The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-11-25
Fund IS COMPLIED
A'ADoo ANNOUNCES SUCCESS OF
huge COTTON LOAN.
MORE MONEY IS OFFERED

HAU1A NAUiVAE aU III u A2AD
Several Banks Became Willing to Ens
ter Pool After Amount. Is More
Than Complete-Local Interests
and Certain Textile Manufacturers
Delayed the Success Of the Plan.
The countrywide effort to furnish
aid to cotton producers and find
bottom for the. cotton market came
to a successful conclusion Tuesday
night when Secretary McAdoo an
nounced the completion Of the $780,
100000 cotton loan fund. In making
his announcement Mr.. McAdoo de-
clared the success Of the plan was
assured.
The secretary's statement came at
the end of q day devoted to efforts to
obtain conditions necessary to COM
plete the 5000, 900 portion Of the
fund assigned to banks IN non-cotton
producing states. Mr.. McAdoo, Paul
NJ Warburg and ". P. G. Harding.
members OF the reserve board in ae-
tive charge ofthe pool plan, took &C.
| tive steps to gather IN the remaining
millions.
Kuhn, Loeb G. Co., Of New York
agreed to subscribe 81, 100000. At q
luncheon given by John Shelton VIII
liams, Bernard NJ Baruch Of New
York said that he might invest In the
fund up to $1,5o0,00o. His offer vas
taken to the extent Of 900, 900 and
the fund completed. a few hours
after Mr.. Baruch's offer. WORD was
received from several banks that they
! would subscribe to an amount Of
about s2,5o8,o0o, but their assist
anee was not needed. AS it stands
| the found Is oFersubscribed abcrt
I s3oo,o
| In announcing the completion Of
the plan Mr.. McAdoo said:
| "I am gratified to be able to an
tnounce the success Of the cotton loan
fund. Subscriptions for the entire
! $1o0,000,oo0 OF class A certificates
I were completed this afternoon. This
assures the success of the plan. To
such extent as banks In the Southern
States subscribe to Glass 3 certi6-
Gates, The 500, 100000 realized from
the Class a certificates will be avail
able for loans on cotton at Sc g
pound. Full details Of the plan Fave
been published and It is not nece5-
sary to repeat them here.
i "The full amount Of subscriptions
to Glass Acertiicates made by banks
j IN non-cottol states amounted at
4 p. m. to-day to $97,297 900. The sue.
cess Of the plan was conditioned upon
the subscription Of the full $780,
100000 Of these certificates In or
ider to make up: the deficiency OF So
100000, Messrs. Kuhn, Loeb & Co.
of New York subscribed $4,000, 900
| and Bernard n. Baruch Of New YORK,
/ formerly Of South Carolina, subscrib-
ed $1,o00,00o, thus completing the
required amount.
/ "The following Is a list Of the
cities and the amounts subscribed to
the fund: New York city, $50, ,e0o,-
1000; Baltimore, $2,500,000; Boston,
Es2,os5,ooo; Chicago, s13,oo0,00o0;
Detroit, s1,cS2,000; Cincinnati. S2.-
10000 Cleveland, $1,000 900; Kan
sas City, $4,000, 100000; Louisville.
fs1,o00.0oo: Minneapolis, 81, coo, ,e0o;
Philadelphia, $3.50, ,0eo; Pittsburgh.
s2,00o.e0o; Richmond, SLIPS, ,ooe;
st. Louis. s11,500,o0o: San Fran
cisco, S360,o0e; Washington, ST.
/ 100000; banks total, ss7,2s7, 900;
Kuhn. Loeb & Co., S2,ooo,000; Be--
lnard n. Baruch, New York, 81 ,o80.-
/ 900; grand total, $1oo,2s7.00o.
| at is not possible to announce
/ each OF the subscribers to the fund
In each of the cities, but It may be
aaid among the larger subscribers In
New York, were J. P. Morgan & Co..
! the Natioaal City bank, the Chase
National bank and others whose
names may, with their permission.
be given as soon as the complete
lists are supplied. The only banks
in the city Of Boston subscribing 70
the fund are the National Shawmut
hhank, the. First National bank, the
South Atlantic National bank, the
| Webster and Atlas National bank and
the Federal Trust company. Great
credit should ee given to Festus ;.
Wade and George ". Simmons OF st.
Louis for their earnest and effective
work.
| "The success Of this plan hos at 40
time been in doubt, but its compile
ton has been delayed by the selfish
deposition. OF certain textile manrfac-
turers and local interests who have
tried to defeat 1t. am happy to
say, for the saSe Of the country as
we'll as for themselves, that they have
been unsuccessful.
| "The successful completion Of this
plan throws upon my associates OF
the federal reserve board and myself
added responsibility, and a large
amount Of onerous work. Il is no
part Of our financial duties. We are
4 already burdened with many difficult
! problems. but we have regarded the
| organization of this cotton loan fund
as a patriotic service and felt obliged
therefore to respond to the call that
has been made upon as.
"We believe the carrying out OK
this plan will be beneficial, not only
In helping the cotton situation and
the foreign exchange situation, but
also BY promoting the general pros
perity of the country, which now has
such a happy impulse that it would
be difficult to retard 1t. It Is pleas
ure to testify to the patriotism and
observation-disclosures Of the banks and
bankers who have so cheerfuliJ aided
the secretary of the treasury and the
reserve board in the organization OF
this fund"