The Washington herald., 1913-08-07
BANKERS COMING
AFTER MILLIONS
From East, West, North, and
South to Take Advantage
Of Secretary's Offer.
LOCAL FINANcIERSFAVOR
Money Merchants from Dixie Have In
nings with Treasury Depart
ment This Morning.

Tell your troubles to Secretary Nc
Adoo. gentlemen.
And from Atlanta, from Galveston.
from Little Rock and from Memphis, and
from Baltimore and washington-from
every important city south Of Baltimore,
gentlemenly bankers, of the Xix that has
never been charged either with putting
down the price of government per
cents or putting them up. either. will! a.
vance their reasons why they should
have millions of government money to
pay the expenses of moving the corn. the
hogs, and more especially the cotton from
the point Of growth and raising to the
point where they may be turned to cash.
These Southern gentlemen and bankers
have been pulling much cash from WASH
ington banks, from Baltimore. and from
other northernly points for weeks for
crop moving.
Said one local banker, discussing their
collateral:
They will loan on anything down
South, but they generally have full value
in the security given, even II it's
mule
Need More Than soO,oOo,Ooo.
The Southerners who are very welcome
and fully at home In Washington these
days were OF the opinion that over So
600 600 would be needed, the mora SO as
1t could be obtained on an easy basis at
2 per cent, when cash in the Southern
States Is worth anywhere from to &c
Der cent and Secretary McAdoo. in his
excess zeal to start the business wheel
whirling, lust reckoned" that II more
millions were needed they could get
them, as John Burke, Ex-Governor OF
North Dakota. now in charge Of the big
gest stock of gold in the world-Uncle
SANS pile, had more cash than he cared
to bother with.
There are fifty OF these men of finance
here from south OF the line. and they
understand that they are not here for
their health, either. although Washing
ton has some claims as Q summer re-
sort.
This morning they will pay their former
banker friend, ]. SHELTON Williams, AS
sistant Secretary, a visit. and will then
enlighten Secretary McAdoo on the needs
Of the new South.
Friday from the West.
On Friday mer from the West will talk
millions with Secretary McAdoo for mov-
ing corn. hay. cattle, and butter. eggs,
and cheese, and they will want more than
$50, 10000.
Next week the Eastern sharks, men
who have been accused of running a
money trust, breaking government bonds.
fighting the currency bill, and lew
other crimes Will walk meehly peiois
the Secretary, and II they are good and
repentant they may be given part OF
what they want In the way OF hniiitoiis.
II Is great time Tor the Distribution
OF cash. but only TO the common people
at regular rates.
For the first time In the history OF the
Treasury Department commercial paper
Will be accepted as seeurty' anu Cum
lherS , paper i'o''' 'Ae
Bankers generally believe that Mr.. Nc
Adoo has taken the right bull by the
horns, for the task of moving an Ameri-
can crop of 50 900 COO 900 has always tied
the money market in a knot every re-
current fall and winter.
p,,r.r Favor Action.
Washington bankers are Wen satlsHeo
to be helped out In DOING their snare tSt
the crop movement OF the south. VIE
out exception they CONSIDER tne aclioi,
OF Secretary McAdoo as an esloehce VI
the helpfulness that the ADMINISTRATOR
desires to extend to the whole country.
New YORK bankers, more CONSERVATIVE
do not think that 1t VIII make moch
difference with the demands for CROP
moving funds, II few millions are given
out when the need OF billions Is SO wen
understood. yet they VIII De down a week
hence after their dole
Chicago bankers are delighted. James
B. Forgan, treat financial authority
said:
4 have no adverse criticism wnate'e:
to make of Secretary McAdoos proposea
action in regard to depositing $2o,WoNo
| to s5o.ooe.o0o Of the governments IDLE
money with the national banks OF the
West and South