Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-10-25
j. B. HERNDoN, President OF
STATE NATIONAL BANK, TO ACT
AS CHAIRMAN OF AGENCY BOARD
Half Million Dollar Cattle Loan Company
Formed at Bankers Meeting Here Yester-
day; Stock Is Quickly Overs Subscribed;
Gregory Page of Gallup Is President.

Establishment of a separate ag-
ricultural loan agency for New
Mexico with j. b. Herndon, presi-
dent of the State National bank of
Albuquerque, as chairman of the
directing board, was announced
yesterday in wire received from
Eugene Meyer, managing director
of the War Finance corporation.
1t arrived during the meeting of
New Mexico bankers to form a cat
tie loan company designed to
function under the agricultural re-
lief bill.
Just prior, a half million dollar
cattle loan company had been
formed and its stock had been
heavily oversubsribed. A board
of directors had been named and
Mr.. Herndon had been selected as
he 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
corporation of separate agricul-
tural loan agency at Albuquerque
with Mr. Herndon, chairman; Lee
Baldwin, of the Socorro state bank,
Il. A. Cahoon, president of the
First National bank of Roswell:
ID, I. Hoskins, vice president of the
First National bank of Las Vegas,
and A. G. Simms, president of the
Citizens National bank of Albu-
querque, as members of the board.
Mr.. Baldwin and Mr.. Cahoon were
formerly members of the Texas
agency.
The agency will receive applica-
tions for loans, pass upon the ap-
plications and recommend an action
by the War Finance corporation.
The members will serve without
pa,- other than travelling expense
and will employ such clerical help
as is needed.
The formation of a cattle loan
company came during the morning
session at the chamber of COM
merce building. The capital stock
was set at 100000, which was
quickly r-subscribed. The COM
pany will begin business with the
half million dollar capital of which
S250,000 will be paid up. The
articles of incorporation have been
signed and will be forwarded to
Santa Fe today.
The meeting was unusual from
tho amount of enthusiasm display
ed and the spirit of cooperation
developed. w. C. Weiss, manager
of the Ell Paso branch Of the fed
eral reserve system, 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-sub-
scribed without difficulty. In ad-
dition, a number of state banks
were not represented and their re-
quests will add to the subscriptions.
The amounts will 'e pro-rated to
the 100000 capital.
The bankers of northern New
Mexico who have also formed q
conn any were present. They will
go ahead with their organization,
however. Their representatives
were welcomed at the meeting and
aided much by their advice.
The first board of directors chos-
en- consisted of Gregory Page of
the Gallup state bank; John W.
Poe, president of the Citizens Ma
tional bank of Roswell; w. d. Muir
ray, president of the Silver City
National bank; c. G. Mardorf,