Elects ®^fr0v*tU
ganfc ‘'■''PortraV
figures P°
At the annual stockholders
noeeting of the Bank of Kodiak
held July 14, the following di
rectors weie elected: W. J. Ers
kine, Ben Kraft, J. N. Steffgen,
Mid 0. A. Torgerson, all of Kod
ak, and F. A. Hansen, of Cor
lova.
Reports of the year’s activities
aere reviewed, showing a phe
nomenal increase in deposits from
11,137,186.99 to over $3,000,000.
X) during the past fiscal year
ending June 30. It is believed
ihis is an all time high record
or any bank similarly situated
mywhere in the United States,
ind reflects the great amount of
ictivity in this area. The report
ihows over one million dollars
•ash an hand and over $500,000
m deposit with other banks, and
ilnited States and Municipal
Kinds of over $1,200,000 owned.
It is now one of the largest
•tanks in Alaska.
A year ago the bank had 6
tmployees and now has 12. The
idditional room provided last
fear is now fully occupied, and
in additional safe was installed
ecently, make a total of 3 cur
ency safe3. Additional safety
leposit boxes and other equip
nent has been installed to take
are of the ever-increasing
rolume of business.
Following the stockholders
neetinga directors meeting was
(eld. and the following officers
elected: 0. A. Torgerson, presi
dent and cashier; Ben Kraft,
vice president; W. J. Erskine,
vice president; R. E. Dawson,
assistant cashier.
Transfer was ordered made
from Undivided Profits to the
Surplus Accounts of $18,500,
making it $20,000. A dividend
of 5 per cent was also declared.
This is an unusual record in be
ing able to transfer such a sub
stantial amount to surplus, pay
dividends, retain nearly $5000
in Undivided Profits, and with a
reserve of nearly $12,000 since
March 4, 1949.
It is likely that the bank’s
capital will be substantially in
creased in the near future, Presi
dent Torgerson said.
Try a classified ad.
I District Governor May
Present Club Charter
At the regular meeting of the
Rotary club at the Brown Bear
Tuesday noon a letter was read
from Fred Jones, district Rotary
governor, expressing possibility
of his coming to Kodiak to pre
sent the new charter to the club
[Glen Hyner reported that addi
tional supplies are coming for
the Alaska Territory Guard.
Roy Snyder was a guest at
the luncheon and spoke a few
words on his receent trip Out
side, as did returning members
Carl Pajoman and Wayae Wald
rip.
Word has been received here
that Charles Marshall, Jr,, who
has been under treatment at the
Orthopedic hospital in Seattle,
is much improved, and has been
able to leave the hospital and can
now get about with the aid of
crutches.
the:
; “Home of Hospitality5i
►
> in Kodiak
*
: Belmont Hotel and Bar
Jorgen Fredrickson, Owner
| "Have you tried one of cMtke s tasty lunches?
SI. __ . » ..- . .. ^
WODLINGER DRUGS
«R>
• Parker pens & pencil sets
• Lucien Lelong
perfumes & colognes
• Alaska compacts & curios
Our stocks are fully replenished
and complete
Come in and look around
to6SWH€fiN W3
--
When you Want a Delicious
DINNER
with all the Trimrain’s .
Visit
AL’S CHICKEN INN
on the Mission HigUway
$10 Given Away
to Lady holding lucky number
Ticket’s given at door on Sunday, drawings
Sunday night at 8 P. M.
ORCHESTRA SUNDAY NIGHT
KODIAK
CASH MARKET
As the New Manager of the
KODIAK CASH MARKET
our endeavor will be to to serve our
many customers in all ways to the
best of our ability.
“Service & Quality our Motto"
J. A. (Jim) trophy
KODIAK
MERCANTILE CO.
RADIO & RADIO BATTERIES
411 models All sizes
Something New
Party Records!
GENERAL HARDWARE
Padlocks Carpenter’s Tools
Fresh Stock of Auto Parts
Oil Heaters and Ranges
CARL W. PAJOMAN, Owner
AGENCIES
FIRESTONE, QUAKER STATE OIL, FERGUSON TRACTORS FORD - MERCURY - LINCOLN ZEPHYR
EVINRUDE & ELTO OUTBOARD MOTORS DeSOTO & PLYMOUTH AUTOS CHRISCRAFT AND MORRIS BOATS & CRUISERS