The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-11-04
STARTS Loan FUND
DETAILS OF PROPOSED COTTON
LOAN Are EXCELLENT
OFFICIALS Confident
Scheme is Laid Before Bankers ALI
Over Country-Sufhcient Response
Expected by End of Week to Put
Plan Through Juthern Banks
Must Take One-Fourth.

Must Take One-Fourth.
Full details of the plan for a s135,-
100000 loan fund to take care Of the
surplus cotton crop were made public
Tuesday night by the federal reserve
board. The boards outline Of the
pls- was sent to clearing house asso-
IS throughout the country. Re-
spvl jes are expected before the end
of the week and officials are hopeful
that the plan would met with suf6-
clint banking support to make its
adoption certain.
''It is proposed to create in the
manner hereinafter provided fund
Of approximately 135,000,000, to be
known as the cotton loan fund.- and
to be used for the purposes herein
stated. Subscribers to this fund shall
be divided into two classes, to be des-
ignated, respectively, as Glass A and
Glass 3 subscribers. Glass A SUBJ
scribers shall consist of banks and
other corporations, firms or indiVid-
uals located or residing in other than
the cotton producing states Of Ala
bama, Arkansas, Florida, Georgia,
Louisiana, Mississippi, North Caro-
lima, Oklahoma, South Carolina,
Texas and Tennessee.
Glass "A'' Subscription.
"All Class A subscriptions shall be
contingent upon the receipt of sub
scriptions of that class aggregating
500, 200, 200, Class 3 subscriptions
shall be made by banks or bankers
located or residing in the cotton pro-
ducing states above mentioned, and
as hereinafter more particularly ex-
planned. No Glass B. subscriptions
shall be required except as a condi-
tion of loan or loans to be made out
of the fund to be created, and in such
event subscriptions shall not be re-
quired to exceed 25 per cent. Of the
amount Of the loan applied for.
each subscriber shall, upon the
payment, in whole or in part, of the
amount subscribed for, receive par
ticipation certificate, transferable on
the books of the committee, showing
on it's face the class of subscription
represented thereby, and specifying
the terms under which the owner will
be entitled to share in the distribu-
ton Of the moneys realized from the
loans made from the fund created.
"All Class A and Class B certifi-
Gates shall bear interest at the rate Of
6 per cent. per annum, payable quar-
terly.
Administration.
1.-THE cotton loan fund will be ad-
| ministered under the direction Of a
committee, to be known as the cen
trail committee, and to be composed
! of the individual members of the fed
| eral reserve board The central COM
! mittee shall appoint a committee for
| the general administration of the
fund, to be known as the cotton loan
committee, and shall delegate to such
| committee such powers as may be
necessary to properly carry out the
purposes of this plan.
s'The cotton loan committee to be
named by the central committee shall
consist Of the following: w. P. G.
Harding, chairman, Washington, D.
c.; Paul NJ. Warburg, Washington, D.
c.; Col. E. NJ. Mouse, Austin, Texas;
Albert H. Wiggin, New York; James
S. Alexander, New York; James B.
Morgan, Chicago, ILL.,; Festus J. Wade
st. Louis, Mo-; Levi L. Rue, Phila-
delphia, Pa; William A. CASTOR, Bos-
/ ton Mass