The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-11-01

Will be enabled to borrow money with
their crop MS collateral for tho loan
They. In turn. will pay their bills with
tho small merchant and they will meet
their obligations With the 1obber and
manufacturer. The money loaned b,
Richmond men, will, II Is asserted by
Mr. Morgan. return here fvefold, as
this city is getting tho advantage OF
s135. 100000 while It Is only putting up
81, 100000. At least two thirds of tho
entire loan will como to the three
States which purchase through loca,
concerns.
The committee appointed by the Rich
mond Clearing House to raise the yir-
gfnia subscription Is Oliver j. Sands,
w. NJ. Habliston and w. Meade Addi-
son. Letters and kilograms have been
sent All over the State to prominent
bankers and business men, asking that
steps be, taken Immediately to raise
amounts assigned to their cities. The
calls were only sent out late on Friday
night. and it Is too early to expect
action. Lynchburg, however. has al
ready taken steps to raise it's pro-
portionnte amount. The following tele-
gram was received yesterday afternoon
from p. p. Miller:
preliminary bankers meeting held,
ana a meeting OF bankers and leading
jobhers has been called for 10 o'clock
on Monday, morning. VIII wire you
results"
LYNCHBURts HAS LARGE
TRADE IN COTTON HELT
Lynchbury SELLS large quantities OF
merchandise IN tho territory to be bene-
hted by the loan, and 1t is expected
that its banks and Jobbers will respond
literally. The committee counts on
Lynchburg subscribing at least $780,
GOO. Norfolk, Newport News, Danville,
Roanoke and other cities arc yet to
be heard from.
In compliance with his request, Col
onel John B. Purcell yesterday wired
Q. 5. Hamlin. governor of the Federal
Reserve Board. the results of the local
meeting. The action taken by the
Southern States bordering on tho cot
ton belt will have big influence IN
swinging the big pllottments made to
Northern cities. where the plan has not
met with too enthusiastic reception.
Immediately upon the announcement
that the loan Is available. 1t is ex-
pected that impetus will be given to
business throughout the country. It
VIII put an immense amount of money
in circulation, and will givo firms and
persons now pressed for ready cash the
means to meet obligations. The North
~ we'll ns tho South will benefit by
this resumption Of trade.
The mere fact that the money is
available will have big effect, 1t Is
believed by local people, When the
gold pool was raised to guarantee for
eign exchanges, the threatened panic
quickly abated, and not more than half
of the amount was needed. Local
banks have already received word that
10 per cent of their subscription Ia
ready to be returned. The cotton pool,
1t is believed, will have a similar effect
to relieve uneasiness. and it is hardly
expected that the whole sum will ever
he called for.
AZ the meeting yesterday, it was
stated that at least ono local bank
would accept tho warehouse certificates
AS collateral ut 76 per cent of their face
value. 1t Ia expected that the other
banks will fall In limo.
1t Is the hope of the local committee
that IT can be reported on Monday
night that the 100000 has been sub
scribed in Virginia. and is subject to
the call Of the central committee.