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Show Gunnison Valley Bank Member Federal Reserve Application Accepted In Record Time and the Gunnison Institution Now Among the Strongest. f The Gunnison Valley Bank, one of the banks of the state of Utah that has forged ahead and established n enviable record from a standpoint of growth and increase of business, has just completed another step of progression pro-gression and the institution is now a member of the Federal Reserve Banking system, a government organization. or-ganization. It was only last week that the officials of the bank received word to the effect that the local i bank's application for membership; had been accepted. And one of the great features about the quick action, ac-tion, after the application had been made, was the final action of the Federal commission who acted on the application. Upon the presentation of the condition of the institution and without the first semblance of red-tape, red-tape, the membership was granted. Realizing the additional stability that would follow as a member of the Federal Banking system, President Oscar B. Berglund and Cashier J. W. Jones, following the footsteps of other oth-er strong banking institutions of the country, early last month decided that they would enroll their bank with the many that have already joined, and through their action Gunnison Gun-nison and Gunnison Valley can now justly boast of one of the strongest banks in the state of Utah. The Federal Reserve System of banking has proven the envy of the world. The very fact that $2,200.-000,000 $2,200.-000,000 is at the back of the government govern-ment system, speaks volumes for the hanks that are members. The tremendous tre-mendous strength and prestige should appeal to all when . sound banking is to be considered. The operations op-erations of the Federal Reserve System Sys-tem are especially favorable to the farmer, the legitimate manufacturer, the stockman and all, as it supplies an abundant credit at a moderate rate. The system is the great stabilizer stabil-izer of commercial credit conditions today and it insures an ample supply of such credit at all times. The com ing days of reconstruction will require re-quire every ounce of energy and capital capi-tal we can muster. American energy has been tried and found strong, and as a member of the Federal Reserve Bank, with resources amounting to $2,200,000,000, the Gunnison Valley Bank will keep astride with the big institutions of the country. More than S,700 banks and trust companies are members of the Federal Fed-eral reserve system. Their reserves are thus combined in the reserves of the twelve Federal Reserve banks and the strength of all is the strength af each. During the past month the Gunnison Gunni-son Valley hank, to meet the business that has been growing under the charter of a State Bank, has increased increas-ed its capitalization and it is now double that when the bank was organized or-ganized some ten years ago. Under the charter granted at the arganiza-tion arganiza-tion the capital was placed at $25,-000 $25,-000 and on account of the increased business and with a view to placing it with the strong institutions of the state, the capital stock has been increased in-creased to $50,000. During the present year the officials offi-cials of the bank announce they will install a savings department. This department will find a long felt need and it will not only aid in advancing the movement urged by the government govern-ment that of saving but will prove a boon to many who will learn the art of saving |