Salt Lake Herald-Republican | 1915-08-24 | Page 1 | U. S. Treasury Will Support Cotton Market

U U. U S S. S Treasury Will Support rt Cotton Market Secretary McAdoo Proposes to Deposit i for B Banks of South to Loan HIr Aug Aus 23 Treas 3 Treas Treasury WA WASHINGTON V Y ury officials tonight ht made public an announcement t b by Secretary Secretary Secre Secre- tar tary McAdoo that In view of ot the action of th the alles In putting cotton colton on tho the contraband list he would If It It became necessary deposit or more In gold In the tho federal reserve o banks at Atlanta Dallas Daas an and Richmond to enable the reserve banks to rediscount loans on cotton secured U by warehouse receipts made by hy national b banks and state banks belonging to tho the federal reserve s system The gold sold would be deposited temporarily tem tern at least without interest charge It was wa explained that if it appeared that time the object could be lie accomplished with greater efficiency effi eI- thereby the time deposits would woul be lc made directly with national banks 8 agreeing to lend the money mone on cotton at a rate tale not to exceed C G per cent Secretary McAdoo tlc oo authorised the time announcement from his summer slimmer homo home at Haven Me It calno caine at tho time dOMe close of a da day of oC speculation In official circles as to the time nature of steps which the time entente powers have havo Indicated tile timer they will take to uphold the tho cotton culton In the face taco of th lr lr contraband order The Tho new American note noto to Great Britain on Interferences with neutral neutral neu neu- trade probably will ho he re redrafted redraft redraft- e ed because of tho time British order making cotton contraband