Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1936-01-30
CREDIT
GROUP is A c c

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Reporting a year Of substantial
progress under more normal operating
conditions, the Northeast Montana
Production Credit association of Wolf
Point held its second annual stock
holders business meeting on January
Is at the X. c. hall with 80 members
and friends attending from Sheridan,
Daniels, Roosevelt, McCone and Val
ley counties, the territory it serves.
Stockholding members elected Ben
Zimmerman of Poplar and Albert Eli
ason of Opheim as members of the
board of directors for th~ree-year
terms, and Sheridan Wilson of Scobey
for two year term. Holdover members
are VIM. Pipol of Wolf Point and r.
G.. Tyler of Homestead. The board re-
elected Mr.. Zimmerman as president
and Carl Bull as secretary-treasurer
Reports given by President Ben
Zimmerman and Secretary Treasurer
Carl Bull showed the association made
S257 OBJ in loans during 1885 to its 24O
members, representing a 315 percent
gain in volume of business and a $50
percent growth in membership. Again
last year the association made a pro-
fit on its operation, adding to its re-
serve account and increasing the book
value Of Class B voting stock held by
members. After the reserve fund has
been built up to IS percent of the as
scciation's capital, future earnings will
be used to retire non-voting class A
stock held by tn Production Credit
corporation of Spokane and then to
pay dividends.
1T hould be remembered" said
President Ben Zimmerman, '"that we
are not just making ~loans,; we are
building a permanent farmer-owned
and farmer-controlled financing orga-
nization to serve local producers in
good times or in times of stress-a
system of financing that meets agri-
cultures needs in a dependable, busi-
ness-like way at low actual cost. This
service is open to all farmers who have
a sound basis of credit and who desire
to save money on their seasonal fin
ancing by cooperating with their
neighbors."
Secretary Carl Bull reported that
experience gained during the past two
years has enabled the association to
put several shortcuts into effect so
members can be served more speedily
and efficiently this season.
Otto Allgair, secretary of the pro-
duction Credit corporation which is
helping the association make a sue
cess, also addressed the annual meet
ing. He explained how the farm credit
administration has helped farmers de-
velop a complete cooperative credit
service, supplying funds at low cost
and on favorable terms of repayment,
including long-term mortgage loans
through national farm loan associa-
tions and the district land bank, sea-
sonal crop and livestock loans through
the production credit associations and
the district intermediate credit bank
and financing for cooperative market
ing and purchasing associations
through the district bank for coope-
rativeS.
Mr.. Allgair emphasized that loan
funds used in this cooperative system
come from the investing public and
that a continuation of low interest
rates is largely conditional upon the
making of only sound loans that are
promptly repaid when due. He con-
graduated the Northeast Montana
Pea on the progress it has made dur
ing its two years Of operation, and
recommended that each member feel
Individually responsible for helping
the association continue its successful
urovuth