New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1921-10-28
AGRICULTURAL LOAN
AGENCY FOR NEW MEXICO;
ALSO $sO0, 900 CORPORATION

Albuquerque, Oct. 25.-Establishmen'
of a separate agricultural loan ag-
ency for New Mexico with ]. E
Herndon, president OF the State Ma
tional bank of Albuquerque, as chair.
man of the directing board, was an
nounced yesterday in a wire receiv-
ed from Eugene Meyer, managing
director of the War Finance corpor-
alton. 1t arrived during the meeting
of New Mexico bankers to form a
cattle loan company designed to func-
tion under the agricultural relief bill
Just prior, "a half million dollar
cattle loan company had been form
ed and its stock had been heavily
oversubscribed. A board OF direc-
tors had been named and Mr.. Hern-
don had been selected as the first
president OF the company, With the
receipt of the wire, he resigned from
the loan company and telegraphed
to Mr.. Meyer his acceptance OF the
post upon the agency board.
Mr., Meyers telegram announced the
formation by the War Finance cor
poration of separate agricultural
loan agency at Albuquerque with Mr..
Herndon, chairman; Lee Baldwin. of
the Socorro State bank, Z. A. Ca
hoon, president of the First National
bank of Roswell; d. T. Hoskins, vice
president OF the First National bank
of Las Vegas, and A. g. Simms, pre-
sident of the Citizens National bank
OF Albuquerque, as members of the
board Mr.. Baldwin and Mr.. Cahoon
were formerly members of the Tex
as agency.
The agency will receive applications
for loans. pass upon the applications
and recommend an action by the War
Finance corporation. The members
will serve without pay other than trav-
cling expense and will employ such
clerical help as is needed.
The formation lof cattle loan COM
pany came during the morning ses-
sion at the chamber of commerce
The capital stock was set
at S5O0O0O, which was quickly subs
cribed, The company will begin bus
mess with the half million dollar cap
ital OF which S250,0O0 will be paid
up. The articles OF incorporation have
been signed and will be forwarded to
Santa Fe today.
The meeting was unusual from the
amount of enthusiasm displayed and
the spirit of cooperation developed.
w. c. Weiss. manager OF the Fl Paso
branch of the federal reserve sys-
tem, declared that he had never seen
a better meeting in his life and this
sentiment seemed general.
When subscriptions were asked the
capital stock was over-subscribed
without difficulty In addition, a num- |
Der OF state banks were not repre-
,ented and their requests will add to
The subscriptions. The amounts will
be pro-rated to the $4,000 capital.
The bankers of northern New
pany were present They will go
ahead with their organization, how
,ver. Their representatives were well
,omed at the meeting and aided much
,y their advice.
The board of directors chosen con-
list OF Gregory Page OF the Gallup
State bank John w. Poe, president
# the Citizens National bank of Ros-
veil; w. d. Murray, president of the
Silver City National bank; {. G.. Mar
lori. president of the Capital City
,ank of Santa Fe; c, f. BigeIow, cash
er of the Estancia Savings bank
:. P. Easterwood of Clayton: Roy
Mcdonald. vice president of the Ma
ional bank of Albuquerque and Vic
or Culhesson. president of the New
Mexico Cattle and Horse Growers
association.
The board organized by the election
e Gregory Page as president, Mr..
dcDonald and John w. Poe as vice
residents, and c. E. Bigelow as man
ger Mr. Bigelow has been cashier
4 the Estancia Savings bank. He
viii move to Albuquerque. II. G..
,unjes, cashier of the Citizens Ma
ional bank of Albuquerque will be
Following is the wire received by
Ar. Herndon:
J. B. Herndon. President of the State
National Bank. Albuquerque. n NJ.
THE directors of war finance cor
,oration have decided to establish
eparate agricultural loan agency in
lew Mexico with headquarters at
and yourself as chair
nan. The board desires in addition
0 the present members who are here
y detached from the Texas agency,
amely, Lee Baldwin OF Socorro, and
!. A. Cahoon of Roswell, to have the
members. d. T. Hoskins,
ice president First National bank,
as Vegas. and A. G. Simms, presi-
ent Citizens National bank, at Al
uquerque.
This committee is to conduct an
gency Of the corporation in your
istrict to receive and pass upon ap-
locations of banks for advances un-
er section twenty-four added to war
nance power to make loans to banks
-hich have made loans for agricul-
iral and livestock purposes. Com
littee will receive applications and
action thereon to war fin ,
nee corporation. Committee mem
ers will be unpaid except for nee
ssary expenses in attending meet
lgs, but have authority to employ
erical and other help.
Please wire at your earliest con-
enience. Board OF Directors War
nance Corporation, Washington. ID.
T., regarding your acceptance of ap-
ointment. Sincerely hope you viii
e able to undertake this public ser
ice Forms, regulations and fur
Ter details will be forwarded as soon
5 your acceptances are received and
omrnittee announced