Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-11-19
] R]II|Cl'HIM0lNl.GIvVEs 6 ] ' / ANOTHER
! MILLION TO.COTTDN POOL
Responds Promptly to Afc.,doo's Call
for Help. TO Complete
Big Fund.
FIVE BANKS ASSUME BURDEN
First, Planters, State and City, Mer-
chants and American National
Banks Increase Their Total Sub
scriptions to st,24O,OOO.
Gen. Ca KAuza1

| Five Richmond banks yesterday sub
scrtbed an additional s1,oO0,O0O to the
sia'.oQ0.00o cotton pool which has been
raised to relieve the financial strn-
sencys or tho South. The'amouut raised
yesterday brings the totalcfor Virginia
up to se,13i.a00. Of which three -fonrths
was subscribed by local banks mann
factnrers and jobbcrs.
The big cotton pool hns at last been
completed, according to Information re-
celved yesterday by the Richmond
clearing house committee, which had
charge OF tho raising OF the Virginia
allotment. TO bring the total up to
SlO0 100000, which vas TO be subscribed
by the 5nopcotton producing States, the
local committee WIS asked by Secretary
| McAdoo 70 take up the additional sum,
and It was immediately raised. without
the fre. banks forming the clearing
house going outside for aid. Efforts In
certain sections to block the scheme
threatened to wreck it. and Richmond
and other cities wore appealed to. and
made up the dcficit.
The banks aubgcribed as follows:
First National Rank, $4,000. bring
ing its total subscription up to $780,
900; rlantrrs. Natinnai Ban K. nov sub
scription, s170,oQo, total selO.b0O; Ma
tional State and City Bank new sub
serIption, sl70, 600. totni&s2IO.0o; Ameri-
can National Bank, new subscription.
$4,000. total sar0.oo0,s and Merchants
National Bank, new subscription. sr7O-
coo. total 100000 The grand total for
these 1--WE hanks was Si,2I0.0Q0. which
is nearly Soo0.000 more than tho orig
inal allotment for the whole State.
RICtIMOND RESPONDED
TO ISIRsTS CAII.sTOR FUNDS
Richmond BANKERS and business men
responded quickly to. the first call for
funds. Within Two hours, aftcr being
notified by thGi Federal Rcserve Board
. thatsit approved of tho cotton pool plan
for rclicvinE the nnanciul strIngency.
the, five hanks and two trust companies
subscribed s26Q.0O0, and a commit:cc OF
three was, appointed to" start y state
wide campaign As a result. the local
business men subscribed more than
$500. 0Gp in -four, days. and other Nir-
ginia cities raised the total mp to 81
4 $4,000. Subsequently. ii was found
impossible to collect $4,000 of this sun
scrfption. making the total for the
State. exclusive of the contribution yes
terday. 3l,t3a,o a peculiar. feature
(: of the campaign was that no local
banks, other than tho i've mentioned
a.bovs. subscribed a cent to the move
ment although two trust companies
raised 100000 between them.
/ With the cotton pool complete, cot
ton producers will lie able now to got
loans Oh their produce. They must
|. store their cotton In warehouses, ana
can borrow upon the receipts. he
banks through which the loans are to
be made must take MP bonds equal
!. TO one- third of the amount To he bor-
rowed. In other words. the cotton
producing States arc to raise iund
lof 81 for every So loaned by thc nom
producing States. s
lENPEC10 REsEVIE HANKS
h TO REDUCE S'TRINGESCi
Tho oneping OF the Federal reserve
banks VIII. IL is believed, make tho
cotton pool unnecessary, while tho
IS (Continucd on Second rtsc)