Show FINANCE PlANS FR FOR I LIVESTOCK NOW NO ONDER WAY 5 II I II I I Chicago New York Boston Bankers Underwriting Project j I Ii i BOSTON DOSTON Nov Eight Eight or ten of th tM larger Boston Doston national banks bank and trust hUlt companies are ate underwriting a U participation in the tle new project for tor ft ft- I fl-I livestock in 1 the tho We West T ThIs I project project pro pro- will 41 probably aggregate a a banking par of ot about of which ha has ha been ben pledged by Chicago banks anks s. s tJ O by New York banks with ff me further h participation t lp t n likely and d 2 24 i by the tIme Boston Doston banking ng institutions Institution St. St participate Paul and Minneapolis b banks also all will wi The he financing is to be done through S gh the Livestock Finance corporation with wih a nomInal nominal nom nom- inal capital of ot Of Ot its fifteen director tore tors tor seven will wi bo bc nominated by the Chicago Chi cago mingo two by the New York and andone ithe j i one by the Boston banks n The p president t n of the corporation will wi probably be Vice President Melvin Melvln A A. Traylor of th the First Firt I Trust Truet antI and and Savings bank of Chicago Th The management will 1 be by a committee e of five three three representing the banks and two be beIn bein be- be In ing i livestock men or of livestock Ic loan companies Lans Loans prorated according to the bank subscriptions will wi be In of t 8 per cent notes notes to run hot lot exceeding six months subject to possible extension for tor a further six months months The corporation will wi purchase at 10 20 per cent discount from cattle catte loan eom companies aIEs and and banks indorsed paper in incases incases cases of ot inability of such auch cattle catte loan loan corn com companies cm I panics panle and banka banks to carry corry such accounts accounts This paper Is I. not to represent loans leans for feeding or speculative purposes but only breeding or producing loans already made and only where liquidation by marketing ot breeding or ur Immature animals ls is Imminent Such loans are ar also to be secured by chattel chattel chat chat- tel mortgage end paper purchased in is to be deposited with e First Trust and Savings Sayings Sav Say ings agreement agreements rk bi-rk rl of ot CHiago hago under collateral trust The between discount rate natO and andrate andrate andrate fred rae rate on loans to the corporation by the banks is intended to cover the expenses and provide an n Insurance fund against possible losses losses An Any surplus at dissolution shall be divided among cattle catte loan companies and bank banks in proportion to paper purchased The primary purpose of ot the new corporation cor cor- portion Is IC 11 to avoid avold the sacrifice of ot breedIng breeding breed breed- Ing and young livestock as threatened by market marke and money conditions in the West Velt The Th total subscribed is believed to be mor more than ample to care for the emergency I |