Quad-City Times from Davenport, Iowa • 23

Z3 Davenport Real Estate Board Had Important Part in Aiding Organization of First Federal TATE ME NT SUNDAY MORNING THE DEMOCRAT AND LEADER, DAVENPORT, IOWA MAY 20, lost institution, quickly accomplished this purpose. These teams were nind up of Bert Frahin and Roy Fisher; Mel Foster and F.d Joe 'Vaguer and A. F. Pctcrsberger; Jim Rush and Art Wagner; Fay Paign and C. E.

Cline; R. Bloomer and Miles Collins, John Hynes was the chairman. of CONDITION APRIL 30, 1951 Much credit for the formation of the First Federal Saving A Loan association should be given to the Davenport Real Estate board, an examination of the minute of meetings of that organization for 1933 reveals. On January 6 of that year, in which First Federal was org; nized, the Real Fstatt board appointed a committee of John Hynes, A. F.

Pctcrsberger, Mel Foster and Roy Fisher to confer with other civic groi.ps and to make a study of how a federal loan organization could be secured for Davenport. M. W. lies was also one of the strong supporters of the movement. Reports submitted in February and March by the committee indicated that such a savings and loan association should have a capital of from $200,000 to and that there were three successful associations in Cedar Rapids, and one each in Marshall-town, Ames, Dubuque and Des Moines.

The fact that the Marshall-town organization had more than $2,500,000 in assets was stressed as showing how large such an institution might grow. Today the First Federal of Davenport has more than $18,000,000 In assets! In the early fall, as actual organization got under way, the Real Estate board formed teams to sell $25,000 worth of shares in the new MUSICAL PROGRAM TO HIGHLIGHT OPENING OF ART EXHIBITION A musical program consisting of selections by a string quartet and a string quintet will be presented at the opening of the Public Schools' Art exhibition at the Davenport Municipal Art gallery at 2:30 p. m. today. The music is provided by local No, 67, American Federation of Musicians, thru a grant from the Music Performance Trust fund of the recording industry.

The musicians are Robert Sutton, pianhit; Raphael Flauigan, first violinist; Vincent Petersen, second violinist; Victor Erwin, viola Arthur Petersen, 'celloist, and Albert Petersen, contrabass player, ASSETS ON STAFF OF FIRST FEDERAL Shown above are some of the staff executives of the First Federal Savings Loan association. Seated (left to right) are Herbert Eckhardt, appraisals manager, and W. J. W. Winter, manager of the First Federal building.

Standing are Dale Tullis, the assistant secretary, and Verle E. Baxter, manager of the accounting department. Kenneth P. Pottori'f, cashier, is on vacation and was not present when the picture was taken. Advertise In Your Newspaper- It Gets You Immediate Action.

Cash and Securities 3,022,086.04 II. 8. Government Bond $3,142,408.27 Cash on llitnd and In Hank Federal Home Loan Bank Stork 21S.2U0.UO First Liens on Real Estate 14,734,906.71 Insured by (lie Federal Housing Administration Guaranteed by the Veteran' Administration S.SOO.SM.ST Subject to Federal Horn Loan Bank Regulation! S.392,119.17 Home Of ice Land and Buil ding 236,666.68 (Less dep'r) Furniture, Fixtures and Equi pment 39,023.09 (Lew dep'r) i Deferred Charges and other Assets 143,103.85 It. II. REDDING E.

A. SCHLUMPBERGER First Federal in Rapid Growth (Continued From Preceding Page) spite the heavy volume of loans now in effect. Reserves of $1,412,666 have been NORTHWEST COMPANY Your Hume Owned and Horn Operated TOWN AND COUNTRY BUILDING MATERIAL STO' Hickory Grove Road and Davenport City Limits $18,175,786.37 Total Assets large amount of money advanced to home owners, the institution has paid dividends totaling $2,328,567 to, its shareholders. The institution has also sold a total of $1,476,034 worth of United Slates treasury bonds, and has redeemed United States treasury and Home Owners Loan Corp. association investments of Federal Home Loan bank advances of $23,668,950 have been repaid by the First Federal thru the years, and at the present time the Indebtedness to that institution is only $1,100,000 de- created for the benefit of shareholders and the greater protection of borrowers.

