The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1913-06-02
DISTRIBUTION
OF GOVT. FUNDS
IS ANNOUNCED
MADOO TELLS OF DISPOSE
T1ON OF $40, 200. 900 FEDERAL
FUNDS AMONG BANKS.
Only Seven DepositOries Refused
to Pay the Interest Charged
West Virginia Gets S153.000.

WASHINGTON. u. C.. June Sec
retary McAdoo tonight announced the
distribution by states of the additional
Sl0.000.OO0 of federal funds which the
treasury department will deposit in
the national banks. His statement
also discussed the manner in which
the banks had received the recent or
der that . per cent interest yearly
be charged on all government de
posits.
OF the go active depositary banks
on May l when the secretary issued
his interest order. Mr. McAdoo said
only seven have declined to pay the
interest charged and ceased TO be
government repositories. surrenderinc
their federal funds 10 the treasury.
The Slo.000.O0O and this surrendered
amount. ageregating Sl1.5Sl. 500. has
been apportioned in various amounts
among 60I national banks in 415 cities
and towns in the forty-eight states
and the District of Columbia
The seven banks unwilling TO pay
interest. the secretary said. were The
National City Bank. The National
Bank OF Commerce and The Chemical
National Bank OF New York city: The
National Bank OF Commerce. Of New
y
tional Bank of Savannah. Ga, The
First National Bank. of Buffalo. Wyo
and The Seaboard National Bank. OF
, San Francisco.
Commended Wisdom.
Various banks in different sections
Of the country in expressing; their
Willingness to pay the interest
charge. said Mr.. McAdoo. strongly
commended the wisdom and fairness
of the administrations new policy in
imposing the charge. although it neces.
sarily reduced their profit. In some
applications tor a share OF tho add.
tional $4,000. 600. banks. and especial.
ly the largest ones in Boston and
Chicago. requested n million dollars
OF deposits"
Twenty national bank repositories
in New York city have notified the
treasury department that they desire
To retain the deposits and that they
vii pay the per cent interest
The secretary announced he had 70.
duced the government deposits in a
number Of banks which. he said at
the close o. the last administration
held amounts which seemed 10 be eA.
cessive or unju-tihed. the reductions
IN most cases being made against the
protests Of the bank who desired 10
retain the funds Notwithstanding the
interest charges"
Si53,OOO For west Virqinia.
Under the distribution Of tho new
deposits. the six New England states
viii receive S34 600 placed IN nfty.
three banks in forty.tvo cities. the
hVe eastern states. $.1gS 900 IN III
banks IN eiEhty-threa cities. the thir.
teen southern states. S3eu2.ulo I'm ts4
banks In ~ cities the eight middle
states. S2.|5-urn in 16f banks In fs:
cities. Tho nine western states. S4-u.
oV' in sevcntl.tno banks iu siNtv
critics. and the seven Pacific states.
Sl.o'45Hn 10 fortytvo banks IN thirty
cities
Apportiormoufs were made on tho
fA-i- " population. capital and sur
plus. h"ed- of the respective sections
oi Oh" country and tho circulation
-taius of the banks
Ih" apporfiouwouf for Pcur-yf
'auif was SiifS. 300 tr fffy.eix banks
ir forty four cities and towns N..f
Virginia. Slt3.u'0 to niuo banks in
eight cities and towns. Nev Jersey.
Sl'@o"" - thirteen banks ln eleven
cities and town. and Delaware. $50
e'" fu ono bank BOO ono Cifv.