The Birmingham age-herald., 1914-07-27
FEDERAL MONEY ID BE DEPOSITED ID
 HELP MORE CROPS Secretary McAdoo Says Amount Necessary Will
 Be Forthcoming
NATIONAL BANKS
 SAY BUSINESS GOOD
Treasury Statement Says Outlook Bright for Large CrOps-Birming ham Banks Will Borrow
 Government Money

tciit Juiy GO.-MOneX from the feoeral treasury will be deposited In national banks throughout the coun- try again this fall to facilitate the movement of crops and promote busi- ness generally Secretary McAdoo an- nounced tonight he would put out an proximately s4,000,000 and that he stood ready to increase the amount to any extent necessary to meet the countrv's needs
 The secretary's estimate of what will be needed is based on replies from 5o0o national banks to recent treasury de- partment circular asking whether any unusual demand for money was ex- Pected thls year and for what purpose. Last year the department inaugurated the custom of distributing funds in inc crop handling centers, depositing about S9o,000,O 900 of the S50,000, 900 Secretary McAdoo had decided to use for the pur- pose.
 A statement from the department to- night said: These replies (from the na uonal banks) fully confirm optomistic bulletins of the agricultural depart ,nent as to prospects for an unusually large crop. They also indicate a de- clded promise of greatly improved business conditions and enlarged busi- ness activities The consensus of opIn- ion of the bankers was that it wouId De of great benefit to the crop move ment and to business generally if the secretary will deposit government funds in the leading cities.
 Not Needed in East
 The replies indicate that govern ment funds will not be needed in the New England and eastern states and III eeftaln states in the west and north ty,G Go1f ioilowlng cities expressed the opinion that no government deposits will he needed In their localities during the crop moving season: Cleveland. Colum pus and Cincinnati. O. Indianapo1is ind. Minneapolis and Duluth, Minn. Milwaukee Wis. Portland, Ore. San francisco and Los Angeles, Cal. Ta Go',a' Wash Salt Lake City, Utah. jacksonville and Tampa, Fla, and Mo bile, Ala. Some of these cities asked Tor and received crop moving allot- mcnts last year. If it. should develop later that they or any of them. re- qulre deposits, their applications will be given consideration.
 Natlonal banks in the following cit les indicated their desire for crop nov ing deposits and government funds will be deposited with them aggregatinp approximately $S4,OOO.oOO
 Birmingham Wants Money
 Birmingham, Montgomery and oeilna. Ala; Little Rock, Ark; Pensa- cola, Fla; Atlanta, Macon and Savan- nah, Ga.; Lexington and Louisville Kv. New Orleans and Shreveport, La: Bal umore, Md; Jackson, Meridian and Vlcksburs, Miss. Charlotte Greensboro ana Wilmington, N. C.; Charleston. Co Iumpia, Greenville and Spartanburg. s. ~ chattanooga Knoxville, Memphis and Nashville, Tenn; Dallas. Fort Worth. Galveston, San Antonio ana Houston, Tex. Lynchburg. Roanoke Norfolk and Richmond, Va: Chicago H.; Evansville and Fort Wayne, Ind. :: Des Moines and Sioux City, la; Kan sas City, (also Kansas City, KasD St Louis and St Joseph, Mo-. Omaha ana Lincoln, Neb.; Muskogee and Oklahoma City' Okla; Seattle and Spokane, Wash.
 interest at the rate of per cent per ahhum will be charged and the govern heht Will accept as security govern ment bonds at par, state, municipal, railroad and other bonds, acceptable to the Secretary, at 75 per cent of their market value. The Secretary will nor require. as he did last year that 10 per cent of the deposits shall be secured by government bonds
 Particular consideration will he given to the willingness of the banks receiving government deposits to lend to their country correspondent banks at reasonable rates of interest. The Secretary is deeply interested in having the government money distributed in such way as to enable the ultimate borrower to get it at the lowest possi- ble rate of interest
 Deposits Subject to Call
 The Secretary is prepared to begin the distribution of funds immediately after the necessary application require ments have been complied >ith. De- posits will be made subject to call but it is the intention of the Secre- taiy to leave the funds on deposit with the banks for such period as each par tfcular bank may require them, in no event however. to exceed six months As far as practicable the banks will be permitted to return the money in in stallments to suit their convenience"
 The Secretary said, in conclusion, that should it become necessary to de- posit more than $34000O00 to meet the needs of the country, he will not hesi- tate to do so and also that if it ap- pears to his satisfaction at any time that other cities than those designated can advantageously employ government funds he will be glad to give their ap-