OCR Text |
Show SENATE RECEIVES SIOCKJAH BILL SENATOR STANF1 ELD OF OREGON PRESENTS BILL ASKING FOR AID FOR U. S. STOCKMEN War Finance Corporation to be Empowered Em-powered To Assist Banks Carrying Stockmen; No Loan to Run Over Four Years "asliingtrm, D. C Senator Sianfield of Oregon, Friday introduced his hill, authorizing the war finance corpora-; lion to make loans for the benefit of stockmen, the bill being entitled "A bill to preserve the live stock Industry of the I'uited Slates," etc. The bill adds a new section to the war finance act empowering the corporation to make loans for periods not greater than two years to any bank or trust company which has made loans to persons, per-sons, corporations or associations en-gntred en-gntred In growing, breeding or feeding cattle or sheep, or to any corporation of Importance and responsibility engaged en-gaged in the business of making advances ad-vances to growers, breeders or feeders. Any loau made under this bill shall he upon it promissory note of the borrower bor-rower secured by notes, drafts, bills of exchange or other negotiable paper evidencing evi-dencing loans made to stockmen, this security to bear the unconditional endorsement en-dorsement or guaranty of the borrower borrow-er with waiver of demand, notice and protest. The aggregate of loans made to any one bank or corporation shall not exceed ex-ceed four times its paid up capital. The papers accepted as security shall' be secured by first Hen on cattle or sheep having an appraised value of not less than 133 per cent of the corporation corpora-tion may, If it deems wise, demand, further security. The time of payment pay-ment of these loaijs may be extended, extend-ed, but not beyond four years from the passage of the bill. All' loans will bear interest at 5 and one half per cent To finance the loans provided for by the Stanfield bill, the secretary of the treasury is authorized to use the whole or any part of the franchise taxes paid by federal reserve hanks to the United States, and the secretary is authorized to deposit with the United Uni-ted States treasurer in a special account ac-count to the credit of the war finance corporation, as fiscal agent, necessary funds to cover the loans authorized, the amount of this account at no time to exceed the amount of franchise tax-6s tax-6s on hand. |