New Britain herald., 1914-11-18
'$10Q,O00,0Oo WADE
 COTTON FUND RAISED
Final Subscriptions Of $3,00o,000,
 Pledged by N5W York Men.

IlbUydu U Nbn IUIh MGu.
 Washington. Nov 1S-Announce- ment was made last night at lle trea- = sury department that the Wade cot tofr fund of $1OO.OOO,0 900 lad been completed. the final subscriptions having been, pledged yes terday.
 This fund. which is to oe admin istered under direction of the fedora i | reserve board. througn a bankers committee already appointed. will soon become available for loans on cotton at six cents pound. Will Aid Business. Tt is the belief of the administra- tion officials that the assembling of |, the cotton fund will have salutary effect on business generally and that
 it will have an influence for good on
 the international commercial situa
 tion.
 The closing incidents Of the sub-
 scEiption were somewhat picturesque.
 Secretary McAdoo issued a sta tement
 this morning in denial of a published
 report that the Wade plan was likely toS be abandoned, declaring that it khad beNinspired by certain selfish [fntereskS.'a which desired to thWarJ the efforts of the plans proponents. At that time the subscriptions were nearly $3,OO0.O0O below the required amount.
 Filling the Gap. Later in the day the federal re- serve board had luncheon at the Metropolitan club with Bernard M.
 Baruch, a capitalist of New York. MT. Baruch offered to subscribe $1,- l hot tO complete the pool. Meantime Kuhn, Loeb & Co. had subscribed s2,000,000 bringing the total subscribed by New York bankers up to $53,00O,000, and ! MT. Baruch was informed that $1,-
 00O,NC0 was all that was nueued from him. The board was in high spirits late this afternoon when a statement Twas issued announcing the success of the plan.
 The Wade plan provided for the subscription of $10O,000,0 by banks outside of the cotton states, the New York banks being asked for s50,- 0OQsO0O and the Banks outside of New York for the same amount. So-called Class A certificates .are to be issued upon these subscriptiins upon which the secretary of the treasury has an- nounced he will issue emergency cur rency if called on to do so
 May Total $s5,OOO,OOv.
 The southern banks are to sub scribe only as they need money from the Spool to use in making cotton loans Their subscriptions may total : $35. 5.O00.000, and on them Class B certificates are to be issued which similarly may be made security for emergency currency.
 The southern banks are to receive for loan purposes $4 for every one they subscribe, or in other words s3 from the fund already completed to los6r along with each dollar they sub- scribe.
 Certificates of both classes are to bear interest at percent. In the re- payment of the fund to subscribers the Class A certificates are said to be given limited preference over those of Class B.
 Mir. NfcAdoo's Statement.
 ftre is the statement of Secretary McAdoo, in which the completion of ] the fund was announced: Ham gratified to be able to an- | nounce the success of the cotton loan z fund. Subscriptions for the entire l $10O,0O0,000 of Class A certificates i were completed this afternoon This 1 measures the success of the plan. To such extent as banks in the southern stat0s subscribe to Class B certificates the $100.0O0,OO0 realized from the Class A certificates will be available for loans on cotton at six cents a pound The full details of the plan have already been published and it is not necessary 70 repeat them here.
 Complete Required Amount
 .The full amount of subscription, tos4.lass A certificates made by banks in Wnon- cotton states amounted at D. m. yesterday to $97,292,0OO. The success of the plan was conditioned upon the subscription of the full S1O0 ,0O0,0 900 of these certificates. Tn order to make up the deficiency of S3,QQ0,000 Messrs, Kuhn, Loeb & Co. of New York, subscribed S2,OOO,OGO and Bernard M. Baruch of New York, formerly. of South Carolina sub scribed s1,0O0,0OO, thus completing 1 the required amount
 The following is list of the cities and the amounts subscribed to the fund:
 New York ............. s5O,O0o,0O0 HSdtimorc ........... 2,50O.6OO Boston .............. 2.0S5, 900 Chicago .......... 13,00O.00O Detroit .............. 1,082,0Oo Cincinnati ........... 100000 Cleveland ........... 100000 Kansas City .......... 100000 Louisville 900, 900 Minneapolis ........ 1 100000 Philadelphia ........ 4.64O.oOG FjNtsburg ........... oOOOODO Richmond ........... 1125ODO St. Louis ............ 115OOOOO San Francesca 260 nn1