Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-11-18
LOAN FUND IS COMPLETED;
s135,0OO,000 SUBSCRIBED.
Countrywide Effort to Aid Cotton
Producers Comes to Success
fui Conclusion.
M'ADoo MAKES STATEMENT
Refers to Selfish Opposition of Ger
tain Textile Manufacturers and
Local Interests, Who Attempt 10
Defeat Plan.

e ! l. .
wAsHTNGToN33. November .i1--,rhe-
eountry--wide. effort to furnish laid TO
cotton producers and find a bottom for
tho cotton market came TO n successful
conclusion tonight, when Secretary; of
the Treasury, McAdoo announced the
completion of the s135,o00OOo cotton
loan fund.s In making his. announce
ment. Mr.. McAdoo declared the success
of the plan was assured.
The sccrotarys statement came ut
the end of a day devoted to efforts to
OBTAIN subscriptions necessary to COM
plete the 500. 100000 portion of the
fund assigned to banks In noncottop-
producing States. AIR. McAuoo, Paul
NJ. WarburG and w. p. G.. Harding.
members of tho Federal Reserve Board
in active charge of the pool plan, took
active steps to gather In tho remain
ing millions.
Kuhn. Loeb Il Co, OF New York.
agreed 20 subscribe S2.00o.000. At u
luncheon given by John shelton Mil
liams. Bernard NJ. Raruch. Of New
York. said that he might invest in the
/ fund up to sl,500.0 .0O0 His offer was
taken to. the extent of Sl,00U,000. and
the fund completed. y few hours after
Mr.. Baruch's offer word was received
from several banks that they would
subscribe TO I'M amount of about s2,-
100000. but thoir assistance. was not
needed AS il stands, the fund is over
subscribed about 100000.
COMPLEXION OF PLAN t
~ ANNOUNCED BY McADOO
z In announcing the completion. OF the
plan, Mr.. McAdoo said:
II am gratiied to be able to mn
nounce the. success OF the cotton loan
fund. Subscriptions for, the entire
100000, 600 of Glass y certificates wcro
completed this afternoon. This assures
the success of the plan. TO such extent
as banks in tho Southern States sub
scribe to Class Is certificates. the $780,
100000 realized from tho Glass y COR
tihcntes VIII be available for loans on
cotton at cents n pound Full details |
OF the; plan have been published, and
II In not necessary to- repeat them here.
The full amount of subscriptions to
class y certificates made by. banks I'm
noncotton States amounted ut . r.. NJ.
to day To S97.ea2,00o. The success OF /,
the plan was conditioned upon the sub /
scription OF, the full sl0o.000,000 of
these certificates. In order to make up
the defieicncy OF sa.oooooo. Measrs.
Kuhn, Loeb & Co. OF New York, sub /,
scribcd s2,ooo.o0o. and Bernard NJ. Ra
ruch, Of New York, formerly Of South
Carolina, subscribed s1.0O0.000. thus
completing the required amount"
The following is a fist Of the cities
and the amounts subscribed TO the
fund:
New York City. s5o.ooo.ooo; Balti-
more. s2,50O.0O0; Boston, sa,OS5, 900:
Chicago sla.o0O,o00: Detroit sl,oS2.- |
400: Cincinnati. sa.o00oO0; Cleveland. !
S2.060.000; Kansas City, $4,000. 900: J
Louisville. sl.o0O.oO0; Minneapolis ST. |
100000; Philadelphia. 5t.640,O00; Pitts /
burGh. $2.000,0o0: Richmond. s1.125,- |
600; ST. Louis. sl1.b00,000: San Fran !
cisco. sa6o,oe0; Washington. $1,000 900. /
Banks total, $97.292,0o0.
Kuhn, Loeb & Co, s2.0OO,OOO
Bernard NJ. Raruch, New York, ST. |
100000. /
Grand total. sl0o293 1000 |
NAMES OF SUBSCRIBERS
NOT YET MADE PUHLIC
1T Is not possible TO announce to-
day.tthe names of the subscribers to
the fund in each OF the cities" the |
statement said, but 1t, may be said
that among tho larger. subscribers In |
New York are Mcssrs. j. I.s Morgan &
Co. the National City Bank. the Chase
National Bank and others whose
names may, with their permission, be
givcn as soon as tho complete lists
are supplied. Tho only banks In .he
city OF Boston subscribing to tho fund
gre the National Shawmut Rank. the
First National Bank, the Fourth At
lantic National Bank, the Webster
and Atlas National Bank and the Fed
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