The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1915-07-15
farmers RURAL
CREDIT ASSOCIATION
YOUMANS' PLAN ADOPTED BY
NEWLY ORGANIZED COMPANY
WILL SOON BE TRIED OUT
WILL ISSUE RURAL CREDIT
DEBENTURES.

DEBENTURES.
Although rural credit and cooper
ative associations were established IN
Italy some 160 years ago, and since
that time similar cooperative asso-
Citations conducted for the benefit OF
the producers have been organized and
established in practically all the Eu-
ropean countries, and although there
has been vital need for similar
rural credit associations in the United
States, nothing of this character has
been started in this country owing to
the antagonistic influences which have
prevented federal or state govern
ments from enacting laws favorable
to co-operative movements, and so 1t
is with considerable interest to the
public that the farmers of the state
Of North Dakota have taken the sub
iect of rural credits in their own
hands by organizing and procuring
charter for a rural credit association,
the first of it's kind established in the
United States. The charter was issued
on June 19, 1915, and the name is the
1<Tarmers' Rural Credit Association"
with an authorized capital of $500, ,OO0
The home office of the association IS
Ninot, Ward county, North Dakota.
The incorporators, who are earnest,
experienced, cooperative men, have
the backing of the American Society
of Equity Members, and Of hundreds
Of other North Dakota farmers who
believe in cooperation, met in this city
on June 80, 1915, and perfected the
organization. Directors and officers
we're elected by the stockholders OF
the association and at that time COM
pleted the necessary preliminary WORK
to commence business.
The board of directors electeo at
the first meeting of the incorporators
and stockholders are as follows
C. B. May, Argusville; G. ); Lee,
Valley City; J. w. Wasson, veiva;
Zack Shockman, Berlin; A. M: Baker'
Fargo; Anton Albertson and Grant ).
Youmans, Minot. .,
The directors elected the following
men to serve as officers for the f'rst
C. J. Lee, president; G: B: May,
first president; J: W. Wasson'
second vice-president; G. S. Youmans,,
general manager and treasurer, ana
treasurer; and A. M. Baker, secretary
The business of the association Will
he conducted almost entirely along
the lines and to conform with the
functions of many Of the European
rural credit associations. Loans Will
be made payable in one amount IN
installments and with amortization at
rates of interest just as low as con-
ditions will permit. .,,
The funds of the association will be
loaned to it's members on all classes
of safe security, such as farm loans,
CITY loans, chattel, personal and mort
gage security.
Some really interesting and novel
features of the business as specltl-
cally mentioned in the bylaws OF the
association will be the different
bureaus of service in which depart
ments will be maintained to furnish
rural credit facilities, credit, audit,
employment, information, insurance,
cooperation, production, distribution,
Immigration, schools for farmers, and
many other departments for the bene-
fit of the members.
In making loans and in borrowing
funds the association will adopt the
method of issuing Rural Credit De-
bentures in exchange for secured
notes and for funds borrowed, and it
appears that these debentures would
soon establish themselves as safe and
desirable with merchants, lumber
dealers, machine men, and others, who
extend credit to the farmers, when
knowing that back of any debenture
issued BY the association the farmers
secured notes had been approved and
held by the association. It would ap-
pear that there is tremendous field
for business of this character: If
carefully managed and conservatively
handled the loaning methods and the
bureaus of service as proposed by this
association should meet with the needs
of hundreds of small borrowers who
heretofore have been unable to pro-
cure sufficient capital for their farm
ing needs. ;.
To give our readers the best possi.-
BILE opportunity to become acquainted
with the aims and purposes Of the
association, copy of the original plan
as proposed by Grant S. Youmans
of this city, and read by him at sev,
eral of the big equity meetings held
over the state during May and June
of this year is printed.