Evening star., 1914-10-06
SOUTHERN BANKERSP[AN
S19O,0O0,0OO LOAN FUND
Project Now Awaits Only Approval
Of Secretary McAdoo and Fed
eral Reserve Board.
To Make Cotton Crop Liquid Asset,
Stabilize Price and Restore Nor
NAL Business Conditions.

ST. LOUIS, October Ga plan for
raising cotton loan fund of s150,0O0,-
o00 proposed by a conference of ST
Louis bankers was ratified here yester-
day by a delegation of bankers from
the cotton growing states and now
awaits only the approval of Secretary
McAdoo of the Treasury and the fed
eral reserve board before it is car
ried into effect.
Inc plan as approved 'in general es-
sence' by nine southern bankers who
had been asked by Secretary McAdoo
to attend the conference, with St Louis
bankers. provides for the raising of the
FUND by subscriptions from national
ana state banks, trust companies and
mercantile and manufacturing compa-
MES throughout the country
1T must be distinctly understood
declared Festus J. Wade. chairman Of
the st. Louis Clearing House Associa-
ton and originator of the plan, that
this is not Il movement for the pur-
chase of cotton. 1t is simply move
ment to make available a fund of
$150.o0O,00O to loan on cotton at not to
exceed cents per pound middlinG
basis. "The establishment of this fund
| will make the cotton crop a liquid as
set. stabilize its price, and bring about
normal business conditions in all lines
of trade
The amount to be raised by each
financial center will be apportioned
by the committee at a meeting to be
held within the next few days. provid-
ing the general plan meets the ap-
proval of the Secretary of the Treas
ury and the federal reserve board.
Bankers Who Attended.
The southern bankers who attended
the conference here and ratified the
plan were P. NJ. Harding. president of
the Delta Trust and Banking Company,
Vicksburg, Miss; r. H. Stewart, presi-
dent of the City National Bank, Dallas,
Tex: T. o. vinton. president of the
Bank of Commerce and Trust Com
pany, Memphis, Tenn; D. N. Fink.
president of the Commercial National
Bank. Muskogee, Okla; B. D. Harris,
vice president of the South Texas Com
mercial National Bank, Houston: E. w.
Robertson, president of the National
Loan and Exchange Bank. Columbia S.
c.; j. H. Fulton, president OF the Com
G. Price. vice president of the Southern
Trust Company, Little Rock, Ark. ana
j. NJ. Miller, vice president of the First
National Bank, Richmond. Va.
Two weeks ago Mr.. Wade called q
conference of nine ST. Louis heads Of
mercantile houses and banks and sub
mitted to them his plan for raising
fund of 50.000,000 to loan In the cot
ton states and cotton manufacturing
centerS.
The plan was then submitted to Sec
retary McAdoo and to the federal re-
serve board.
The southern bankers were invited to
come to ST. Louis to discuss the plan.
After an aIl-day session they sent from
st. Louis the following telegram to
Secretary McAdoo:
THE plan as laid before you and the
federal reserve board on Friday last
to endeavor to raise a cotton loan fund
of $150,00O,OO0 was today submitted to
the undersigned. After careful con-
sideration the following resolution
unanimously passed:
THAT the plan outlined by Festus J.
Wade in general essence be adopted
and the details worked out later. 1t
is believed that the south will subscribe
it's proportion as suggested and out
lined"