The History and Heritage of the - James Polk Stone National Bank by David L. Stone The Portales National Bank The Clovis National Bank The Roswell ...
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The History and Heritage of
the
James Polk Stone National Bank
by
David L. Stone
The Portales National Bank
The Clovis National Bank
The Roswell National Bank
The Hagerman National Bank
The Hobbs National Bank
Divisions of the James Polk Stone National Bank
1
The board of directors in 2000. Left to right: Richard D. Hood, Gordon M. Hatch, Deanna Stone
Waddell, Douglas B. Stone, Jr., D. Barry Stone, David L. Stone, Robin Stone Willingham, Deborah
Stone Ingraham, and Charles Good. The picture of Jim Stone, the founder, looks over everyone’s
shoulders.
2005 Board of Directors: Linda Davis, Kenneth Berry, Douglas B. Stone, Jr., D. Barry Stone, James
Hatch, David L. Stone, Robin Willingham, Charles Good, Richard Bradfute, Gordon Hatch (seated).
2 15
Between August 13, 1906 and September 25, 2001, the
The History and Heritage of the James Polk Stone National Bank
Portales National Bank had always been a unit bank. The law
changed to allow to name its branches a different name and to The James Polk Stone National Bank is the oldest family-
branch more freely. In October 2001 the bank opened a branch owned bank in New Mexico and one of the ten oldest in the
in Clovis because it was a different market close to Portales. Southwest.
Judy Reid accepted the challenge to make it happen. In one year, James Polk Stone came to eastern New Mexico in 1885, as a
the Clovis National Bank was profitable. cowboy, with his father Micajah, and younger brother Andrew.
On January 16, 2003, Barry retired as an Amarillo lawyer. Jim worked at the DZ Ranch for the
He and Robin moved to Roswell and opened the Roswell National privilege of branding and owning the
Bank. Both of these banks were divisions of the Portales calves that followed his father’s cows.
National Bank. Because both were rival towns bigger than The DZ Ranch’s cowboys gathered
Portales, being a division of the Portales National Bank had a cattle as far south as Carlsbad and
negative connotation. On August 1, 2006, on the bank’s 100th drove them to Fort Sumner, NM;
anniversary the board of directors voted to change the name of Dodge City, KS; and later, Amarillo,
the bank to the James Polk Stone National Bank after its founder. Texas.
In 2006, the Hagerman National Bank and the Hobbs In 1896, he moved to the Running
National Bank, divisions of the James Polk Stone National Bank, Water Draw nine miles north of the
James and Lula Stone on their 12th
were both opened. This name had neither a positive nor negative present site of Clovis. In 1897 he Anniversary
connotation but explained who the bank was and from where it married Lula Beasley and moved her to
came. his home 40 miles from the nearest woman, who lived at the DZ
Ranch near Arch. Forty miles was a very long day’s ride by horse
and wagon. Every several months, the husbands would get the
two women together so they could talk and talk and talk.
In approximately 1900, the railroad came to Portales, bringing
many people, including women. Mr. & Mrs. J. P. Stone then
moved to Portales, where Mrs. Stone distinguished herself as
a leader in Portales society and its various organizations. She
was actively involved in the Women’s Club, the First Methodist
Church, United Daughters of the Confederacy and was the first
woman in the state of New Mexico to serve on a school board.
Mrs. Stone was on the local school board before women had been
granted the right to vote.
James (Jim) P. Stone founded the Bank of Portales in 1902,
which was the first bank in Roosevelt County. He later changed
the name to Citizens Bank and then merged it into the First
National Bank of Portales. Jim founded the Portales Bank
and Trust located at the present site of the Tower Theater. He
The board of directors in 1981. Gordon Hatch, Dona Stone, Gayle Ferguson, Frantelle Hatch, D.
Barry Stone, David Stone, Ruby Mears founded the First National Bank at Elida on August 30, 1906,
which later became the Portales National Bank.
14 3
Robin Stone Willingham came to work in 1993 and graduated
He also founded the First National Banks located at Ft. Sumner,
from Eastern New
Texico, and in Hereford, Texas.
Mexico University
Jim died in 1913 at the age of 46, owning an 87,000-acre
in 1998. She was
ranch in Bailey County, Texas, 5,000 head of cattle and five
elected Portales
banks. Not bad for a man with a fifth grade education who came
National Bank’s
to New Mexico owning only
senior vice
the shirt on his back and
president in 2000
the horse between his legs.
and executive vice
Around 1900, when free
president in 2003.
land could be filed upon,
Doug’s sister
many homesteaders came
Deanna Waddell
to eastern New Mexico and
and Robin’s sister
Roosevelt County to file Derek Stone, David L. Stone, and Madison Willingham, 1999.
