The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1913-08-28
BANKERS ARE SATISFIED
WITH IOWA ALLOTMENT

The bankers of Sioux City are well
pleased at the announcement that
S1,000,0c0 has been assigned by the
government to the banks OF Sioux City
and Des Moines. The sum is not quite
up to the amount asked for by the
banks of the city, but is all that was
really expected, and it Is the unani-
nous verdict Of the bankers thai 1T
will be of great assistance in the crop
movement this fall.
The ank Of the city are in the
best of condition and could have
handled the situation without this as
s~istance, but nevertheless the money
will be gratefully received and, will
assist materially in the movement of
the crops.
1T is the best idea the government
has had in a long time declared j.
j. Large, Of the First National bank.
The government has heretofore fol-
lowed the Anticipated custom of lock-
Ing its money up in vaults and shut
ting it out of circulation, but this will
when 1t is needed"
w approve of Secretary McAdoo's
Innovation" said T. A. Black, of the
Security National bank, land while
we were in no wise in distress, yet
we did not wish to appear to be hos
tile to the administration and there
fore Joined in the request for an APP
preparation"
Security Is the Very Best.
The governments money is ex-
changed for gilt edged security as
the most c~onServatively managed bank
in the country would not hesitate to
accept and the margin between the
total amount of collateral put up and
the amount of none deposited by the
government is sufficiently large to full
ly protect the government. On the
hast nf hgnlSahle foanar 1ca1 nc pn1-
lateral, 60 per cent can be drawn, on
municipal bonds rs per cent, while on
any government bonds which the banks
may have on hand, not used as 81
basis of circulation, Of course. the full
100 per cent can be drawn.
Change in Time Requested.
The banks of the city requested, at
the time their applications for an APP
portionment We're sent in, that the
times of payment be changed a little
because of the different conditions pre-
vailing in a corn and cattle feeding
territory. According to the rules an
announced by the government, 25 per
cent of the money was to be returned
each month, beginning with December
and ending with March. The banks
Of Sioux City requested that the col
l~ections should begin in January and
end in April. The reason assigned for
this change was that it requires a
longer time to move a crop of corn
than of wheat or other grain, and
especially is this true where many
cattle are fed. Corn, when sold di-
rectly, is not usually marketed until in
December and January, while, if fed to
cattle, the marketing is delayed until
March and April, and ever as late as
June. For this reason, an extra month
would be of the greatest assistance to
the local ban 1t is not yet known
whether this request has been granted.
Several of the leading anker We're
out of the city today. John McHugh,
George S.. Parker and j. A. Magoun,
ir., are iii Chicago attending a confer
ence on the democratic currency bill.
called by the officers of the American
Bankers association. They represent
the Sioux City Clearing House ASSOC
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