The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-09-24
M'ADOO SAYS
BANKS GUILTY
iHoARDING OF MONEY AND
EXCESSIVE RATES ARE
CHARGED
TO PUBLISH NAMES
Secretary VIII Male Public Names
of All National Banks Violating
Inc Order
TO PUBLISH NAMES
(By Asso ociated Presa.l }

(By sSoc1afed Press.)
Washington. Sept. 22.-Secretary
McAdoo tonight adopted stringent
measures to urge national banks to ex-
tend legitimate credit and to charge
normal interest rates on loans. He
telegraphed to ten national banks In
the four reserve cities In the South
that their requests for additional croD
moving funds from the federal gov
ernment could not be- granted this
time, and made it clear that his ac-
tion was taken in connection with re-
ports OF excessive interest rates and
restriction of credits.
In a statement made public with the
telegram Mr. McAdoo declared there
was an extraordinary boarding of mo-
ney ny banks throughout the country
ana Piitpg M NJ ress ives without oc-
casion. He said representations to
tne comptroller of the currency show
ed money boarding has teen carried
py banks to an extreme degree, and
announced he expected to focus atten-
tlon upon the guilty banks by issuing
caiiy list OF those with excessive re-
serves. - s.
Although the federal government has
no power over the state banks or the
trust companies, the secretary explain-
ed state bank suerintendents would
be asked 20 furnish available iriforlna-
ton on money boarding In such insti-
tuttons He characterized money
boarding by banks as the agency most
nkely to impair confidence and TO In
fsures business. n
The statement follows in part:
T have decided not; to deposit the
seeonu installpient or crop money with
4ens tsnE at this time. Yua can: how
ever, ~ you desire. withdraw one i,a;.
oiSthe securities deposited by you and
use them as security for the issue
onao.,a, i aauitlonal currency ff You make ap-
= am Informed that mar banks
IN Your state are refus,ag to make
loans Tor crop moving purposes, and
tnat IN many cases good loans are re-
Jected or unreasonable rates Of inter
est are asked am also informed
mat many banks which have taken out
aeaitional currency are refusing to
use 1lt despite the great demands for
Honoy trust you are not doing It.
! shaIi withdraw all government de-
posits IRON banks charging excessive
luees OF interest. or which refuse rea-
sonaple recommendations and I shall re-
fuse 10 issue so-caiied emergency mo
ley 70 banks which are not making use
ot y. II on reasonable terms for the bene-
ny OF the business community. It is
Sysrypoay pun together Ia an unseI-
try : - ~ sss''p
The reportsSof national ,banles ,1,,,
being reeetved by the coinnfrniJsr 10 I,
the currency In response to i,is IN ~:
q statement iof this coI,dition 20 90 3 -
september 70, indicates sil, ex xtrsos-
dinsry boarding OF money lby many /, mo Nc !
tionai banks There is neither occa- -,
sion nor necessity for it !. ~ te = s
intend 20 begin issBin1 ,1atI,, !.
list OF the banks which are 7hnayii,S : :
yea. y !. 80 s.,
.aThe rspbfts of national bsnts ! - =
public properly anyway. and syti,a =
they have been published In fhe,y ras
,1su.sitirs IIle siis,it,ca,.ca
or their statements fs NOT pan neraJi,,
ulenlooerstocdt J Y lol My5 purpose II to yoc,s
attention upon the excessive rasayva.,
g II1ea ny th0Ee hanks, for The ress,.y
indicate whether or not tbe bani,s
are using their full reannsaeE Par tbe
ireiief and acccmcdation az businsss
.nefr respective communities, -,
is . matter OF extreme fass.,
snat the government has NOT fba
power I a exact similar sE elements
! Eoia the state banks and frIEf Snrs. !.
panies, for am satisfied {bat yS;sry
stfte banks and trust cotilnas seS H.
many national banks. are hca,.,.,,ss. ~ !.
money and refusing to sxfend a,ssst
mate teredifs SHALL ak 4 tI,a s., ~.
deilts OF bank In n, < ! ya
states 70 cooperate with the rovsS,, q y, !.
ment BIZ supplying reports 6f fl,e go, - -
sllt'osl el the state banks aud tsssst
he banks fi,at AZ hs,a
spaaIa g. sa l5c9iatiIs Sur4 Jctions
..lvI lsts9El sal her nus lto
sllip ace and t6iura busi-
- 81 81 Of 3s banks OF ma :sn,,.,
sry under SHE present ciressiS Y Me-. go
,y eztsa4inS legftmates crsdIits. a 4 81 ,,,
rssspaanls ,,sSss rates q intefssk the
ptosnptiy eisappear q 81 A's1s W ~
The sasfekAFy's statement was is.
sue1 ntfer the federal reserve haera
81 lliosl ne ~ no W an ex-0ysi t.in ris,n1
Der, has listened L, sevsraI SIso1sS.
TOR pleas of a. sfstetice ff6In =, 4 cc,,,.
iaittee OF forty OF fi,d faf7, I, - )
Nhien enEso % Warrington &, nfka slis,
Eset seeeksI loana 10 IAS e6glon prr- re-