The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-02
Santa Fe Distributes Fifty
Thousand Dollars.
Paying of Pension Checks to
Begin Monday.
WILL BECASHED HERE
Means Thirty Thousand More
i'm Local Circulation.
ROssville Bank Meets Emer-
gency With Cashier Checks.

The effects of the forty or fifty
thousand dollars turned loose in the
| city yesterday by the Santa Fee in cash
| payments to the employees of the Of
| fees has had the effect of easing the
| financial situation relative to meeting
| other pay rolls. The banks of the city
have made arrangements to cash all
| pay roll checks today and anticipate
| no trouble from this source. This will
| necessitate the removal of many thou
| sands of dollars in currency from
these institutions but much of it will
| find its way back through the deposits
| of merchants.
The quarterly payment Of pension
checks from the office in this city
which amounts to about 100000 will
commence Monday and of this sum
| perhaps 100000 will go to old soldiers
living in Topeka and vicinity. The
banks have made arrangements to
care for these as they are presented
| and will forward them to the sub
treasury in st. Louis where they are
redeemable in gold upon presentation.
The banks in Topeka will be short
the amount of currency necessary to
cash these checks just the length of
time that will be required to get them
to ST. Louis and the money returned by
express. Some of the pension checks
will be cashed by local merchants but
a majority of them will find their way
to the Bank of Topeka which in the
past has handled them.
"I should estimate that we pay
about 100000 in currency each pay
ment for these checks said J. W.
Thurston, the cashier, which repre-
sents 80 per cent of the checks paid
to pensioners in this county. I'VE
have plenty of money on hands to take
care of this payment with ease even
though we should receive the full
number of checks issued.
checks today than we have during the
week on account of the>numerous payrolls,
though a majority of these checks will not
reach the banks of the city until the
carrier part of next week as many of them
will be applied on ACCOUNTS with the mer-
enan tso abHut toMn 90 not an TIC a
punched on us during tine carrier days Ct
essryth9s without Bit as dsfe lot
Just how long the present condition,
which n. mas ASH been forced on the banks OF Of
of conjecture as relief must come from
the east where the trounle exists and the
clearing house plan originated; The city
is placed in the uuenviable position of be-
ing compelled to continue in effect sys-
boe do IN not ths emand IT. IF To
peka and the state could be isolated and
left to its own resources the clearing house
plan now in effect would not be necessf-
ty. With this condition removed the city
and state would be drained of its supply
of currency within a short time.
RossviIle Meets Emergency.
The State Bank of Rossville has been
compelled to resort to the issuance of GER
titled checks and drafts of Kansas City
and Topeka banks to meet the demand
for cash. These drafts and checks are
being issued in five, ten, twenty and fifty
dollar denominations and are drawn on
the Capital National bank in Topeka and
the Traders bank in Kansas City which
are repositories for the surplus of the
Rossville bank.
ut is just a case of currency shortage
with u.s. said ]. B. Alter, the cashier,
this morning, land our depositors under
stand the situation fully and are perfect
ly satisfied with the plan. This paper
which we are issuing is made to bearer
but becomes nonnegotiable upon presenta-
ton to either of the banks upon which it
is drawn.
I'VE have plenty of cash but our sur
plus is on deposit in the Topeka and Kan
sas City banks and the adoption of the
house plans makes it impossible
for us to get hold of 1t and has necessi-
tated the plan which we have adopted.
''All of our loans are local and we have
not a bit of eastern foreign paper in the
bank. We are curtailing the issuance of
currency as far possible and when
amount is called for we issue
a draft for the greater part of the sum
r equired and pay the balance In currency
We have not adopted the clearing house
rule so prevalent at this time and do
not think that we will cs the issuance of
checks and drafts in small sums will re-
lieve us and answer the purpose, and are
ga tisfa Glory to our patrons"