Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1918-07-01
BANKERS OF C0UN-
TY HAVE MEETING
Discuss Methods OF Financing Plan to
Meet Government Requirements
Before Next Liberty
Loan.
TO INVEST IN SECURITIES
Required to Take 21a Per Cent OF
Resources Every Two Weeks
Until October oath.


government certificates Of indebted
ness allotted to the county.
Preceding the discussion banquet
was served, prepared by Mrs. c. H.
Comley, and it is needless to say that
the bankers did full justice, and then
some, to this very fascinating feature
of the program.
At the conclusion of the banquet,
Warren C. Pyle of the First National
Bank of this city, who attended, in
company with Gilbert Knudson OF
Jewell, the meeting of bankers at
Chicago last week, explained the plan
of procedure as recommended and
advocated by NJ A. Traylor, director cf
sales, United States Treasury Certiti-
Gates of Indebtedness, Seventh Fed
eral Reserve District, necessary for
the banks to follow in order to be able
to handle the certificates
Mr.. Pyle made it plain that it was
the duty of the banks to respond
intellectually to the requests Of the
government and pointed the way that
all banks that are properly managed
and imbued with patriotic impulses
can successful! meet requirements.
The banks Of Hamilton county have
already taken the first quota OF certi-
ficates, amounting in the aggregate to
$294,444 and VIII take before the per-
iod prescribed expires total Of
.for Hamilton county, but the demands
of the government will be met.
Some of the banks may be able to
get sufficient aid from their cor
respondents to finance their quotas,
but the safest and surest way is for
each bank to become member OF the
federal reserve bank OF this district
and the indications are that all Of the
banks of Hamilton county will join
the national association.
People can help the banks, and it
is their duty to do so, by promptly
meeting all obligations and not making
new ones not absolutely necessary.
Every effort will be made to take care
of legitimate demands of business, to
the end that ncre may suffer unneces-
sary hardships. However, no loans
will be made tor speculative purposes
and non-essentlals. This course is
absolutely necessary, in order that
legitimate demands may be met local
ly
Mr.. Pyle read some extracts from
the address o. Mr.. Traylor at Chicago,
pointing the way as follows:
"There is way out for you, and
when any patriot has the way pointed
to him and the duty outlined to him.
he is not 100 per cent American if he
doesn't follow the pathway that is
marked plain and fair. Any banker
who is member of the Federal Re-
serve system, and l don't care what
his seasonable borrowings through
that bank may haye been-there is
just one thing l want you to keep in
mind. Mr.. Heath said that that bank
was not created for profit, neither for
itself nor for you. The Federal Re-
serve Bank will meet every require
ment of your seasonable borrowings,
but it is not going to let you borrow
at Az per cent and loan at = but if
you are member bank and borrowing
to meet your legitimate requirements
the Federal Reserve bank will assist
you to take care of such demands and
in addition lend you any money neces-
sary to enable you to purchase your
quota of certificates of indebtedness.
Every eligible non-member bank in
this District has the way pointed If
they are able to buy their certificates
and carry their local burden without
borrowing money, well and good. If
they are not, then they have two alter
natives; borrow from their cores
pondent, who ought to charge them
stiff rate of interest, or come into the
Federal Reserve system where they
belong.
And the poor. unfortunate, well
managed, COOL private or incorporated
banks ineligible to membership can
borrow every dollar they need from
their correspondent to purchase their
quota of certificates. And therefore,
with those avenues open, we do not
propose that representatives of the
government, and, as Mr.. McDougal
says, / as director general over you,
order that no excuse of Inability be
accepted.