White Pine news. [volume] (East Ely, Nev.) 1920-1923, 1921-10-23
LATEST INFORMATION
ON LIVESTOCK LOANS

For the purpose of taking care OF
loans asked by ranchers and stock
men, and as provided for by the war
finance corporation. the Bankers
Loan Company has been organized In
Salt Lake City. The company has an
authorized capital stock of $1,000
600 aud W. w Armstrong, president
of the National Copper bank of Salt
Lake City, is president of the newly
formed organization. Stock TO the
amount of 100000 has been sub
scribed by the clearing house banks
OF Salt Lake and Ogden and subscrip-
tions are being taken to make up the
balance.
A circular letter issued by the new
company says:
The recent act OF congress which
enables the war finance corporation
to loan over 81 900, 600, 900 to assist
and develop the livestock and agri-
cultural interests of the country has
attracted much attention and inter
est, but because the war finance cor
poration requires the endorsement
and guaranty OF banks submitting
such paper for rediscount many
banks. not wishing to add TO their
contingent liabilities. have not cared
TO avail themselves of the opportunity
presented by the war finance corpo-
ration fund
To enable the livestock and agri-
cultural interests of the intermoun-
tain region to participate in and re-
ceive the benefits of the war finance
corporation fund the Bankers Loan
Company has been formed. The pur-
pose or this company is to rediscount
paper based upon the livestock and
agricultural resources of the states
OF Utah, Idaho. Wyoming and Ne
vada, such paper to be in accordance
with the requirements of the war fin
ance corporation. Applications for
loans from this company will be re-
ceiyed only through the stockholders
therein, and II is expected this COM
pany viii be able to rediscount paper
meeting its requirements and the re-
quirements of the war finance corpo-
ration to the amount of about eight
times the paid-up stock subscription
of stockholders.
These loans may run for one year
bear interest at per cent from their
date and are subject to renewals
making the final maturity not over
three years from their original date
The endorsement and guaranty OF
stockholders applying for rediscoun,
Of paper for their customers will MOI
be required, but such stockholder,
will vouch for the character and ex
perience OF applicant and give tn,
Bankers Loan Company satisfactor,
assurance that borrowers will be ablt
TO carry through during the term ol
their loans
The company is formed for the
purpose of meeting the present emer.
gency in livestock and agricultural
products industries, and when in the
judgment Of its directors such emer-
gency is passed this company shall
cease to do business. thus making
the duration of the company not over
five years.
It is expected that the Bankers
Loan Company will be able to relieve
the bankers of Utah, Idaho. Wyoming
and Nevada OF the burden of carry
ing their customers in livestock and
agricultural lines for the next few
years in the amount of approximately
sS, 900, 600 to $4,000. 900, and it is
hoped its stockholders will receive a
substantial dividend from its stock. .
II is believed that all the banks of
the Ely district will be stockholders
in the new concern.