Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1914-12-18

..hsugton.-Plans have been COM
Il. ar the operation of the $780,
q. - .otton loan fund, and a meet
4 nate chairmen is being held in
<,,vtou. The plan was approved
.,.,smber 80, 1914, by the Central
''~sttee, composed Of all the men,
= the Federal Reserve Board.
q cntfou Loan Committee, which
- out the plan and which will
"a charge Of the administration, is
..ed of two members of the Fed
ID, psserye Board of Washington, d.
rP G. Harding, chairman, and
II Warburg, and five representa-
-. hsnkers, Albert H. Wiggin and
- a Alexander of New York,
~ q Forgan Of Chicago, Festus ].
-. of 81 Louis, Levi L. Rue of Phil
a. and william A. CASTOR of
~ fprms of contracts, notes, certi-
.1m. sssignments, ETC., are now
- urepared by attorneys, and it is
-eetsd that money will be available
- loers within Is days. probably I'M
aa1afely following meeting of the
21hnm Of the state committees.
NJ siate committees will appoint
- eonmittees in sufficient number
= auuitste and safeguard the practi-
p writings of the plan. The plan
- b simple.
- fund is distinguished by its
rrulioa q q pool Of many lending
- hnrowing interests, and by the
- Of time that the contracts will
- Loans are made for one year.
- they may be paid sooner. On
- ethsr hand, the Central Committee
|, 10 the right to hold the contributors
tAe fund an additional six months
- the first year, II conditions, in
- epinion. justify.
\ hno been generally considered
- tie cotton fund will not all be
[nIled for. The amount to be used,
svoF, must be determined by the
~ day Of next February, because
II mbscribers to the fund will be re-
- on that date for the balance not
~ for.
Z \ b understood that red tape and
~ formality will be eliminated as
u ~ possible In the handling of
= Ind.
Explanation Of the Plan.
ne following is brief explanation
Tue plan for the benefit of cotton
I'm and bankers:
Lens will not be made on lots of
Dthan 100 bales. except in particu-
\ instances.
1ho farmer, the merchant and other
~ owners in any state may apply
his bank for . loan ON cotton to be
ia vAhiA one year after February 1,
)Slk with interest payable quarterly
= the rate Of per cent per annum.
me loan may be paid and the secur-
"A released ct any time during the
-. after the borrower gives 80 Jays
llten' notice. and upon payment of
1uest to the end of the quarter.
- security for the loan, the borrow
vm ofRer cotton valued at six
- pr pound for "middling" grade.
netment to be made for all grades
~ low middling."
- margin of security will be 20
eoat 20 that for a loan of $4,000
e0rity would be 120 bales of mid
cotfon, with q little less security
- higher grades, and a little more
NY for the grade or two lower.
M the proceeds Of the loan, three
u ct VIII be turned into the Cot
Len Committee in New York as a
eneee against loss from any cause.
- Of administration, which will
seesd Is Of 1 per cent. will be
. : hon this fund.
IA oould be remembered that the
- q every one connected with
~ szcept clerical. legal and tech
~ even without charge. There
Z the pool Is administered with
y - expected, the guarantee
~ b returned prorata to the
1oew.
- ne example loan of $1,000
uoold be deducted for the guar
nd $50, or soc q bale on 100
q eotton. The net Proceeds of
~ % the borrower WI uld be g..
IN banks are not Alowed to
eny commission or bthe- fees.
~ Of course must be stored
- place in the custody OF a
oeman other than the bor-
& = The banker. The grade must
llshed to the satisfaction OF
atfee. 1t must be free from
- protected by insurance
Image.
weeructlons to Bankers.
oeAker must be prepared tn
Pc to the loan fund one-fourth
CUNT that his customers Dor
- makes his subscriptions as
= are made. sending forward
- oelt Employees Divided.
LA vote to strike has been
u the conductors and brake
ene unions of the Cotton Belt
employees. while a vote