The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-08-28
CONFERENCE
COMMITTEE To
MAKE REPORT
SECRETARY McADOO WILL ISSUE
GENERAL STATEMENT OUTLIN-
ING POLICY AND PROCEDURE
FOR EXTENDING AID.

partment yesterday, following the cot
ton and tobacco conference, indicate
they will reach an agreement upon
recommendations TO the treasury de
partment and deliver it to the secre-
tary tomorrow. In advance of adop-
tion, none of the committee con
sented to make a statement showing
what plan is proposed. Royal A.
| Ferris of Dallas. the Texas member
left for home tonight. 1t is also un-
derstood that following submission
of the committees report, Secretary
I McAdoo will issue a general state
ment outlining more fully what the
policy and procedure in extending
the financial aid is to be.
Secretary McAdoo is not expected
to depart from the ideas he expressed
| TO the conference. 1t is his pur-
pose to accept from banks of cur
| rency associations notes based on
warehouse receipts as collateral for
| the currency. In this way for 70
| per cent of the total each bank is to
obtain warehouse pledged notes are
| to be given bond and security
| classification. The secretary made it
| clear that state banks could obtain
currency through the national banks,
| since they would be able to place
with the national banks the classes
of securities which the nationals, in
turn, could deposit with the govern
ment Under the amended Aldrich-
Nreeland act member banks of the
| association are able to obtain in cur
| rency 125 per cent of their unim-
paired capital and surplus, providing
| the bank has a surplus of 20 per
J cent. The 20 per cent provision is
| Objectionable to some sections of the
| country as indicated by Representa-
tive Oscar Galloway of Texas. who
tonight announced his intention to
comforting with the leaders with a
view of having it eliminated. Some
Texas banks, Mr. Galloway said, did
not have the required surplus, there
fore they would be denied partici,
/ patton.
To Fix Rate of Interest.
Senator Overman offered q Uil to-
| day which fixes the minimum rate of
interest to the government for emer-
! gency currency for the first three
months at ! per cent, in place of 3
| per cent, with the ascending scale
of y per cent per month to a max
! imum of per cent, left undisturbed
1t is advocated that the government
ought to allow the currency to go
out in such an emergency at a NOM
inal cost for handling.
Another proposed change in the
currency law is an amendment which
Senator Nardaman of Mississippi and
others laid before the reserve bank
! board is TO reduce the minimum cap
italization for state banks to become
members of the reserve system and
| from $4,000 to $4,000, providing
that such bank will agree within
! eighteen moRths to increase its cap
ital TO 5000. Such amendment
to the regional reserve act would en-.
able thousands of state banks to ioin
the reserve system, thereby extend
ing the advantages to them in OBJ
| tanning reserve bank notes. Senator
Vardaman believes the change will
be of greater benefit to the small
farmer
Representative Otis Wingo of Ark.
ansas offered an amendment 10 his
bill providing that the reserve board
shall issue to the state as well as ma
tional banks currency on warehouse
receipts the amendment repeating for
this purpose the 10 per cent tax
against state bank currency.
Urges Aid for Cotton Seed Industry.
At a conference with officials of
the department of agriculture and
the department of commerce, ]. W.
Allison of Dallas. Texas, urged that
the cotton seed industry affected by
the war be assisted in finding mar
ket for the $4,000 tons of cotton seed
meal which is usually exported each
year Mr.. Allison, who is chairman
Of the bureau of publicity of the In
terstate Cotton Seed Crushers' asso-
citation and of the Texas association
also, asked the treasury officials to
require that one-third OF the cotton
money sent to southern states be
devoted to protection Of meal and
other products OF cotton seed against
a disastrous market The cotton seed
holders and manufacturers of its pro