The Tucumcari news and Tucumcari times. [volume] (Tucumcari, N.M.) 1907-1921, 1916-11-02
HANDLING STATE LAND FUND DEPOSITS .
NO C|kCH FOR BANKS, SAYS BANKER

m., santa hat IT, Now y; Nj M.s SSys Ss"s. which which 'i s.,. :e ssp: ss%'. Of .s.: :. i 'nss
sno e.. a. the chief h,s, de s, IF, th0', ,, funds; it ., ,; ) caused used, N: som:
bank. of santa Es to-day, = in response to a n inquiry for SONS ne, detailed
S sSG sumrd Into the bso ,o ,re: ~ a. in - a n single r. shs ,o,., . The st
lated funds for the annual nmaA October settlement u" Of the department Ia was
drawn on the First National here, and . one of the largest checks
People have a n idea think" said M. Hughes. 70, a. i..:.
around and leaves large sums Of MONEY with the banks for indn.
exists, is wholly wrons This bank. a tn. custodian Of tn. state
M Of the DEPARTMENTS business and deposits. than any other bank
have it entrusted to u.s. The commissioner has made our bank the
expense to the minimum. It is a compliment to the institution which
upon IL handling S' Of ii sSes : funds s' is ' en, p"ay ~rons any A''' ''''
AS a matte. Of fact a bank finds it difficult &c realize any profit
tain. The money is liable to be Withdrawn At any time, and because
servatve banking institution. 1t is true that at times the state land
S S, snyon nsG familiar sMfa 0w wns sa Sansinr w nno~ ~s' ,h ssset tSe I in,.r.. an r sns I psd
on such deposits is very small.
transactions which make up the daily and monthly business of the
s paS t., ta Ss c m tso Ds' Seposiis uses TaE up t hi p Ss check ssSFD heFe 'i sp in .n,s1ssss
it represents a total of $3.50 separate and distinct item. ranging from
other banks, scattered all through the United states and Canada, and
ment periods. The only times when our deposits of state land funds
Wholly y to the month On of October o@r when %'I the business nses is "r' heavy awI in
from our bank the accumulatons of the October settlement period
for this year. and establishing a new record in such payments to the
Once every SO often a check comes back s1sa we have the task
all the way buck to- its source The land Office deposits made here
during the past thirty days will aggregate MALT a million dollars To
have handled the banking end OF those transactions in his own Of
fees the land commissioner would have required a special force OF
trained banking men almost rs large as u whole bank force here
We handle all that detail. but We cannot make loans from these de
posts. for We have notice that they re subject to immediate with.
drpwal or at any time.
The present land commissioner is exacting in his care for de
tail. and while this is highly commcndable IN his part. II makes the
handling OF his banking business a very arduous undertaking Ere
quenty payments arc made in excess of the amount due. Whenever
such n n excess is under twenty cents the commissioner refunds Il in
postage stamps. But yer twenty eits We are required to issue a
cashiers check for the surplus which goes back to the man sending
in the overpayment. mention this AZ an illustration OF the vast de
tail work which goes vita this deposit, We re glad to have the land
department business; in many ways It is a benefit to this bank as it
would be to any bank. but anyone WHO thinks 1t highly profitable to
the bank handling 1t simply does not know what the expense of han
ding that business is
There is one feature OF the drawing OF this 10000 check on
our bank which is Of real interest not only to bankers but to all the
people of New Mexico. II shows an enormous increase in the rev..
enue the state is deriving from its lands. Those OF us who are IA
miNar with the transactions OF the land office have been amazed at
the growth of the income for the state. II the operation of the state
land department and the administration OF our lands Is continued
upon its present efficient basis it is only a matter OF a little time IN
I'll our schools and practically all of our public institutions will be
maintained very largely from the income from state lands alone, thus
hlng a heavy load from the taxpayers. In the eleven months OF
tins year the Income from state lands has reached nearly 100000 90
The time is now very near at hand when this income win be over the
million dollar mark each year"