The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-07-29
WILL Deposit FEDERAL FUNDS
MONEY PLACED IN BANKS FOR
MOVING OF CROPS.
secrctary McAdoo Announces That
saccessful Plan Of Lust Year Will
Be Rcpcated for Bcncfit OF Farm
ess-South Carolina Gets Share.


In national banks throughout the
country again this fall to facilitate
the movement Of crops and promote
business generally.
Secretary McAdoo announced to-
night he would put out approximate
~ @3l.000.000 and that ne stood
ready to increase the amount to any
extent necessary t. met the country's
needs.
The secretary's estimate of what
will be needed Is based on replies
from 5000 national banks to re-
cent treasury department circular
ssxing whether any unusual demand
for money was expected this year and
for what purposes. Last year the de-
partment inaugurated the custom Of
distributing funds In the crop han
ding centres. depositing about $685.
100000 Of tho $4,000. .0oO Secretary
McAdoo had decided to use for the
purpose.
A statement from the department
tonight said:
These replies from the national
banks fully confirm optimistic bull
letins OF the agricultural department
~ to prospects for usually largo
crops. They also indicate decided
promise Of greatly improved business
conditions and enlarged business ac-
uvities The consensus OF opinion Of
the bankers Is that Il will be of great
benent to the crop movement and to
business generally II the secretary
will deposit government funds In the
leading cities.
Tho replies indicate that govern
mont funds will rot be needed I'm tho
New England and Eastern States and
In certain States In the West and
NSkfhwsst and in california. Bank
srs IN the following cities expressed
the opinion that no government de-
posits will be needed In their locali-
ties during the crop moving season:
u,
Ohio; indianapolis. Ind; Minneapolis.
Duluth. Mimi; Milwaukee, Wis;
Portland. Ore; San Francisco and
Los Angeles, CAL; Tacoma. WASH;
Salt Lake City. Utah; Jacksonville
and Tampa, Fla. and Mobile, Ala.
Some Of these cities asked for
crop moving silotments last year. If
IL should develop later that they or
any Of them require deposits. their
applications will be given considera-
ton.
National banks In tho following
cities indicated their desire for crop
moving deposits, and government
funds will be deposited with them,
agsregating approximately $4,000
900: Birmingham. Ala; Montgomery
and Selma. Ala: Little Rock. Ark;
Pensacola. Fla: Atlanta. Macon and
Savannah. Ga; Lexington and Louis
VILE. KY: New Orleans and Shreve-
port. La; Baltimore. Md; Jackson.
Meridian and vicksburg, Miss; Char
lotte. Greensboro and Wilmington, y.
c.; Charleston. Columbia, Greenville
and spartanburg. s. c.: Chattanooga.
Knoxville. Memphis and Nashville,
Tenn; Dallas. Fort Worth. Galveston.
San Antonio and Houston, Texas;
Lynchburg. Roanoke. Norfolk and
RiehnnnA
willie and Fort Wayne. Ind; Dcs
Moines and Sioux City. Iowa: Kansas
City (slso Kansas City. Kan.). st.
Louis and st. Joseph. Mo-; Muscogce
and Oklahoma City. Okla; Seattle
and Spokane. Wash.
Interest at the rate OF 2 Der cent
per annum will be charged and the
government will accept as security
government bonds a. par, State. mu-
nicipal. railroad and other bonds ac.
ceptable to the secretary. at 80 per
cent OF their market value; approved
commercial paper acceptable to the
secretary at 75 per cont OF It's face
rs he did last year. that 10 per cent
Of the deposits shall he secured by
government bonds.
Particular consideration will be
given to the willingness Of the banks
receiving government deposits to lend
to their country correspondence banks
at reasonable rates Of interest. The
secretary Is deply interested In hav-
Ing the government money distributed
I'm such a way as To enable the ult-
mate borrower to get IL at the lowest
possible rate Of interest.
THE secretary il prepared to begin
tho distribution of funds Immediately
after the necessary application re-
auircments have been complied with
Deposits will he made subject to call
but Il Is the intention Of the secretary
A.. ,xu.S tha fupds np lcpooit ,,i,L