The copper era., 1908-01-02
PUTS IT IN LOCAL BANKS
Santa fe Station Agents Directed to Keep
Their Receipts in the Local Banks
for Home Circulation.

for Home Circulation.
Topeka, Kas., Dec. 29-Since the
financial stringency throughout the
country set in, tie Santa Fe railway,
to insure the prompt payment of its
employees along the line, monthly,
and to maintain public confidence,
has caused its agents to maintain
their daily receipts of cash and
checks in local banks. The usual rule
is for the Treasurer of the company
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, if
followed during the stringency, would
have kept it away indefinitely; and
so, November I, E. L. Copeland, Sec
rotary and Treasurer of the Santa
Fe, notified the local banks and sta
tion 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 meeting them
with the Santa FEES own money. The
effect of this has been, to take care
of employees promptly, and also tC
inspire the public with added conf
dence in the local banks.
Tie monthly payments at the
larger divisions and shop points are
$1,000 to $4,000; in Topeka 100000
Naturally this money, going into the
local banks, daily, inspired renewed
confidence and, of equal Importance
it kept the money in circulation al
home. Following the first pay day
November 10, the effect was instan
taneous. Instead of withdrawing
their money, the larger patrons o.
the banks continued to deposit. Fol
lowing the second payment, Decem
Der 10, the smaller patrons renewed
their daily deposits, and now norma
conditions almost have returned.
In Oklahoma, during the week banl
holiday, the agents followed the same
special rule of exchanging with thu
banks, cash and checks, daily; th'
Company, making special arrange
ment for the banks to issue sight ex
change to the agents in return. Il
this way, the money was kept a
home and business went on as usual.
Speaking of the in id n t
Treasurer Copeland said: SIT simpl,
is following out the Santa Fe's Ion!
established policy of helping the coun
try which our lines traverse, from
Lake Michigan to the Gulf of Mexic
and the Pacific Ocean. Our prosper
ity depends on the prosperity of TIN
country which supplies us with trat1i
and so we stand by our people. Be
sides that, we having custody of 4;
share of the currency of the country
for the protection of the local bank
and merchants, felt it to be our dut.
to keep that money at home where i
might be kept in circulation, AM
where it has been kept in circula
tion."
Continuing, Mr.. Copeland said: g
am receiving information daily tina
the hanks all along the line are "tak
ing off the lid, and the result is tina
they are increasing their deposit
daily, and the Withdrawals are thu
minimum. The Santa Fe is only ;
forerunner of what other great cor
porations are going to do. Eyen thu
United States government has com,
in with five million dollars in Okla
homa to help the relief. The SAINT;
Fe is paying this week in Kansas ;
million dollars of state and loca
taxes, half of which will not becom,
due until June, 1908. In Missouri WI
pay this month. In New Mexico W.
paid last mouth. So, from one sourc,
or another, the currency of the coun
try is getting back into the hands o
of the local business men, and sooI
the lid will be off all over the land.