RECONSTRUCTION FINANCE CORPORATION

WASHINGTON

(Immediate Release) (P-56)

August 30, 1932

The Reconstruction Finance Corporation has authorized an advance of $35,000,000 to the American Cotton Co-operative Association and $15,000,000 to the Cotton Stabilization Corporation. Security for the advance is to be cotton now held by these corporations at the rate of $25.00 per bale.
Announcement of the authorizations of such advances, made Monday night by Jesse H. Jones of Texas, a director of the Reconstruction Finance Corporation, was amplified Tuesday by Mr. Jones who said that any announcement as to policies of the cotton corporations as to the disposition of cotton now held by them and the purpose of the loan should be made public by the cotton corporations.