New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-09
WESTERN BANKERS WON
OVER TO CURRENCY BILL
Pledge Support Provided Per-
Centage of Rural Reserve
Be Reduced.
NEW S1OO,OOO,OOO OFFER
McAdoo Informed, However,
That Amount Will Not Be
Necessary to Handle
the Crops.
NEW s1O0,OO0,OOO OFFER
From The Tribune Bureau. J


Washington, Aug. s.--By a vote Of y
10 2 Western bankers attending to-day
meeting of the crop fund council AT
the Treasury Department promised 10
support the Glass-Owen currency bill pro-
vided one concession was made-that Is
a modification Of the reserve requirement.
reducing the amount Of reserve 10 be
maintained by country banks situated
outside Of central reserve and reserve CIT
les from Is to y per cent OF the aggregate
amount of their deposits.
The bankers also asked that the power
Of initiative be transferred from the fed
eral reserve board 10 the advisory board
They declared. however that # the Tor
mer concession were made they would
not insist on the latter.
The clause which the bankers asked TO
have modified reads in part as follows
1T shall be the duty Of national bank
ING associations now classified as country
banks and situated outside Of central re
serve and reserve cities 20 maintain re-
serve equal to e per centum OF the az
rrerate amount OF their deposits. Such
reserve shall consist Of per cent
um Of lawful money held actu-
ally N their owr vaults. and for
period Of fourteen months from the date
aforesaid shall consist OF at least per
centum and thereafter of at least per
certum. with its district federal reserve
bank The remainder OF the l. per cent
um reserve horeinhefore required may for
period Of thirty-six months from and
after the date get by the Secretary Of
the Treasury as hereinafter provided
consist OF balances due TO a national bank
in reserve or central reserve cities. as de-
fined by law"
George VI. REYNOLDS. OF Chicago, spoke
at some length about the plan OF Secre-
tary McAdoo 20 deposit government FUNDS
To the extent Of 100000 in national
banks 10 facilitate the movement OF
the crops. and ended by discussing the
currency bill BE urged the concession
outlined. Senator owen asked the assem-
bled bankers IL this concession were mad
If they would promise 10 support N" ad-
ministration currency hill. The bankers
voted almost unanimously TO support the
measure.
Secretary McAdoo. discussing the crop
furo. reed from Treasury reports to show
that the government was IN a position 90
lend 100000. and said that II II was
necessary he would increase the amount
Of funds he originally purpcsod TO deposit
with the national banks from 100000 20
s1pc00cOn The bankers declared that
that would not be necessary IN view of
the fact that the Southern banks would
have returned practically the entire
amount OF their deposits before the West
ern banks needed II.
Mr.. Reynolds suggested the following
distribution Of the crop fund. 10000
each 10 Chicago and 81 Louis: $1,000
each 70 ten cities; 10000 each 10 ten
cities: $4,000 each 10 ten cities, $1,000
each 20 ten cities and $4,000 each TO
ten cities.
Denver requested 100000. Fort
WAYNE, Ind. asked for 10000. and other
cities applied for "as much az we can
get"
The cities represented at to-day's con
ference were Denver. Chicago. Fort
Wayne. Evansville and indianapolis;
Fort Dodge pes Moines and Sioux city.
Iowa; Kansas city. Kan. Kansas city.
Mo: Detroit Minneapolis and 81. Paul.
Omaha. South Omaha and Scots Blur'
Neb.; Cincinnati and Cleveland; Okla
homa CITY. Okla. Pensacola. Fla, and
Fort Worth and Dallas. Tex
The Secretary Of the Treasury. Senator
owen and Representative Glass feel that
the crop fund councils" have served
two purposes: 10 get In close touch with
the bankers 70 procure their personal
views on the currency question, and 20
bring about better understanding be
tween the administration and the bank
ers through the promise OF assistance
with government funds In the movement
OF the crops. The administration be
lieyes II has gained considerable sup
| port for it's currency measure and points
| 10 the action Of to-day's conference as
al Indication that the bankers have been
won over.
The representatives Of the Pacific Coast
banks will meet in Secretary McAdoo
Office early next week.
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