The Nespelem tribune. [volume] (Nespelem, Wash.) 1934-1936, 1936-01-30
100000 Is Loaned
By Okanogan Pea
Meeting Held Saturday With
Many In Attendance; Has
206 Borrowers

296 Borrowers
That loans of $500, 437 were made
to 296 borrowers during the past
ten and one-half months in this
district by the Okanogan PRODUCE
ton Credit association, was shown
IN reports given by Secretary
treasurer H. r. Hamilton and
John S. Petersen, president, at the
annual stockholders meeting held
Saturday at Okanogan.
The present board of directors
was retained for the following
terms: John S. Petersen, Omak,
three years; Walter B. Schrock, Ok
anogan, two years; Lloyd T. Miner,
Brewster, two years; r. l.. Picken,
Tonasket, one year; and =. S. Mel
son, TonaSket, one year.
Petersen Reelected
At a meeting Of the board Of d.
rectorS held following the stock
holders meeting John s. Petersen
was reelected president; Lloyd T.
Miner, vice president; w. B.
Schrock, member of the executive
committee; H. R. Hamilton, secre-
tary-treasurer; and r. T.. French,
assistant secretary treasurer.
One hundred and twenty-six
stockholders and "a visitors We're
present at the meeting.
1t was revealed that the associa-
ton now has total membership of
302 stockholders. During the past
season 389 applications were receiv-
ed, of which 76 per cent were ap-
proved and closed.
Make Profit
Mr.. Hamilton 5 report showed q
total operating income of $24,377.-
IS, with interest on securities
amounting to $13,992.2O and inter-
est on loans at 3 per cent net to
the association $1O,385.25. The total
operating expense was $1O,719.O9,
making a profit on operations for
the ten and one-half months of
operation since organization in
March, $13,658.36. Gain on inspec-
lions was $163.70.
Reserves for estimated losses of
$40, 1925 were set up, leaving a net
profit of $3,02951, which was plac-
ed in reserve account to protect
Glass B stock against possible
losses in future years.
L. l.. Claypool, field supervisor of
the Production Credit Corporation
of Spokane, explained the policies
of the corporation to the stock
holders present and commended
the association on the progress
made the past season.
E. A. Haight, loan department.
Federal Intermediate Credit Bank
of Spokane, spoke on livestock fl
nancing and on the part of the
Credit bank in Production Credit
association financing.
Tell Results
Several others made talks on their
experience with Production Credit
association financing and called at
tention to how the association was
especially adapted to assist the
borrower and the farmers of the
district.
Those who spoke were H. M
Holmes, Omak, fruit grower; G. E
Heineck, Okanogan, stockman
Fred d. Culver, Carlton, fruit
grower; Frank B. Morse, Winthrop
sheep man; and w. B. Hampson
Omak, fruit grower.
''The association is not just max
ing loans" Mr.. Hamilton stated
"but is building a permanent
farmer oWned and farmer CONTROL
ed financing organization to serve
local producers in good times or in
times of stress-a system of financ-
ing that meets agriculture's needs
in a dependable, buSineSSlike way
at low actual cost.
'"This service is open to all farm
ers who have sound basis of cred
it," he said, land who desire to save
on their seasonal financing by CO.
operating with their neighbors.
Improve Service
Experience gained during the
past two years, in 1884 as a branch
office of the Wenatchee Pea, and
since March 16, 1885, as the Okan-
ogan county Pea, has enabled the
association to put several short
cuts into effect so members can be
served more speedily and efficient
ly during the coming season." Mr.
Hamilton stated.
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