The Sidney herald., 1955-01-13
Pea Makes
Payment
On Cvt. Loan
BY Mrs. Guy Ross

The Production Credit associa-
ton of Glendive held its annual
dinner for its Sidney stockholders
at the Moose hall Monday with
the Women of the Moose serving
159 guests.
Highlight of the meeting was
the presentation by President AL
bert Groskinsky of Sidney, of
the final payment on the govern
ment loan which started the as
ISOLATION in 1884. The check was
presented to Ernest Henry, of the
Production Credit Corporation of
Spokane, thus making the associ-
alton now fully member owned.
Charts showing the condition
of the association we're displayed.
These showed assets consisting of
loans to members, interest receiv-
able, provision for losses, cash,
government bonds, and other as
sets, amounting to $1,268,028 To-
tai liabilities made up of money
borrowed from the FIBC, inter-
est payable and other debts, a.
mounted to 1868, Ala. The differ
ence represented a sum Of $780,
GA net earnings and member cap
ital none of which is government
owned. A chart showing the OPP
Grating statement of the associa-
ton, compared income in 1858
and 1854, showing a slight drop
in different departments during
the past year. Income from inter-
est on loans, loan service fees, in
come on bonds, and miscellaneous
sources totalled $65,906 in 1854
as compared to $7O,518 in 1858.
Net earnings after all expenses
and losses or gains were figured
came to $8,791 in 1854 as COM
pared to $13,117 in 1858.
Ernest Henry spoke on the de-
velopment of Pea associations
and on farm conditions. He COM
pared agricultural valuations and
debts in 1920 with those of today,
pointing out that while in 1920
assets were four times the debts.
Today agricultural assets are ten
times as large as the debts. He
stated that farmers r in better
financial condition than other ma
tional groups because farm debts
are less than those of other groups.
He added that of the $120 million
invested by the government in
Pea none has been lost and the
investment is now returning mil
lions in taxes to the government,
He pointed out that Pea associ-
atoms are government supervised
to protect the investment.
Preceding the presentation OF
the check and Henry's talk, Sen
Thomas Ross of Blaine county
spoke on legislation, tracing the
progress of a bill through the leg
islature until it either becomes {
law or is vetoed by the governor
Cecil Lafonde explained the in
surance department of the as
ISOLATION.
Nominations were made for two
directors of the association. Nom
nees from the Sidney area were
Albert Groskinsky and Albert
Odenbach. Nominees from the
Glendive area were Vergil Gregg
Harry Sawatzky, and Joe Bren
Ballots we're distributed and mem
bers voted for one candidate from
each area. Results will not be
known until after a similar meet
ing is held at Glendive and the
two groups of ballots are counted
and totalled.
Dinner entertainment was fur
nished by Knute Hoversten with
a series of humorous stories anc
two vocal numbers, "Let Me Cal
You Sweetheart" and "Travelins
Along" by a quartet made up o.
Mr.. and Mrs. Mike Flynn anc
their children, Eldean and Myra
with Mrs. Flynn as accompanist
Table flowers, thermometers anC
pairing knives were given eacI
guest as souvenirs.
a ~