The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1914-11-18
REQUIRED AMOUNT
Is NOW COMPLETE

The full amount of subscriptions to
class A certificates MADE by banAs in non-
cotton states amounted at p. m. today to
S97, $4,000. The success of the plan was
conditioned upon the subscription of the
full $l00,000,000 of these certificates. In or
der to make up the deficiency of $1,000, 900
Messrs. Kuhn, Loeb & Co. of New York
subscribed S2,000,0O0 and Bernard NJ. Ba-
ruch of New York. formerly of South
Carolina, subscribed Sl.000,00O, thus COM
pieting the required amount"
The following is a list of the cities AMI
the amounts subscribed to the fund: New
York city, s5O,0oO.0O0; Baltimore, s2,5OO0 001;
Boston, $2,0So,000; Chicago, $13,0O0.00o De-
troit, $1,0S2,000; Cincinnati $2,0Oo,000.
Cleveland, 5000, 000 Kansas City, $2,000,-
900; Louisville, sl.000,o00; Minneapolis ST.
0tC,000; Philadelphia. s4,460. .0oe; Pittsburg.
S.. coo 600; Richmond, $1,125.000; ST. Louis,
S11 10000 San Francisco, s360,lO0; Wasu-
ngton, $.000.000; banks total, $97 292, 900;
Kuhn, Loeb & CO., $2,O00.O0O; Bernard M.
Raruch, New York; 81 100000; grand total,
500, $4,000.
at is not possible to announce tooay
the names of the subscribers to the fund
in each of the cities" the statement said,
but 1t may be said that among tho
larger subscribers in New York city are
Messrs. ]. p. Morgan & Co.. the National
City bank, the Chase National bank and
others whose names may. with their per-
mission, be gwen as soon as the COM
plete lists are supplied.
THE only banks in the city of Boston
subscribing to the fund are the Ma
tional Shawmut bank, the First Nation
al bank, the Fourth Atlantic National
bank. the Webster and Atlas National
bank, and the Federal Trust company.
Great credit should be given to Messrs.
Festus J. Wade and George w. Simmons
of st. Louis for their earnest and ef-
fective work.
Success Not Doubtful
THE success of this plan has at u,
time been in doubt. but its completion
has been delayed by the selfish oppo-
sition of certain textile manufact urers
and local interests who have tried to
defeat It. l am happy to say, for the
sake Of the country as we'll as for them
selves. that they have been unsuccess-
full.
THE successful completion of this
plan throws upon my associates of the
federal reserve board and myself added
responsibilities and a large amount of
onerous work. 1t Is no part of our Of
ficial duties We are already burdened
with many difficult problems. but we
have regarded the organization of this
cotton loan fund just as we did the
gold fund and its proper administration,
as patriotic service. and have felt
obliged, therefore, to respond to the
call that has been made upon us.
I'VE believe the carrying out of this
plan will be beneficial not only In help
ing the cotton situation and the foreign
exchange situation. but also by pro-
noting the general prosperity OF the
country, which now has such a happy
impulse that II would be difficult to
retard 1t is pleasure to testify to
{ the patriotism and broad mindedness
of the banks and bankers who have SO
cheerfully supported the Secretary Of
the Treasury and the federal reserve
board in the organization of this fund"