Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-08-08
PLAN HANDLING
OF 5O,OOO,00O
SOUTHERN BANKERS CONFER
WITH SECRETARY ABOUT
DISTRIBUTION OF MONEY.
ALL Endorse The idea
Bankers nt the Conference Ask Thai
Half Of the Money BE Placed
in Southern States.

sentatives Of thirty-siX southern
cities gathered at the Treasury de-
partment Today to discuss with Sec
retary McAdoo and assistant Secretary
Williams plans for the distribution
of the Souths share Of the $4,000
600 of government funds about to be
deposited in banks throughout the
agricuI ural sections Of the country
TO aid In financing the fall movement
of crops.
Arrangements for handling the
money were agreed upon tentatively
although final plans viii not be an
nounCed until after conferences TO De
held at the department tomorrow
with bankers from ,he middle west
and next Thursday with Representa-
DIVES from Pacific coast cities.
The southerners asked for about
half of the total amount TO b" de.
posted. 1T was agreed that Dne-hat
OF the amoun given TO e1ch banB
should be deposited In August and
the remainder in September AID tn1f
25 per cent of the money shopld pc
returned to the treasury by / .. am-
ber Is; % pea cent by January 10,
25 per cent by February 10 and 20
per cent by March 10.
Bankers Are Enthusiastic.
The bankers were cnthusas ic IN
their approval Of secretary McAcoo's
proposed action and Just before ad'
iuurnment tonight adopted r"solu.
lions of appreciation and Of conf
dcnce in the Wilson administration
During the day they had been re.
ceived by President WILSON, who told
them a was his purpose to see that
al banks were fairly treated and
that there should be no alliance be-
tween the government and the bank
ers of any section.
The conference was opened today
with an address by Secretary Me.
Adoo in which he explained the pur.
pose Of che treasury department in
making the additional deposits, the
general character Of the security
which will be required; the time pro
posed for making the deposits with
the banks and the time suggested for
their Withdrawal. He then inviaed
the bankers to make comments and
recommendations regarding details
for carrying out the plan.
Each Had Suggestions.
Each delegation explained condi-
tions in their respective sections; in
diCated the amount Of MONEY which
they would like to have d posted in
each city represented and discussed
other details Of the arrangement in
a statement issued tonight Secretary
McAdoo announced that as a result
of the conference the followius plan
had been tentatively agreed 10:
"The secretary proposes to accent
as security for deposits government
bonds and high class state, municipal
and other bonds of unIuestI Onvn
standing and also prime commercial
paper, All government bonds viii he
accepted at par all other bonds must
be passed upon by the sccrs .rv and
when approved win be accepted az
rs per cent Of their market value
All commercial paper offered must he
passed upon 10y clearing house
committee Of six In each city, com.
posed Of five members Of the dear
ing house, who shall be the special
representatives Of the department.
In sub-treasury cities the sixth mem
Der Of the committee will b. the MS.
sistant of the treasurer Of the United
States resident In such city. I'm cities
other than the sub Ire9sury cities
the rcpres ntativc VIII be some bus.
mess man of high character and fa-
miliar with the local banks and con.
ditions, to be designated BY the see.
retary of the treasury"
"It is proposed that the commercial
paper offered as security shall he de-
posted with one of the leading banks
in the clearing house cities TO BE- Sc
lectcd by the secretary. The honk
thus designated as Custodian OF the
commercial paper will be required
to give bonds for Its safe-keeping In
some security company satisfactory to
The department.
at is proposed that one-half of the
amount allotted TO each bank Will be
deposited with that bank I'm the
month of August; the other fifty per
cent I'm September OF the funds de-
posted, 25 per cent shall be returned
iy December 10: 25 per cent hv Jan
uary Is; 25 per cent by February u
and the remaining % per cent by
March l. Some OF the bankers pres
ent expressed a desire to return the
entire deposits on or before January
/. and all agreed that tho wnole
amount should be rs.urncd not later
than March l.
A second conference was held this
afternoon and tonight at the Pam
American Union building. Just he
fore its close Secretary McAdoO made
an address in which he emphasized
the determination of the government
20 protect and maintain its credit. and
declared that all OF It's obligations
direct and implied, would be fully
and faithfully carried out
Just before adjournment the fol-
lowing resolution. offered bv Prcsi.
dent Walker Hill manager n the
ST. Louis clearing house association
and seconded by Robert T. Maddox
Of the Atlanta clearing house a=7o-
citation. was unanimously adopted.
"Resolved THAT the Southern
bankers today assembled do express
to the president and the treasury de.
partrnent our sincere appreciation OF
the relief proposed and that We agree
TO the terms and conditions out.
lined.
"Resolved. further, that We hereby
EXPRESS our sincere confidence in the
present administration. and believe
that such interest and cooperation
as proposed. with the great agricul-
tural sections OF rhe country Is but
an indication Of its desire 10 faith
fully serve the needs of the whole