The county record. [volume] (Kingstree, S.C.) 1885-1975, 1914-11-19
COTTON FUND IS
SUBSCRIBED.
BANKS OF NON-COTTON STATES
SUBSCRIBE OVER ONE HUN
DRED MILLION.


for the cotton market came to a
successful conclusion tonight when
Secretary McAdoo announced the
completion of the $135, 100000 cot
ton loan fund. In making this an
nourcement Mr. McAdoo. declared
the success of the plan was assured.
The Secretary's statement came
at the end of a day devoted to efforts
to obtain subscriptions necessary to
complete the $1OO,OO0,000 portion
of the fund assigned to banks in
non-cotton producing States. Messrs
McAdoo, Paul M Warburg and w P
G Harding, members of the Federal
reserve board in active charge of
the pool plan, took steps to gather
in the remaining millions.
Kuhn, Loeb & Co. of New York,
agreed to subscribe S2,000,0O0. At
a luncheon given by John Shelton
Williams, Bernard N Baruch, of
New York, said that he might invest
in the fund up to 81, 100000. His
offer was taken to the extent of
81, ,OO0,0 and the fund completed.
A few hours after Mr. Baruch's Of
fer word was received from several
banks that they would subscribe to
an amount of about 81, 800, 900, but
their assistance was not needed. AS
it stands the fund is over-subscribed
about S300,000.
In announcing the completion of
the plan Mr. McAdoo said:
Il am gratified to be able to an
nounce the success of the cotton
loan fund. Subscriptions for the
entire $1O0,OO0,OOO of Class A GER
tifcates were completed this after
noon. This assures the success of
the plan. To such extent as banks
in the Southern States subscribe to
Class B certificates the S100, 900, 900
realized from the Class A certificates
will be available for loan on cotton
at six cents a pound. Full details
of the plan have been published aud
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 S97,292,OOO. The
success of the plan was conditioned
upon the subscription of the full
S1OO, 100000 of these certificates. In
order to make up the deficiency of
S3,000,000 Messrs Kuhn, Loeb &
Co, of New York, subscribed ST.
100000, and Bernard M Baruch, of
New York, formerly of South Caro-
lima, subscribed S1,O00,000, thus
completing the required amount"
The following is a list of the cities
and amounts subscribed to the fund:
New York city, $4,000, 900; Bal
timore, S2,5OO,OOO; Boston, $685.
600; Chicago, $19,OO0,OOO; Detroit,
S1,1S2,0O0; Cincinnati, $4,000, 900;
Cleveland, $4,000, 900; Kansas City,
$4,000, 900; Louisville, S1,000,000;
Minneapolis, S1,OOO,OOO; Philadel-
phia, S4,64O,O 900; Pittsburg, S2,0OO,-
600; Richmond, 81, ,125, 900; st Louis,
1880, 900; San Francisco, $780,
600; Washington, 100000. Banks
total, S27,293,000. Kuhn, Loeb &
Co. S2,OOO,00O; Bernard M Baruch,
New York, S1,0O0,0O0. Grand total,
S1OO, 100000.
1T is not possible to announce to-
day the names of the subscribers to
the fund in each city," the state
ment said, but it may be said that
among the larger subscribers in New
York city are Messrs J P Morgan &
Co, the National City Bank, the
Chase National Bank and others,
whose names may, with their per-
mission, be given as soon as the
complete lists are supplied. The
only banks in the city of Boston
subscribing to the fund are the Ma
tional Shawmut Bank, the First Ma.
tional Bank, the Fourth Atlantic