.
I'VE have now so state banks in the
reserve system in Texas and they are
coming I'D by the score I hope that
as long as 7 am connected with the
sEs-em-and ] am candidate for re-
election when my present three year
term eNpires-that all state banks
viii be sheltered in the folds Of the
reserve system
~He who undertakes tie value Of
the state banks entering does himself
an injustice To me. a member bank
is a member bank. whether state or
national s. state bank. however. may
get out In SIX months If It. wants to.
Can't Abandon Old Principle
Remember. you can't make money
over night and. whether you are a
member or not. you cannot dispense
with the old principle Of honesty, So
briefly and industry
-It IS not surprising that the in
PRODUCTION Of system unknown 10
banks should have met with oppOsi-
ton, but 7 agree with Mr. Metz that
the creation OF the system was the
result Of outside pressure TO prevent
recurrence Of 1907 panic conditions"
The judge said that New York
banks that at first fr0wned on the re-
serve system have been given a DEM
onstra-ion Of its usefulness and are
now its friends
Depends on Service.
II believe the success In Fl Paso
depends in a large measure on the,
service the branch gives the banks
OF course, in the beginning. there may
be required Of member banks some