El Paso herald. (El Paso, Tex.) 1901-1931, 1919-08-23


serve Bank.
At the close Of business July 81.
n 1913. Just 1sz months after the
opening OF the FL Paso branch Of the
federal reserve bank Of Dallas, the
number Of employees required to handle
the business Of the branch had in
creased from Il to g. and the total
resources Of the branch had increased
from S4.s1s.s8z4s at the close Of the
first days business to S14.ss7.O5sss.
On account Of the great distance
between the head office at Dallas and
the banks located in the western part
of the 18th federal reserve district,
the board OF directors Of the head Of
flee decided to establish a branch. in
order to better serve such member
banks and, as FL Paso was the most
sical place at which 10 establish a
branch, Il was located here.
The territory assigned to the E.
Paso branch is approximately $4,000
square miles in area. and consists OF
five counties in Arizona. Cochise. era
ham. GreenIee. Pima and santa Cruz;
10 counties in New Mexico. Bernalillo.
Chaves, Curry DeBaca. Dona Ana,
Eddy. Grant, Guadalupe. Hidalgo, Lea,
Lincoln. Luna. OterO. Quay. ROose-
welt. Sierra, Socorro. Torrance and
Valencia, and II counties in Texas.
Andrews. Brewster. Crane. CulbersOn.
Ector- E. Paso, Hcdspeth. Jeff Davis.
Loving Martin, Midland. Pecos. Pre-
sidio, Terrell, Reeves. Ward and
Winkler. There are 146 banks in the
territory assigned to the FL Paso
branch. whose total resources are ap-
proximately S105.644O0O.
Board OF Directors.
The present board OF directors Of
the FL Paso branch OF the federal re-
serve bank OF Dallas is composed OF
" W Turney. A P Coles. Q. s.
Stewart, A F. Kerr and r r Gilbert
the last named also being manager Of
the branch The first four directors
have served continuously on the board
since the establishment OF the branch.
being selected on account of their
broad experience in banking and
other lines OF business in this part Of
thorough knowledge OF conditions in
this territory and familiarity with the
requirements Of the banks which are
served bv the FL Paso branch.
On account Of the rapid growth of
the branch. it has outgroWn its pres
ent quarters, and is contemplating
the erection Of a new building for its
permanent home satisfactory site
has been purchased, and general
plans and specifications OF the pro-
posed building have been prepared
and forwarded to the federal reserve
bank Of Dallas and to the federal re-
serve board at washington for con
sideration and approval. The build
ing which Is contemplated will be OF
most modern construction, consisting
Of two floors and a basement It will
be equipped with the best and most
modern money vaults in this section.
and viii be occu1 MED entirely by the
branch bank The erection Of the
building has not been finally author
j. lied. but If there is 10 Unforeseen
delay. il is thought that the building
can be constructed and ready for oc-
cupancy within the next i months
Paper Wen Secured.
Since the establishment Of the FL
Paso branch il has discounted paper
for its member banks to the extent OF
SS9.023.S35.OT. The greatest portion
Of the paper discounted with the Ell
Paso branch IS well secured by live
stock. which indicates that, through
the facilities OF the federal reserve
(COEtinued on page ?. Col. IL