Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-02-16
n. N. BANKS IN
GOOD CONDITION
EXAMINE. R SAYS
James B. Read Renders His
Annual Report to Cover
nor; Financial Institutions
Able to Meet Demands.

AUle III WHEEL UeIIldIluS,
Especial Correspondence 10 The Journal)
Santa Fe, Feb. 15.-The state
banks of New Mexico arc on a
sound financial basis, according to
The annual report of james y.
Read, bank examiner, 10 Governor
Larrazolo for the Sear 1919. The
report is just off the press
Tho state now has a total of 7
state banks, distributed among 20
counties. SandoTal and Valencia
counties have none. The county OF
Hidalgo did not come into existence
until January l, 1920, and is not
included in the Sfeport Lordsburg,
the county seat, has state bank
that was included in Grant county.
ColfaX county leads with six, Socor-
70 is second with five, while Dona
Ana, Lincoln, Mora, Otero, Tor
rance and Union have four each
The examination and miscellaneous
fees collected during the year ana
turned over to the state treasurer
amounted to $2413.06, which eX-
ceeds by $43.02 the travelling and
office expenses of the department.
With respect to the condition IF
the banks the report says
"A survey of the situation of the
banks throughout the state of New
Mexico, taken as a whole shows
that the state banks are in an i'm
proved condition, stronger and
more able to meet all demands up
on them, by reason of the excellent
climatic, and crop conditions that
prevailed during 1919, and the
great improvement in range and
livestock during the year.
This sound condition in which
the state banks, as a whole, find
themselves at the beginning of the
calendar year 1920 is due, in very
large measure, to the excellent
judgment and capable management
0f the bankers of the state in gem
eral. And the bankers throughout
the large areas of the state that
suffered so severely from drought
during 1918 ought to be especially
commended for the ability and
earnest work which enabled them
to carry their clientage and their
institutions through such a trying
season."
During the year the state ard
national banks increased their total
resources $7SOA212.21. on the
call of November I, 1918, the re
sources were shown to be $57, 9S4,-
lS16.69 while by November II, 1919,
! they had increased to $65, 49,
02S,90. Charters were issued to six
new banks. four institutions volun-
tarily liquidated TWO OF the banks
| liquidating resulted in the creation
of third bank, while a third went
| into the organization of a national
| bank. One bank merged with q
national bank, and one bank
changed to a national bank. Seven
| banks have become members of
! the federal reserve system, Three
banks increased their capital stock,
| one of which. since the close of the
year, doubled its capital stock All
the state banks were examined by
the examiners staff, with the eX-
ception of two.
State banks in the million-dollar
class are: First Savings bank and
Trust company, Albuquerque, with
total resources of $1,687, S22.74; the
Peoples Bank and Trust company,
East Las Vegas, Sf,020,9S3.41; the
Gallup State bank, Gallup, $1,139,-
964.28; the Mckinley County bank,
Gallup, $1,026, 1880; the First
State Bank and Trust company, of
Roswell, $1,0G5, $3.50. The small
est state bank is the Valley Mer-
camille and Banking company, of
Anthony, which has total resources
of $44,401.S5.
New charters were granted 10
the following; Citizens State bank,
Artesia; First state bank, Cloud
croft; Rio Arriba State hank,
Chama; CoIfaX County State bank,
Springer; Aztec State bank, Aztec.
The following voluntarily liqui
dated: First state bank, Artesia;
First State bank, Lake Arthur;
Torrance County Saving bank;
First State bank, Bernalillo.
The reorga nization of the First
State, of Artesla, and the First
State, of Lakewood, resulted in the
issue of charter to the Citizens
State, of Artesia. The Torrance
County Savings was rcorganizcd
and became the First National OF
Willard. The Valley bank, of Taos,
4was merged with the First National
of Taos. The Citizens bank of Al
buquerque, in September, became
the Citizens National of Albuqucr-
que.
I The following institutions have
become emmbers of the federal re-
serve system: Citizens bank, Aztec;
Capital City bank, Santa Fe; Amer
lean Trust and Savings bank, Albu-
querque; Stockmens State bank,
Corona; First Territorial bank,
Lovington; Mountainair State bank,
Mountainair; Security State bank,
PoTtales.
The following have increased
their capital stock: Plaza Trust
and Savings bank, Las Vegas, from
$4,000 to $4,000; Farmers and
Stockmens bank, Wagon Mound,
from $4,000 to $4,000; Mora
Trust and Savings bank, formerly
1.-THE Wagon Mound Trust and Saw
ings bank, of Mora, from $17, goo to
$25,000. .
The total increase in resources of
state banks for the year is $2791,-
1888, the principal item of in
crease being loans and discounts,
$s,15S,952,40. On the other side Of
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