The Dawson news. (Dawson, Ga.) 1889-current, 1914-12-01
Tss1rED FROM THE OFFICE OF
THE GOVERNOR OF THE FED
ERAL RESERVE BOARD.

II is proposed to create IN th'
uor hereinafter provided FUND
of annroximately $135,OO0,OOO, to be
known as the cotton loan fund" ano
- bo used for the purposes herein
uto+ad Subscribers to this fund snail
10 divided into two classes to be des-
;ora+ed respectively as Class "A" and
class "B" subscribers. Glass A
subscribers shall consist of banks OF
o+bar corporations, firms or indlvld-
mails located or residing in other than
the cotton producing states OF Ala
hama. Arkansas, Florida, Georgia
Iouisiana, Mississippi, North Caro-
lima Oklahoma, South Carolina, Tex
as and Tennessee.
All class "a" subscriptions shall be
contingent upon the receipt OF sub
scriptions of that class aggregatlng
500 10000. Glass 'B" subscr1p-
tions shall be made by banks or
bankers located or residing in the
cotton producing states above men
toned. and as hereinafter more par
tfcularlv explained; no class "B' sub
scriptions shall be required except as
a condition of a loan or loans to be
made out of the fund to be created,
and in such event subscriptions shall
not be required to exceed rs per
cent Of the amount of the loan ap-
piled for,
Each subscriber shall, upon the
payment in whole or in part of the
amount subscribed for, receive a
participation certificate transferable
on the books of the committee snow
ing on its face the class of subscrip-
ton represented thereby and specify
ing the terms under which the own
er will be entitled to share in the
distribution of the moneys reallzed
from the loans made from the tund
created. ,
All class "A" and class "B" GER
tificates shall bear interest at the
rate of six per cent per annum, pay
able quarterly.
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 led
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 pc
necessary to properly carry out the
purposes of this plan. The cotton
loan committee to be named by the
central committee shall consist OF the
following: w. P. G. Harding, chaF-
man, Washington, D. c.; Paul NJ.
Warburg, Washington, D. c.; Col. Il.
NJ. House, Austin, Texas; Albert ii.
Wiggin, New York; James b. For
gan, Chicago, ILL.,; Festus j. wade,
St. Louis, Mo-; Levi P Rue, Ph1la-
delphia, Pa; VIM. A. CASTOR, Bos-
ton, Mass.
The cotton loan committee shall IN
turn appoint committees in each OF
the cotton producing states herein
before named, the title of such com
mittees to include the name OF the
state in which such committee shall
be required to act for the cotton loan
committee, and each state committee
SO appointed shall in turn appoint
local committees in sufficient number
to safeguard the practical workings
of the plan. All committees appoint
ed to be subject to the approval OF
the central committee, and all COM
mittees to serve without compensa-
ton of any kind.
The banks of the city of New York
have pledged themselves to subscribe
to fifty million dollars of the one
hundred million dollars in class "A
certificates, provided the remaining
fifty million dollars shall be raised
within a reasonable time under the
supervision of the central committee
by banks in non-cotton producing
states.