The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
550 FEDERAL RESERVE BOARD WASHINGTON X-3772 July SUBJECT: 6, 1923. Financing the Marketing of Agricultural Products. Dear Sir: The Federal Reserve Board wishes to call attention to the importance of the Federal Reserve System functioning effectively in providing adequate financing for the orderly marketing of agricultural products. Your attention is called specifically to the near approach of the American .vhca.t harvest. The movement of this comrr.odi ty to the world markets will soon be on and will require financing, as well as expert handling, to insure an orderly marketing movement and avoid periodical congestion at terminal market points, which is very much to the disadvantage of the producer in that it permits a ~ombined b1Jying arrangement on the part of foreign coWltries.' -ยท - The Board is advised that the agricultural situation in many sections of the country has materially improved over what it was in the three previous crop seasons. There a~e, however. some weak spots that require studied attention with a view of assisting the producer in obtaining full advantage emanating from orderly marketing. The Board would like to suggest that officia.ls of all of the Federal Reserve Banks. including branches, iriform themselves fully regarding the added facilities for agricultural financing made possible through legislation enacted during the la.st Cong:t-ess. This done, the FederaJ. Reserve :Sa.nY..s should give the info:rma:tion to the public, especially to the member banks, cooperative marketing agencies, and producers and buyers of agricultural products. The Board feels that any activity on the part of the Federal Reserve :Banks will give added assurance to the producer and his marketing a~ncy that added credit facilities are available and will also be helpful in promoting mutual confidence Which should be instrwnental in pointing out any additional steps that can be properly taken in the process of orderly marketing of agricultural products, :By order o:f the Federal Reserve :Board. Very truly yours, Wm. w. Hcl:ton, Secretary .. TO ALL FEDERAL RESERVE AGENTS
@FedFRASER