Deborah Ingraham
claims on open territory.
both serve as
Because transportation
The total number of cars in Roosevelt County, July 4,
advising directors of Portales National Bank.
and communication
1911. Jim Stone’s Cadillac is front right. Doug Stone The fourth generation is preparing to receive the baton and
were limited, communities is the baby in his mother’s lap on the back right. run with it when the time comes for their leadership.
were generally established
By the end of 2000 James David Ingraham, age 11; Madison
along the railroad. Each
Sanders Willingham, age 4; Derek Taylor Stone, age 4; Lauren
community had to be self-reliant because of the great difficulty
Michelle Stone, age 1; and Joseph Locke Willingham, age 4
in reaching neighboring towns. Each had its own school, stores,
months make up the 5th generation. It is never too early to
doctors, lawyers, banks and whatever was necessary to make the
prepare for continuation of the family legacy.
community self-sufficient.
When Madison was six, she was answering the telephone at
Around 1910, there were six banks in Roosevelt County:
the Roswell National Bank. Her grandfather David called and
three in Portales, two in Elida, and one in Kenna. At no time
Madison said, “Roswell National Bank, Madison speaking, how
prior to 1930 did the total resources of all the banks in Roosevelt
may I help you?”
County exceed $500,000.
David said “Madison this is Papa, may I speak to your
The entire economy of Roosevelt County was based upon
mother?”
agriculture, and the prosperity of the county depended on
Madison replied “one moment please.”
adequate rainfall, cattle and farm prices. Numerous hardships
“I think we are set for another generation” thought David.
were encountered and many families were forced to give up
The board of directors as of April 1, 2000 were D. Barry Stone,
their homesteads and return to their former homes in other
chairman; David Locke Stone, vice chairman; Douglas Barry
states. For the most part, the people who had the fortitude and
Stone, Jr; Robin Stone Willingham; Gordon M. Hatch; Charles
ingenuity to stay prospered and became strong citizens. These
Good; Richard H. Hood, Sr.; and Preston Pratt. James G. Hatch,
early homesteaders who remained, passed their heritage on to
Carol Mears Staggs, Deborah Stone Ingraham and Deanna Stone
their children and grandchildren, many of whom live in Roosevelt
Waddell serve as advising directors for Portales National Bank.
County to this day.
4 13
The family gathered in Portales for the funeral, all shocked In 1906, there were 967 registered voters in Portales, with
by the unexpected suddenness of his death. David Stone, 136 telephones. Elida had 338 registered voters and only 42
current president of the bank, sat alone in the funeral parlor the telephones. In 1912, the First State Bank of Elida, owned by W.
night before his father’s service and said all the things to him O. Oldham, was merged with the First National Bank of Elida and
that he wished he’d said when he was alive. Most importantly, in 1914, the Kenna Bank and Trust Company of Kenna, owned by
he promised to listen to the advice his father had given him Charles Sims, was
throughout his life that he’d heard in spite of having fingers in his similarly merged.
ears. On October
David had been in banking since 1964. In March 1981 he 12, 1935, the First
was the executive vice president of the First National Bank in National Bank of
Richardson, Texas. His brother Barry had been a bank attorney Elida was moved to
in Amarillo since 1964, and both were ready to take their places
Portales and became
in bank management. Barry was elected chairman of the board
the Portales National
and David was elected president at an emergency meeting of
Bank. In its 102
the Board of Directors. The third Stone generation was now in
years, the Portales
charge.
National has had
After the meeting, David went into his dad’s old office and
only five presidents:
sat in his chair for the first time ever. He could hear his father’s
James P. Stone, James P. Stone (center) president of the Bank of Portales, 1902.
voice, suddenly making clear the things he had told him. Since
1906-1913; A. A.
March 7, 1981, David has shared his office with his dad, or at
least his guiding spirit. Beeman, 1913-1929; J. S. Click, 1929-1959; Douglas B. Stone,
“We have made a good 1959-1981 and David L. Stone, 1981-present.
team.” The bank had the dubious distinction in 1928 of being the
The Board of only bank ever held up by armed bandits in Roosevelt County.
Directors were D. Barry The bandits ran out of gas near Arch. The stranded bandits
Stone, chairman; David managed to hitchhike to Amarillo and rent a hotel room. As they
L. Stone, vice-chairman, were counting the stolen money, they were apprehended after
Dona L. Stone, Gordon being turned in by a maid.
