The Fargo forum and daily republican., 1913-08-27

CR0P FUND Is
APPOR1IOISIEE:DD Ed

Washington, Aug. 27 Secretary
McAdoo announced last night the APP
portionment, as far as it had been
completed, Of the $4,000, 900 to be de-.
posted by the government in national
banks of the west and south to facili-5
tate the movement and marketing of
crops. The total amount allotted to
date is $46,500,000 of which $24, 700, 600
goes to banks in the fourteen western
states and $21, 100000 to the thirteen
southern states and the District of Co
lumbia.
The money will be allowed to re-
| main on deposit on an average of four
or i've months. All Of it is to be re-
turned not later than April and the
southern bankers, who get their money
first. in December, will begin turning
it back into the treasury in monthly
installments.
In a statement announcing the ap-
portionment, Secretary McAdoo said:
The funds are deposited in the
banks in the west and south at this
| time because 1t is believed that there
Is a special demand for the money to
| assist in marketing the crops which
are now being harvested in these par
ticular sections, but if in the east or
elsewhere it should be shown that
| there is need for the temporary use
| OF funds for similar legitimate pur-
poses, the government will be quite
as ready to extend similar aids
| Many factors were taken into con-
| sideration In arriving at the appor-
| tonment of deposits in the west and
south. Among these the secretary
said, were the immediate needs of the
/ localities as reported by the commit
tee of the clearing houses in the con-
ferences held with them in Washing
ton, the capital of the different nation
| al banks and the character of business
transacted by them; the amount Of
money which these banks are at the
present time advancing to their coun-
try bank correspondents and the adj
ditional accommodations which they
expect to extend to the correspond
ents; their present condition as shown
by the last comptroller's call; their
outstanding circulation and the amount
of Ee-discounts they may have made
in their efforts to meet the legitimate
demands upon them of customers and
correspondents" s
In each depositary city the govern
ment has chosen special representa-
tive who will serve in conjunction with
a clearing house committee of five tc
pass on all commercial paper recon-
mended as security for the deposits
and all paper before being accepted
/. LiluSG. pS Ny
this committee.
n Following are the aomnust allotted
to each of the western cities, the cities
designated as depositaries and a par.
tial list of the governments represen
tatives: =f :
i Colorado: s1,o0o,ooo, Denver, Rich.
!, ard II .Melone; California: $4,000, 200
. Los Angeles and San Francisco; Illf
nois: $4,00O,000, Chicago, j. ". Far
J we'll; Indiana: $1,050,000, Evansville
J. w. Boehne, Fort Wayne, William FL
;. Breen, indianapolis, William l.. Elder
Iowa: $1,000,000, Des Moines, Siou,
City, Martin J. Wade; Kansas: $3.50,
600, Kansas City and Wichita; Mime
sofa: $2,O00,OO3, Minneapolis, p. M
Kerst, st. Paul, A. M. Peabody, ant
Duluth; Missouri: $5,000,000, Kansa
City and st. Louis, e. c. Simmons
Nebraska: $1,300,0O0, Omaha and Lin
coin, A. S. Tibbetts; Oklahoma: $75,
600, Muskogee Francis B. Fite. AM
|. Oklahoma City, Hubert l. Bolen
Ohio: $2,1o0. 900, Cincinnati, FRANKLIN
Alter, Cleveland, e. H. Baker, and Co
lumbus, Butler Sheldon; Oregon
$500, 900, Portland, FL. Fry Teal; Wash
ington, $1,150,80 Seattle, Spokane
), Daniel M. Druraheller: @sWisconsin
81, ,000,0 900, Milwaukee.