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Oldest Financial Journal Serving
The Central and Western States

No. 1132

Des Moines, Iowa

Question Government Disclosure Policy
“ The
90th Congress — with
all of its enthusiasm for dis­
closure-conducted more of its
meetings behind closed com­
mittee doors than any Congress
in the past 15 years.”
This was the statement made
by Willis W. Alexander, pres­
ident of the American Bankers
Association, at the recent ABA
Credit
Card
Conference
in
Chicago.
Mr.
Alexander ex­
plained that he did not intend
to be negative or unduly criti­
c a l —but wondered if realism
and truth are the order of the
day, shouldn’ t they be pervasive
in government? He went on to
say:
“ At the heart of much of this
legislation is the belief that
more complete and accurate dis­
closure of information is neces­
sary in our present society.
In broad terms this is a worthy
objective; certainly, it would be
difficult to quarrel with it in
principle. So far as banking is
concerned, disclosure is far
from a new concept. Actually,
one of the earliest examples of
legislation designed to promote
mandatory disclosure applied to


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commercial banks, in the form
of call reports. Moreover, this
type of disclosure has been
supplemented by bank examina­
tion, which is simply another
way of revealing information,
albeit to regulatory officials.
Within the past several years,
additional disclosure statutes
have been applied to banks,
including provisions for report­
ing to stockholders, for dis­
closing changes in the owner­
ship or control of bank stock
and, of course, most recently
we have seen the adoption of
truth-in-lending legislation.
“ As I noted, I have no desire
to quarrel with the principle of
disclosure since the underlying
objective is valid, namely to
provide the individual with the
knowledge needed to make an
intelligent decision on a partic­
ular matter.
“ I do object, however, to the
paradox of selective imposition
of this principle. If the princi­
ple is good, how well does
government adhere to it?
“ Indeed, isn’ t it curious that
the same time that the banking
industry was being asked to

December 2,1968
disclose
essential
financial
facts to borrowers — under regu­
lations which propose even to
set forth the size of type which
must be used — the House Ap­
propriations Committee during
the 90th Congress held 322
meetings, according to the Wall
Street Journal, and dealt with
$144
billion
in budget re­
quests — and every one of these
meetings was held in secret?
The Journal went on to say:
That is not only an affront
to the public whose pocketbook
is intimately involved in the
committee’ s deliberations. It is
also in violation of the L eg is­
lative Reorganization Act of
19Jp6 which requires this com­
mittee’ s hearings to be open to
the public unless the committee
specifically votes otherwise. It
has not voted otherwise; it just
c lo se s its doors and m eets.
“ If consumers — the general pub­
lic — are expected to be able to
make intelligent decisions as
to their personal finances be­
cause of disclosure, is it not
also reasonable that in order
to act as intelligent citizens
they must be aware of how the
(Continued on Page 4)

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IOWA NEWS
AINSWORTH: J. D. Rabenold, pres­
ident of the Ainsworth State Bank,
has died at the age of 68. Mr.
Rabenold was one of the original
organizers of the Ainsworth State
Bank in 1945 and had been a
member o f the bank’ s board of
directors sin ce that time.
CLEVES: President and manager
of the P eop les Savings Bank,
Ralph A ikes, recently celebrated
his 50th year in banking. Mr. Aikes
began his banking career in 1918
as an assistant cashier in the
C leves bank and has been active
in banking sin ce that time.
CORNING: Floyd F. Whitmore,
president of the Okey-Vernon Na­
tional Bank, has been named to

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CORRECTIONVILLE: Wm. Knaack,
charter member of the board of
directors of the Com Belt State
Bank, has died at the age of 91.
C. L. Hatfield, bank cashier, has
been named to the board to re­
place Mr. Knaack.
GRINNELL: Max Vande Lune of
Prairie City has joined the staff
of the Poweshiek County National
Bank as an executive assistant.
HUMBOLDT: G. Robert Bristol,
assistant v ice president o f the
First National Bank here, has been
promoted to assistant, v ice pres­
ident
and cashier, succeeding
W. G. Stewart, who resigned. Mr.
Bristol has been an employee of
the bank sin ce 1948.
KEOTA: John E. Klein, local farm­
er, and L . J. P ow ell, Jr., o f the
Pow ell Funeral Homes have been
appointed to the board of directors
of the Farmers Savings Bank. They
replace A. C. McCampbell and H. W.
Statler, who both died recently
after 43 and 25 years, respective­
ly, on the board.
MARION: The First National Bank
recently completed an issue of
$300,000 capital notes. The bank
also split its stock 10 for 1 and

