Virginia Carolina Joint Stock Land Bank (Norfolk, VA)

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NEW FARM BANK MAY BE A BOON TO FARMERS Will Find Money For Farmers in Pasquotank and Adjoining Counties Who Can Offer Improved Real Estate As Security By W. 0. SAUNDERS JAKE WOOL QUITS THE The organization of the WORLD FOR NAGS HEAD Southern Trust Co., a new farm loan bank in this city, looks like Never Could Get Enough of Nags Head in All His Life Before, But Exthe only possible relief for hunpects to Get It Now dreds of farmers in Pasquotank and adjoining counties who-must Jake Wool, of Edenton. well known have long time loans for the imin Elizabeth City, is about to realize provement of their properties the ambition of a life time. Jake Wool is going to forsake the haunts of busy and development of legitimate bodies and settle down for the rest of agricultural projects. I have no his life at Nags Head, where he will patience with a lot of street talk sell groceries to the summer cottagers to the effect that the Southern in summer and fish in the fall and Trust Co. is a scheme to extort spring. In the winter Me will not fish. Jake Wool was in Elizabeth City the heavy discounts from the unforother day making preparations for his tunate farming class. I suspect going into exile. He says he has been that much of this talk originates going to Nags Head ever since he was with a lot of private money eight years old and it has been his ambition always to spend his life at that lenders who have heretofore good old resort. For fifteen years been free to extort anywhere while an engineer on the Norfolk from 12 to 16 per cent interest Southern R. R. he prayed every night from farmers compelled to seek for the Lord to see him safely thru loans from them. the night's run for Nags Head's sake. After making up his fourteenth wreck The Southern Trust Co. purposes to on the Norfolk Southern two years ago act as a sort of broker between the Mr. Wool quit while the quitting was desirable borrower in need of a long good and took a position in the Norfolk time loan and investors who can be Navy Yard. Disarmament talk put an persuaded that bonds secured by mortend to a lot of Navy Yard work and gage on first class real estate is as Nags Head again came in for considdesirable an investment as government eration. Happily for Jake, he married securities. There are a lot of people a girl who likes Nags Head too. Mrs. scattered about the country with money Wool, who was Miss Goldie Kramer they could lend on first mortgage real of this city, will be an enthusiastic pal estate, but they do not now put their in the Utopian adventure. money to such uses because they don't want to be bothered with the details AN UPTOWN GROCER HAS of looking up titles, recording deeds and managing collections. These same A LITTLE TALE OF WOE people will put out their money thru an efficient trust company managed by Says The Public Is An Ungrateful and Inconsiderate Lot capable men. The idea of the Southern Trust Co. was born last fall when it became apThe public is ungrateful, unappreciative and heartlessly inconsiderate of parent to the officers of the First & home industry. according to one ElizaCitizens National Bank of this city that beth City retail grocer who comments the farmers of this section could not upon the effect of new Cash and Cardepend upon Federal Farm Loan Banks ry Grocery in Elizabeth City on his busfor any considerable aid. To begin iness. This grocer says: with, back in 1918 the farmers of this "For the convenience of my customsection were promised great things ers I have kept two-delivery boys emwhen the Virginia-Carolina Joint Stock Land Bank was organized in Norfolk, ployed. paying them $5 to $6 a week and keeping up bicycles for them. With Va. The farmers were told that the what those two boys nibble out of the Virginia-Carolina Joint Stock Land store and the cost of repairs on their Bank would lend them money at six bicycles I am at an expense of $15 to per cent and that for this purpose the $20 a week just to deliver things to my Joint Stock Land Bank could get all customers. My customers expect dethe money it needed from the Federal liveries several times a day, often putFarm Loan Banks. Then came a suit ting in rush orders for small items challenging the arrangement between right at meal times. The profit I make the Federal Farm Loan Board and the Joint Stock Land Banks. The Joint on many items is eaten up by the cost of delivery. Stock Land Banks suspended operations for about a year, until the liti"To further accommodate my cusgation was ended. The Supreme Court tomers I carry their accounts and while ruled in favor of the banks, but on top I have to pay the wholesaler every of this favorable ruling came a deciMonday morning, many of my customsion from the Federal Farm Loan ers neglect to settle their bills weekly I Board to take no more paper from the or let part of their bills run over. Joint Stock Land Banks. The Viram carrying hundreds of dollars in ovginia-Carolina Joint Stock Land Bank erdue accounts for them all the time with its capital of $250,000 has failed, and often a family gets sick. the man thru no fault of its own, to do /what gets out of work or leaves town and I was expected of it. lose all. Now it happens that the National "It gets my goat to see these very Banking Act will not permit national folks that I have coddled and slaved banks to lend more than 25 per cent for and trusted go down town on Satof their capital and surplus on long urday night and pay their cash money time paper. If this were not law we to a new concern that won't trust them would have more bank failures than we or deliver their goods for them. They have now. We hear of so many small save a few cents by paying cash and banks failing these days simply because lugging their own flour, lard and bacon they have their resources tied up in and then bless me out because I don't paper on which they can not realize. give them my prefits on half my stock Depositors need their money in these after doing as much for them as days of depression and banks can't pay have. I think I shall cut out my credit depositors' checks if they have loaned business and discharge my delivery out all of their money. boys. If my customers will relieve me At the same time it is to the interest of these excessive items of overhead exof the banks to see that every legitipense I can sell groceries cheaper too.' mate enterprise in the community is supplied with the money it needs. When NOW FOR/YOUR STATE industry stagnates for want of capital, INCOME TAX RETURNS all other business, including the banking business, stagnates too. In trying Deputy Commissioner R. F. Tuttle, to find a way to finance the local agriwill sit at the following places on dates cultural industry the First & Citizens named, for the purpose of assisting InNational Bank got busy last summer come Tax Payers in making their reand organized a group of farmers in turns to THE STATE. the Pasquotank National Farm Loan Elizabeth City, Feb. 27-28 and March Association, to operate under the Fed1-2nd, in office of the U. S. Deputy eral Farm Loan Bank at Columbia, S. Marshall, 3rd floor Post Office Building. C. Applications for loans aggregating Second sitting same place, on March around $175,000 were made to the Fed13-14th. eral Farm Loan Bank thru the PasManteo, March 3-4-6th, Tranquil Hoquotank National Farm Loan Associatel. tion, in due course. That was last Camden, March 7-8th, Court House. summer. Not one of those applicaCurrituck, March 9th, Hotel. tions has been put thru yet and it is All single persons having an income obvious that many a farmer waiting on of $1,000.00 or over, and all married the red tape of the Federal Farm Loan persons having an income of $2,000.00 system would find himself sold out or or over, are required to make returns, starved out before he ever got a loan. irrespective of tax liability. It also pans out that the exactions All Partnerships, Fiduciaries, and of the Federal Farm Loan Bank are Corporations, are required to make resuch that the average farmer can't get turns, irrespective of gain or loss. If in need of advice, information, or a loan at all. Some of the biggest landowners and best farmers in this assistance in making your return, it section with assets of $75,000 or more will be a pleasure to the deputy to renhave been turned down on applications der the required aid. for $10,000 loans. If they don't live Don't forget the dates. on the land they are going to mortgage, or if they give their tenants more Mrs. G. W. Owens, 74 years old, died than 50 per cent of their crops, or if at the Community Hospital Tuesday is night following an operation for appen- a lot of other things, they can't get n dicitis Saturday night. Mrs. Owens, who money from the Federal Farm Loan Banks. had lived at this city for the last 31 And 80 that is where farmers and years is survived by two daughter, Mrs. bankers found themselves when the F Swindell and Mrs. O. R. Wolford.