The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1922-06-23
The ATLANTIC
JOINT STOCK
Savings Bank & Trust Co. of
Elizabeth City Its Lo-
cal Agent

/ An important progressive
step was launched in this
State at Raleigh last Tuesday
when the Atlantic Joint Stock
Land Bank was organized
with $4,000 capital, and a
loaning capacity OF eight mil
lions, which may be increased
from time to time as the ne
ceSSity demands.
The entire stock of this bank is
owned and controlled in this State
and is widely distributed from on"
end of the state to the other. from
mountains to sea. The officers are
among the states foremost men.
who are interested in its progressive
dcyelopemcnt. and the purpose OF
the bank is To serve exclusively
farmers and landowners of this. the
best of agricultural States. In
ut-Shcll it is simply a State organ
ization to promote and develop its
agricultural interest by the means of
long term loans TO farmers and land
owners. upon easy payments. and at
rate of interest not exceeding
per cent. At the option of the bOr-
rowwer these loans may extend from
; to 33 years.
Two detrimental factors have held
back the development of this State:
first. the inability of the farm class
to secure loans for long term of
years. easy payments and at reaS'
enable rate of interest with which to
build, deyelope and equip their farms
according to the times in which we
live. Second. the inability of those
desiring to purchase a farm to Sc
cure loans sufficient to complete the
deal. upon such terms and at such
4 rate of interest that will give the
buyer fair opportunity To liquidate
same and pay for the land. There
are great many tCnant-farmerS IN
North Carolina who desire and
would be delighted to purchase a
farm. but their savings are not Sut-
ficicnt to buy enough land to supply
their family. and not being able to
secure a loan upon long time. and at
reasonable rate. they continue To
be- trnant-farmCrS all their lives.
The progress and development of
this state absolutely depends upon
It's agriculture. and the glory of ag-
ricuIturc is in its large number OF
small farms intenSivoly cultivated by
the owners. and yet no tenant-farm-
or can hope TO secure fair amount
Of land and hold it if he is to hor-
row the money and pay for 1t upon
short time. and at rate of interest
around s. 9 or 10 per cent.
The purpose of the Atlantic JOINT
, Stock Land Bank ruCuing from to
33 years at reasonable rate. and
therefore relieve the two conditions
existing as mentioned and support
tbe farmer in his effort to make this
better and more progressive state
The officers and owners OF tins
Joint Stock Land Bank are deeply
imbucd and impressed by the needs
5 of our state, especially in regard 10
the agricultural classes. desire to Dr
p of the greatest service, and TO lena
r a helping hand in the building up
| this industry upon which depends the
7 future development of the state.
i The officers selected for this JOINT
Stock Land Bank are as follows:
n Hon. \. W. Mclean of Lumbertoh'
p late head of the Federal War Fin
:. ancc Corporation. President ana
. Chairman of the Board of Directors; :;
:. Wade Marr. Raleigh. of the lrm
of Durfcy & Marr. Investment
Bankers. Secretary and Treasurer;
s III. G.. McQucen. Wilmington. Presl-
dent of the MurchiSOn National
= Bank. Vicc-Prcsident; Gilbert Stew
@ cnson. Winston Salem, Nice-PreSl-
\ dent Wachovia Bank X Trust Co.
d Yice-PrcSident; J. Elwood Cox.
n High Point, President Commercial
:. NationaSs Bank. Nice-PreSident; COL
= Albert l.. Cox, Raleigh, General
p Council.
@ In addition to the above the Board
K of Directors are as follows: L. H.
n Williams. Elizabeth City. President
:; of the Savings Bank K Trust Co.
" +. X. Borden. GoldSboro, President
:. of the Wayne National Bank; JOS
eph G. Brown, Raleigh. President oi
t. the Citizens National Bank; Is. w
= Kilgore. Raleigh. State Chemist W,
IF III. Wood, Charlotte, President OF
ID the American Trust Co; W. y. Hart
4. State Highway Commission; W. b,
m Davis. Asheville. President Central
Bank and Trust Co.; Hon. \.