Mohave County miner and our mineral wealth., 1922-09-01
WILL PROBABLY HAVE
 MONEY ID LOAN IN
 STATE OF ARIZONA

SIA|t Uf Ak|LUNA
 With the system of four Pacific Coast Joint Stock Land Banks, organ ized under charters granted May the 29th, completed, it is probable that an issue of the five per cent bonds of the Pacific Coast Joint Stock Land Ban kof San Francisco, Portland, Los Angeles and Salt Lake will be shortly offered on the market, and the funds used for the benefit of the western producer in California, Oregon, Wash ington, Idaho, Utah and Arizona.
 The banks interested in the forma- tion of the Joint Stock Land Banks include the Mercantile Trust Company of San Francisco, The First National Bank of Los Angeles, Security Trust & Savings Bank, of Los Angeles, Los Angeles Trust & Savings Bank, the First National Bank of Portland, Walker Bros., Bankers, of Salt Lake City, National Copper Bank of Salt Lake, the Utah State National Bank, and the Deseret National Bank, of Salt Lake.
 The four Joint Stock Land Banks, one in San Francisco, one in Port land, one in Salt Lake City, and one in Los Angeles, are united in the As sociation of Pacific Coast Land Banks, which is composed of the principal of- ficers of each of the banks, and is headed by w.. H. Joyce as president. MT. Joyce has. been connected with the Federal Farm Land system since it's inception. He was first secretary and then president for three years of the Federal Land Bank at Berkeley. In April, 1920, MT. Joyce was appointed a member of the Federal Farm Loan Board at Washington, which super vises all operations of all the Land Banks in the United States. He re- signed this position in June to take the presidency of the Pacific Coast As sociation. MT. Joyce has secured na- tional recognition as one of the most expert men in Federal Land Banking in the country.
 The four Joint Stock Land Banks in the Association have been organiz- ed by financial institutions having ag- gregate resources of more than $5OO,- 100000. The officers are conservative and highly successful bankers. To this nucleus of banking stability and experience, MT. Joyce has recruited a force of appraisers and local officials especially skilled in land bank man. agement and operation. The whole system is in the hands of experts.
 "Joint Stock Land Banks are farm mortgage> loan institutions chartered by and under strict supervision of the Government, said MT. Joyce yester- day. Through them, loans are made to farmers at low rates of interest and with the most desirable method of re- payment ever devised. These loans are made for long period of years and SO arranged that the interest and small part of the principal is repaid every year, so that at the expiration of the term for which the loan is made the entire debt, both principal and in terest is entirely wiped out; but while such loans are of the greatest possible benefit to the farmer in supplying him with his required capital credit, every loan is made with due regard to the security. In other words, the only de- mand of Joint Stock Land Bank in supplying to the farmer this most de- sirable form of credit, is that the per manent and enduring character of the security will fully justify every loan made.
 "When we make loan we have to appraise the security, not on the basis of what it will be worth in three or five years, but what it will be worth in forty years. That is, every detail of the soil, the drainage, the water rights, the crops, the markets, must be investigated on basis of absolute, permanent values. Every loan must bear the security of the National Board at Washington before it can be used as the basis of the issue of bonds. After this careful appraisement, we may loan only up to 50 per cent of the value of the land, plus up to 20 per cent on the insurable value of the improvements. The purpose for which the loan is secured is also considered, the whole object being to make the security as certain as human foresight can provide.
 "The Pacific Coast Joint Stock Land Banks will soon begin offering their bonds to the investors of this region, through the banking institutions which are behind the four banks and