The Birmingham age-herald., 1913-08-05
Step Designed to Give Secre-
tary Information as to
Needs of Farm
ing Districts
BANKS OF 50 CITIES
HAVE BEEN INVITED
TO BE REPRESENTED
Conference With Southern Bankers
Will BE Held at Treasury Depart
ment Thursday-Entire $780,
100000 Will Be Distrib-
uted if Needed

Washington. August 4.--Represenfa-
tive bankers OF 80 large cities IN the
agricultural regions of the south. mid
die west aud Pacific coast, were IN
vited by Secretary McAdoo today to
come 10 Washington 10 confer with
the treasury department regarding the
distribution of the s50,O00,O00 Of the
government funds about 90 he depos-
tied i'm the national banks of those
sections to facilitate the marketing and
movement of the crop.
This unprecedented step. which viii
call to Washington bankers from the
centers that Will finance the handling
of the great crops soon to be harvested
is designed to give the secretary first
hand information and advice as TO the
specific and relative needs of each of
the farming districts. 1t has been
tentatively decided to place the de-
posits in the 90 cities to be represented
at the conferences. Invitations were
sent by telegraph to the presidents of
the clearing house associations in each
of the cities asking them to send rep
resentatives or committees TO WASH
ington to discuss arrangements for
depositing the big sum. The confer
ence with the representatives from the
southern cities will be held at tho
treasury department Thursday. August
Z, with those from the west Friday,
August 8. and with those from the Pa
eifie coast on Thursday August II.
To Be Represented
The banks Of these cities have heen
invited to be present: Birmingham Mn-
bile. Montgomery. Aha Little Rock
Ark; Los Angeles, san Francisco, Cal.
Denver, Col. Tampa, Jacksonville, Fla.
Atlanta, Savannah, Ga. Chicago Ill.
Evansville Fort Wayne, Indianapolis,
Ind; Des Moines, Sioux City, Ia. Kan
sas city, Wichita, Kan; Louisville, Ky:
New Orleans La: Baltimore Md.
Vicksburg. Meridian Miss. st. Louis,
Kansas City; Minneapolis. st. Paul.
Mimi; Detroit Mich; Charlotte, Will
mington, Raleigh. N. C.; Omaha, Neb.;
oklahoma City, Muskogee, Okla; Port
land, ore; Cincinnati, Cleveland, CO.
lumbus, o.; Charleston, Columbia,
Spartanburg, Greenville, S. c.. Chatta-
nooga, Knoxville, Memphis, Nashville,
Antonio, Tex; Richmond. Norfolk. Res-
noSe, Lynchburg, Va. Wheeling, W.
Va: Seattle. Spokane. Wash. Milwau-
kee Wis.
lHCItdSe 1NOb FTdCttcdi
Secretary McAdoo announced that 1T
was not practicable to increase the
number of cities. and that he believed
those selected we're thoroughly repre-
sentative of the agricultural seetions
Treasury officials declared that the
entire s5O000,000 which has been Of
fered will be deposited If the situa-
tion demands it. 1t was explained that
care would be taken to prevent any
un1ue initiation OF I'll sir circulating
volume of money and that the govern
ment would deposit only what was
needed to assist in moving the crops,
with the stipulation that it must be
returned to the treasury as soon as that
need shall have passed. At the confer
once with the bankers Secretary Nc
Adoo Will discuss the amount needed
and the dates to be named for its grad
ual return of the money of the govern
ment.
The treasury department expects to
begin making the deposits before the
close of August and gradually to fee
the money into the selected centers as
the demands grow through the crop
moving period.
Message Not Yet Received
Officers of the Birmingham Clearing
House association stated last night that
they had not yet received the invitation
of Secretary McAdoo. 1t is understood,
however, that the invitation will he acted
upon promptly upon its arrival.