Salt Lake Tribune | 1914-10-11 | Page 33 | Cotton Loan Fund Virtually Assured

COTTON LOAN FUNO mm mm i i Federal Reserve Board An-j ! nounces That It Approves ! of the Plan. j VAS;TO Ocl. ici. The federal reser e hoard tonight announced Itp aj-pio aj-pio ai. in principle, nt the plan for a sii.u.oou.OiiO limn fund io lake care ui' the i surplus cotLon crop. ! Ciovernor Mamlin oi' the board, in a let-tpr let-tpr to festus J. Wade of St. Louis, one of the plan's backers, said tiiat while the board could - not express itself upon details, de-tails, it was of the opinion that the .iusi administration of such a fund would benefit those interested and the rest of Wh- nation as well. He ex-pressed the hope that the banks and merchants would subscnue. His letter in full follows: The fedprn reserve board ha s Riven careful consideration to your surest ion that a fund of $1 '.0,000,000 be raised by subscription from bonks, trust companies, bankers and merchants mer-chants for the purpose of rendering assistance to the cotton growers and merchants of the United .States until the present abnormal conditions caused by the European war have been terminated and norma) conditions condi-tions restored. I ' am directed by the board to state to you that while it cannot, verv naturally, nat-urally, express itself upon the details of the plan as to personnel of man-, a pemen t. commissions, interest rates, etc., it is of the opinion that the raising of such a fund of the amount indicated, and Its administration Justly and fairly, upon reasonable terms and conditions, would go far toward the restoration of normal conditions, con-ditions, and would redound to the benefit not only of those interested In (lie production, movement and manufacturing manu-facturing of cotton, but. as well, to the entire people of the country. We note with gratification vour assurance that a large number of southern banks and commercial firms have already signified their willingness willing-ness to contribute to such a fund and your expression of confidence that the ertire amount will be promptly subscribed. The problem involved is not localIt lo-calIt is national, and. as well, international in-ternational in its scope and impor-tancp impor-tancp and we venture to express the hope that subscrlptiona to such a I fund will be made by bantts, trust companies and merchants throughout the country.