The Grand Saline Sun (Grand Saline, Tex.), Vol. 58, No. 8, Ed. 1 Thursday, January 5, 1950 Page: 3 of 10
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1ZING RECORD MADE BY LOCAL
DIT ASSOCIAT ION IN 17 YEARS
•action of a board of farmer-
anchor directors elected by the
tnrlfhoIHa»m ’> Allo» I
stockholders,” Allen emphasised, days of 1939, the nK
“Two members of the board and spednl und permanent *rt*
nonssrer pass on all loans. The agricultural credit in this d
associations make loans for any- had been dev*lop!ng sinc4.1
thin* a farmer or rancher needs back as 1812, when CoitfiM
in the operation of hia farm or a commission to Europe id
ranch except long-term loans on their farm credit systems.*'
his lxnd. In passing on 1 o a n s. says. ' •
emphasis is placed on the ap- “Out of this stud • (rrrt
plicant’s ability to repay the obiU Federal land banka establi*!
Ration from income made from 1017 and the Federal int«
hia operation. credit banks act up in 182J
“The associations obtain their organization of production
loan funds by selling their notes associations was only the
to the Federal Intermediate Credit i logical step in the proce
Bank of Houston, which in turn j building a complete credit ,s
gets its funds by selling short- : for American farmers and i
term bonds .to private investors ors. They are merely the rel
in all parts of the country. The of the wholesale credit whic]
associations do not and never have already available through th«
loaned government money. eral Intermediate credit bai
“The production credit associa- “Provision was made fo
tions in Texas are a part of a farmers and ranchers themsel
It is rare when a group volun- and reserves of $69,000.
c jr?„ ttsssz
rrL\:Pzi:z l zk ssra KKLf rss
al Government for financial sup- The job of paying off the last
lrt- But th,s *. wJlat 36 produc- dollar was completed at the end
m credit associations in Texas, of 1499, Mr. Allen says, adding
eluding the local Tyler Produc- that a truly remarkable feature
>n Credit Association, have been of thig performance is the fact
ng s nee • ^ that the government set no defi-
According to G. Kearby Allen, nite time limit in which the capital
sistant treasurer and field re- was fo be returned. By paying
esentative for Van Zandt Coun- off the government, the associa-
whose office is located at Wills tions have also become subject to
lint, the Tyler Association was Federal income and other taxes,
long the first nine in Texas and jn reviewing the past history
e xirst 31 associations in the and present standing of the Pro-
uted States to repay all gov- duction Credit Associations in
nment capital. The government Texas. A1ien this week made the
nds were returned in 1947. following comments:
The Tyler Association was the “In returning the last of the
•st association organized in Tex- government stock, the production
. It started with five members credit associations in Texas are
1933 with a total local invest- well in the lead of thg rest of the
ant of $25. Since that time it country. Of the 467 associations
s grown to a membership of outside of Texas, around 75 have
:47 farmers and stockmen who paid off in full and about two-
rn over $146,000 of capital stock thirds of the total original capital
stock investment by the govern-
ment has been returned to the
Treasury.
"During the 10 years since the
sssociations were organized, it
has been necessary for Texas
rarmeri and ranchers not only to
’ftise about $8,000,000 to replace
the government's investment but
also another $7,000,000 to get the
capital and surplus needed to sup-
port the volume of loans they are
now handling. Of this $15,000,000
of capital and surplus now in the
Texas associations, only about
$3,000,000 represent capital stock
that members are legally required
to purchase in connection with
their loans. The balance was raised
bv members voluntarily keeping
about $3,200,000 of stock now
needed in their loans, by mem-
mers voluntarily purchasing an
additional $3,000,000 of stock, and
by accumulating about $5,800,000
in ri’rplus from earnings over the
16 years.
“Each production credit asso-
ciation is a separate business
responsibility for their success.
This pian was adopted on the age-
old theory that people tend to take
care of what belongs to them and
the idea that only local farmers
and ranchers have the intimate
knowledge of the people and their
operations that is necessary in
making loans which are both safe
to the lender and profitable to
the borrower,” Allen concluded.
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Harle, Neil. The Grand Saline Sun (Grand Saline, Tex.), Vol. 58, No. 8, Ed. 1 Thursday, January 5, 1950, newspaper, January 5, 1950; (https://texashistory.unt.edu/ark:/67531/metapth1003531/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Van Zandt County Library.