Yerington times. [volume] (Yerington, Nev.) 1907-1932, 1922-11-08
Joint Stock Loan
Bank for Nevada

Through the activity of Nevada
bankers, the Pacific Coast Joint Stock
Land Banks will include Nevada in its
field of activity which will result
in at least $5,o0O,ooO being available for
first-classs farm loans which may run
for a period of 80 years
For the past number Of months w.
H.. Bridges of the Farmers Bank of
Carson Valley, of Mnden, has devoted
much time in endcavoring to organize
a farm loan association in Carson
Valley under the federal bank rcgula-
tions. However, so much red tape
was encountered that he abandoned the
idea and set to work on the more
feasible plan of organizing branch
of the Pacific Coast Land banks, which
offer the same advantages to the farm
ers with less red tape. His investiga-
ton revealed the fact that the branch
of the Pacific Coast Joint Stock Land
Bank of San Francisco. included
portions of Oregon, while that sec
ton was also covered by branch OF
the Land Bank at Portlanl He also
found that California, Arizona. Utah
and Idaho were included in the
territory of the Land Banks, and that
Nevada had not been included in the
districts served.
Mr.. Bridges went to San Francisco
and took the matter up with w. ].
Joyce, president of the San Francisco
branch and reccvedi asscccccccuuuuT
and received assurance that Nevada
would soon be included in the district
At the meeting held in San Francisco
George Wingficld, president of the
Reno National Bank, was present and
assisted Mr. Bridges in presenting an
argument in favor of Nevada being
included in the district served by the
SaF nranciscotesiranen thelTHMMM
San Francisco branch. Banks at VIM
ncmucca, Elko, Reno and other Ne
vada points have, since that time, as
sured Mr. Joyce that they will partici-
pate in the plan now proposed, and will
take stock as is required by the federal
law.
Mr.. Bridges believes that the COM
ing of the Pacific Coast Joint Stock
Land Bank into Nevada territory will
prove to be one of the biggest helps
to the farmers and livestock men that
as been brought about in recent years.
1t is estimated that there is about
$5,OOO,COO in what is termed as first
class farm loans in Nevada, a half
million of that being in the Car
son Valley. Through the transfer of
those loans to the Land Bank and the
release of money now held in these
investments by Nevada banks, will
give the home institution ample means
with which to finance the needs OF
livestock men and other enterprises
and assist geatly in the financial prob
lens in this state.
Following is the plans and general
purpose under which the Joint Land
Banks are operated.
These institutions are organized for
the purpose of promoting the general
welfare OF the Pacific Slope by pro-
viding capital for the development OF
| its agricultural resources. creating a
standard form of investment based
upon farm mortgages and equalizing
rates OF interest upon farm loans.
| These land banks are allied with
the following institution. whose COM
bined resources are close to six humid
red million dollars.
the amount of the loan is paid OFT by
equal semiannuaI installmcnts OF a
fixed amount, which includes interest
anl sufficient amount of the prin-
| cipal so that at the end of the period
| for which the loan is made the entire
|dcbt, both principal and interest, will
have been completely wiped out. For