Pine Bluff daily graphic., 1914-10-28
Bankers Endorse Plan and Urge Each Bank to Invest
 2 Per Cent of Assets.
SPEAKERS ASSERT
 SOUTH TO BENEFIT
Sam Alexander, J. J. Scroggins. George B. Rogers and Others Declare There's No Cause for
 Alarm,

1 Little Rock, Oct 27.-Over S1.500.- 900 to the cotton pool by which it is planned to have the banks of the Unit ed States, under the national reserve board, purchase and retire 5,O0O,O0O bales of cotton from the market. thus boosting the price on the remainder of the crop, was subscribed by state banks and trust companies at the call ed meeting of the Arkansas Bankers association, which was held in Little Rock today.
 A resolution was adopted commend ing the plan and pledging each bank ing institution that holds membership in the organization, to subscribe 10 per cent of it's gross assets, and urg ing the warehouse and compress com panies to use uniform warehouse receipt which will be adopted by the national reserve board. It was after the adoption of this resolution that the bankers signed the pledge, and another $1,000,O00,OOO will be added by the bankers who were not present at the meeting.
 George R. Rogers, president of the state association, who has just re- turned from New York, where he dis cussed the plan with members of the reserve board, presided over the meet ing and gave the 150 bankers present the advantage of the information he received There was practically no +o 1,1fi bankers felt that no matter where the cotton was purchased it would force the price of cotton everywhere up, and the same end would be gained as though the cotton was purchased in this state. It was also evident that Arkansas would not be slighted in the purchase of cotton which is to form the pool.
 It is planned by the federal reserve board that $135,O00,000 will be raised, $50 .OOO OOO among the bankers of New York. s50,00O000 in non-cotton grow ing states, and the balance in the South. The cotton growers will then be loaned on this cotton at the basis of cents per pound, at per cent ln- terest. The borrowers are required to pay 3 per cent of the amount pald them into a guarantee fund. From this the expenses of handling the loans. whicmh will not exceed l-S or per cent, and the balance is to ln- sure losses on loans. When the loans are finally retired, the balance in the guarantee fund is to be distributed pro rata among the borrowers.
 The wholesale merchants ana oth- CTS of Arkansas will raise another $2,- 900 ,0OO, so that Arkansas Will De one of the first states to respond to the call. and it will pay in as mucn' or more, than any other state, in accord ance to the wealth.
 Wants Exchanges Opened. S. c. Alexander of Pine Bluff, the only banker at today's meeting to op- nose the cotton poool plan, did no! oppose it on the grounds that it would not assist in relieving the cotton farmers. He was applauded vigorous lv when he advocated the immediate reopening of the cotton exchanges l declaring such a move would do more to raise the price of cotton ana take the surplus off the market than any other thing. Word from New York ,s to the effect that exchanges propaois will open next month.
 "This cotton pool plan would nave been all right thirty or sixty days ago but now it is too late; the darkes mart of this era is past. and we aren,' in nearly as bad financiial condition as many would have us believe" de clared MT. Alexander. Next year VII he the time we must prepare for now The present crop will be sold. Engllsl buyers are in this country right nov taking advantage of the low price O cotton. At Pine Bluff two weeks ag' .l.I sold cotton direct to a London aeai er The dealer was in Pine biun an went from there to Texas, where II nurchased several thousand bales. Tn Englishmen are taking advantage Q an un-called-for scare in tnls coun trv If the cotton exchanges are op ened, though, everybody. so to speaE will be buying cotton. and 1t VIII D :. selling for 8 cents a pound or more'
 South Sure Winner. o 1 IT. Scroggins of Morrilton gave al