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issued 4,000 new shares at $50
per share.
Jt
P E L LA : The Marion County State
Bank here is undergoing an expan­
sion program to triple its original
siz e . The new addition is expected
to be completed by December 15.
SPENCER: William A. Kramer, in­
stallment loan officer at the First
National Bank at Clinton, has been
named sin executive in the install­
ment loan department of the Clay
County National Bank. Kent Winker,
vice president at the bank, is as­
suming additional duties in the
bank’ s commercial loan department.
WAUKON: E. Richard Lomen has
been promoted from cashier to ex­
ecutive v ice president at the
Waukon State Bank. Merlin F.
Kruger has been promoted from
assistant
cashier to assistant
v ice president and Richard Prestemon from assistant v ice president
to cashier. James R. Campbell,
who joined the bank in November,
has been named assistant cashier.

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WELLSBURG: Bernard Harms has
been elected a director at the
Peoples Savings Bank, su cceed ­
ing the late Simon M. Snittjer. Mr.
Harms is assistant cashier at' the
bank.
WEST UNION: G. W. Grimes, pres­
ident o f the First National Bank,
has been named to the board of
trustees o f Upper Iowa C ollege.
af

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9TH AND MAIN, DUBUQUE, IOWA
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12th & N Street • LIN COLN, N EBR A SK A • Member: F.D.I.C.
LINCOLN^

N EB R ASK A NEWS
AUBURN: Application for a bank
charter for the Nemaha County
Bank to be located at 1122 J Street
here has been denied by the direc­
tor of the Nebraska Department of
Banking.
DAKOTA CITY: An application for
a bank charter for the proposed
Sookota State Bank here has been
denied.
DECATUR: Mrs. Mary Anne Hightree has been named cashier and
B. R. LeMaster has been promoted
to v ice president at the Citizens
State Bank.
DAVID CITY: The David City Bank
recently held an open house to
observe its 50th anniversary.
FRANKLIN: The Franklin State
Bank has filed an application with
the State Department of Banking to
change
its location from 102
Fifteenth Avenue to 1502 M Street
here.
LINCOLN: Don Anderson join s the
Master Charge division of National
Bank of Commerce today. He re­
signed as assistant cashier in the
correspondent department, Com­
merce Trust Company, Kansas City.
LINCOLN: Edward A. Becker, for­
merly senior v ice president at the
Continental National Bank has died
at the age of 77. At his retirement
in 1959, he had been associated
with the bank for 45 years. (Conti­
nental National has been merged
into First National Bank and Trust
Company.)
LINCOLN: Wes Mills and R oss Wil­
cox have been named assistant
cashiers at the Union Bank and
Trust Company. Glenn Rehling has
been named assistant cashier and
agency manager.

3

NELSON: The Commercial Bank of
Nelson has been purchased by Mr.
and Mrs. Lee Clabaugh of Nelson
from the Wehrman family. Mr. Cla­
baugh, who has been associated
with the bank for 22 years, will
assume the position of president
and cashier at the bank.

OMAHA: Bernard J. Murphy, senior

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v ice president at the North Side
Bank, has announced that the bank
will double its size with a 6,000square-foot addition, which will
cost more than $350,000. Comple­
tion of the one-story brick addition,
which will include a walk-up win­
dow, three drive-in windows and a
community room, is scheduled for
next fall.
OMAHA: Four new assistant cash­
iers have been elected at the
Stockyards National Bank. They
are Edward L. C ollins, Daniel J.
R ishel, Daniel V. Mahoney and
Richard J. Hutfless, Jr.
RED CLOUD: The Peoples Webster
County Bank recently observed its
75th anniversary.
WOOD RIVER: The Bank of Wood
River has completed their remodel­
ing and expansion project. New
facilities at the bank include a
new vault and over 400 safety
deposit boxes.

