Coast Banker - 1913
The newest institution to interest financial circles of Utah is the Farmers and Drovers Company of Salt Lake, which purposes to finance farms and cattle on the amortization plan which has been prevalent in Germany and France for many years.

The Farmers and Drovers Company has been incorporated in Delaware, but Salt Lake City will be its business headquarters, and it will do business in Utah, Idaho, Montana, and Washington. Its authorized capital is $1,000,000. Among the directors are Governor William Spry, Senator Reed Smoot, W. J. Halloran of the Halloran-Judge Loan and Trust Company, and W. S. McCormick, president of McCornick & Co. Mr. McCornick is also the treasurer of the company. Governor Haines of Idaho and former Governor Edwin L. Norris of Montana are also directors.

The business of the company will be carried on through the regular banking institutions in the territory in which it will operate. It aims to co-operate rather than compete with the bankers. The incorporators declare that almost every banker sees the need of such a mortgage and loan company that is financially able to make farm and cattle loans that few banks can keep in large amounts on account of the desirability of keeping their assets liquid. The company proposes to use modern methods of financing with sufficient capital to convey security to the purchaser of its guaranteed mortgages or bonds.

In its prospectus to bankers the Farmers and Drovers Company declares that the country is calling for a readjustment of farm credits on a fairer and more equitable basis to the land owner. It adds that this problem "has a very direct bearing on the cost of food."

The offices of the company will be located in the McCormick Building, while the greater part of its loan and mortgage business will be handled by banker correspondents throughout the territory in which it will operate.