The Mobridge news. [volume] (Mobridge, Walworth Co., S.D.) 190?-1917, 1914-07-31
j. 6. AGAIN To AID
IN CROP MOVEMENT
S34. 100000 is FEDERAL FUND Sc
ASIDE FOR THIS pUR-
POSE.
MORE IF DEEMED NECESSARY
Money Viii! Be Deposited in Country's
National Banks This Fall-ReplieS
Received Show Promise Of Busi-
ness Improvement.

Washington. July 2S.-Money from
The federal treasury will be deposited
in National banks throughout the
country again this fall to facilitate the
movement of crops and promote bust
ness generally.
McAdoo Makes Announcement.
Secretary McAdoo announces that
he will put out approximately S34,-
600, 900 and that he stands ready to
increase the amount TO any extent ne
cessary to meet the country's needs.
The secretary's estimate Of what
will be needed is based upon replies
from five thousand National banks to
a recent treasury department circular
asking whether any unusual demand
for none was expected this year and
for what purposes.
inaugurated LAST Year.
Last year the department inaugu-
rated the custom of distributing funds
in the crop handling centers, deposit
ing about $50, 900 600 of the $50,000.000
Secretary McAdoo had decided to use
for the purpose.
A statement from the department
says, in part:
These replies from the national
banks) have been carefully analysed
and fully confirm the optimistic bulle-
tins of the prospects for unusually
large crops. They also indicate a de-
cided promise of greatly improved
business conditions and enlarged bust
ness activities throughout the country.
Consensus Of Opinion.
The consensus of opinion of the
bankers is that it will be of great ben
eft to the crop movement and to busl-
ness generally if the secretary will
deposit government funds in the lead
ing cities of the country as was done
last year.
The replies indicate that govern
ment funds will not be needed in the
New England and Eastern states and
in certain states in the West and
Northwest and in California.
Bankers in the following cities ex-
pressed the opinion that no govern
ment deposits will be needed in their
localities during the crop moving sea-
son:
Won't Need Funds.
cleveland, Columbus and Cincin-
natl, Ohio; Indianapolis, Ind; Mime
apolis and Duluth, Mimi; Milwaukee,
Wis; Portland. Ore; San Francisco
and Los Angeles, Cal; Tacoma,
Wash; Salt Lake Cit, Utah; Jackson
Vile and Tampa, Fla, and Mobile, Ala.
Some of these cities asked for and
received crop moving allotments last
wear. If it should develop later that
they. or any of them, require deposits,
their applications will be given con
sideration.
Interest at the rate of two per cent
per mum will be charged and the
government will accept as security
government bonds at par, state, munic'
ipal, railroad and other bonds. accept
able to the secretary at IS per cent OF
the market value; approved CONNER
cial paper. acceptable to the secretary
at 20 per cent of its value.
Change From last Year.
THE secretary will not require. as
he did last year, that 10 per CEN OF
the deposits shall be secured By gov
eminent bonds.
All collateral cfexa&~ IS, 5eCnr't,
rus. DE approved by a local 9 IlH
tee appointed by the clearinghouse II
. sasaMstsy' and by a representative o.
the government chosen by the secre
tary. In s~ub.treasagx. rities the assist
ant treasurer Uf the Jnited states. II
addition TO the governments specia
/. Representative will be a member Of tn
local ccnmittGe.