White Bluffs spokesman. [volume] (White Bluffs, Wash.) 1907-1938, 1935-01-17
Loan Agency
Reviews First
Years Work
Karr, Marley, Tate And
Perkins Head Credit
Association

The Yakima Valley Production Cred
it Association is prepared for year
of even greater service to Its growing
membership of stockhold1ng borrowers,
say officials of the organization.
Organized last spring as a perman-
ent cooperative institution for max
ing crop and live stock loans on
sound business basis at actual cost,
the association held it's first annual
meeting on January z and enthusiast
tically made plans for the coming sea-
son. Approximately 200 farmers from
all parts of Yakima, Benton, Kittltas
and Kickitat counties attended.
A report of last years business, pre-
sented by E. E. Henry president OF the
Production Credit Corporation, showed
that the association made $94l ,52l.l4
in loans to 281 individual farmers OF
this territory And despite extra ex-
penses necessary for organization pur-
poses. the association ended the year
with no impairment OF Its capital.
This means that member borrowers
will not be required to increase their
stock investment in order to obtain
loans this year, provided the amount
they apply for is not greater IMAM
their 1884 loan.
Glass B stockholders, with one vote
per member regardless of the number
of shares they own, elected the fol-
40
Arthur Karr, George Marley, ROLAND
E. Jones, Guy Pearl and S. A. Soren-
son.
Arthur Karr was elected president
George Marley, e-president, Ray "A
Tate secretary, and E. B. Perkins
treasurer.
E. f. Henry, president Of the Pro-
duction Credit Corporation of Spokane
was present to clear up nisunder'
standings and fully explain this sys'
tenn of cooperative financing Wh1cf
has been made available through TIT
farm credit administration. BY invest
ing in the associations non-votlnl
class A stock, the corporation supplied
major portion Of the original capita
which the Yakima Valley Production
Credit Association needed for startln
business. Association members share
key partnership interest, however, b
purchasing class B voting stock IN thel
association at the rate of one S. shar
for each 500 borrowed
This capital is not used for lend1n
purposes, but is invested In govern
ment securities which are deposited
extra collateral with the Federal In
termediate Credit Bank of Spokan
The association, however, draws carr
ings upon the full amount OF tn
capital investment, to supplement- tf
income which 1t derives from it's loa
volume.
It is intended that ultimately TT
association will be owned entirely
it's borrowers but until that time tt
Production Credit Corporation exc
cises general supervision. ii
zone of the important things to r
alize," declared Ray A. Tate, secretar
lis that the Yakima Valley Productit
Credit Association is not a governme
institution and it doesn't loan COVER
ment money 1t is a cooperative Q
ganization of farmers which must phi
to stand on it's own feet The Produ
ton Credit Corporation, as a unit
the farm credit administration, help
provide the machinery, but it is
to local farmers to make success
their association"
The Yakima Valley Production Gre
it Association discounts the notes
it's borrowers with the 1ntermedls
Credit Bank, which obtains its loa
able funds from the sale of debentu
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