The herald and news. [volume] (Newberry S.C.) 1903-1937, 1922-07-18
LEVERS BANK DOING
WELL In NEWBERRY
LENDS MONEY ONLY ON FARM
LANDS
B. c. Matthews Is Banks Repre-
sentative IN Newberry
County

The First Carolinas Joint Stock
Land bank of Columbia, S. c., is now
ready to do business in Newberry
! county. Mr.. A. F. Lever, for many
years member of congress from the
7th congressional district, from which
office he resigned to accept place on
the Federal Farm Loan board, is at
the head of this new bank, with
headquarters in Columbia, S. c. Mr..
Lever is we'll known in Newberry,
and it is source of pleasure to his
many friends here to know that the
destiny of this new land bank is in
his hands. Mr. Lever recently re-
signed his place on the Federal Farm
Loan board to become head of this
institution, and Gov. R. A. Cooper
was then appointed to the place on
said board made vacant by Mr.. Le-
ver's resignation. By reason OF his
long service in congress as chairman
of the committee on agriculture, and
as member of the Federal Farm
Loan board, Mr.. Lever is exception
ally we'll qualified to render valuable
services to the farmers of South Car
olina. Mr.. B. C. Matthews has been
named the local representative OF
this bank for Newberry county. When
asked for statement as to terms OF
loan, methods of operation, etc., Mr..
Matthews said:
| 'The First Carolinas Joint Stock
Land Bank of Columbia, S. C., u
chartered under the federal farm
loan act and is operated under the
same federal supervision of the Fed
eral Farm Loan board. 1t is the first
of these banks to be organized for
business in the two Carolinas. The
bank operates very r1.lch along the
same lines as does the Federal Land
bank of Columbia and under the same
supervision-being part OF the
farm loan system, it is intended to
furnish the farmers of the state an
opportunity to procure besic capital
upon such reasonable terms Of re-
payment of principal and at such
reasonable rates of interest as shall
make the burden so easy to bear as
that the farmer desiring capital, Ell
ther to purchase lands OR for i'm
provement purposes, need not hesl-
tate to assume it, Loans are made
on improved farm lands only. Ap-
plications of less than 100000 will
not be accepted by the bank, nor will
loans be made in sums of more than
S25.000.00. Loans run for 33 years;
the rate of interest is now 6 per cent:
payable semi-annually, to which is
added annually one per cent, which
extinguishes the debt at the end of
that period. 1t will thus be seen
that loans are made on the 'Amorti-
zation' plana-the borrower pays the
same amount every six months, more
and more of which represents prin-
cipal, and less and less interest. If,
however, the borrower desires to dis
charge the mortgage before the end
of the 33 years he is permitted, un-
der the law, after five years to do so,
. and may do so even before the ex-
piration Of the five years under GER
tain rulings of the Farm Loan board.
The borrower may, if he desires, in
crease his annual payments, which
will serve to reduce tie length of his
mortgage. Loans will not exceed
so per cent of the appraised value OF
the land, as determined by govern
ment appraisers. The bank deals
directly with the borrower; all pro-
ceeGs of these loans must be used
for agricultural purposes. I feel con-
fdent that this institution is going
to be of great service to the farm
ers of this county and state"
Those desiring more information
about this institution and the terms
and methods of loans may get full
information from Mr.. B. C. Mat
thews, president of the National
Bank of Newberry, S. C.
If we think we can succeed, we