In the years that First Federal Savings Loan association has been operating total receipts and disbursements of $145,802,416 have been handled. Real estate valued at $66,113,450 has been appraised. Such is the remarkable financial story that has been written by this aggressive but conservative Davenport financial institution in 18 years of service in the Extend FIRST FEDERAL SAVINGS LOAN ASSN. LIABILITIES Savings Accounts $14,921,809.23 Federal Home Loan Bank Advance 1,100,000.00 Loans in Process 444,402,53 Other Liabilities 93,383.84 Reserve for Dividends, Inter est, Taxes, Expenses and Depreciation 203,524.75 Reserves and Undivided Profits 1,412,666.00 REALTORS AND INSURORS PROPTY MANAGERS AUTHOMiZCS MOflTGACI LOAN SOLICITOUS UDENTAL INSURANCE CO QW AMERICA $18,175,786.37 Total Liabilities mo 1 OFFICES IN DAVENPORT, IA. MDLINE, ILL, OFFICERS AND DIRECTORS SECURITY DAVENPORT, DIAL 2-2667 John C.

Shenk, President Ren Comenitz, Vice-President W. 1. Peterson, Secretary Burdkk Richardson, Treasurer Frank Betty, Attorney STAFF MEMBERS LOAN OfttSPON0CNTS FOR: CQUtTASLI LIFE INSURANCE CO. OF IOWA MASSACHUSETTS UTU bIFE INSURANCE CO, Davenport, Iowa May 15, 1951 Byron Dale Tullis Assistant Secretary, Manager Loan Processing Department Kenneth Paul Pottorff Cashier, Manager Loan Tax Departments Verle Edwin Baxter Manager Accounting Department Paul J. Josinger Assistant Cashier, Assistant Manager Loan A Tax Departments Herbert Win.

Eckhardt Senior Appraiser, Manager Aporalsal Collection Departments W. J. Winter Manager First Federal Building Officers and Directors, First Federal Savings Loan Association Davenport, Iowa Gentlement It is with a deep sense of appreciation that we of Mel Foster Inc, congratulate you on this period of celebration during your grand In your progress and growth, you have indeed made a great contribution to this community. May you continue to grow and serve in the future as you have so successfully done in the past. Sincerely, MEL FOSTER INC.

BUP DING DEPARTMENT CUSTODIANS-MAINTENNCE Charles Fred Forber Wils II. Ktieh! Jesse Samuel Mercer Albert Print. Ernest W. Richards Jacob Van Pelt JANITRESSES Acnes Buol Katherine Claussen Ruth Smithlger Helena Zuber ELEVATOR OPERATORS Amanda Marie Can Charles II. Turner ACCOUNTING DEPARTMENT Rama Hilda Rohwer, Asst.

Mgr. Arlene Gorhanour, Accounting Asst. Maxine K. Hansen, Book. Mach.

Oper. Stella Mae Myers. Book. Mach. Oper.

ADMINISTRATIVE ASST. Erma Kier, Secretarial APPRAISAL DEPARTMENT Philo James Beattie, Junior Appr. Laura C. Claussen, Secretarial Asst. INSURANCE DEPARTMENT Marie Julian VVulf, Asst.

Mgr. LOAN PROCESSING DEPT. Richard Myers, Asst. Mgr. Richard A.

Dierickx, Interviewer Frank T. Flambeck, Interviewer Feggjr Lou Stoffers, Secretarial SAVINGS DEPARTMENT Paul J. Josinger, Head Teller Willis Milvern Busrh, Teller Harry E. Dixon, Teller James Fairbanks Ilassel, Teller Romona Dunn Hinckley, Teller Frances Fellner SchulU, Teller Vera B. Vasen, Teller Eugene L.

Westendorf. Teller SWITCHBOARD OPERATOR Tatricia Anne Schroeder, Typist IN SERVICE Lawrence Carney, Loan Proc. Dept. John C. Shenk Appraisal Dept.

LOAN-TAX DEPARTMENTS Roseanne A. Arme, Secretarial Asst. President VT Curront Annual Dividend Accounts received by 10th of month earn dividends from 1st SAFETY OF VOIR SAVINGS INSURED UP TO $10,000.00 I INSU RE EVERYTHINO BUT YOUR LIFE" FIRST FEDERAL SAVING! AND LOAN ASSOCIATION Southeast Corner Third and Main Street! Davenport.