The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-10-11

and, second, whether they thought it
would be feasible.
The telegram to the secretary fol
lows:
"Hon. w. G. McAdoo, secretary of
the treasury, Washington, ID. c.: The
plan as laid before you and the federal
reserve board on Friday last, to en-
deavor to raise cotton loan fund of
$3.50, was today submitted to-
the undersigned, and, after careful
consideration of the subject the fol
lowing resolution unanimously passed:
at was moved by Mr.. Il. d. Robert
son of Columbia, S. c., and seconded
by Mr.. ID. N. Fink of Muskogee, Ok,
that the plan outlined by Mr.. Festus
J. Wade, in general essence, be adopt
ed, and the details worked out later
1t is believed the south will subscribe
its proportion as suggested and out
lined"
The message is signed by those who
participated in the conference.
The plan proposes to raise the fund
by subscriptions from banks and trust
companies, manufacturers and mercan-
tile houses, and to distribute it in the
nnttnn prnWino OF n nnI
ufacturing centers, among the farm
ers, merchants, manufacturers and
others whose fortunes are bound up
with the fate of the cotton crop.
Mr. Wade first submitted his plan
on September 25 TO the wholesale
merchants OF st. Louis.
The general terms of the plan
met with their unanimous approval,
and on last Thursday and Friday it
was submitted by Messrs. Wade and
Simmons to Secretary McAdoo and
the federal reserve board in Wash
ington, ID. c.
'hhoihuNH iS NolNpll 10 lllt EltdltSl
export staple of this nation" said
Mr.. Wade in explanation, "and rep
resents the great preponderance of
Americas balance of trade with
European nations, it is expected that
each state of the union will cheer
fully contribute substantial part
of the entire fund, as all will be
benefited by the stimulus given COM
merce and thereby make the move
ment of cotton Of national importance
instead of sectional.
1T must be distinctly understood
that this is not a movement for the
purchase of cotton, simply move
ment to make available a fund Of
$15O,OOO,OOO to loan on cotton att
not to exceed six cents C6 cents)
per pound middling basis.
The establishment of this fund
will make the cotton crop a liquid
asset, stableize the price, give CON
iidence in the exporter and spinner
to purchase, and thus bring about
normal business conditions in all
lines of trade and commerce.
1T is expected the fund will be
raised by subscriptions from nation
al and state banks and trust com
panies and mercantile and manufac-
turing corporations and firms.
THE amount to be raised by each !
financial center will be apportioned |
by the committee in charge at a
subsequent meeting, to be held in |
the near future, provided the gem
eral plan meets the approval of Sec
retary of the Treasury McAdoo and
the federal reserve board"
The new remedy for the cotton
situation probably will supplant the
buy a-bale" movement. which start
ed in Georgia, received its first big
impetus in st. Louis and has been
successful beyond the most sangu-
inc expectations of those behind it.
Not only has the ''buy-a-bale"
movement succeeded in retiring a
respectable amount of distress" cot
ton from the market, thus aiding