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FEDERAL RESERVE BO~'JID X-3773 STATEMENT FOR THE PRESS For Relea.se in Morning Papers, Saturday, July 7, 1923. The following is a. copy of a letter addressed to all Federal · Reserve Agents today: "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 rw.rke ting of agricultural products. 11 Your attention is· called specifically to the near approach of the America.n wheat harvest.. The movement of this commodity to the world markets will soon be on and will require f.inancing, as well as_ expert handling, to insure an orderly marketing movement and-~oid periodical congestion at terminal market points, which is very much to the disadvantage of the producer in that it permits a combined bu;yin_g arrangeroont on the_ part of foreign countries.,; "The Boardis-advised that the agricultural situation in II'&'l.Y sections of the country has materially improved over what it was in the three previous crop seasons. There are, 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 officials of all of the Federal Reserve Banks, including branches, inform therr~elves fully regarding the added facilities for agricultural financing made possible through legislation enacted during the last Congress. This done, the Federal Reserve Danks should give the information 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. Danks will give added assurance to the producer a.nd his marketing agency that added credit facilities are available and will also be helpful in promoting mutual confidence which should be instrumental in pointing out any additional steps tbat can be properly taken in the process of orderly marketing of a~ricultural products .. "
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