The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-01
Of
THE TREASURY
| TAKES ACTION
III Deposit Between $25,-
DO, 900 and $50, 100000
y National Banks of the
South and West.
rEREST RATE is
FIXED AT 2 PER CENT

E,s sss bnds and Prime CONNER
aial Paper VIII Be Ac-
bay
! IS cepted as Security.
Ekrs
hg Y,
haz ASHINGTON, July 31.-Twenty
ln L
bs trto eifty million dollars of govern
Ii y funds will be deposited in tn
Y. y, nal banks of the south and Yves
- ice by Secretary McAdoo to ia
thai ite the movement Of crops. Fed
thsz
10, lstate and municipal bonds an
n i - commercial paper Will be accept
- security for the money, on whicl
Eet anks will pay two per cent IN
hs 81
motive of Secretary McAdoo il
FNT ishing this policy is to anticipate
wpney stringency in the late sum
prullpd fall, which invariably accom-
-the marketing and movement o,
bd SIespecially when they are unusual
Ian aE;e as the harvest now beginning
-, Its He intends TO take time BY
telock and prevent or minimize
tal tightness of money.
s0S1 s.. o.sls nment Bonds at Par.
statement tonight, the secretary
seIts-is
+ tsss Athe significant announcement
ich u pvernment bonds would be &C
TAX a lat par as security for the new
EraHn { and that the additional money
.Irr mn be placed only at banks which
b. II ken out at least 40 per cent o1
BY tfsnfborized circulation. The Unit
10 pEs1Ez' 80 -N'' vi u''' - no iii'
+ les two per cent bonds, serving
pr o G5frity for most OF the nationa
Ebe hrsirculation. have been depressed
poo, ts.y to new low market records
Piue iue,e to 95 Sd in the last few days
IN msecretary willingness TO accep'
rnn1onds at par as security for thu
[MUh~fivc TO fifty millions of prom
sposiis and the inducement Il
Pps pc u ional banks to increase then
h q b1on up to the 40 per cent limit
2 ,s ptted to help IN restoring thu
by l1saf the depressed two S by Great
i -
IN ~ market for them.
Ey q lime in History.
pi sus ye First time in history, tn,
~ sp'tscI scI sent will accept prime CONNER
ord fr'e 5r as security for deposits
iIege will be granted in orde
PUoi%t these special deposits availabl,
A0N lvt on securities readily with,
)ch.
ER, JH commercial paper submitted, ,
supssst hsr, McAdoo, "shall first b.
i rtpsrr ION and approved by the clear
oug@ committees of the cities il
dsclznng banks offering such pape
II: spcated. All commercial pape
uaaddrss must be passed upon final
hs N.Ss }cepted by the secretary"
81 n's ~ ed commercial paper will b.
Ianls ~ s security for the deposits a
IN. pt of its face value and high
byrps ~ municipal and other bonds
vref of government bonds, at T!
(U their market value.
~. yS to Few Cities.
bsnt -, tSp tional deposits will be place,
d oSr d rational banks in the two O
ilssoS 70 rcipal cities in each Of th,
sNn,ret E&re harvesting now is in prog
ess IN mere the demand for mone'
Tas foustk tne crops most convenientlI
hs. tbs % et- The secretary said i
|ne dH ~ De practicable to seattle
AUS among the smaller cities
SUBURB IN view Of the character n
.ctiop ~ Necessary.
systeIn si5ks will be required to retur,
By ne " to the public treasury wba,
in rSlte paye been moved. The nres
BY t.s lion is, Mr.. McAdoo Said
osnre. OH yyiper cent be paid in De-
cU per cent in January. q
ns p Nfn February and 25 per cen
have !, sfa Aow, are being taken to carr,
irnplss,, en- DC ~ added the secretary. ga
|e yuvyss may be available promptl,
uvgan Ivsa so cement of the crops"
Come Later.
t aase o. of the banks to receiv
! / seSInst Sfst o ~ and other details of tn
hear. .sF, VII be announced later.
4 efstioGo. bts H by Former Secretory y y
untinDfss % Z ernmeut deposits to ieV reIiev
: .Iesssl Issl y !oncy market on the groun
rTner r. RI 2derate surplus of feders
Wy by pts ~ time should be held as
eS EesStsco 70 t0t.oe utilized at some possibl
wpp net balance in the generr
.srsl .ssss sss amounting to nearly sl3e
|uisS,e ,Se pIcep ~ retary McAdoo has take
|. u.roudIu |Hat the poyarnmant III