The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-11-04
subcommittee.

"The cotton loan committee shall
in turn appoint committees in each Of
the cotton producing states hereinbe'
fore named, the title of such commit.
tees to include the name Of the state
in which such committee shall be re.
quired to act for the cotton loan com
mittee, and each State committee sc
appointed shall in turn appoint local
committees in sufficient number tt
safeguard the practical workings Of
the plan. All committees appointed
to be subject to the approval of the
central committee and all committees
to serve without compensation Of any
kind.
"The banks of the city of New York
have pledged themselves to subscribe
to fifty million dollars of the one hun
dred million dollars of Glass A certi-
ficates, provided the remaining fifty
million dollars shall be raised within
a reasonable time under the super
vision of the central committee by
banks in non-cotton producing states.
s Per Cent. Interest.
"All loans made from the fund
created shall bear interest at the rate
of per cent. per annum and all ap-
plications for loans must be made
through banks or bankers who shall
in each instance accompany the appli-
cation for such loans with a subscrip-
tion to Glass B certificates in an
amount equal to 25 per cent. of the
amount of the loan applied for. The
subscriber to Class B certificates ap-
plying for loan for a customer will
not be required to endorse the note of
such customer and shall not be en-
tiled or permitted to receive from
such customer the payment of any
commission on account of obtaining
such loan.
"Ail loans made shall be first ap-
proved by the proper local commit
tee, by the appropriate state commit
tee and by two members Of the cot
ton loan committee When applica-
tions for such loans have been ap-
proved as above provided the notes
evidencing same, together with the
collateral required under the terms
of this plan, must be forwarded to
the Office of the cotton loan commit
tee with instructions as to the disposi-
ton of the proceeds and must, as stat
ed, be accompanied with the sub
scription of the bank or banker for
warding the application to an amount
of Glass B certificates equal to 25 per
cent. of the amount applied for.
Class B Subscriptions.
I'm order to make the subscriptions
to Class 3 certificates Immediately
available, each subscription accom-
panied by an application for a loan
must be accompanied by New York
draft of the bank or bankers through
which the application is made, drawn
to the order of the cotton loan fund,
or in such manner as the cotton loan
committee shall designate, said draft
to be for an amount equal to 2o per
cent OF the loan applied for, and
upon the granting of sucn loan a
Glass B. certificate for this amount
shall be issued. In ahis manner 73
per cent. of each loan will be provld-
ed by the fund obtained from Glass A
and 25 per cent from
the Glass B subscribers.
"All loans shall be- evidenced by
notes in form approved, by the cotton
oan committee and sltall be secured
oy cotton on the basis of cents per
pound for middling in addition to the
guarantee fund herein after described.
U~orohnucn z paoirtc
: ''As evidence of tn { securtw s,ffer-