The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-12-10


| the loan This money is to go into
fund to be known as the borrow
ers guarantee fund The fund will
be drawn upol toT three purposes
first for the JApenses of adminis-
tration, second to make up any de
.ici2ncies in class B certificates. The
balance o. ;he fund will be returned
pro rata tn the borrowers at the
close of the period for which the
the purchase of class A certificates
at the dlsc., t'ol Of the committee.
Must Apply Before February I.
Applications ter loans will not be
received after February l, 1915, and
the notes for loans will run until
February !. 1910, when they become
dua and 9lIab'e.
Loc4l BANKS through which the
loans are made must collect the in
terest. Loans will be made on basis
o. L cents a pound for mddling
cotton and toe borrower must have
ma:Hil Of cotton of 90 per cent
above the face value of the loan.
Mr.. Trumbo has been busily work
ing out the details Of the state COM
mittee's part in handling the loan.
Each town will be asked to organize
through its merchants and bankers.
The towns in each county will form
county organization with county
committee. These will work with the
district committee and this in turn
with the state committee
State Is Districted.
In handling the work on Oklahoma
the state will be divided into six
districts:
Ardmore district, in charge of
Committeeman Don Lacey, president
of the First National bank of Ard
more. twelve counties-Love, Carter,
Marshall, Murray, Johnston, Pontotoc,
Coal Atoka, Bryan, Choctaw, McCur-
tain and Pushmataha.
Guthrie district, consisting of ten
counties.
Tulsa district consisting of eleven
counties.
Muskogee district. consisting of
fourteen counties.
Chickasha district. consisting of
fifteen counties.
Oklahoma City district consisting
of fifteen counties.
The central committee consists of,
w. G. McAdoo, secretary of the
treasury, chairman; ]. s. Williams,
comptroller of the currency; Charles
5. Hamlin, governor of the federal
reserve board; Paul NJ Warburg, +.
A. Delano, w. P. G. Harding and
A. c. Miller.
Asking for information.
Mr.. Trumbo expects to return
from Washington about December 20.
He thinks it probable that the loan
fund will be available for loans be-
fore Christmas. Already bankers and
cotton growers in the state are ask
ing for information concerning the
fund
]. c. Rhodes of the First State
bank of Webbers Falls wrote Mr.
Trumbo that he has 1875 bales in
storage. b. S. Coleman of the Okla
homa State bank of Walters, Okla,
says that the three banks of that
place are working together and want
quick action. Jo Keeney of the Peo-
Pies National bank of Haywood,
Okla, thinks that the fund will prove
balance wheel to even conditions on
the cotton market.
Not Less Than 100 Bales.
1T will be seen from the fact that
loans are not to be made on less
than 100 bales of cotton" Mr.
Trumbo said this morning, that the
loan will not directly touch the
farmer with only one or two bales
But it will provide a steady market
at fair price for the national staple
Cotton now is selling at little more
than 6 cents. If the banks and cot
ton men did not have this cotton
loan fund in prospect there would be
no market for cotton at all and ii
would be selling at less than cost
of production. These loans will bring
it on the market in quantities that
can be taken care of.
The banker and cotton man will
have cotton in storage for next years !