The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-04-21


now wonder why so many prominent
people during the past few weeks have
expressed concern over the health OF
Mr.. Mulvane, and in recent days have
been delighted to see him out in the
air again and on the road to recovery.
We have no doubt that Joseph r.
Burrow, Fred Freeman, E. E. Ames,
Thomas Page, and the Bonebrakes
have done this sort of a thing. 1t is
sure to give them more satisfaction
than the mere piling up of dollars.
! The State Journal is glad that there
| is SO much money here, and that the
market is easy, but it feels that a low
rate for the average use of the money
Of the city and county through the
year is three per cent. There have
been times in the past year when it
has been easily worth to the bankers
four per cent. A prominent banker
said this yesterday. There will be
times during the next twelve months,
may be few weeks, when the banks
might be glad to pay four per cent on
! these daily balances, but that might be
some abnormal time, just as this week
or last week may be abnormal. The
| bankers themselves have fixed the rate
of three per cent as about the proper
one when they have been in competi-
ton for money. They have agreed to
pay, in a contract about sixty days
old, three per cent for the school
money of the city of Topeka. They
agreed to pay in a contract entered
into last fall a trifIe more than three
per cent for state money.
We ask you, gentlemen bankers of
Topeka, not to let these hundreds of
thousands of dollars of the city and
county money get away from this city
! just now, when you may not need it
temporarily, more than two per cent
worth, but which you are sure to
need at least three per cent worth, or
more, in the future, very likely the
near future. If you let it slip out of
your hands, it may not be so easy to
get back, because there must be time
contracts on any four per cent money
There was read before the board of
County Commissioners at their regu-
lar meeting this morning a PROPOSE
ton from the Ozawlkie bank, almost
on the edge of our country in which
the cashier says his bank will take
county money and pay three per cent
on daily balances. 1t is understood
they want thirty thousand dollars,
and there are other banks which are
looking for more. Can you blame the
County Commissioners of Shawnee
county when each and every one of
you banks in this city have notified
the County Board in writing that after
the 30th of April, about two weeks
hence, you will pay no more than two
per cent on daily balances; when the
commissioners are receiving PROPOSE
lions from banks wIssh agree to pay
fifty per cent more interest on daily
balances than you offer? You should
revise your offer, at least some of you
and bring it up to date, to three per
cent. Do you realize the seriousness
of the situation?
The county clerk of Shawnee county
openly and repeatedly last week
charged that the State Journal was
responsible for the similar letter from
each and every bank in the city, an
nouncing that after April 80 they
would pay only 2 per cent on balances,
J thus reducing the rate from " per
cent; the clerk thus asserting that it
was the State Journal which had thus
cost the county one-half of 1 per cent
on its receipts for interest; and that
in it's efforts to raise the interest to 3
per cent (the amount paid by banks
in other counties for their own county
money and the amount paid by banks
in this city for school board money,
and the amount paid by banks in this
city for the use of the states money
AS a matter of fact, to be accurate, all
the banks in Topeka, which carry
state deposits, pay a trifle more than
per cent: Three and a fraction)
) charging that the State Journal has
, made the serious mistake of offending
the banks, mistake which would cost
= the county, after April 80, one-halt
I of / per cent in interest instead OF
> adding that amount to the rate which
prevails now.
= Does the reader blame this paper
. for having some feeling in the mat
: ter under those circumstances? That
= feeling will be gone when in this COM
munity full confidence in the integ-
, rity and good faith of this paper is
restored, and that naturally will be
, when the banks pay both the city and
county not less than 8 per cent OF
their daily balances.
Later-At the meeting of the
county commissioners this morning
: the proposition of the Ozawkie bank
of jefferson county, as above noted, tc
pay three per cent on Shawnee county
money daily balances, was read anC
placed on file. Upon it's consideration
Auditor Larimer called the attention
= of the commissioners to the law on the
o subject. The commissioners had pre-
Y sumed that they were empowered tt
place this money in banks outside O.
t Shawnee county and so informed tn,
e State Journal upon its request.
The commissioners now find tina
o they are mistaken, and that under tn,