| OCR Text |
Show BANKERS ASKED 10 HELP MOVE CROPS LETTER IS ADDRESSED BY FEDERAL FED-ERAL RESERVE BOARD TO TWELVE REGIONAL BANKS. Action Taken to Forestall Any Possibility Pos-sibility of Confestion of Crops This Fall or Lack of Financial Accommodation Accom-modation to Move Them. Washington. Preliminary plana designed de-signed to make available the resources of the federal reserve system in the annual fall movement of crops have been worked out by the federal reserve re-serve board. Writing to the twelve regional banks, the board pointed out in a letter made public Monday how members of the system may help to finance the crop, movement. The board's action was taken, the letter says, to forestall any possibility of congestion of crops this fall or lack of financial accommodation to move them and to avoid a recurrence of the stringency which in the past has marked this movement. Although the board applies its plan to wheat, corn and all other cereals, it devotes most attention to the cotton cot-ton crop, which, it says, is peculiarly sensitive to abnormal conditions, such s now exist in the export trade. Usually the crop movement has been taken care of by government deposits de-posits in banks or the issue of emergency emer-gency currency under the Aldrich-Vreeland Aldrich-Vreeland act, which expired last month. In place of these agencies, the board states, there is ample authority In the federal reserve act to meet the situation this fall. |
