The Washington times., 1913-08-03
LOCAL FINANCIAL CIRCLES

The chief topic of conversation in
as elsewhere, during the past week
was the announcement that the Secre-
| tary of the Treasury will deposit s50,-
100000 Of Government funds IN the banks
of the large cities in the South, South
| west, and West, for the movement OF
crops. Washington bankers. as a rule,
hold opposite views from those Of the
New York financial men, and indorse
Mr.. McAdoos scheme.
An announcement from the Treasury
! states that the larger banks in the ag-
rfcultural communities of the Sotuh and
West, will be expected to distribute the
money to the country banks at reason
able rates of interest While the Treas
ury Department will not attempt to fix
the rate Of interest, 1t will insist upon
equitable treatment so that the money
will be available for the marketing and
movement of crops at reasonable rates.
Large deposits will be made in Chi
cago and St. Louis. said John Shelton
williams, Assistant Secretary of the
Treasury New Orleans, and Atlanta,
Ga, also will be among those to receive
a substantial share Of the S5O,CO0,VO for
distribution in the South.
Assistant Secretary Williams said 1t
was necessary for the Government to
place the money in the large channels
because IL would be impracticable to
pass upon the quality of commercial pa
Der as security II the deposits were
scattered Unfortunately among a
great number of country banks.
The Treasury Department" said Mr..
williams, has been showered with
kilograms from banks and bankers
through the West and South expressing
the strongest possible commentator of
the Secretary's announcement"
While the Treasury Department will
stipulate that the money must be re-
turned after the crops have been moved
and will fix dates for its gradual flow
back to the Government, the conditions.
il is said, will not be hard and fast,
and will be changed If unforeseen cir
cumstances indicate that the banks
should have more time TO make the re-
payments.
Articles incorporating the Silver
Spring Water Company have been filed
in the office OF the circuit court of
county. Nd. The incor-
porators named. who will serve as Z.
rectCrs the first year. are Blair Lee,
William NJ. Jordan, Frank l.. Hewitt,
Blair. and James II. Cis-
sci. The capital stock is 5000, divided (
into shares Of SO each.
Confidence in trade for fall and win
ter is felt IN all sections, and bust
ress boom, il Is predicted. will soon
be under way The feeling is general
that the present reasonable quiet Will
be follow ed by period OF activity
equal or gre ater than any In the past. .
for fall and winter re-
uuiremcnts are increasing, and the !
timidity that marked future operations
is passing. The reported impairment Of |
the corn crop has not impeded the |
forward movement, the prospects of |
large wheat yield being assured as har- !
yesting Is progressing. While oats, hay !
and corn may be shorter than last year. |
il must be remembered that 1912 set a |
record in all three. In the South trade !
is expanding I'm the confident belief that |
cotton will make a large crop
Tariff legislation still restricts trade |
In the larger lines in the East, but |
the anxiety over this is weaving off, |
being lent the situation by !
the absence of stock accumulation,
due to the curtailment practiCed for
some time past. While money rates
strong. the intention of the
Secretary of the Treasury to place
from $25,000. 200 to $50. .000, 900 in the
banks to move the crops and to ac-
;ept prime commercial paper Is look
I'd upon to exert a salutory effect on
he money market and to prevent any |
'tringency in rates. |.
The Pennsylvania, East and West,
I'D S1,910.000 more business at an
.dded cost Of S3,l62,o00. 30 that their