The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-05
SPLENDID TEAM
CONTINUED from First Pawe)
Commerce, expressed confidence II
Pesersburg's share being subscribed.

AufnnterNP, CxDTt'ssSu III
Pesersburg's share being subscribed.
| Rich m nd has pulled "
| through. Virginia's million dollar
cotton loan allotment has been
! oyersub~crihcd.
/ The splendid team work of
Richmond's banks and business
men has brought about almost
/ instant success. encouraging other
Virginia municipalities to SUD-
/ scribe to the fund.
Though the million dollars, assigned
! to Virginia and West Virginia, of the
S1S5. 600, 600 cotton loan fund has been
oyersuhscribed, the local committee
consisting of Oliver J. Sands. W. M
Ha blston ami George C.. Gregory, and
the Richmond soliciting committee. w
Meade Addison, r. Latiner Gordon
and George G. Gregory. are still at
work securing subscriptions. 1t is the
desire of the Richmond committees
that the million dollars be well over
subscribed in order that any deficiency
in the subscription of the allotment to
other States may be overcome, and
the hundred millions that the non-cot-
ton producing States may he assured.
The work of the committee yester-
day had gratifying results Reports
coming in from Norfolk, where 5000
06o Norfolk's share. was obtained;
from Winchester, with $4,000 sub
4aeFisea; charlottesville and Newport
I News $4,000 each, showed that the
amount was practically certain 10 be
received before night Then came re-
ports from the West Virginia cities
Martinsburg with $4,000. Clarksburg
with $4,000. and Fairmont with s16,-
500
The committee still waiting to hear
what Petersburg would do at its meet
Ing, under the auspices OF the Cham
/ her of Commerce. at night. went to
work on number of prospective sub
scribers in Richmond and secured the
following: j. w. FERGUSON & Sons.
$1,000: the Duplex Envelope Company,
$4,000 and r. s. Winston, $4,000.
Banks Divide Up Subscriptions.
! The committee early in the after
noon assigned the amounts subscribed
by participating Richmond banks. on
the basis of their resources, the al
lotted subscriptions Of the banks being:
First National Bank. 10000; Ameri-
can National, Planters National, Mer-
chants National and National. State
and City Banks. S40.0o0 each; Old Do
ninion Trust Company. $4,000. and
Virginia Trust Company. $4,000.
! Despite the fact that the city Of
: Richmond has subscribed sG40.000 of
the allotted million dollars. It is the
intention OF the committee to continue
its work and to add further to the Nir-
ginias' opportionment. The commit
tees working in other sections of the
two States will also continue 10 secure
subscriptions. 1t Is natural that Rich
.fmona should bear the greater share
of the subscriptions because of the
fact that this city does much more
business with the cotton growing
States than any other city in the State.
West Virginia cities, it is pointed out,
do very little business with the cot
ton growing country
Other non-cotton producing States
do less business, In many cases, with
the cotton growing States than does
Virginia, and this makes It, possible
that some Of them may not secure the
total amount assigned to them. 1t Is,
therefore, imperative. a member oi
the local committee said yesterday
that Virginia should oversubscribe. II
Is for this reason that the committee
will continue its work and will re-
ceive further subscriptions from per
song or firms desiring to participate ir
the loan. Many who may wish to par
: tiCipate in the loan, and investment
paying six per cent TO subscribers
! probably have been overlooked by the
; committees. All these are asked tc
make their desires known to any mem
btI vi hitt CVitiHtfltCS Win Nbcii tISii
subscription may be placed.
VIII Relieve General Situation,
The operation of the cotton loar
pool will not only relieve the cottor
situation, but will aiiew the cotton.
grower to pay his obligations in var,
ious directions. and enable the mer
chants, tobbers, manufacturers ant
, others to meet their obligations. both
in and outside of their own States re
tlipNlpp " 81 lnrQ the fjna rta
stringency that now exists TO mark
ed degree in the South,
Richmond and Virginia tobbers ant
manufacturers who have been findint
, collections difficult because of tn
tightness of money, will find tn
money distributed in the Soutl
through the cotton loan. coming bach
to Richmond In the form OF pay
ments for goods distributed. For ever,
dollar that the South puts into thu
Sf35. 000,0 900 pool, the Northern ant
Western States are putting up four
This money will go into the cotton
growing States and will retire from
: the market some 5.000,00 bales o
; cotton.
The Virginia concern, or the Rich
mond concern, it will, therefore, b.
T seen, is putting its money into n 81,
' per cent investment that is absolutel,
l safe. the loan plan being based OF
r sound business principles. and is als
providing the South, which does bust
ness with the Richmond and othe
= Virginia houses. with the means 70
!. meeting obligations,
In addition to creating a means 70
the bringing of business conditions il
the South back TO normal, every sub
. scriber to the loan is performing
r patriotic duty and is showing tina
spirit OF self-reliance and resource
q fulness that has been the cause o
making the Old Dominion great