Hatch and Frantelle Twenty years later one of the bandits came by the Portales
Hatch; the son-in-law National Bank, walked up to the president, Mr. Justin Click, and
and daughter of Graham said, “Do you remember me?” Mr. Click looked at the stranger
“Bull Dog” Bryant, Gayle with a puzzled expression. The ex-con smiled and said, “I’m one
Barry, David, Dona and Doug Stone in 1981 Ferguson, and Ruby of the guys that robbed your bank 20 years ago. I just got out of
Mears the daughter-in-law prison and thought I would see how you’re doing.”
of T. E. Mears.
Douglas Barry Stone, Jr. (Doug) came to work after
graduating from Texas Tech in 1987. He was elected Portales
National Bank’s executive vice president in 2000.
12 5
As a young man, Jim’s son Douglas B. Stone, learned to Napoleon Bonaparte Fields, known as “Boney,” was a
operate a car while driving his mother to Elida to attend the handsome, debonair, smooth talking men’s clothing store-owner
monthly board of directors meeting of the First National Bank. in Portales. He was an impeccable dresser and drove a new Buick
In 1935, Douglas (Doug) worked for the Security Pacific National Roadster convertible. More importantly Boney was the most
Bank in Los Angeles, California, when he met Dona Locke, eligible bachelor in Portales.
his future wife who was attending the University of Southern Senator Bryant appeared to be a rock of power who never
California. Doug was a tall, thin, nice looking young man who asked for help. On that day, however, he knew he needed help
wore white linen suits and drove a new Ford Roadster convertible. from a man with different talents than he possessed. What
His future wife Dona, planned on living in Southern California Senator Bryant needed was a ladies man - one that could deliver
and being a “California girl” the rest of her life. that final vote.
Doug took his new wife to Portales, NM to see where he had Soon after Senator Bryant explained the situation, Boney
grown up and to meet his family’s friends. After a nice visit in washed his car, packed his best suit and was on his way to Santa
town, he and Dona drove to Elida. Doug and his sisters, Gladys Fe. Boney Fields carried the hopes of Portales with him.
and Roma, owned a large share of the First National Bank of History does not show how Boney Fields entertained Senator
Elida. Doug wanted to visit with Mr. Click, the bank’s president, Coe, or even if he did indeed entertain her. It does show,
and see how the bank was doing. however, that on the first ballot, Senator Coe voted to locate the
Elida looked like the end of the world to Dona, as she sat new Eastern New Mexico Junior College in Portales!
impatiently in the car while Doug went into the bank. After the college was officially located, the grateful citizens
Mr. Click of Portales presented Governor Dillon with a white horse and
was especially silver mounted saddle as a token of their
glad to see the appreciation. Portales saddlemaker J. Harv
young banker Baker, made the trophy saddle.
and shareholder. Senator Graham Bryant was, and still
The night before, is, recognized as the man who delivered
John Beeman, the ENMJC to Portales. This institution grew
bank’s cashier, had to become Eastern New Mexico University,
been playing poker the third largest university in New Mexico.
with some out of Senator Bryant served as chairman of the
Graham Bryant and Justin Click
town cardsharks and board of regents and directed its future
had lost heavily. The winners forced John to open the bank and with wisdom and tenacity. He is rightfully
its vault after midnight to pay his gambling losses. Mr. Click was called “the Father of Eastern New Mexico
furious when he discovered his cashier’s indiscretion and fired University.” Doug Stone and T.E. Mears at
John Beeman on the spot. A tragic event occurred on Thursday the ground breaking of the new
bank in 1964.
March 5, 1981, when Doug Stone died of a
heart attack, leaving a grieving family and
community.
6 11
Senator Bryant, Coe Howard, Sam Seay, Ezra Watts, and Earl Mr. Click quickly found himself in a dilemma. The bank
McCollum drove to Encino, the home of Governor R. C. Dillon, no longer had a cashier, and John Beeman’s mother owned 48
to obtain his support for the location of the college in Portales. percent of the bank stock. Mr. Click’s small ownership plus the
Governor Dillon’s support was critical. A big snowstorm Stone’s would exceed 51 percent. His
immobilized Bryant’s car and the Portales crusaders had to make
job could be secure.
the return trip by train. However, their trip was worth all the
Mr. Click listened intently as Doug
trouble and inconvenience; the governor supported Portales on
the first ballot!! spoke of his banking experience at the
On the day before the big ballot, Senator Bryant lacked the Security Pacific National Bank in Los
support of only one senator. He was close in his quest to locate Angeles, California. Mr. Click suddenly
the college in Portales on the first vote. It was now or never. All said, “How would you like to be the
his support would dissolve if he lost on the first ballot. He was cashier of the First National Bank of
desperate. He had run all traps and he was still one vote short. Elida?” He then explained what John
He knew this was Portales’ only chance to get the college! Beeman had done the night before.
