The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-12-24
How the Santa Fe Railway
Helped in a Crisis.
Allowed Company Agents to
Keep Receipts at Home.
KEPT MONEY MOVING.
Inspired Local Bank Patrons
With New Confidence.
Treasurer Copeland Says the
Lid" Is Being Removed.

Since the financial stringency
throughout the country set in, the
Santa Fe railway, to insure the prompt
payment of its employees along the line,
monthly, and to maintain public con-
fidence. has caused it's agents to depos-
it their daily 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 ex-
press 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 if follow
ed during the stringeney, would have
kept it away Indefinitely; and so. No
vember Z. E. L. Copeland, secretary and
treasurer of the Santa F'e, notified the
local banks and station agents that,
until further orders, the agents would
keep all receipts in banks at home. In
consequence, the money has been kept
in circulation at home; the merchants
cashing the pay checks in settlement of
accounts as usual and the banks meet
ing them with the Santa Fe's 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 $25,000 to
this money, going into the local banks,
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 instantaneous Instead of with
drawing their money, the larger pat
rons of the banks continued to deposit.
Following the second payment, Decem-
ber Is, the smaller patrons renewed
their daily deposits, and now normal
conditions almost have returned.
In Oklahoma, during the week bank
holiday, the agents followed the same
special rule of exchanging with the
banks, cash and checks, daily; the COM
pany, making a special arrangement
for the banks to issue sight exchange
to the agents in return. In this way,
the money was kept at home and busi-
ness went on as usual
Speaking of thes Incident, today.
Treasurer Copeland said: 1t simply
is following out the Santa Fe's long
try which our lines traverse, from Lake
Michigan to the Gulf of Mexico and
the Pacific ocean. Our prosperity de-
pends on the prosperity of the country
which supplies 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 pro-
lection of the local banks and mer-
chants, 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
their deposits daily. and the
are the minimum. 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 million dollars
in Oklahoma to help the relief. The
Santa Fe is paying this week in Kan
sas million dollars of state and local
taxes. half of which will not become
due until June, 1908. In Missouri we
paw this month. In New Mexico we
paid last month. So, from one source
or another, the currency of the country
is getting back into the hands of the
local business men, and soon the lid
will be off all over the land"