The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-09-14
LIVESTOCK POOL
FINANCE PLANS
ARE EXPLAINED
North Dakota Stock Growers
Offered Chance to Obtain
Loans to Carry Cattle
ADVISORY BODY is NAMED
ApplicatiOns For Loans Should
be Made Through Commit
tee of Bankers

Appointment Of an advisory com
mittee for North Dakota through which
applications for loans flom the Stock
Growers Finance Corporation may be
made, is announced here. J. l.. Bell.
vice president Of the First National
Bank of Bismarck, is chairman.
Other members are T. A. Tollefson.
cashier of the First National Bank of
Dickinson, and f. Phelan. president
of the First National Bank OF Bow
man
The Stock Growers Finance Corpor.
alton was formed following a meeL~
ing OF bankers, stockmen and packers
in Chicago, and has $50,0O0,00O to loan
to stockgrowers. Application for
loans may be made OF any member
of the advisory committee by North
Dakota stockmen. Explanation of the
finance plan follows:
Loans are to be made Cnly on cat
tie of beef breeds and IN sheep. Dairy
cattle are excluded except where put
in the mortgage for marginal security
Loans are to be made on basis not
to exceed rs per cent Of present casn
value OF live stock offered for security,
and chattel mortgage in each loan
taken to secure note.
Loans $1,000 and Over.
No loan for less amount than $5,-
900 will be considered, except where
cattle are in feed lot, or to be placed
on full feed; in such cases, loans for
$1,000 or over will be considered.
All loans accepted only from banks
and cattle loan companies and upon
their satisfactory financial statement,
upon their endorsement of note. An
exception is made as to such. endorse
ment where the capital and surplus OF
the bank is not sufficiently large.
Loans through state banks must no.
exceed 10 per cent of paid capital and
surplus. In cases of such excess loans.
the corporation will consider endorse
ment or guaranty made by officers
directors and stockholders OF the
bank, based on satisfactory property
statements, in lieu OF the banks en-
dorsement s- .4.. J.
Notes will BE accepted for six
months or less and, except in feeding
loans, six months renewal notes may
be later accepted, to comprise total
time of thirty months On all notes
end0rsers must waive demand notice
and protest.
Eligible for RediscOunt.
Since all loans must be eligible Tor
rediscount with the Federal Reserve
Bank, papers should he prepared ac.
cordingly. Papers should consist or
the note, endorsed as above explained
or a personal guaranty, blanks TOR
which will be furnished on appilca-
ton: an Office copy of mortgage and
certified copy of mortgage securing
note; an abstract Of ctattel mortgage
records, signed by register OF deeds
of county where mortgage IS nieo'
showing no other mortgages on file
covering security; an Inspectors re-
mort made by competent person
showing a complete inspection OF Sc
curity offered and covered by the chat
tel mortgage and financial statement
of maker Of note and Of all endorsers
or gnarantors. Where notes are en-
dorsed by bank, complete STATE
ment OF the bank shorld be furnish
ed showing in detail assets and Id
bilities, both bills payable and redls-
counts, and include also indirect ia,
bilities-that is, money borrowed
throuph endorsement If the omcels,
directors or stockholders.