Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1906-12-13
$2O,OOO,OOO TO AID
IN BUYING COTTON
south's Great Staple Is Absorb
ing All the Currency.
80 SAYS SECRETARY SHAW
Secretary says New England and
southern Manufacturers Have Ex-
haustsd Capacity Of Banks In Buy
Ing cotton-Relief, Needed.

Washington, Dec, 12.-secretary
Shaw had an interview Monday with
she bankers committee, now In ses-
zion In the city, and later In the day
made the following announcement:
Il have received in the laet ten days
en- unusually large number OF letters
from business men representing all
sections Of the country complaining Of
she extraordinary high rates OF inter-
est l have conferred during the same
period, by letter or personally with
q large number OF bankers scattered
through the south and middle west, as
well as In the east. have conferred
with the committee OF the Bankers
Association, now In. Session In the
city. These gentlemen represent
Chicago, 81. Louis, New Orleans At
lanta, Plitsburg, indianapolis, Des-
MONS. and other cities.
"From the best information | can
get think the following describes
che situation fairly well;
Our blessings are the real cause OF
che actual strlngenoy ia money recog-
nized everywhere, An unusually large
crop and uneaxmpled industrial actlv-
sly have created an unprecedented
demand for money.
"The world'is everywhere prosper
Gus and money Is In great demand
throughout Europe as well as In the
United states. We never had such
volume of credils-and are based
on an unequalod volume OF assets.
The manufacturers OF cotton are buy
ing that staple by the train load. Tho
cotton plaHers. unlike the western
farmer, demand actual cash, and no
oarrios II home In his pocket The
western farmer Is paid In checks.
watch he deposits In the bank 10 his
credit and therefore does not absorb
actual money. as does the cotton
planter. This money should be return
ed 10 banks when the planter settles
with his merchant soon after the mrs,
OF January, but between now and then
the cotton consuming country. ~ well
az the cotton producing country. h
short OF money.
New Eukland has sent millions 10
che south and the manufacturers OF
cotton throughout the south have ox-
haustcd The capacity OF local banks and
are trying 70 borrow elsewhere. There
a. no occasion for alarm, bu, | be-
Neyo there 10 occaaion for relief. This
I have decided 70 grant In the follow
sng manner.
= will deposit $40. 900 900 IN exist
ing repositories In the cities deaignat-
81 below, % be secured by beads ao-
ceplahlo for savings bank Investments
under The Lawn OK Now York and Mas
saehusetis. taken a. 90 per cent OF
their value; these deposits TO be- re-
turned, one.half Ca the 20th 90 1en-
uary and the remainder on the 10, OF
February,
= viii also huy $40. 900 900 Of ne
bonds % 1907 al the following prices
Registered bonds ea-lnsercst al toi
aud coupon bonds az i02.
~ NNN tNNhk mat thn tonds nuf' [
chased are bov held a. securities Cor
Govtrnmeni deposiis. uecang ~ The
character above Indicated yin ~ ac-
cented Ia lieu thereof. Noe moFe
than ti,ooe 900 worth. hovcver. vil
BE purchased from any single iastiln.
tsoa under thstc conditions.
New foyk and Nog orleans ulf /
set 81. see ,peo each n0sion. Phla.
deipAia. naltimore. Chleaeo ahd 81. I
i0ah. ti 600 90 each. Cius,anati, I
louisville. Aiania ana memphis. I
ttee ooQ eaea,