The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-08-30
STATES SHARE OF CROP FUND.-
MADOO MAKES ANNOUNCEMENT
OF APPORTIONMENT OF DE-
pOSITS AND APPOINTS
AGENTS TO PASS ON
PAPER.
Maj. llciTy Schachtc i'm Charleston,
Henry W. briggs i'm Grccnyillc and
An9. W. Smith in Spartanburg with
Mr.. LNlcs arc Named for This
state.

Washington, Aug. 2G-Sccrctary
McAdOo announced today the appor-
tlonmcnt as far rs it had been COM
pleted of the $50,000,0OO to be de.
posted by the government in national
banks of the West and South to ia
cilitate the movement and marketing
of crops. The total amount allotted
to date is $46,5OO,OOO, of which $21.-
600, 900 goes to banks in the II South
crn states and the District of Coium
bia, and $24,700,00O to II Western
States.
Southern LINKS have asked that
their share of the funds be deposited
in August and September and those
in the West want the money appor-
toned to them during September, Oc-
tober and November. The money will
be allowed to remain on deposit on an
average of four or five months. All
Of ii is to be returned not later than
their money first will begin turning it
back into the treasury in monthly in
stallments.
In a statement announcing the APP
portionment, Secretary McAdoo said:
"The funds are deposited in the
banks in the West and South at this
time because it is believed there is Il
special demand for the money to as
sist in marketing of 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 quit"
as ready TO extend similar aid"
Many factors were taken into con-
sideration in arriving at the appOr-
tionmcnt OF deposits in the West and
South. among these" the secretary
laid were the immediate needs of
the localities as reported by the COM
mittee of. the clearing houses in the
conferences held with them in Wash
ington, the capital of the different ma
tional banks and the character of
business transacted by them. The
amount Of money which these banks
are at the present time advancing to
their country bank correspondents
and the additional accommodations
which they expect to extend to these
correspondents; their present ccndi-
ton as shown by the last conIptrol
lcr's call; their outstanding circula-
ton and the amount of rediscounts
they may have made i'm their efforts
to meet the legitimate demands upon
them of customers and correspond
ents."
In each depository city the gov
ernmcnt has chosen Il special repre-
sentative who will serve in-conjunc-
tlon with the clearing house commit
tee of five to pass on all commercial
paper recommended as security for
deposits and all paper before being
accepted must be recommended by
this committee.
Following are the amounts allotted
to each Southern state, the cities dcs.
ignated rs repositories and partial
list of the governments representa-
tivcs:
Alabama, $1,500,0OO; Birmingham
T.. NJ. Tutwiler; Mobile, Albert Bush;
Montgomery, w y. Gayle.
Arkansas. $6OO,OOO; Little Rock, w.
NJ. Kavanaugh.
Florida, $1.150,OOO; Jacksonville, !,
Pensacola, j. Il. Mcneil; Tampa.
Georgia, $l,7oO,OOO Atlanta, w X
orr; savannah, j. X. Anderson; Au-
susta, William II. Barrett; Macon,
William II. FELTON,, Jr.
Kentucky, $1.65O,0OO Lexington, J.
f.. Cassidy; Louisville.
Louisiana, $2,6OO,OOO; New Orleans.
w. l, lldTulc, shreveport.
Maryland, $2,SOO,OOO; Baltimore,
William c. Page.
Mississippi, 100000 Jackson, w.
2. Cole; Meridian, j. IL. Wright;
Nicksburg, r. Nj. Harding.
North Carolina, $780, 900; Char
.ottc. T.. II. Preston; Greensboro, X.
Il. King; Wilmington, Hugh McIae;
Ealeigh, Charles r.. Johnson.
South Carolina. $1,5OO,OOO: Charles
ION, Mai. Henry Schachtc; Columbia,
William II. LYles; Grcenvillc, Henry
w. Briggs; Spartanburg, Aug. w.
Smith.
Tennessee, $3.50, 900; Chattanooga.
w. f.. Kalb; Knoxville, Samuel B.
l.uttercll; Memphis. Samuel l.. Read;
Nashville, Joseph II. Thompson
Texas. $2,5O0.00O Dallas. Alexan-
Ter sanger; Fort Worth: Houston;
Galveston, l. II. Kempncr; san An