Rocky Ford enterprise., 1907-11-01
FINANCIAL
FURRY
That Sends Equinoxial Chills
Through Eastern Bank.
ing Institutions
CAUSES A RIPPLE
And compeis Prompt and Drastic
Action TO Stay q Panic.

Following the lead of the large
money institutions of the state. which
had previously followed the lead OF
the New York and Chicago banking
institutions, the banks OF Rocky Ford
have joined with the banks OF the
other towns of the Arkansas Valley
in withholding the payment OF cur
rency to their customers and depos-
i,ors. A meeting of representatives
of all the banks of the valley below
Pueblo was held in la Jun,a las,
Tuesday morning to discuss the
furry in money circles. Tho result
OF the meeting was the adoption OF
the eire,iar agreement, which the
Pueblo banks had just previously
adopted. This agreement was as fol-
lows:
"Iuasmurh' as banks generally
thronRhou, the country decline TO
furnish currency to their correspond
cnts who are carrying balances with
them. and A. these banks, As mat
ter OF common safety TO the deposit
ors. have decided. during the present
emergency, 10 pay out no currency.
but to issue certificates for all de-
mand checks. this action compels us
to take similar action. and therefore.
Il is decided by the undersigned bank
crs that for the present they will no;
pay on any one account more than
Sioo in currency. but will issue East
crn Exchange or Certificate OF De-
posi-; for any excess over the Sioo. as
may be desired"
The only difference in this agree
men: as signed by the Valley banking
concerns is that the sum OF currency
Is limited to $50. this corresponding
to the comparative bulk OF business
done by these smaller institutions.
II was further decided that tho
banks should ask the sugar eompan-
les and other large employers OF la
Dor TO deposit the currency necessary
to NEE; pay roll checks.
A meeting o! tho business men Of tho
town was hald on Tuesday evening at
tho call Of tho Board Of Trade to talk
over tho financial situation Of tho eoun-
try and It's bearing locally.
Chairman Loeshsrt made a statement
In regard TO tho present financial system
throughou, the country. reading nowspa-
por clippings showing tho situation a,
Denver. Chicago. New York and other
eonters and tho actions taken by tho
clearing house associations and actions
taken by commercial and business mon
generally endorsing and approving tho
action taken by clearing house banks in
restricting tho withdrawal OF currency.
Tho specific obipet Of tho meeting was
TO calm tho popular fears and get gen.
oral agreement Of the business interests
TO stand by tho local banks during the
present crisis. expressing their confidence
In the institutions and agreeing no. to
withdraw their surplusos.
Tho situation was gone over by Col.
Loekhart and tho following resolution Of
confidence was read and submitted for
signatur o:
THAT tho members Of tho Rocky Ford
Board Of Trade and the business men Of
Rocky Ford. heartily approve and endorse
the actions taken by Tho Colorado Bank
ers' Association Of the Arkansas Valley,
and pledge ourselves to assist in every
possible way In carrying out the policy
which we believe to be for the best inter-
ests Of the people Of the entire valley"
Everybody present representing busi-
ness houses and having bank accounts
signed UP the resolution. Following Is tho
list Of signatures:
The Rocky Ford Beard Of Trade
q. NJ. Hall. Sec. jas \. Lockhart. Pres
II. I. Maxwell J. y Kinney
4. q. shelton A. Clcavc-
I,cLhart tIxr StnrkrnM l.. Mpypr