Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-09-09
STATE WAS NEVER MORE
PROSPEROUS THAN AT
PRESENT, BANKERS SAY
Continued from Page one)

pie to follow in piaoteing thrift, They
were;
|. TO put aside as their first obll-
CATION and before they spend it all
part of their incomes for future use,
z. To invest the money that they
save out of their incomes in some Sc
curity which pays a reasonable rate
of interest and is absolutely safe.
3. To use the rest of their income
! so as to make every penny they spend
buy something they really need and
| want and which has a fun penny's
value.
A. To use what they buy with their
| money with as much care as if it were
money itself
The convention opened promptly at
$3.50 O'Clock in the forenoon at the
Chamber of Commerce, with Presi-
dent j. J. Jaffa of Roswell in the
chair There was large attendance
OF state bankers, as well as many gil
ants in the financial world from New
YORK, Kansas City, Dallas and Ell
Paso. The invocation was delivered
by the Rev. c. o. Beckman. w . c..
Oestreich, president of the Chamber
OF Commerce, welcomed the visitors.
me response was made by D. T. Hos
kins of Las Vegas.
President Jaffa's Report.
President j. j. Jaffa then made his
annual report. He called attention
to the changes wrought by the war
and directed the attention of the
bankers to their obligations in hand
ing the business epoch which lies be-
fore them.
THE most important undertaking
to which we as bankers, should i'm
mediately turn ourselves" he said,
lis thorough and unprecedented as
sanitation Of economies. As business
men we are leading lives and develop
ing activities with net results which
are FAR below what the limit of our
individual ability could produce. We
are possessed of powers of mensur-
able and broadly beneficial utility up-
on which we have never drawn, and
10 make matters still Worse, upon
winch we have never drawn, and to
make matters still worse, upon which
our communities cannot draw.
u believe we are only half awake
10 the opportunities about us he-
leVe mat Just as we did the financing
oI our nations war requirements
through the loan drives, apparently
working against our own business in
lerests, so must now work with our
nation requirements for a better UNI
Itrstahdlng between money and la
Dor; ana | believe IL we so bend our
serves TO the need of the present hour
IN the end we will experience as largo
petteFment IN our nation, as "a whole
as we did in our communities as a
whole DftaY. pItf
u Is time to permit certain ele-
merits which we NAV choose In cnu
ldealistic, to take n flrmer hold ,lpon
business. It is time that we become
an economically united people: that
we drop animosities; that we live
and let live and consider production
as a moral issue, It Is time that we
become internationally minded. reaIiz-
ing that we are a part of an all-ex-
tsting reality. It Is time thar we
sensed the spiritual penetration of
business"
The report of Secretary r, l.. Orms
bee showed that there are in the state
ll6 Tanks, Of which seventy are state
and forty-five national banks. Fifty
four state and thirty eight national
banks belong to the state association. !
There are also fifteen associate mem
hers, located in FL Paso Kansas City, !
Denver and NV York.
That New Mexico meyer was in
more prosperous condition than at
this time, and that the outlook for
the future could hardly be brighter,
were the outstanding features of re-
rorts made by representatives fro '.
sixteen OF the twenty mine counties in
the state at the afternoon session.
These repGrts refl edtedtenhco
These reports reflected the condition
NOT only in financial circles. bur the !
dliferest industries in each county
were touched upon, including farm
ing, stock raising, mining, fruit grow
ing, while sorlc of the bankers spoke
in glowing terms and with apparent
feelings of pride about the progress
being made by the school system,
And last, but not least. The oil k,lsi- |
sess came in for liberal mention. OF
course, the speakers did not advocate
indiscriminata hIying OF stock cs-
pecially that of foreign companies,
but held that sane explorations in the
state could do no harm and that If
oil is found IN paying quantities it
will be worth millions of dollars t.,
New Mexico. .. ..... .,..,
1t was generally admitted that New
Mexico had experienced two rather
lean years, due to the drouth, which
had curtailed the agricultural yields
and also affected the livestock indus
try. Without exception, however, the
reports yesterday We're of the most OPP
timistic nature. Crops have been good
Wheat in many instances has yield
ed fortX-five bushels an acre or bet
ter, while the average yield for the
state probably will be twenty-fiv
bushels an acre or better. Row
crops are excellent, fruit yield
ed bountifully, alfalfa never was bet
Ter, cattle and sheep are sleek and
fat, there being more grass on the
range than they can consume and the
mines, parucularly those producing
copper have resumed operations on n
large scale following duh period
after the armistice was signed.
The report from Eddy county show
ed that the cotton crop this year would
amount to 5000 bales and net the
growers about one million dollars. In
addition to this. the alfalfa crop will
amount to several thousand tons.
Curry cotnty among other things,
pointed with pride to the fact that
high school buildng costing $780,
600 had recently been completed
there and that similar sum had been
expended on the erection of ten coun-
ty high schools, each employing from
three to sever teachers. The bank de-
l., Sis in,IGased more than 100 per
cent in The last three years.
Dona Ana county gave drainage a
boost. The report from there said
that the valley lands had been trou-
hled with seenage Mnter hut this bad