The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-27
TO FACILITATE
MOVEMENT OF CROPS s
Money From Federal Treasury Will
BE Deposited in Banks Through
out Country.
ESTIMATES NEED OF sa4, 900. 900
Amount Will BE Increased if De-
mands .Iustisy-Distrihutiu Of
Funds VIII BE Started as Suon as
Requirements Are Complied With.

I Washington. July 26.-Monet from
the Federal treasury Will be deposited
in national banks throughout the
country again this fall TO facilitate
the movement of crops and promote
business generally. Secretary Mc.Ndoo
announced tonight lie would put out
approximately $3i.o0O.ooO. and that he
stood ready to increase tho amount to
any extent necessary TO meet the coun-
try's needs
The secrctary's estimate of what will
be needed is based OH replies from
5000 national banks 10 "a recent Treas
ury Department circular, asking
whether any unusual demand for
money was expected this year ana for
what purpose.
Last year the department. inaugur-
ated the custom OF distributing funds
in the crop handling centres. deposit
ing about s35.000.O0o of the $50. 900. 600
Secretary McAdoo had decided to use
for the purpose
TREASURY DEPARTMENT
ISSUES STATEMENT
y statement from the department to-
night said:
These replies tfrom the national
banks) confirm optimistic predictions
OF the Agricultural Department az to
the prospects for unusually large crops
lhcy also Indicate Il decided promise
OF greatly improved business condi-
tons, and enlai gcd business activi-
ties. The conccnsus of opinion of the
bankers is that ii will be of great
benefit TO the crop movement and to
business generally if the secretary
VIII deposit government funds in the
leading cities"
National banks in many cities indi-
Gated their desire for crop moving
deposits. and government funds viii
be deposited with them, aggregattnc
Approximately $4,000 Among Others
the list includes Baltimore. Charlotte
Greensboro and Wilmington. ~ c.:
Charleston. Columbia. Greenvillc and
SpartanburG, S. c., Chattanooga, Knox
vile, Memphis and Nashville Tenn :.
Lynchburs. Roanoke. Norfolk ana
Richmond in Virginia.
MANY WILL. NOT NEED
GOVERNMENT FUNDS
Many cities announced government
funds would not be needed
interest at the rate OF per cent
per ahnum Will be charged" the state
ment says, "and the government will
accept as security government bonds at
par, state, municipal. railroad and
other bonds. acceptable TO the secretary
at - per cent of their market value;
approved commercial paper acceptable
TO the secretary at 15 per cent OF its
face value. The secretary will not re-
quire, as he did last year, that 10 per
cent Of the deposits shall be secured
by government bonds.
particular consideration will be
given to the willingness of the banks
receiving government deposits to lend
10 their country correspondent banks
at reasonable rates of interest
THE secretary is prepared TO be-
gin the distribution of fuAls immedi-
ately after the necessary application
requirements have been complied
with"
The secretary said should il become
necessary To deposit more than $34.-
GoD.OO0\to meet the needs of the coun-
try, he VIII not hesitate 10 do So
The replies indicate that the govern
ment funds viii not be needed IN the
New England and Eastern States and
in certain States in the West and
Northwest and California. Bankers in
the following cities expressed the
opinion that no government deposits
VIII be needed in their localitics dur
ing the crop movement: cleveland,
Columbus and Cincinnati Ohio; IN
dianapolts. Minneapolis anR Duluth
Miiwaukee. Portland. Ore. san Fran
cisco and Los Angeles Tacoma. Wash