Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-12-29
'C|TY's CASH SUBSCRIPTION
TO Be INCREASED $4,000
Demand for Cotton Loans Expected
to Make Two-Thirds Payment
Necessary.
SMALL DEMAND FROM VIRGINIA
Petersburg and Norfolk Only Cities
In State SO Far to Indicate Inten.
ton to Apply for Share OF $780,.
100000 Loan Fund.

Tho outlook for n larger demand for
the Sloo. 100000 cotton loan fund than
was anticipated when 1t was subscribed
Will. IL is stated. more than double the
proportional amount OF the subscrip-
tions to the fund that the subscribers
Will be called upon to pay 1t was es-
timated when the fund was subscribed
that contributors would not be called
upon to pay In more than one fourth
OF their subscriptions. The fraction OF
deposit, according to the latest adj
vices. will he nearer two-thirds.'
Richmond banks subscribed $3.50 00C
to the siOo0,ooo fund. which was as
signed TO the state OF Virginia to raise
Subscriptions from other cities In the
state raised the total subscription Ia
Sl.l3l 800. which stands now as Nir-
Einia's contribution to the national
cotton loan fund. Upon the call OF
Secretary OF the Treasury McAdoo for
an additional emergency subscription
of 100000. local banks raised this
amount at n few hours notice. 1t was
found. however, that the additional ST.
100000 was not needed, and the sub
ScriptlOn was not taken.
CASH SUBSCRIPTION
MAY TOTAL $4,000
The effect locally OF the estimated
large demand for loans from this fund
will be to raise the amount that the
local banks will be called upon to pay
into the national fund. about $4,000
II was at first estimated that not more
than one fourth OF the amount OF each
subscription would have to be called
In That would have made Richmonds
actual cash subscription about $685. 900
Under the estimated two-thirds levy
the city will be called upon to pay into
the national fund approximately Si75.-
0O0
The administration OF the 500. 600. 900
fund which will be under the direction
OF the Federal Reserve Board. will
begin as soon as corrected subscrip-
tons are received from all who have
made contributions. 1t was discovered
shortly after the fund was completed
that the form of subscription was de-
fective. Corrected subscription blanks
were at once forwarded to be filled in.
and as soon an all of these have been
returned the money will become avail
able to planters and farmers desiring
to take advantage OF the loan feature.
APPLICATIONS MUST BE
FILED by FEBRUARY 1
The terms under which all subscrip-
tiOns were made require ill persons
desiring loans to file their applica-
lions before February I with the cot
ton loan fund committee of their State.
The shortncss Of the time between
the date and the date when the loan
fund Will become available. 1t Is now
feared. will materially reduce the en-
tent TO which the fund Will be utilized.
Reports from the cotton States, how
ever, indicate that there will be a
large demand for loans as soon as the
money becomes available. 1t will make
available loans to individuals ut per
cent year on twelve-month obliga-
tons. with the privilege Of renewal for
six months more. In sevaral Southern
States this will be materially less than
the cost of obtaining loans from other
sources
The committee which will admins
trate the fund in Virginia is headed by
John NJ. Miller, Jr., vice president Of
the First National Bank, OF this city.
il Is not expected that any considerable
amount Of the fund will be used in
Virginia. Norfolk and Petersburg. 1t is
stated. are. SO far. the only Virginia
cities that have indicated their in
tention to apply for loans.