The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-25

/ WASilNbTON, Oct. 2l-SuustanuaI
prurress In the adjustment of the business
relations between the United States and
/ Great Britain was made to-day when the
Federal Reserve Board gave its approval
to the tentative plan for raising the
! .i35.0OO, 600 loan to relieve the situation
/ in the cotton producing States.
At the same time Sir George Paish and
/ Basil II. Iilackett. representatives OF the
/ British Treasury. who came to the United
/ states by invitation Of Secretary McAdoo.
continued their conferences with the Fed
eral Reserve Board relative to the plans
/ proposed for dealing with the present in
/ dehteduess Of the United States to Great
! Britain
officials here are optimistic tonight
over the outlook. They believe the tenta-
7 tive cotton loan will 20 through and are
/ hopeful that this will result In an early
/ opening VI business at the cotton ex-
/ changes OF Great Britain and the United
States
/ They point TO another favorable de-
velOpment. This Is the marked increase
Ia the export business ~ the United
states. In addition the officials appear TO
be OF the opinion that with the Increase
/ IN the export trade "A credit will be estab-
lished with Great Britain that will en-
able the United states to discharge It's
obligations TO that country which ma
I iurc about January To- approximating
/ from 500. 100000 to $500, OOO, 900
] Further relief IL expected when the
/ Federal reserve system becomes opera
tive. This will make available for credits
/ gold IA, Lea,
trade footing up to about $3.50. OOO. 900. ac-
cording to estimates that have been made
by the authorities
Two conferences were held At the
Treasury Department to-day The prin-
ciptl one was held in the Office Of the
Federal Reserve Board where the cotton
situation was considered at length by
committee of bankers and the members Of
the board. The proposed loan ON cotton
was the result.
/ Later Sir George Paish and Mr.. Racket
discussed the situation generally with
/ GOV. HdmlIn and Mr.. Warburg OF the
Fed raj Reserve Board The general sit
/ uatIon Will receive further consideration at
conferences to be held by the British rep
resentdtivcs and J.. the Federal Reserve
/ Board the coming week.
II the cotton loan goes through, ms
proposed here to-day subscriptions will
b" made to II by the New York banks
/ other banks in non-cotton producing
states and banks in corton growing States
! 6 per cent Interest and ,bat 4, sh,u ~
| administered h,. n cor,n,i,,"a - H. II
| eral Reserve Board.
! The proposed loan s to run for a period
I of one year, with the privilege of re-
is assumed that tho New yorL h",,,.rs
! viii s1Ibsrrlbe $40 ooo 600 tS,, n,hor
b,nltors in nop-ro,to,, ,roducins, CO.,
will subsrribe an additional s5o o0o ooo
and tina, the rena!nder yvIll ba contrihr,.d
( nv tho south
/ The nlan was outlined hrtaay 4, N
statenent nads puhIic ,o-nigbt nv Secra-
tarv NcAdno az fniiows
| 'iTho Federal Reserya Roard n, TO
Meeting to-dav continued consiaera.ion
OF the mans for the reIief ~ Tho cotton
situ,.lon giving rsrerIaI ett.r,ior 70
plan surrcst.d bv Albar, ~ Wigyin
$ Alaxnnder. A I Ucr,nhiIl ana VIII
lam Wondy,rd az \nu Vol, ,rd E.st,.
/ Wade Of ~ Iouis Tor tho raising ~
a cotton loan fund apgregating si95
| OOO 0nO
' orbis min, hos hoc, o,,ol,,o1 from, .h,.
/ oriqinallv nronosed hv E,estus Wada
The full details cannot he given on, until
II is submitted 10 the bankers in the
leading financial centres IN ord.r 10
oscertoin whether or No, thov viii ann.
mort II II has been approved tentatively
h,, Tho Federal Reserve Road ord honk.
ers in the leading financial cities viii
be asked Immediately to subscribe the
necessary amount
"Th. bankers Of New York city have
already agreed 10 subscribe s50. 900 600
un,n corditInn that an nditlou,l $50 o.
O0O 600 shall be subscribed by cities in
non-cotton producing States The re-
naming s35 900 600 is 10 be provided by
rho cot,on state.