Evening capital news. (Boise, Idaho) 1901-1927, 1917-04-25
Plea for Cheaper Money by
State Depository Board
and Steps Taken to Bring
About Change.
HEAVY LOANING TO
THE STATE BANKS
Money Will Be Placed in
the Hands Of Farmers So
They Can Raise Greater
Crops and Help the Coun-
try.

loaned out by banking institutions, il
the plea of the state depository board
To prove its good intentions the board
reduced It's interest from 3A to PEI
cent daily balances and ordered the
announcement made that it will loan
to state banks up to the maximum
They are invited to take advantage OF
this offer. 1t Is made 80 that more
state money may be placed In the
hands Of the men who will raise
board asks the banks to charge not
more than per cent for this class OF
money.
The minutes of the board showing
the action taken are in full as follows:
A meeting of the state depository
board was held in the office Of the
state auditor at p. m. Tuesday.
April "a, 1917.
The following members were pres
ent:
Governor M. tlexander. chairman.
Attorney Gen, raj T. A. Walters.
Secretary Of State w. T. Dougherty.
Whereupon the following proceed
ings were had, to-wit
The following letter from the Han
over National bank of New York was
introduced by Governor Alexander:
New York. April Is, 1917. Hon. M.
Alexander. Governor Of the State of
Idaho, Boise Idaho. Sir: Your favor
of the 14th instant addressed to Mr..
Whitaker is at hand, and have
taken 1t for reply, as Mr.. Whitaker
is in California at the present time.
We appreciate very much your hav-
ing us in mind as a depository for the
funds of your state, and shall be very
glad to allow you two per cent inter-
est on daily balances. which is the
maximum rate we pay on any account.
We enclose herewith card for the sig
natures authorized for the withdrawal
of funds from the account.
Respectfully,
SAMUEL wOoLVERTON,
Vice President"
DEPOSITORY DESIGNATED,
Upon motion of Secretary of State
w. T. Dougherty 1t was ordered that
II the state treasurer has any state
funds in amounts in excess of the law
full authority for deposit in the banks
Of the state of Idaho. that the Han
over National bank of New York City
Is heESpy ueSiSuateu Dy THIS DOarQ as
the proper state depository for such
surplus funds; said funds to be de-
posted by him in said Hanover Ma
tional bank to bear interest at the
rate Of two (2) per cent per annum,
to be computed on the daily balance in
said Hanover National bank.
1t was moved by the secretary of
state that the treasurer of the state
Of Idaho is hereby instructed to notify
all the banks of the state of Idaho
who now are repositories for state
funds that he Is ready to deposit in
said institutions, funds belonging to
the state of Idaho to the extent that
the law directs-s0 per cent of the
bonds furnished by said banking insi-
tutions, not exceeding rs per cent Of
the capital stock and surplus. All
banking institutions who have not
awaited themselves Of this privilege
are requested to do SO at the earliest
possible convenience. Motion carried.
The state OF Idaho will make it pos
sible that the funds so deposited shall
be on the basis of per cent per an
mum on daily balances computed by
the treasurer Of the state of Idaho
providing the funds so deposited are