The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1922-01-13

company to repay the amount of III,
advance at maturity, with interest a.
stipulated therein.
Advances Must BE Secured.
The law also provides that all sucl
advances to banks or companie,
above described shall be fully ant
adequately secured in each instance
BY endorsement, guaranty, pledge OF
otherwise. It further provides tina
such advances may be made for pc
riod not exceeding one year, although
1t is apparently contemplated tina,
the corporation will, from time t.
time. extend the time of such pay
ment. If 1t deems 1t advisable to d.
so. In no event shall the time Of
payment be extended beyond the pc
Rod Of three years from the date up.
on which such advance is originally
made. It should also be noted that
no bank or company is permitted to
receive from the war finance corpo.
ration an amount in excess of the ag.
gregation of the loans of such bank
or company, made for the purposes
therein described. namely, agricul-
tural purposes, which term includes
the breeding, raising, ct cetera OF
livestock.
Those interested will therefore
readily understand from the reading
of the law that individuals cannot Sc
cure advances from the war finance
corporation by direct application; but
such advances must come through
their banks.
Applications Approved
Up to the present time the Montana
agency of the corporation has re-
cetved from banks and companies 1874
applications for advances. aggregat-
ing the sum of $7.732,000. The Mon
tana committee has approved 1875 ap-
pltcations. aggregating $5,466,OOO,
while the office at Washington, to
which such applications must be SUBJ
mitted for final approval, has ap-
proved applications aggregating ST.
$4,000. all Of which latter sum has
been paid over by the federal reserve
bank as fiscal agent.
Aid For Stock Interests.
Certain public spirited individu als
and banks of this state, DESTROYS of
assisting the agricultural and live
stock interests of Montana to secure
the fullest advantage Of the provi-
sions Of the act, have recently con-
tributed to the capital stock of a new
corporation, organized with head
quarters at Helena. This company
was organized at the instigation and
largely through the efforts of IA!
NARROW of Helena. It is a private
corporation and is in no way connect
ed with the war finance corporation.
Its capital stock Is subscribed by
banks and individuals Of this state.
Its authorized capital is 100000.
The officers of the corporation are
as follows: Sam Stephenson, Great
Falls, president: s. McKennan, Hell,
lena. vice president; A. T. Hubbard,
Helena, secretary-manager; T. O.
Hammond, Helena, treasurer; T. O.
Larson. Choteau, field manager in
charge of inspection and inspectors.
This corporation is organized for the
purpose of doing business only with
banks, from which latter it purchases
we'll secured cattle and other live
stock loans only.
Must Back Its Advances.
Under the provisions of the law
corporation such as this is permitted
to make application to the war fl
nance corporation through its Mon
tana agency for advances necessary to
assist in financing the livestock In
dustry Of this state. No applications
from individuals for loans are con-
sidered by this corporation.
1t is confidently expected that
through the medium of the banks and
companies of the state a very large
sum. sufficient in amount to be of
invaluable assistance to the agricul-
tural and livestock interests of the