The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-04-07
City Commission Losing Money
in Bank Deposits.
Only = Per Cent Received When
More Is Available.
CITY HALL LAYS IT TO WATSON
Commissioner Admits That an
Effort VIII Be Made.
State Given Much More Right
Here in Local Banks.

Why is a dollar in the banks of To-
peka belonging to the state worth
from one and one-twentleth TO Two
per cent more than doller owned by
the city of Topeka.
The state of Kansas places its mon
eV by bid. with various banks through
out the state and receives from three
and one-twentieth to four per cent on
daily checking account balances. The
city of Topeka receives from the city
hunks of Topeka two per cent flat and
when the attention of Commissioner OF
Finance WATSON was called to the diff
ference he exclaimed, "Is that fact,
did not know that the state was
receiving any such interest
ITS a fact and can easily be prov
en-" he vas informed.
who is responsible for the distribu-
ton of the city's funds he was asked.
THE various commissioners are re
sponsible." ne said.
commissioner Porter said, Tech
nicallv the fun board is responsible for
the distribution Of the city's money but
IL has been the custom in the past, to
refer the matter to the commissioner
OF finance which this present board
has done. personally have had
nothing to do or say what bank in To-
,peka shall and shall not receive in the
way Of money; It's up to Wasson'
Up to WATSON.
r commissioner Newland. It's strictly
lin to WATSON what bank receives the
city's money, l have nothing to do
with it,"
commissioner Tandy: ''Who says
The state gets more for its money than
the city," He was informed that IN
from
Treasurer Akers-
Well" he said with an embar-
rassed laugh. II have nothing TO az
with the financial department but II
the CITY would like to have me handle
the funds I will see what l can DO 10
get more for the money"
City Attorney Hayden: WATSON IS
responsible for the city funds, it's he
and he alone who has the say Whefe
the money shall be placed.
why can't the city receive as much
Tor It's deposits as the state?" WATSON
was asked. -
well, it's this way ne sara, tae
state agrees to place a certain amount
In a bank and leave it there for def
mite length of time, and we could not
do that with the city money
state Account Subject to Check.
..The state does not agree to carry
any definite balance with any bank Tor
any definite time, it would be foolsh
40 ask or expect such a thing, sal
s.ate Treasurer Akers's assistant
s~rhey simply bid for an amount they
wish us to let them have and If we can
accommodate them we do so but the
money is subject to check at any
time"
When informed of conditions, Com =
missioner WATSON was plainly agitat-
ed and confessed an endeavor would
soon be made to get the local banks
70 pay more money for the use of the
city money.
s.Why has this not been done be-
fore?" he was asked.
We'll 1 don't know. It's been a
custom to let them have it at this
date and 1 am following the old Gus
tom"
No commissioner would shoulder or
even venture to take part of the re-
SDonsibility for the loss to the city. In
fact there seemed to be a slight dis
position to avoid discussion of the
matter.
3 From "A list obtained it is certain
that banks in Topeka pay the state
more for the use of it's money than
they do the city for the use of its
money. Four banks in Topeka pay
from three and one-twentieth to three
and one-eighth per cent on all daily
balances to the state.
IF the city should receive the same
amount it would be richer by some SO
per day. according to the figures is
sued by Commissioner WATSON. As it
is they are losing this amount. and all,
it seems. because the commissioner of
finance has taken the action of his
ured eceSSorS as a guide.