Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-10-10
A. B, Simns to Head New
Organization Off,
GERS Named-Bank viii
Open Monday

The Atlanta Joint Stock Land
bank, a new and important enter
prise in Atlanta and southern finan-
cial circles, received it's charter Sat
urday from the farm loan board in
Washington, and on it's receipt, pro-
ceeded to the election Of officers,
A, B. Simms being elected president;
Robert E. Harvey, vice president
and treasurer; and F. w. Allcorn,
Jr., secretary. All these are Allan
ia men. Two other vice presidents
were named: l.. G.. Council, presl-
dent of the Planters Bank of Amer
icus, Ga, and B. w. Pruet, president
of the Admission (Ala.) National bank.
Mr.. Simms, the first president OF
the new institution, I, has long been
identified with banking in the
southeast, and Mr.. Harvey IS a
widely known stock and bond dealer
and secretary for Georgia and Florl-
da for the War Finance corpora
ton.
The bank is to open it's doors Mon
day morning at it's quarters at NO
POI Hurt building, with applications
on hand for more than half mil
lion dollars in loans, Mr.. Slmms
stated.
The following directors were elect
ed in addition to the officers: w. w;
Abbott, president, First Natlonai
bank, Louisville, Ga; c: X. =. aus
ley, capitalist, cambridge, Ga; ~
P. Bestor, Jr., president, First Ma
tional bank, Mobile, Ala; GORDON
Burnett, president, Ponce de Leon
Ice company, Atlanta; Joseph ):
Calhoun, president, FIRST NaCloIiai
bank. Gainesville, Ca; J. H. Ewing.
reaI estate. Atlanta; Edgar T. Gen
trv. southern manager, F1remen
Ennd insurance company; Clyde
Hendrix, president, Tennessee Val
ley bank and president Alaoa1lia
Bankers association, Decatur, Ala
Tbonoas p. Human, capitalist, At
1anta. Hollins N. Randolph, gener L.
counsel Federal Reserve oanR' AZ
lanta; E. E. Rivers, Rivers Realty
company, Atlanta. RanooiPn aLo
Parker were elected geHei aA w ''N
sci of the new bank. ....,,
Temporary offices of the lnstltu'
ton have been established at FOL
Hurt building and the bank will be-
pin issuing loans on the applications
now on hand within the next Few
days, ACCORDING W L S'ANNAO
Loan Maximum
The bank, which will operate un-
der the federal farm loan act Will
he enabled to make loans up to a
maximum of $4,000 on farm prop
erty for terms of years ranging from
5 to 40, repayable on the semi-annual
amortization plan. The loans can
not represent more than SO per cent
of the appraised value of the prop
erty. The appraisals will be MADE
by government agents, thus lnsur-
ing the purchaser of the bonds when
will be issued to provide the funds, a
thoroughly safe-guarded investment.
In a statement several days ago,
Thomas r. Bennett, state bank So
perintendent for Georgia, predicted
that the bank will produce untold
good for the agricultural interests
of Georgia and Florida, the territory
assigned the local institution by
the federal farm loan commissioner
in Washington. He also stated that
the stock and securities of the in
stitution should prove excellent in
vestments. as all bonds issued by tie
bank are government instrunentaIl-
ties and are free from all FIRMS OF
taxation except inheritance taxes.
The security Of the investment is
further enhanced through the semi
annual payments which Wiz gr2du'
ally reduce the amount of the loan,
while on the other hand, the money
advanced is expected 70 increase the
value of the farms through enabling
owners to improve the fertility OF
the soil, buy machinery and thor
oughbred stock and otherwise in
crease their revenues through en-
HANGED production and diversified
ton.
The Atlanta bank mas an author
lied capital of $2,50O,0OO. 1t begins
operations with $250,000 paid-in cap
ital and $4,000 surplus. This sur
plus was paid in order to place the
bark on an earlier dividend paying
basis as the government requires
surplus of 20 per cent befOcn the in
stitution is authorized to pay a diVi-
dend.
The outstanding features, occorl-
ing to local observers, point to the
success of the Atlanta bank. The
first is that within As days after Mr..
S:mms resigned as vice president OF
the Fulton NATIONAL bank to begin
organization OF the joint stock bank,
the necessary capital. surplus and
charter to bes'n operations, were on
hand. This illustrates the soundness
with which business men generally
view the III tiLution, as well as Civ.
ing an indication Of the service it is
expected to render.
A second striking feature of the
local institution is that before it's
charter had been received, and while
the organization was in it's early
stages, it was admitted to member