Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1893-11-16
BUCKlNG BRONCHOS.
How They Became Tangled
Up With the Depositors
of Ilovd's Bank.
Large Transactions in Horse
Flesh and Promissory
Notes.
Grave Doubts as to the Value
Of Much of the Sc
Curity.

Of Much of the Sc
Curity.
Saturday next, according to published
notices. there will be sold at the rear OF
the police station in this city, CERTAIN
chattel property securities belonging to
the creditors OF the Lloyds National
bank, the sales being made by order OF
receiver, Hon. G. G. johnson. As the
facts represented in the transaction are
but portion Of other TRANSACTIONS OF
interest to the general public, and par-
ticularly to the depositors OF the bank,
The Alert gives them publication as
matter of news, with no intention Of
creating prejudice against or doing any
parties injustice. The sales above re-
ferred to are made IN default OF payment
Of notes taken by the Northwestern
Live Stock company, ss mortgages
Tho security held for several Of the notes
seems totally inadequate in amount, in
fact far below what would be proper
security for the money lnvolveI |. For
instance-a mortgage of $8Sl.8 given
by H. W. Porter to the above named
company, is secured by lone black mare
about nine years old and one roam de-
horned COW about years old" The
total debt amounts to s99O.41, with the
above security. Another debt Of $500,
amounting, with interest, to s624.16, is
secured by one light hay or sorrel horse,
sbont IL years old. One debt Of s79Sl
10 secured by zone set Of double harness"
One debt OF sS5.44 Is secured by one
"gang plow." This property ia to be
sold to recover the debts above named.
The result can be anticipated.
As the books and accounts of the bank
are now open to reasonable inspection by
depositors, q great deal concerning the
affairs Of the bank has recently become
known. From list of the asseta
sent to tho comptroller Of the currency
it u knownj that there are l16 notes
which are being populssly called
"Broncho notes" }" asgragatinR in amount
2l.675l. These are secured by chattel
mortgages and represent the sales OF
western horses which it is said can be
bought for from 3l5 to e25 each.
The notes range in amount from about
90 70 1866, tho last named smoant be-
ing sccredited to one man and past dne.
1t 10 supposed that . ssle Of horse iu-
ciuded part for cash and chattel mort
goges taken for tho balance. Tue trans
actions we're made through tae North
western Live Stock company. 10 which,
it 10 understood, William Lloyd Was the
principal officer. The average amount
of the notes and mortgages seems to run
about s225. r..
The parties who gave the notes are
scattered throughout this county and 10
adjoining counties.
One mortesgor, H. w. Porter, who is
SAID 10 have left the county, has an m
debtedness amounting to $769.25 OF this
character; another party, 10 the county,
owes over $500; another debtor owes a
$500 mortgage; another for S343 and %
on. while one farmer has four notes
,ee,eesting over 81. 1000 due IN 93, 9a,
and 95 and 96, With chattel mortgage
securities only.
These "broncho notes. have been left
as assets OF the bank and the money
taken out for them. In addition the
Northwestern Live Stock company
borrowed $4,000 from the bank and f"'
this amount, so far as can be learned, nc
adeouaie security was given; also, DAVID
Russell, who has been identified with
the management OF the Northwestern
Live Stock company, has borrowed $40.
600 from the bank and, as far as known
no security exists for this amount
except prom'ssory no'e'
1t is supposed also that this money,
borrowed by Mr.. Russell, as we'll as oy
the Northwestern Live Stock company
was used in the purchase OF the horses
in the beginning. II this is true, the
aggregate amount Of the horse transsc'
tions will foot up TO about S4l, ,S75a
This ia the amount which tha deposltora
find on the list Of assets OF the bank
The notes for this stock have been sold
to the bank and the transactions 10 the
entire deal are reported to have been
very profitable.
Many OF these notes are not due. II
10 possible that considerable sum car
be collected from them by due diligence
but the securities. OF course. are likely u
depreciate in value. 1t 10 reported, thai
many OF the securities are entirely in
sufficient for the amount secured. while
many OF the notes themselves are giveI
by men whose responsibility is unknown