Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-10-10

ship in the National Association of
Joint Stock Land Banks, and both
Mr.. Harvey and Mr.. Simms were
designated to important posts in the
national organization. Mr.. Simms
is a member of the board of direc-
tors for the southeast, while Mr..
Harvey is member Of the finance
and publicity committee.
Although a number of joint stock
land banks have been organized
since the act was passed by con-
gress, the plan of the Atlanta in
stitution is destined to be one of
the most successful thus far organ
! lied, especially in it's early stages,
according to letter Mr.. Simms has
received from Guy S. Houston, pres
ident of the First Chicago Joint
Stock Land bank and president of
the national association.
This was due to the policy en-
ployed by Mr. Simms in placing the
stock among as many representative
bankers and business men as pos
sible in as many sections of the ter
ritory, in place of confining the
ownership Of the bank to a few in
dividuals, according to Mr.. Hous-
ton. The officers Of more than 100
| banks, located in all sections of Ala
bama and Georgia are stockholders
in the Atlanta bank. Their COM
| bined personal wealth totals approx
imately $1O0,0OO,OC0.
IAN additional valuable feature of
our PLAN said Mr., Simn1s in dis
cussing the opening of the bank,
''is that from among these several
! hundred stockholders, we have Sc
| lected our correspondents who will
safeguard both the interests of the
borrower, who is often the client
of his bank, as well as to bear in
mind the fact that the success of
the institution means money to him.
The joint stock bank has been es-
pecially well received among bank
ers Who have been unable hereto
fore to properly care for their clients
due to limited funds to place with
farm property as security.
"Our correspondents will also aid
in keeping money in our home ter.
ritory," Mr.. Simms added, "by urg.
ing their clients with surplus funds
to invest in bonds issued by the
government to provide our funds"
"In my study of agricultural con-
ditions in the interests of the War
Finance corporation" observed Mr..
Harvey, '"I have found that we are
located in the most potential agri-
cultural region Of the world. The
Piedmont section, of which we form
part, is the richest country in the
entire United States outside Of the
Mississippi Delta. I had been told
this before, but it was not deeply i'm
pressed upon me until I inspected
the territory at first hand.
"The Atlanta Joint Stock Land
bank offers to the farmers of the
south an opportunity to gain g maxi
mum production from their land.
To investors in it's securities it Of
fers the protection of the United
States government. It's bonds will
be free from all taxation except the
inheritance tax, and through the CO.
operation Of the farmers and the in
vestors of the south, our agricultural
resources will be greatly enhanced,
and the money will stay in this Sec
ton"
The bank will be authorized to is
sue bonds equivalent to fifteen times
it's capital and surplus. With the
capital and surplus now on hand,
$4,000, 900 can be loaned Immediate
ly. More than 100000 in applica-
tons are already on hand, and indi-
cations are that before crop-planting
time for next year gets aroand hun
dreds and maybe thousands of Geor-
gia and Alabama farmers will be
enabled to start out with improved
machinery and sufficient funds to
purchase necessary additional prod
ucts to gain a maximum return.
While operating under the federal
farm loan act, the joint stock banks
differ from the federal land banks
in that the loans of the former in
st:tution will be made signally direct
to the property owners; whereas the
land bank loans are made in multi
pies which require organization of
associations, and the Endorsement OF
all members of the association is re-
quired before the loans are approved.
Many of the restrictions which
hinder the operations of the land
banks do not retard the joint stock
banks, among them being that the
funds can be applied to the pur-
chase Of additional property, devel-
opment and other channels. Also
unlike the land bank, the joint stock
bank requires no subscription of