The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-31
RICHMOND BANKS
SUBSCRIBE FUND
FOR COTTON LOAN
Mass-Meeting of Business
Men Is Called for
Noon To-Day.
WOULD RAISE 100000
IN STATE OF VIRGINIA
Richmond's Share of $soo,0oo to
Be Taken UP Imrne-
diately.
LOCAL BANKS ASSUME $3.50 900
Regard Plan to Loan Money on
O-Cent Cotton as Good Bust
peSr vapfuro
RAISE S1,OOO,OOO
IN STATE OF VIRGINIA
LOCAL BANKS ASSUME s25o,ooo
Regard Plan to Loan Money on
O-Cent Cotton as Good Bust
ness Venture.

Richmond business men will meet
to-day to finance n fund of 100000. the
amount expected from this city as its
sha. of the s1.ooc.Ooo subscription
asked from Virginia and West Virginia
to the Sl35,000,000 pool. now being
raised to take care OF the cotton crop.
A mass meeting has been called by the
local committee to be held at noon In
the assembly hall OF the Chamber OF
Commerce. 1t is confidently expected
that the assessment against this city
will be raised before nightfall.
In their usual vigorous manner, the
business men of Richmond have gone
about raising the money. The two
States are expected to contribute only
sl.o0o,ooo 10 the loan fund. and the
local committee has agreed to raise
opc-half OF the total. AT a meeting
yesterday, the banks of the city sub
scribcd s25o,o0o. and at the meeting
to-day the merchants and business men
will be asked to make up the balance.
TELEGRAMs SENT
THROUGHOUT STATE
kilograms have been sent out to all
important cities In the State, asking
that meetings be held for the purpose
OF raising a portion of the amount
Each city has been notified OF its pro
rata share of the fund, AND 1t is be-
lieved that the 100000 will speedily
be raised by the State at large. In ad-
dition to the various meetings around
the State. bankers from numerous
points have been invited to attend the
mass.meeting here to-day, and mum
y Der haXs nay altsad 5, accepted the, Invita-
A meeting OF inc local committee
was held Yesterday. and the following
plan was adopted:
Richmond banks. merchants and
business men will be called upon to as
sist in raising 4 loan fund Of Sl35, ,0O0,-
600 for the purpose of providing money
necessary to finance at least 100000
bales OF cotton. That amount, 1t is
estimated. Is the surplus crop, and IL is
believed that IL the fund is provided
sufficient to enable the South to carry
this amount of cotton. the rest of the
crop will be sold at a reasonable price,
and the congestion in business occa-
stoned by the present depression in the
cotton trade will be materially relieved
and normal conditions in business
throughout tho South will be restored.
The plan proposes that loans will be
made upon warehouse receipts for
cotton on a basis of 6 cents per pound
and tho loans will he carried for enc
year. or longer If necessary. at the rate
of per cent interest. Banks and mer-
chants in the noncotton producing
States are expected to subscribe for
slo0.0oO.00o of certificates. New York
banks having already subscribed for
S50,00o.0e0. The cotton producing
States Will have the privilege OF sub.
scribing for certificates by depositing
cotton warehouse receipts with the
committee.
CERTIFICATES ARE
FULLY SECURED
They will receive T5 per cent of the
value of this cotton on n basis OF &
cents per pound cash and 81 per cent
on participating receipts. bearing G
per cent interest. Subscribers to thei
fund will receive certificates drawing
per cent interest. which are negotiable
and secured by cotton at G cents per
pound and further protected so that.
the possibility ia very remote.
The fund will be administered by
committees appointed by the Federal
Reserve Board. and proper safeguards
have been provided SO that there ap-
pears to Joe practically no chance Of
loss.
1T is expected that the banks and
merchants of Virginia will subscribe
sl.o0o,0o0 to this fund, and that the
government will render all aid possible
by authorizing the Comptroller of Cur
rency to issue additional currency to
national banks with the certificates of
participation in this fund as security
therefor on basis of Is per cent Of.
their value.
W oIu becii' IcCelSSu from
Texas, that a fund of 100000 was
raised in that city by the banks and
merchants In few hours time. 1t
would appear to he the patriotic duty
of business men and banks of this
country TO joinin this plan. that it mas
he put into effect without delay.
WILL GIVE GREAT
IMPETUS,rO BUSINESS
Immediately upon the announce
meDt of this DlaD going into oneratton
1T is believed by the business men and
bankers of this part OF the country,
impetus will be given to business
the whole country for the
North as we'll as the South is vitality
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