following piece of copy and show how each change should be indicated:
Washington, D. C. August 21—
According to a statement issued here to day by the treasury department the first deposits of the Governments fifty million dollar fund to aid crop movements will be made in the Southern States in Aug. and Sept. All deposits in all states, declares William B. MacAdoo, secretary of the Treasury and who orginated the plan of assisting banks of the South and West, will be made in 2 equal allottments. He outlined the Treasury Department's requirements for security in to-days statement
While all deposits may be recalled without notice the treasury expects to recall 25 per centum Dec. 15th, another 25 per centum on Jan. 15th, another February 15 and the final portion on March 1. The banks will pay two per cent. interest and all expenses
Secretary McAdoo's statement says the government expect by making the deposits in National Banks in principle cities the funds will be used in good faith for releiving stringancy and not to speculate with and that it will be distributed to smaller banks at moderate and reasonable interest. Deposits only will be placed with banks who have forty per cent of their circulation of bank-*notes out standing.
10 per cent of the security must be in Government Bonds and the remaining 90 per cent. may be high class state, municipal and other bonds at 75 per cent of their market value and approved by the secretary. Prime commercial or business paper will be excepted at 65 per cent. of their face value when indorsed by the bank, approved by the Secretary and unanimously approved by a "securities committee" of 6 members in the clearing house district in which it comes. The secretary of the treasury will name one member of each comittee. Commercial paper the statement point out must represent legitinate commercial transactions preferably endorsed with two names and the borrowing bank but single name paper will be accepted in the judgement of the Treasury.
Any of the banks may return the deposits at any time before Mar. 1.
The Secretary's statement of to day outlined many details which are chiefly of interest to bankers concerned.
