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

with the same business and financial
conditions during the past year, and
we all know what we can do in this
cause"
Roswell Man Asks Howl
z. A. Cahoon, of the First National
bank OF Roswell, n. NJ, made a short
talk
How are we to meet the request
that the treasury department has
made Of us2" asked Mr. Cahoon- The
question presents a serious aspect to
New Mexico bankers. but a way must
be found
Chairman Turney stated it as his
opinion that the burden might be
lightened considerably. were all quail
flied banks to become members Of the
federal reserve bank system. He ap-
preciated, he said. that conditions OF
the past season were the worst, as
regards the cattle business that they
had been in 80 years. but a way to
meet the present crisis must be found.
1T is a question Of patriotism and
loyalty" said Mr.. Turney- We of
the southwest have done our part in
the Liberty loan, Red Cross and other
drives. and we will not be found
wanting in this"
Money Back. but Droufh Hurts.
THE bright spot in the situation"
said DR.. B. F. Berkeley. OF the Alpine
bank, of Alpine. Tex. seems to me
to be the early liquidation OF the GER
tificates OF Indebtedness. We know
that we will have our money back in
three months.
The terrible drouth OF the past
season has hurt business in the south
west badly. Cattlemen were forced TO
sell their cattle early. so that. while
their money IS now on deposit, they
viii come back soon for il and for a
good sized loan besides The problem
that the government has given US will
hit hard. but we must meet it I do
not favor the reduction Of our quota
q single dollar We must watch our
loans. and make none that are not
absolutely necessary By conserva-
tive management along these lines, I
believe the crisis can be met"
Would Invite Other Banks In.
Rupert Moore, of the Valley Bank in
Phoenix. Ariz., spoke for a few min
utes. and was followed by ". II.
Thomson. Of the First National bank.
extension OF rediscount privileges TO
banks not in the federal reserve sys-
tenn. He said that he believed this
step would make it easier for these
banks TO get money. and would light
en the burden on all banks
Mr.. Turney brought up the point
that income taxes may be paid by
means of certificates of Indebtedness
of the first issue, which Mr.. McNary
stated were stin on sale. This. Mr..
Turney said, would make things some
what easier
Just previous TO adjournment, Mr..
McNary again took the floor
Another thing necessary to the
winning Of the war. as well as TO
meet the present problem" he said.
Every qualified bank should become
a member of the federal reserve bank
system We have the system and we
must make use Of it II is absolutely
necessary"
Visiting Bankers Present.
Out Of town bankers at the meet
ing were: f. G. Sager. Exchange
bank OF Carrizozo, y. n; J. B French,
Lincoln state bank. Carrizozo; J. B.
Rheay, American National bank. Ros-
well: G. H. Van Stone, state bank in
spector of New Mexico: Z. A Cahoon,
First National bank. Roswell; A c
Ranthei, Bank Of Deming; John Beck
er, First National bank Of Belen; J.
S McTavish. Bank OF Magdalena: J
B. Hern, state National bank. Albu-
querque: H 3. Jones, First National
bank, Tucumcari: o. II. Smith. Citi-
zens' National bank. Roswell: ". A.
Foyil, American National bank, Tt