El Nuevo mexicano., 1919-02-06
NEARLY TWO MILLIONS
LOANED ON cATTLE
In NEW MEXICO BY
THE FEDERAL RESERVE
ONE FOURTH OF TOTAL PLACED
BY CATTLE LOAN AGENCY rs
IN THIS STATE.

ri Paso, Feb. 5.--The erection OF
q building TO house the lei Paso
branch of the federal reserve bank,
was forecast In a statement made
by Judge w. r. Ramsey, governor
of the Dallas federal reserve bank,
who arrived here yesterday for a
stay OF three weeks,
The work OF the cattle loan agency
was discussed in detail by Judge
Ramsey, who said, as quoted in the
Morning Times:
1.-THE cattle loan agency has clos
ed loans amounting to approximately
five and 'one-half million dollars and
has other applications pending ap-
prevail that will run the total figure
to not far from $I,000,000. OF this
sum approximately one-fourth has
been loaned in New Mexico. The
very bad weather in the latter part
of November and December has
greatly inferfered with and delayed
inspections, it being difficult in
many large areas for inspectors to
get out or 0Wners OF cattle and
sheep to gather them SO that they
could be counted. The loans have
been distributed from as far south as
Hidalgo county 10 the northern por-
ton Of the district in New Mexico,
and have been the occasion OF very
considerable relief, not only to the
owners of stock, but to bankers hav-
ing mortgages and liens on them,
Due to extremely bad weather con-
tinuing in some sections over sever
al weeks and the interference and
starting of the labers Of the in
spectors. the cattle loan agency at
Dallas was directed to cease insec-
ton on APPLICATIONS amounting 20
around 100000. This was a great
disappointment TO the agency at Dali
las. but the action seemed to be nee
essary to the war finance corpora
ton. BY reason OF the signing Of
the armistice the war finance cor
poration felt that for all practical
purposes the war was over and that
1t was incumbent on them to get
their house in order as quickly as
possible to close their activities. III
is believed that the sum that has
been distributed and will be dis
tributed will go far toward saving
many of the breeding herds of this
section from slaughter. I think 1t
likely, and indeed feel sure, that the
action OF the government in coming
to the rescue of this industry has
had o saving effect in many ways
and has greatly encouraged com
mission companies to la more nbef-
al policy of loans than otherwise
they would have adopted. It has
been a matter of great comfort and
satisfaction to me that the govern
ment in aid Of q great industry that
has been sofely tried has deemed
It wise to depart from its usual GUS
tim in not dealing with individuals
and. for the first time, so far as II
know in the history Of the govern
ment, it has made direct loans to
individuals. a concession not made
to any other industry.
Confidence in West.
II am gratified to state that
induced the secretary of the
treasury to forebear making further
calls on the drouth relief funds now
deposit in the national banks OF
the western part of the district uDtil
Ehe first OF Jniy, unless unusual g m
should arise. which thiNh
wholly unlikely. This sum now
amounts to around $1,600,000, and is
exclusively deposited with the small
err banks in the I'll Paso and adj
territory.
Il have great confidence in the
west, and believe 1t viii come back;
prospects are good, and / am hoping
the use Of these funds for the next
six months viii enable the banks oil
this section to do their full part IN
restoring normal conditions"
He also said that it was his pur-
pose while here to visit some Of the
districts particularly Tucson, No
gales, Deming and Silver City, and
that on his return he would spend
a few days in I'll Paso and probably
would visit some of the towns IN
northern and eastern New Mexico.