OCR Text |
Show NEW YORK BANKERS WILLING TO BACK COTTON LOAN POOt New York, Oct. 14. Informal conferences con-ferences took place hero today between be-tween bankers and southern cotton plantors regarding the formation of tho $150,000,000 pool to finance the cotton crop nnd thereby case tho for-olgn for-olgn situation. Somo ot tho largest banks of this city havo expressed willingness wil-lingness to help in the fund and thus assist planters and cotton dealers. It Is not the purpose ot tho local bankers to lend money on cotton or warehouse receipts' for an Indefinite poriod, but rather to mako advances at about G per cent until sucti tlmo as tho staplo can bo shipped to Liverpool Liver-pool or other cotton centers. Local bankers In a world, will not encour-ago encour-ago tho holding ot the staplo tor a fancy price, but may bo Induced to participate providing holders agree to sell when market conditions becomo clearer. St. Louts and Now Orleans banks will play a prominent part in tho proposed pool unci financial Institutions Institu-tions of the middle west, which aro growing stronger in cash by reason of the grain movement, will also be asked to assist. |