M INNESOTA NEWS
BOVEY: Bruce Polus has joined
the staff of the FirstNational Bank.
After becoming familiar with bank
Operations, he will be in charge
of the insurance department.
LITCHFIELD: The Northwestern
National Bank recently moved into
its new building. A grand opening
was held November 26, 27 and 29.

MINNEAPOLIS: The Northwestern
National Bank’ s new Southdale
financial planning o ffice has begun
operations.
The facility, under
state banking laws, is not a full
service bank, but can take appli­
cations for loans and savings and
checking accounts and give related
financial advice. It is located at
350 E. 38th Street.
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ST. CLOUD: The First American
National Bank of St. Cloud will
hold an open house for bankers
in the bank’ s new building on
December 5 from 4 to 7 p.m.

NORTH D A K O TA NEWS
BISMARCK: The Executive Coun­
c il of the NDBA will meet Decem­
ber 4 in the State Room of the
Holiday Inn here to consider legis­
lative proposals of the NDBA
Legislative Committee. Bankers
are welcome to attend the meet­
ing and express their views.
PORTLAND: The First and Farm­
ers Bank of Portland has moved

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Waterloo, Iowa
into its new building. New fa cili­
ties of the bank include a drive-in
window,
night
depository and
alarm system. An open house was
held in the bank’ s new quarters
on November 23.

SOUTH D A K O TA NEWS
BRITTON: Construction is planned
to begin this spring on the new
building for the Britton office of
the First National Bank of Aber­
deen. The building will be located
just south of the Britton library on
the north 100 feet of Main Street.

M O N TAN A NEWS
GREAT FALLS: The Glacier Chap­
ter of the Bank Administration.
Institute will hold its quarterly
meeting at the Holiday Inn here
on December 7.

WYOMING NEWS
TORRINGTON: The First National
Bank recently held an open house
in appreciation of the many cu s­
tomers, businessmen and friends

who have supported the bank over
the years.

C O LO R AD O NEWS
ASPEN: The first application for
a national bank charter in Colorado
in more than a year has been filed
with the administrator of national
banks for the proposed new First
National Bank of Aspen. Proposed
capitalization
for the bank is
$300,000- Heading the group of
applicants is George B. McKinley,
president o f the First National
Banks of Grand Junction and Glenwood Springs, and James W. McKin­
ley, v ice president of the First
National of Grand Junction.
DENVER: F. Dennis Buck, Frank
A. Burhom, James D. Phelps and
Mrs. Eileen Klein have been named
assistant cashiers at the Central
Bank and Trust Company.
DENVER: Sidney L. Brock, Jr., re­
tired senior vice president of the
First National Bank of Denver,
has become associated with the
Continental Investment Company,
Denver, as a consultant and ad­
visor.
DENVER: Colorado State Bank,
metropolitan
Denver’ s
eighth
largest, has announced it will
build an $18 million, 26-story of­
fice building on the northeast
corner of 16th Avenue and Broad­
way. Demolition of the one-story
buildings on the construction site
will begin immediately.
DENVER: A. Rowland Boucher,
president and chief operating of­
ficer of King Resources Company,
Denver, has been elected a director
of the Security National Bank.

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MEMBER, MIDWEST STOCK EXCHANGE

412 Farm Credit Building, Omaha, Nebraska 68102
Phone 346-6677 (Area Code 402) Teletype 402 348-1040
Other Offices Located in

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Disclosure Policy. . .
(Continued from Page 1)
Congress is handling their funds?
“ Appropriate it is indeed that
our industry, which finds itself in
the primary focus of recent d is ­
closure
legislation,
should
in
accepting
these standards for
consumer business relations, e x ­
press concern that similar stan­
dards of full revelation are lacking
in the Government’ s dealing with
its public.
“ The stakes involved in the
continuation of this dual standard
are high indeed. The principle of
disclosure is entitled to universal
applicability
in Government as
well as in business.

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No. 1132 Northwestern Banker is published five times monthly by the Northwestern Banker Company, 306 Fifteenth Street, Des
Moines, Iowa 50309- Subscriptions 50<£ per copy, $6 per year. Second cla ss postage paid at Des Moines, Iowa. Address all mail

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