The Winslow mail., 1922-09-15
ISSUE OF FIVE PER CENT
BONDS TO BE OFFERED

With the system Of four Pacific
Coast Joint Stock Land Banks, or
ganized 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 Bank of San Francisco
Portland, Los Angeles and Salt Lake
will be shortly offered en- the
market, and the funds used for the
California, Oregon, Idaho, Washing
ton, Utah and Arizona.
The banks interested in the form
alton of the Joint Stock Land Banks
include the Mercantile Trust Comp
any of San Francisco. The First Ma
tional Bank of Los Angeles, Securi-
" Trust & Savings Bank, of Los
Angeles, Security Trust & Savings
Angeles, Los Angeles Trust & Saw
ings 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 Ma
tional Bank, of Salt Lake.
one in San Francisco one in Port
land, one in Salt Lake City, and cne
in Los Angeles, are united in the
Association Of Pacific Coast Land
Banks, which is composed of the
principal officers of each Of the
banks, and is headed by W. H. joyce
as president. Mr.. joyce has been
connected with the Federal Farm
Loan system since its inception. He
was first secretary and then presi-
dent fo- three years of the Federal
Land Bank at Berkeley. In April
1920, Mr.. 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
Association. Mr.. Joyce has secured
national recognition as ont of the
most expert men in Federal Land
Banking in the country.
The four Joint Stock Land Banks
in the Association have been organ
lied by financial institutions having
aggregate resources Of more than
100000. The officers are con-
servative and highly successful
bankers. To this nucleus of bank
ing stability and experience, MIR.
Joyce has recruited a force of ap-
praisers and local officials especial
ly skilled in land bank management
and operation. The whole system
is in the hands of experts.
Joint Stock Land Banks are farm
mortgage loan institutions charter
ed by and under strict supervision
of the Government said Mr.. Joyce
yesterday. Through them, loans
are made to farmers at low rates Of
interest and with the most desirable
method of reDaying ever devised.
These loans are made for long per-
iod 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 en-
!, tire debt, both principal and inter
est, is entirely wiped out; but while
such loans are of the greatest possi-
bic benefit to the farmer in supply
ing him with the required capital
credit, veery loan is made with due
regard to the security. In other
words, the only demand of Joint
Stock Land Bank in supplying to the
farmer this most desirable form of
credit, is that the permanent 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's will be worth in
three 70 five years, but what it will