The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-11
BOARD GIVES APPROVAL
] TO COTTON LOAN Fund
Thinks Just Administration Will
Benefit Those Interested and
Rest Of Nation Also.
HAMLIN WRITES TO WADE
Federal Reserve Members Gratified
That Southern Banks and Com
mercial Firms Express Willing
ness TO Contribute.

WASHINGTON, October 10.-The
Federal Reserve Board tonight an
nounced its approval in principle of
the plan fo- $50. 100000 loan fund
to take care of the surplus cotton crop.
Governor Hamiin, Of the board. in
letter to Fostus J. Wade, OF st. Louis.
one of the hackers of the plan. said
while the board could not express it.
self upon details, IL was of the opinion
that the Just administrations of such Il
fund would benefit those interested
and the rest of the nation as we'll. He
expressed the hope that banks and
merchants would subscribe. His letter
follows;
The Federal Reserve Board has given
careful consideration to your sugges-
ton that fund of Sl5O.O0Oo00 be
raised by subscription from banks.
trust companies bankers and mer-
chants for the rr HSe of rendering as
SiStance 10 the ' growers and mcr-
chants OF the states, until the
present abnormai Jnditions caused by
the European war have been terminal Ell
and normal conditions restored
II am directed By the board to state
TO YOU that while it cannot, very
naturally. express itself upon the de-
tails OF the plan rs TO personnel of
management, commissions interest
rates. etc. it Is of the opinion that tho
raising of such IL fund Of tho amount
indicated and its ADMINISTRATION lust
~ and fairly. upon reasonable terms
and conditions. would go far towards
the restoration of normal conditions.
and would rebound to the benefit. NOT
only of those interested in the produc-
ton, movement and manufacturing of
cotton. but rs we'll to the entire peo-
ple of the country.
We note with qualification your as
snranee that large number OF South
ern banks and commercial firms al
ready have signifed their willingness
70 contribute to such n fund, and your
expression of confidence that the en-
tire amount Will DO subscribed
The problem involved is not local
II is national, and as well, Interna-
tonal in it's scope and Importance, and
we venture TO express the hope that
SUBSCRIPTIONS to such fund will he
made by banks. trust companies and
merchants throughout the country"
SOLUTION OF DIFFICULTY
OF SUPREME IMPORTANCE,
NANCHE ESTER, October 10 (via
Londonl.-sir Charles Macara.f presi-
dent of the Master Cotton Spinners'
Association of Great Britain. had the
following to Say to-day on the cotton
situation:
For years I have advocated that If
war, plague. famine. or revolution
took place affecting the cotton indus
land is concerned should be dealt
With as a whole. and not from the
roint of view of certain interests or
individuals.
THE situation now to be dealt with
not only concerns the American cotton
crop. but the cotton crop of the world
as Il whole. What affects the cotton
industry of England affects virtually
cvcry other industry. Tho solution OF
the present difficulty Is OF supreme
Importance. 1t is evident that even II
the English mills are ablo to run or
half time. ut least onc-third OF the
worlds cotton crop would not be
wanted nj time when it is pressed
heavily on the market, although but
for the war ii would have been pur