The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-10-28

piled for.
Each subscriber shall, upon the
payment in whole or in part of the
amount subscribed for, receive 4 par.
ticipation certificate transferable on
the books of the committee showing
| on its face the class OF subscription
represented thereby and specifying
| the terms under which the owner will
be entitled to share in the distribu.
ton Of the moneys realized from the
loans made from the fund created.
"All class "a and class 81 certi-
| ficates shall bear interest at the rate
OF per cent. per annum payable
quarterly.
"The cotton loan fund will be ad.
ministered under the direction Of a
committee to be known as the central
committee and to be composed of the
individuaf members of the federal re.
serve board. The central committee
shall appoint committee for the
general administration &C the fund to
be known as the cotton loan commit
| tee and shall delegate to such com.
mittee such powers as may be nec-
essary to properly carry out the pur,
i puso VI Inis plan.
"The cotton loan committee shall
in turn appoint committees in each
of the cotton producing States here.
| matter named. the title OF such cor
Inlttees to include the name of the
State in which such committee shall
be required to act for the cotton loan
committee, and each State committee
SO appointed shall in turn appoint 10.
cal committees in sufficient number
to safeguard the practical workings
Of the plan. All committees appoint.
ed to be subject to the approval of the
central committee and all committees
to serve without compensation of an,
kind.
''The banks of the city of New York
have pledged themselves to subscribe
to fifty million dollars of the one hun.
dred millian dollars of class "A Ger.
tifcates, provided the remaining fifty
!, million dollars si1aii ne raised within
reasonable time under the super.
vision Of the. central committee By
banks In non-cotton producing States
| "All loans made from the FUND
created shall bear interest at the
rate OF g per cent. per annum and
all applications for loans must be
made through banks or bankers whf
| shall in each instance accompany the
| application for such loans with q sub.
scription to class 'B' certificates in
an amount equal to % per cent. Of
the amount OF the lean applied for
| The subscriber to class tB' certif.
Gates applying for loan for q Gus,
toner will not be required to endorse
the note OF such customer. and ehal
not be entitled or permitted to re.
ceive from such, customer the pay
ment of any commission on account
OF obtaining such loan.
"All loans made shall be first an.
proved by the proper local committee
by the appropriate State committe;
and by two memberst of the cottor
loan COMMITTEES. When application.
for such loans have been approved
as above provided the notes evidenc
ing same, together with the collatera
required under the terms OF this plan
must be forwarded to the office OF ths
cotton loan committee with instruc
tiors as to the disposition of the pro
ceeds and must, as stated. be accom-
panied with the subscription of the
bank or banker forwarding the appli
cation to an amount of class B, Ger.
ufcates equal to 25 per cent. OF the
amount applied for.
| In order to make The subscription
70 class 4B' certificates irnmediateI,
available, each subscription accom-
panied by an application for a loar
muft b. accompanied by a New Yorl
draH to the orde rof the cotton loar
fund.- OF in such manner as the cot,
tom loan committee shall designate
said draft to be for an amount edua
70 25 per cent. OF the lean apple.
for, and upon the granting Of sucf
loan q class sB' certificate for thIy
amannt shall be issued. In thfs mat
ner 75 per cent OF such loan win b,
Provided by the fund obtained from
class az subhcribers ana 25 per cent
from the class 81 subscribers.
| All loans shall he evidenced b,
notes I'm form approved by the cot
ton loan committee and shall be sc
cured BY cotton on the basis OF
cents per pound Tor middling in ad
idition to the guarantee fund herein
iaffeS eescrihed. & I, s 5lSS
\ AS evidence Of the So ~Sty eafered
each note rendered WITH an appIica
tion. for q ,idha inuss be aecompaniss
by recclpta os appf1Ssd q warehouse;,