AREA’S FARMS TO GET WELCOME CREDIT SOON
Organization of a $100,000 general agricultural production credit association to serve farmers of northeast Washington and the upper Idaho panhandle will be effected here Monday under the direction of officers of the new Production Credit corporation of Spokane.
The new association will serve Spokane, Adams, Lincoln, Pend Oreille, Stevens, eastern Ferry and the two eastern townships in Grant county in this state and Boundary, Bonner, Kootenai, Benewah and Shoshone counties in Idaho.
Explain Stock Set Up.
By discounting through the Federal Intermediate Credit bank of Spokane, the proposed new Spokane association will provide production credit to farmers and small live stock growers, who, in turn, will be required to buy B stock in the association to an amount equal to 5 per cent of the sum borrowed. The production Credit corporation of Spokane will provide the first three-fourths of the capital, through purchase of A stock.
Plans for the Monday meeting, to be attended by farmers from throughout the area, were announced here today by John A. Schoonover, president of the Production Credit corporation of Spokane.
Five local associations are to be organized this week in this farm credit administration district, compromising the four northwest states.
Today, Paul Matson, vice president of the Intermediate Credit bank, and Joseph Bradley, treasurer of the Production Credit corporation, are organizing a $300,000 general agriculture association at Caldwell, Idaho, and Friday they will supervise organization of a $250,000 association at Twin Falls, the former to serve all of southeastern Idaho the latter, southwestern Idaho counties.
Medford Meeting Today.
Herbert Howell, special field representative of the Production Credit corporation, will hold a meeting of farmers today at Medford, Ore., to organize a $75,000 general association, and Friday a meeting will be held at Klamath Falls, Ore., to organize a $300,000 general association. The latter is being capitalized at this higher figure in order to serve live stock interests of Klamath district.
Dr. L. J. Norton of Washington, D. C., special representative of the Farm Credit administration, and Max Legge, field representative of the Spokane Production Credit corporation, will supervise organization of a general association at Great Falls, Mont., on Friday. Capital of this association has been tentatively set at $160,000.
Mr. Schoonover is attending a meeting for directors of the newly organized Montana Live Stock Production Credit corporation today at Helena to assist directors in choosing the management of the association and laying plans to actually begin operations.