The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-08
SOUTH REQUESTS
. HALF Of MONEY TO
Be DISTRIBUTE
CONTINUED From First p:,sc.)


money which they would like to nave
deposited in each city represented. ana
other details OF the Arrangement In
a statement issued ,o-nigh, Secretary
McAdoo announced that. as Il result
of the conference. the following plan
had been tentatively agreed to:
Securities Acceptable.
The secretary proposes to accep,
as security Tor deposits government
bonds and his;h-class state. municipal
and other bonds Of unqucstton ii stand
in1. and also prime commcrcia! paper
Ali government bonds viii be accept
&c at par; all other bonds must be
passed upon by the secretary ana
when approved Will he accepted at 30
per cent Of their market valu.. All
commercial! paper offered must Dc
passed upon - clearing no.sv com
mittee If six. IN each city, cUml,c, q
OF f"c members OF the cicaring muse
ASSOCIATION and ono additional mem
Ser i.c; a member OF the cl.ariny
house. who shall O: the specia! I. pre-
sentative OF the department IN sub
treasury cities, the sixth member -:
the committee VIII be the assistant
treasurer OF the United States resi-
dent in such city In cities other than
the subtrcasury cities. the rcprcs' nta-
tive will be SOM business man OF
high character and familiar with thu
local banks and conditions. 10 De
designated by the Secretary Of the
Treasury
1T is proposed that the commercial
paper Offered as security shall be de-
posted with one OF the leading banks
t.. n 81. inc b.. .,,
lected BY the secretary. The bank thus
designated AS custodian of the COM
mercial paper will be required to give
bond for it's safekc.ping in some
surety company satisfactory To the de-
partmcnt.
1T is proposed that one half of the
amount allotted TO each bank viii be
deposited with that bank in the month
~ August; the other 80 per cent in
I september. OF the funds deposited. %
per cent shall toe returned by Dccem
Der 10; % per cent b. January Is: %
per cent by February ID, and the re
naming % per cent by March !. Some
ot the bankers present expressed a de-
sire TO return the entire deposits on or
before January |. AND all agreed that
the whole amount should he returned
not later than March IL
second conference was held this
afternoon and Tonight at the Pan
American Union Building Just before
It's close, Secretary McAdoo made an
address. in which he emphasized the
determination Of the government, TO
protect and maintain its credit. and
declared that all OF its obligations, di-
rect and implied. would be fully and
faithfully carried out
Resolution OF Confidence.
Just before Adjournment the follow
inG resolution. offered by President
Walker Hill. manager Of the St. Louis
Clearing House Association. and sec
onded by Robert +. Maddox. Of the
Atlanta Clearing House Association,
was unanimously adopted:
Resolved, That the Southern Bank
ers. to-day assembled. express TO the
President and the Treasury Depart-
ment our sincere appreciation OF the
relief proposed, and that we agree to
the terms and conditions outlined
Resolved. further: That We hereby
express our sincere confidence in the
present administration. and believe
that such interest and co-opcration
as proposed with the great agricultural
sections OF the country is but an in
d!cation Of It's desire 10 faithfully serve
the needs OF the whole republic"