The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-01
LOCAL BANKERS
ARE INTER BSTED

Frank Knox. president OF the Nationa
Bank OF the Republic, said last night
regarding the proposed action OF Secre-
tary McAdoo.
There is, a heavy crop to. move and,
from various reasons. there is a
shortage OF money with which to
move II, II will be especially needed
In the southern states, where there
Is the big cotton crop 70 move, and
wheat In the middle western states
Will be ready 10 move soon and II
will require lots Of money for the next
ninety days.
While we may not get much Of the
money here, such as we may get will
be- gladly received. and the scattering
OF the money through other sections
viii relieve the tension and be q
benefit 10 the entire country. l am
glad TO hear Of the movement and
hope we shall get some OF the money
here. as We can use II TO advantage.
w. T. Adams. vice president OF the Ma
tional City bank. also expressed the opln-
ion that most OF the money would &C
to the south and 10 the corn and grair
states OF the middle west. He said:
think that the movement of the
heavy cotton crop has had much to
90 with the proposed movement and
that major part OF the money will
OF the Mississippi. There are heavy
crops TO move everywhere and II will
take a large amount OF money to
move them. AS this is the purpose
Of issuing the money, ii probably will
go where needed most, but will bene-
III the entire country by answering
that need.
John G. Cutler, president OF the Des-
eret National bank. seemed TO place less
importance to the announcement re-
gardng the disposition OF the govern
ment funds He said
co,irsr he rpatf.r Is mn
but | should judge that the amount
received by the banks OF Salt Lake
city will be small. There was a
small amount issued about a month
ago. Still. while We may not get
much and may not receive a great
amount Of benefit what we do re-
oeive viii help just that much and
will tend to relieve the stringency by
helping 10 move the crops
J. E Cosgriff. president of the Cont.
mental National bank, said that IN,
interInountain country would derive Nc
direct advantage by the distribution o
the funds. but would be aided indirectly
He said:
There Is such demand for money
in this section OF the country that
the banks hold very few bonds OF the
variety required and very little OF the
commercial paper desired In Wash
ington However, N Secretary Nc
Adoo places the money In the ma
tonal banks Of Chicago. st. Louis or
other cities OF the middle west which
have the required bonds and paper.
the money Will automatically be dis
tributed throughout the country, II
will be an especial relief TO the banks
at this time when money IS needed
10 move crops.
II VIII do no pcrDa Dent good. as no
move In Washington can combat the
extravaganza OF the American people.
but IL will help great deal right
now. Also | think IL Is a shrewd po-
lit!cal movement. There has been a
decline In the leading stocks and this
will relieve the market. II Is a good
political move and also a good busi-
ness move and, / believe. IS a good
thing for the country
W. w. Armstrong, president OF In,
National Copper bank. said:
/ believe that none OF the national
banks or Salt Lake City will take ad-
vantage OF the opportunity. We don't
need the money here and also We
haven't the bonds and papers re-
qu!red TO get much OF IT, The money
IS needed In the south. In order 10
move the heavy cotton crop. and most
OF IL viii 60 there. II Will help us
indirectly and. I believe. VIII ease the
money rates In New York. OF course.
~ the money IS distributed 10 The
larger banks it win from there be
distributed throughout the country.