Mrs. Louise Coe, the senator from Hondo, was unescorted
“That is exactly what I would like
while in Santa Fe. Her husband, a paraplegic, stayed in Hondo
to do. I’ll take the job!” Doug replied
and managed their ranch while she was at the legislature. She Roma, Douglas and
breathlessly.
was the only senator undecided on the college location issue. Gladys Stone, 1934.
Senator Bryant was a gruff, serious minded lawyer. It is hard Outside in the hot sun, Dona waited.
to imagine passionate or seductive thoughts ever crossing his “Guess what?” Doug said, as he ran up to the car.
mind. However, when the future of Portales was at stake, Senator “What, darling?” Dona replied, trying to hide her impatience.
Bryant would persevere. He quickly began to analyze the problem “I am the new cashier at the First National Bank of Elida. We
at hand. Who could persuade Senator Coe to vote for Portales? are moving from California to Elida! We’re home!”
She would Dona sat dumbfounded, unable to reply. She began thinking
undoubtedly
about her recent marriage vows in which she promised to “love,
need an escort
honor, and obey till death do us part!”
to a Santa Fe
“I thought we would be living in California,” she stammered,
celebration on
the eve of the trying to keep from crying.
big vote. Who “I did too, but now I have this wonderful job offer and this is
could escort her exactly what I wished would happen.” Doug said, almost unable
and sell Portales to keep from jumping up and down with joy.
in the process? Doug took his new wife back into the bank to meet Mr. Click
Bryant’s chances and to see their new business.
for succeeding Dona was quiet all the way to California, “Love, Honor and
increased as he The 1st National Bank of Elida in 1910. Obey,” she kept repeating.
carefully selected
Senator Coe’s escort.
10 7
After living in prosperous California, Doug could see that New Mexico Military Institute, so they made no serious attempt.
Elida had passed its boom and that the growth potential in neigh- Carlsbad, however was a serious contender.
boring Portales was much greater. He talked the other directors, The senator from Roosevelt County was Graham Bryant,
Justin S. Click, president; Thomas E. Mears, a prominent lawyer a tenacious bulldog who would not take “no” for an answer.
in Portales; and Graham Bryant, the New Mexico state senator Senator Bryant, in a compromise, agreed to support Tucumcari’s
into moving the bank to Portales and changing its name to the request for road money in exchange for Tucumcari’s support for
Portales National Bank. At the time of the move the total assets locating the new school in Portales. This deal was to be good only
of the Portales National Bank were $250,000 and its competitor, on the first vote. This was one obstacle down and still a few to go.
the First Na- Senator Bryant then negotiated with the Clovis city fathers.
tional Bank of Clovis leaders Cash Ramey, A. W. Scarta, John Barry, and
Portales, was 10 Senator Sterling A. Jones agreed to support Portales for the
times its size with college on the first ballot, but only if Clovis would receive Senator
total assets of Bryant’s support for a new National Guard Armory. Wrestling
$2,500,000. was popular in those days, and Clovis needed a big facility in
Both T.E. which to hold wrestling matches. It was good for business in
Mears and Gra- Clovis. The Clovis leaders knew that state money was already
ham Bryant were approved for an armory; and college money was still questionable.
helpful in attract- They were certain that Portales could not get the votes to obtain
ing new busi- the new normal college on the first ballot. Clovis, they thought,
ness to the bank. would end up with the armory and the college. Little did the
The board of directors in 1970. Left to right: Eldridge Mears, Fr-
Senator Graham antelle Bryant Hatch, Gayle Ferguson, Douglas B. Stone, Gordon leaders of Clovis realize that “Bulldog Bryant” was wrestling the
delivered the new Hatch, and Dona Stone. college away from them.
college, Eastern New
Mexico Junior Col-
lege, to Portales almost single-handedly.
The most important boost to the Portales economy was the
opening of the junior college that later became Eastern New
Mexico University. In 1912 the New Mexico Constitution called
for “a normal school which shall be established by the legislature
and located in one of the counties of Union, Quay, Curry, Roos-
evelt, Chavez or Eddy.” A normal school was described as being a
teachers’ training institution.
During the 1927 session, the state legislature was in the
process of deciding the location of this institution of higher learn-
ing. All the towns in eastern New Mexico were competing for the
opportunity. The board of directors in 1980. Left to right: Frantell Hatch, Barry Stone, Dona Stone,
Douglas Stone, Ruby Mears, Gordon Hatch and Gayle Ferguson
Clovis was the largest town in the area and was favored to
win. Tucumcari was competing hard. Roswell was home to the
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