The Socorro chieftain., 1908-01-04
PUTS 1T INLOCAL BANKS
The Santa Fe Railway Oompany's
Liberal Policy During the Late
Financial Stringency.
HELPED TO TURN THE TIDE
Agents Directed to Keep Their Re-
oeipts in Local Banks for Home
Circulation.


Topeka, Kas., Dec. 3l.-Since
the financial stringency through
out the country set in, the Santa
Fe Railway, to insure the prompt
payment of its employees along
the line, monthly, and to main-
tain public confidence, has caus-
ed its agents to deposit their dali
~ receipts of cash and checks in
the local banks. The usual rule
is for the Treasurer of the Com
pany to collect the money daily,
by express delivery, the local
banks using the pay checks as
exchange and getting the cash
back later. But this took the
money away from home, and, il
followed during the stringency,
would have kept it away indefin-
itely; and so, November z, E. L.
Copeland, Secretary and Treas
urer of the Santa Fe, notified
the local banks and station
agents that, until further orders,
the agents would keep all re-
ceiptS in banks at home. In con-
sequence, the money has been
kept in circulation at home; the
merchants cashing the pay
checks in settlement of accounts
as usual, and the banks meeting
them with the Santa FEES own
money. The effect of this has
been, to take care of employees
promptly, and also to inspire the
public with added confidence in
the local banks.
The monthly payments at the
larger divisions and shop points
are SIS, 600 to 500, 600; in Topeka
100000. Naturally this money,
going into the local baBks, daily,
inspired renewed confidence and,
of equal importance, it kept the
money in circulation at home.
Following the first pay day,
November Is, the effect was in
Simultaneous. Instead of with
drawing their money, the larger
patrons of tie banks continued
to deposit. Following the sec
ond payment, December IS, the
smaller patrons renewed their
daily deposits, and now normal
conditions almost have returned.
Speaking of the incident, to-
day, Treasurer Copeland said:
1T simply is following out the
Santa Fe's long established poll
cy of helping the country which
our lines traverse, from Lake
Michigan to the Gulf of Mexico
and the Pacific Ocean. Our
prosperity depends on the pros
perity of the country which sup
plies us with traffic, and so we
stand by our people. Besides
that, we having custody of a
share of the currency of the
country, for the protection of the
local banks and merchants, felt
it to be our duty to keep that
money at home where it might
be kept in circulation, and where
it has been kept in circulation" "
Continuing, Mr.. Copeland said:
Il am receiving information
daily that the banks along the
line are taking off the lid, and
the result is that they are in
creasing their deposits daily, and
the Withdrawals are the mini
mum. The Santa Fe is only a
forerunner of what other great
corporations are going to do
Even the United States govern
ment has come in with five mil
lion dollars in Oklahoma to help
the relief. The Santa Fe is pay
ing this week in Kansas a mil
lion dollars of state and loca
taxes, half of which will not be
come due until June, 1908. Ii
Missouri we pay this month. II
New Mexico we paid last month
So, from one source or another,
the currency of the country il
getting back into the hands o
the local business men, and soor
the lid will be off all over tn,
land"
Bubonic Plague Stamped Out.
4 - 4