The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-08-13
DISTRIBUTION OF CROP FUND.
SOUTHERN BANKERS CALL FOR
HALF OF SUM-TENTATTvE
PLANS AGREED ON.
At Close OF Meeting They Pass Reso-
luton Indorslng Idea. Allotments
to He Made After western Confer
ence.

so'o"'c"e ueposits 10 De placed with
the banks I'm the agricultural States
TO assist In the fall movement of the
crops were agreed upon at confer
ences here today between officials of
the treasury department and about
100 bankers. representing SO Southern
cities Final plans. including the al
lotment of the Southern banks shares.
VIII not be announced until after
conferences with Western bankers to-
morrow and with those from the Pa
cihc coast Thursday. The southerners
asked that they be given at least half
of the total to be deposited.
AT the conclusion OF the conference
tonight resolutions were adopted ex-
pressing appreciation OF the admins
tration's proposed relief and agreeing
To the terms and conditions imposed.
The bankers also. by resolution, ex-
pressed confidence I'm the administra-
ton and the belief that Its cooperation
I'm assisting the movements Of the
crops was an indication OF It's desire
faithfully to serve the needs of the
whole country.
Secretary McAdoo. Assistant secre-
tsry Williams and other treasury off,
ciais participated In the conferences
and early In the day Senator Owen
and Representative Glass. chairmen of
tho congressional currency commit
tees. explained to the bankers the re-
suits expected to be accomplished by
the administrators currency meas
ure.
Later the bankers called at the
White House. where they were re-
ceived and addressed by President
Wilson. The president told the delega-
tion that the banks OF the country
would be treated on an equality.
While the presidents remarks were
of n confidential character and the
bankers were loath to discuss them,
Il became known that the president
made II plain that the purpose of the
administration would be not to permit
alliances between banks In any sec
tion of the country and the govern
ment.
The conference was opened today
with an address by Secretary McAdoo
I'm which he explained the purpose OF
the treasury department In making
the deposits. the general character OF
the security which he will require,
tho time proposed for making the
deposits with the banks. and the time
suggested for the withdrawal. He
then invited the bankers to make
comments and recommendations re-
ssrding details for carrying out the
plan.
Each delegation was called upon
and explained conditions In their re-
spec'ive sections. indicated the
amount OF money which they would
like to have deposited In each city
represented and discussed other de-
tails OF the arrangement. In a state
ment tonight Secretary McAdoo an
nounced that as a result OF the con-
ference the following plan had been
tentatively agreed to:
The secretary proposes to accept
as security for deposits government
PONDS and high class state. municipal
AID other bonds OF unquestioned
standing and also prime commercial
paper. All government bonds will be
accepted at par; all other bonds
must be passed upon by the secretary
and when approved will be accepted
at rs per cent of their market value.
All commercial paper offered must
be passed upon by a clearing house
committee OF six In each city. COM
posed OF Ave members OF the clearing
house association and one additional
member not n member OF the clearing
house. who shall be the special repre-
sentative OF the department. In sub
treasury cities the sixth member OF
tho committee will be the assistant
treasurer OF the United States resi-
dent In such city. In cities other
than the subtreasury cities, the repre-
sentative will be some business man
OF high character familiar with the
local banks and conditions to be desig-
mated by the secretary OF the treas
ury
1t In proposed that the commercial
paper offered as security shall he de-
posted with one OF the leading banks
In the clearing house cities To be Sc
lected by the secretary. The bank
thus designated as custodian of the
commercial paper will he required to
give bond for lts safe Keeping in
some surety company satisfactory TO
the department
"It La purDO9ed TINT nno-boIs "a