The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-11-01

incton. d. c.; Paul NJ. Warburg.
washington, d. c.; Colonel E. NJ.
House. Austin, Tex: Albert H. wiggin.
New York; James 8. Alexander. New
York; James b. Forsan. Chicago: Fes-
tus J. Wade, 8. Louis, Mo-; Levi L.
Rue, philadelphia: william A. Castor,
Boston, Mass.
All loans shall be evidenced by
notes in form approved by the cot
TON loan committee and shall be Sc
cured by cotton on the basis OF six
cents per pound for middling In add
ton to the guarantee fund hereinafter
described.
As evidence of the security offered,
each note rendered with an apphca-
ton for . loan must be accompanied
by receipts Of approved warehouses
and by evidence of proper insurance
All cotton accepted as security must
be located In warehouses or other
buildings under the ownership and
control of some person, firm or corpo-
ration other than the borrower. Ano
In approving such loans. the local ana
State committee shall respectively pass
upon the sufficiency OF such warehouse
receipts and insurance. and shall Dc
! satisfied that such cotton IL free from
| loan or loans from the fund to the
borrower for which such cotton -
pledged az part security for such loan:
and the committees approving such
| loans shall likewise he satisfied tnat
| that the cotton offered as security 10 OF
| grade or quality specified In the ap-
/ plication.
All expenses such as warehouse
| charges and insurance premiums snail
1 Good AttendAnce0
/ About seventy-fve bankers and
business men attended tho meetins
Yesterday and great interest was
shown in the proceedings from the
| beginning. Addresses. explaining the
plan and urging that the amount ap-
| portioned to Virinia be subscNoed'
were made by s. T. Morgan. president
Of the Virginia Carolina Chemical
| Company; John b. Purcell. PRESIDENT
of the First National Bank: Ohvsr =
Sands, president OF the American Ma
tional Bank; s. d. Crenshaw. treas
nrer OF the virginia Carolina Chemi-
| cal Company: w. NJ. Addison, cashier
| IF the First National Bank, and
! others. -,
1 II was urged that Richmond could
| not AFFORD to fail to subscribe the
| amount appOrtioned to her. either Tor
sentimental or for business reasons
| For every dollar subscribed interest
! would be paid II the loans were made
il was pointed out. and the help thus
extended TO Southern cotton growers
, would enable them to meet their In
| debtedness to tho business men OF
Richmond and Virginia. For every
| dollar subscribed," declared Mr.. Ad
, olson. ten dollars In bills will be coll
| lected and tho dollan will come back
| with interest
Others spoke In the same vein.
/ showing that the plan wAs founded
/ on sound business principles and not
upon sentiment. All who spoke =.
vored the plan. Not : discordAn'
note vas struck, all queries being I'D
dressed to the presiding ofhcers
merely to secure information. At the
\ proper time subscription blanks weTs
passed around and In about twenty
1 minutes $4,000 were subscribed
1 subscriptions expected to come II
| later may raise tho total to or above
the 100000 mark.
/ Teiegrams were sent to the Nattona
Board in Warrington advising II tha'
| the amount apportioned to Richmond
| had been oversubscribed and that I
| was here subject to call. The rest O
Virginia, and all Of West Virginia
| have to raise only about 100000 q
bring the total to the one million dol
lar mark. the amount apporttoned q
| these two StAtea
l PRECEDENT Reed. Of the Chamber .
Commerce. named committee Q
three to nee business men who wer'
not present 1t the meeting ana 4
II solicit subscriptions, The COMMITTEES
4 which ID composed Of ". NJ. Addison
III Latimer Gordon and Oliver y. S1ndi
expect to bring the total subacribe'
10 the $soo,ooe mark Ct least y
u MOndhy. - stss 7asA sla ss