Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1941-01-16
Annual Meet OF
Farm Group Drew
Large Home Crowd
Production Credit AssOcia-
ton Attendance Largest
In History Of Organization

|
In History OF Organization
Four hundred and sevently-five
stockholders, their wives and
guests gathered in Calvary Meth
cdist parish hall, January 9 at
11:3O o'clock for the seventh an
nual meeting of the stockholders Of
the Frederick Production Credit
Association. This was the largest
attendance ever reached by the as
ISOLATION since its organization.
The meeting was called to order
by Thomas G. Darby, president, Of
Germantown, and a turkey dinner
followed during which Miss Mary
Donegan, Hagerstown, played a
number of selections on the accor-
dion.
After the dinner Mr.. Darby pre-
sided over the business session,
which included number of reports
and other remarks of vital interest
to the stockholders. Alvie M. Etz-
Ter, of Sykesville, gave the report
for the directors and loan commit
tee, pointing out that there are now
466 members in the association, an
increase of 81 over the preceding
year.
The amount of money loaned for
the year in the four counties, Fred
erick, Washington, Montgomery
and Carroll, which the Frederick
Production Credit Association
covers, amounted to $455, 900. He
also brought out the fact that re-
serve on loans had been increased
by $4,000, being now $4,000.
The secretary treasurer of the
organization, Walter D. Bromley,
Edgemont, gave the financial re-
port. He introduced pertinent
figures, including those showing
that the association is in its best
financial condition in its history,
having the greatest balance and
amount Of stock owned by men,
bers and the smallest amount OF
reserve set up for estimated losses.
Mr.. Bromley further pointed out
that while business had increased
81 per cent over 1889, the actual
operating expense was less in 1910
than in 1889 and with the increase
of business and the reduction Of
expense the association is now self
supporting. 1t was also shown
that costs to the borrower, which
included service fees, have been re-
duced 16 per cent over the year
1889.
Included in the session was a
talk by Mr.. Bromley on making
A Sound Loan" given from expert
ence of the loan committee of the
organization. He emphasized five
important factors, the Individual,
financial condition and progress,
repayment ability, purpose of loan,
and collateral, and illustrated them
with charts taken from actual
loans made by the credit associa-
ton.
An interesting feature of the
program was a professor Quizz"
contest with several of the guests
participating as students of the
Production Credit School and j.
Herbert Snyder, of Union Bridge,
in the role of the professor.
Mr.. M. o. Wilson, Baltimore,
president of the Production Credit
Corporation, gave a short talk on
the function of the Federal Inter-
mediate Credit Bank in obtaining
money through the sale of deben-
lures to the buying public and in
turn lending it to the farmers at
a low rate of interest.
Mr.. Thomas C. Darby, German
town, was reelected as director of
the association for another term of
three years.
Organization meeting of the
board will be held in the near
future.
All Delegates Named