New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1921-02-11
STATE BANKS HAVE
CARRIED HEAVY LOAD
ARE IN GOOD SHAPE
(By Guthrie Smith,

In spite of unfavorable buSine3S
conditions, New Mexico state banks
have continued to make gains in de.
posits and total resources through
the calendar year OF 1920. This is
one of the encouraging features
shown in the sixth annual report of
the state banking department. The
report has just been filed with Go,
Merritt {. Mechem by James B
Read, state bank examiner The re
port shows that on account OF the
general trade stagnation, practical
ly no new money has been comiug
into the state. This has resulted III
condition extremely unIavorabie
for the state banks, but this con-
d'tion has been dealt with in a cred
liable manner.
Only two OF the state banks sus-
pended business during the year,
while charters were issued to 10 new
banks and eight became members OF
the federal reserve system.
When the department was created,
in 1915, there were AZ state banks
having resources Of SI0,429,9O9. There
are now /0 state banks, and on Nov.
H. 1920, under call of the comptroi-
Ter OF the currency, the resources
had reached total Of S27,295,525.
Ten New Charters
Charters were issued to the fol-
lowing new institutions: The Bank
OF Commerce, Roswell; the First
State bank, Grenyille; the Loving
State bank, Loving; the Farmers
State bank, Clovis; the Bank OF Roy,
Roy; the Las Vegas State bank, Las
Vegas; the Farmers and Stockmens
bank, Clayton; the Citizens State
bank, Mountainair, the Farmers State
bank, Moriarty; the Home State
bank, Mt. Dora.
The following state banks have
become members OF the federal re-
serve system: The Citizens bank,
Aztec; the Capital City bank, Santa
Fe; the State Trust and Savings
bank, Albuquerque the Stockmens
State bank, Corona; the First Terri
torial bank. Lovington; the Moly
tainair State bank; Mountainair; the
First State bank. Cloudcroft.
The Bank of Springer at Springer,
has become the First National bank
OF springer
With reference to changes in the
several banks the report says:
Other Reserve Applications
There have been filed several an-
piications OF state banks to bccome
members of the federal reserve sys-
TEN, but no final action has been
taken as yet by the federal reserve
a,,tbnr,ttar Gta,o ka,,ly.
capital stock was under $4,000, on
January |, 1929, have increased their
capital stock to at least $500 in
compliance with section OF the
New Mexico banking act, as amend
cd.
The Roy Trust and Savings bank,
Roy, increased its capital stock from
$4,000 to $4,000.
"The Farmers and Stockncns
bank. of Estancia, amended it's ar
ticles of incorporation, increasing i
capital stock to $4,000.
The Farmers Bank and Trus,
company, Maxwell, amended its art
icles of incorporation, changing its
name to the Farmers and Merchants
State bank of Maxwell
The Las Vegas Savings bank.
Las Vegas, amended its articles OF
Incorporation TO do a commerciai
banking business. Originally, under
its charter, the business of the banh
was limited 20 savings accounts
Only Two Suspensions
"On Nov. !, 1920. the Columbus
State bank, Columbus, closed il.
doors, and is at the present time ii
the hands OF Mr. A. l. Weld,
special deputy state bank examiner
At this writing it has not yet been
determined whether the bank vii
be able TO reopen or whether II shat
be required to liquidate
4 On Dec. To- 1920 the Mountain1ir
State bank, Mountainair. closed il,
doors and the affairs of the bant
are in the hands of a snecial dcpltv
state bank examiner ] believe th.'
within a short time this ban' w;ii
be able TO straighten out its aiilTs
and reopen"
During the year tile state banks
showed an increase OF 81 Go476) 10
10 items of resources. There Is an
offset of S]0l,333 in decreases in
three other items. The principal item
OF decreases was in liberty bonds,
and amounts to SlS6,l53
These banks had on deposit almost
s2G000000. divided as follows: De
mard deposits, sl3,305 oo3; time de-
rosits S6,565,758. The increase in
DEPOSITS was approximately s. 80
DO0
Banks in Counties
Union county leads in number, with
seven state banks, Torrance is ne%t
with six, Colfax, Mora and Socorro ;
have five each, while Dona Ana, {
Lincoln. Otero and San Miguel have
four each. Sandoval. Taos and Va
encia have none. Sandoval has no
bank of any kind, nor a newspaper. |
AS to general business and finan- /,
,ial conditions the report says:
"The banks of the state have dur ,
ing the year faced many difficult ,
problems and IL j. to the credit of
that these problems
have been so we'll met. During the
war the ban8s gave hberally of their $
lime and money in making the va {
-ious war drives for funds success {
ful and supporting the production s
IF foodstuffs. At the same time TIE :
tate experienced very severe sea {
ion of drought and unusual winter 7
conditions which crippled the live {
itock growers most disastrorsly in !
rany instances The year 1920 has
&c nmost favorable TO growers; and '
heir stock, and various crops bid '
ai- to bring good returns later on {
which could be used TO relieve ihs {
,.rLa ,pb;rh had stood heHfnd them Z
Turing unfavorable seasons. n