The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-11-21
COTTON LOAN FUND COMPLETE
MADOO ANNOUNCES THAT SUB.
SCRIPTION TO POOL HAS
BEEN MADE UP.
Bernard NJ. Baruch of South Carolina
Puts UP Final Million, just When
Things Seem Somewhat ShaIIy-Rc-
serve Board Ready so Tackle Great
Task.

cotton market came to a successful
conclusion tonight when Secretary
McAdOO announced the completion of
the $135, 900 cotton loan fund. In
making his announcemet Mr.. Nc
AdOO declared the success of the plan
was assured.
The secretary'S statement came at
the end of a day devoted to efforts to
obtain conditions necessary to COM
plete the $1OO,0O0,OOO portion of the
fund assigned to banks in non-cotton
producing States. Mr.. McAdoo, Paul
NJ. Warburg and w. P. G.. Harding,
r:'embers Of the reserve board, in ac.
tive charge of the pool plan, took ac-
tive steps to gather in the remaining
millions.
Kuhn, Loeb & Co., Of New York
agreed to subscribe $2,00O,O0O. At a
luncheon given by John SHELTON Will
liams, Bernard NJ. Baruch of New
York, said that he might invest in the
fund up to $1,500,000. His offer was
taken to the extent Of 100000 and
the fund completed. a few hours
after Mr.. Baruch's offer word was re-
ceived from several banks that they
would subscribe to an amount of
about $2,500,OO0. but their assistance
vas not needed. AS it stands the fund
is oversubscribed about $1,000
In announcing the completion of
the plan Mr. McAdoo said:
Il am Sratificd to be able to an
nounce the success Of the cotton loan
fund. Subscriptions for the entire
$100, 100000 Of Glass A certificates
were completed this afternoon. This
assures the success Of the plan. To
such extent as banks in the Southern
States subscribe to Glass L certificates
the $1O0,OOO,OOO realized from the
Class A certificates will be available
for loans on cotton at cents a pound
Full details of the plan have been
published and it is not necessary to
repeat them here.
The full amount of subscriptions
to Class A certificates made by banks
in nOn-cotton States amounted at 2
p. m., today to $97,297,OOO The sue
cess Of the plan was conditioned upon
the subscription of the full $1Ol Co.,
coo Of these certificates. In order to
make UP the deficiency of $4,000, 900,
Messrs. Kuhn, Loeb & Co, of New
York subscribed 100000 and Bern
ard NJ. Baruch Of New York, formerly
of South Carolina, subscribed $1,000
600, thus completing the required
amount.
THE following is list of the cities
and the amounts subscribed to the
fund: New York city, $50,000,OO0;
Baltimore, $4,000, 900; Boston, $685.
600; Chicago, $13,000,00O: Detroit,
$1,OS2,000; Cincinnati, $4,000, 900;
Cleveland, 100000; Kansas City,
100000; Louisville, $1,000 900;
Minneapolis, $1,000 900; Philadelphia.
$4,640,O0Q; Pittsburgh. $4,000 900;
Richmond, SLIPS, 900; s.. Louis, s11,-
100000; San Francisco, 100000;
Washington, $1,OOO,OOO; banks total,
$97,297,O 900; Kuhn, Loeb & Co., So
100000; Bernard Nj. Baruch, New
York, $1,OOO,OOO; grand total, $780,
297,0OO.
Il is not possible to announce each
of the subscribers to the fund in each
Of the cities, but it may be said among
the large subscribers in New YORK
were j. p. Morgan & Co., the Ma
tional City bank, the Chase National
bank and others whose names may.
with their permission, be given as soon
as the complete lists are supplied. The
only banks in the city of Boston sub
scribing to the fund are the National
Shawmut bank, the First National
bank, the Fourth Atlantic National
bank. the Webster and Atlas National
bank and the Federal Trust company.
Great credit should be given to Fes-
tus j. Wade and George w. Simmons
of st. Louis for their earnest and ef-
fcctivc work
THE success Of this plan has at no
time been in doubt, but its compile
ton has been delayed by the selfish
opposition of certain textile manufac-
turers and local interests who have
tried to defeat it. l am happy to say.
Ior the sake Of the country as We'll as
for themselves, that they have been
unsuccessful.
'Thc successful completion of this
plan throws upon my associates of
the federal reserve board and myself
added responsibility and a largo
amount of cnOrOuS work. 1t is ~
part of our official duties. We arc al
T( adv HurtCnp1 with many difficult /