Albuquerque Morning Journal

EL PASO BRANCH
OF RESERVE BANK
FORMALLY OPENED

[BY MORNING JOURNAL SPECIAL LEASED WIRE]

El Paso, Texas, June 17,--Arizona,
New Mexico and west Texas now have
a branch of the federal reserve bank.
The El Paso branch of the Dallas reserve
bank was formally opened here
today with Judge W. F. Ramsey,
chairman of the board of directors of
the Dallas bank and a number of directors
of the Dallas bank present.

The headquarters of the branch bank
is in the First National bank building
and the directors are U. S. Stewart,
W. W. Turney, A. F. Korr, A. P. Coles
and Sam Lawder, the latter being
manager. All of these men except
Lawder are from El Paso, it being a
rule of the federal reserve bank board
to appoint directors of branch banks
in the city where the branches are located.
It was first announced that
one director would be named from El
Paso, one from Arizona, and one from
New Mexico, but this plan was found
to be in conflict with the rules of the
reserve bank board and was abandoned.

Among the bankers in the El Paso
branch bank district, who are here to
attend the opening are: Roy Mc
Donald, Albuquerque, N. M.; W. M.
Land, Tucson, Ariz.; George H. Van
Stone, state bank examiner for New
Mexico from Santa Fe; John Metz,
of Tucson; H. P. Sanders, Roswell, N.
Mexico; P. Freudenthal, Tucson;
Clarence Bell, Carlsbad, N. M.; C. O.
Ellis, of Douglas, Ariz.; J. W. Rhea,
Roswell and E. A. Cahoon, Roswell.