Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1922-08-02
'CARoLINAs JOINT LAND BANK" /"
New Banking Feature Will Meet De-
Iflands Not Now Supplied. &

We$are glad to announce that the
First Carolinas Joint Stock Land
Bank, with former Congressman A.
Il. Lever, until recently member Of
the Federal Farm Loan Board, as
president, and with offices at Colum-
bia, s. C., is to do business in this
county. This fact became known
when IT was learned that Shelor G.
Eughs, of Walhalla, had becoEne
connected with this institution as
abstract attorneys, and for the time
being as It's local representative in
Oconee. Mr.. Hughs was called to Co.
lumbia3last week to go over the mat
ter, and when asked for statement
as to the methods Of operation and
terms Of loans, he said:
"The First Carolinas Joint Stock
Land Bank is chartered under the
| Federal Farm Loan Act and Is on
| Grated under the same Federal super
vision as the Federal Farm Loan
| Board. The present paid-in capital
stock Is $250,000 and $4,000 sur
plus. The bank operates very much
along the same lines as docs the
Federal Land Bank Of Columbia and
under the same supervision. 1t makes
loans only on improved agricultural
lands. 1t does not loan on city prop
erty. The proceeds Of these loans
must be applied for general agricul-
tural purposes. The loans are made
| direct to the borrower, and the bor-
rover Is forbidden to take stock in
| the bank. Any person is eligible for
loan through this institution If, in
addition to his other work, he is at
the same time actually farming.
"The bank will accept applica-
tions for loans from $1,000 to $685.
000., Loans cannot be made in ex-
cess of fifty per cent Of the appraised
value Of the land and 20 per cent Of
the appraised insurable value Of the
buildings, such appraisals being made
by officials Of the government. The
interest rate Is six per cent, payable
semi-annually, to which is added one
per cent to amortize or kill off the
debt over a period Of thirty-three
years. In other words, for seven per
cent interest and principal are paid
in thirty-three years and tho debt Is
discharged. Repayment of principal
may be made at any time under regu-
lations issued by the Farm Loan
Board. The borrower through this
bank Is responsible alone for his own
debt There are no commissions that
may hasaharged under the law, nor
are there renewals.
eve have become connected with
this institution because Of the flnan-
cial strength Of the men back Of 1t,
notable among whom are J. Pope
Matthews, president Of the Palmetto
National Bank, Columbia, S. c.; w.
b. Drake, Jr., president OF the Mer-
chants National Bank Of Raleigh, N.
CA. w. Mclean, wealthy planter
and banker Of North Carolina; Tho
mas & Lumpkin, outstanding law
yers Of the State, and Mr.. Lever, the
president, whose activities in behalf
of agriculture for twenty years are
known to every one. We feel conf
dent that this institution Is going to
serve most useful purpose in help
ing the farmers Of Oconee to pay off
on the instalmen: plan the losses suf-
fered in the recent depression. The
Federal Land Bank and this bank are
acting in the closest harmony to take
care Of all the needs Of agriculture
In the county, and this one fills a
need that the Federal Land Bank can
not quite reach"