Show Utah Stockmen May Borrow Borrow- in Next Few Days Loan Company Organization Ready E. E 0 O. Howard Head of Group Says Within a few days probably days probably Monday Monday Mon Mon- day and not later than Tuesday Tuesday- farmers and livestock men of or Utah will be able to borrow on the released by the reconstruction finance corporation This was determined and authentically authentically authentically revealed Thursday by Edward O. O Howard president of the Walker Bank Trust company and chairman of the Utah advisory committee to the Washington relief corporation Mr Howards Howard's announcement came as the legal organization of the Bankers Bankers Bankers' Bank Bank- ers ers era Livestock Loan company the local local lo lo- cal company which will wm disburse the loans in Utah was incorporated PERSONNEL LISTED Officers of or the Bankers' Bankers Livestock Loan company announced cd by Mr Howard arc are President Edward O. O Howard vice president Orval W. W Adams treasurer treasurer treas treas- Marriner S. S Eccles directors James E. E Cosgriff Frederick P. P Champ of Logan and Guy Lewis of Richfield It Is a corporation capitalized at 1 1 under the laws of Nevada The stock wi will be subscribed subscribed subscribed sub sub- scribed by Salt Lake bankers Out of the intricate maze of rules regulations and legislative decrees that govern the disposition of the money two facts stood out with laman layman layman lay lay- man appeal They are 1 Individuals as individuals will not be eligible to loans under the act acl 2 Loans will be made only through local banks to their clients The bank will borrow the money from the t e reconstruction finance corporation corpora corpora- Lion tion lon at 5 2 1 per cent and lend it to Continued on Put Pane FIfteen STOCKMEN MAY SOON GET FUNDS Continued From Page Pago Eleven its clients clent at the current rate of 7 1 2 1 per cent cent An authorized spokesman for Mr Howard explained as follows It I would be utterly impossible to tc I set up the machinery to make individual indi vidual loans The Te banks borrowing for their clients from the reconstruction tion lion finance corporation must loan the 5 12 2 per cent money at 7 1 2 percent per percent percent cent otherwise there will wi be no re rc- rc re le lief The new money should be available by Tuesday at the te latest latest The necessary forms incident to the application for tor loans loan are now being being be be- ing lag printed and will wH be promptly furnished furnished fur fur- sh d to the bankers of the state Mr Howard said The lre for tor the livestock owner or agriculturist seeking a loan briefly is this He makes his application through his bank on forms torms approved by the Bankers Bankers' Livestock Loan company Mr Howard said PROVIDES INFORMATION He lie furnishes his bank with wih a financial finan finan- cial statement statement He furnishes his bank with wih a dec dec- of ownership I If I unidentified with wilh wih the bank he furnishes the customary references The bank then makes its tion ton to the Bankers' Bankers Livestock Loan company and the board of directors of that company approve it i. i The approved application then goes to William L. L Partner L managIng manag manag- ing lag director of the federal reserve bank here who is the agent of the parent corporation With Wih Mr Partners Partner's Parter's approval the loan will wi be made From sources other than Mr Howard How How- ard considered authentic it i was in that the borrower will receive wi his loan money in less les than 30 days The collateral which the livestock or agriculturist must post the president dent of the advisory committee explained ex ex- will wi be either cither livestock or cron crops I APPRAISAL NOT KNOWN No land mortgages will vilI wU be acceptable accept accept- able it was learned What the basis of ot appraisal for livestock live live- stock will wi be has not been determined lve- lve It I It is is the intention of ot the Bankers' Bankers Livestock Loan company to make zip upon such a basis as will offer real relief in this situation wi Mr Howard said |