GtyUetiry flu (4$m mltuktk oflmi QVUbtic &UwuL
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Betha Digree, Executive Secretary
Here There Everywhere
The national hysteria
created h* launching or a rn n
made satellite, may whip into a
frenzy of spending on a national
tiT'n'-^edented even in this
<i^ty of big-time expenditures.
Odense Secretary Neil McElroy
has indicated that tjie defense bud
get will be in the neighborhood of
$40J>Ulion, with emphasis on mis
siles.
No one will particularly oppose
tfnat figure. It is now apparent
from an appraisal of our efforts
from* this line, that we are lack
ing in our missile development
program. Since Sputnik, Russia
hits apparently fired a manned
rocket into the air—how success
ful we don’t know. We are «till
having difficulties getting one off
the ground.
Not being the first in no way
reflects the true picture of our
ability or lack of ability to launch
a satellite—we sr~-'’ - *-" *
our every effort to do so. The U.S.
in the past has demonstrated it
can gear itself for a scientific war
or a global war in jig time—not 1
art-any months elapsed before we
were ir> the last war turning out
men and machines to fight on
terms with nations long pre
pared, whose leadership was bent I
tjrr world dominance. I have no :
(tejmbt we can take care of this sit- 1
uation, too.
But the real perils of our budge
tary situation as Congress con
venes. were outlined about the
same time as the McElroy utter
ances, by Chairman Clarence Can
non of the House Appropriations
committee, who warned, in an in
terview with the Associated Press,
against bureaucratic efforts to
launch “a spending spree” and in
voke national defense as an excuse.
“Where the national defense is
concerned,” said Mr. Cannon, “we
cannot count the cost and we pro
vide all the money necessary. But
that’s no reason why we should get
hysterical and sn*nt vast sums of
money that aren’t necessary.
“A great many people are going
to national defense as a reason
to bolster their requests for bigger
appropriations. To them, Sputnik
was a godsend.”
0"— made sense when he
concluded his remarks with the
words: “(In the face of National
defense) we must be all the more
economical with the things we
don’t have to have.”
Scientists and manufacturers
are unanimous on five points in
their verdict on the missiles pro
gram, according to Newsweek.
They are: (1) The U.S. urgently
needs independent civilian direc
tion for its missile-satellite pro
. Fast
Claims
Settlement
Your
Local
Insurance
Agent
Art Brooks
Kodiak Insurance & Building Corn.
Phone 3401 or 2561
gram. (2) The Pentagon should
have a permanent staff for basic
and applied research. (3) The re
search program should be on a
three-to-fiye-year basis, not annual.
(4) Contractors should have more
leeway to make technical deci
sions. (5) All overtime restrictions
should be eliminated.
The State Department, in a
study, has found the Soviets use
credits rather than the foreign aid
grants as given out by us. They
have thus gained a political foot
hold in countries like Egypt,
Syria, India and Indonesia.
The U.S. seems to have done
just the reverse. Foreign aid hasn’t
been paying off as thoueht likely.
Handouts never have made the re
cipient any more friendly to the
giver—in fact the reverse is true
in most cases.
Several bombshells have hit the
Defense Department about the
same time. There was the Gaither
report, pointing a lag in military
technolopv, then the Rockefeller
Report on International Security,
and almost simultaneously the
resist-A* - of Gen. James M.
Gavin, Chief of Army Research
and Development, the latter stat
ing the defense effort had bopped
down in a morass of bickering and
red tape.
The Rockerfeller report ad
vocated an increase of $3 billion a
year in defense expenditure;
thought the Chairman of the Joint
Chiefs of Staff should be desig
nated the principal military ad
viser to the Secretary of Defense
and the President; suggested the
subordination of other members of
the Joint Staff- ♦*> avoid service
rivalry, they advocated a higher
officer corps of officers divorced
from their own branch of service
who become a member of the new
ly designated Armed Forces of the
United States. It also recommend
ed military pay scales be raised.
The Rockerfeller study urged
that all these steps, and many
more, be taken now. “Unless
present trends are reversed, the
world balance of power will shift
in favor of the Soviet bloc. Our
position a year or two hence de
pends on decisions which must be
taken immediately,” the report
said. A clear warning, and some
bold changes. Will Congress and
the Administration take heed?
Griffin Memorial
Hospital Notes
BIRTHS:
Sharon Ann, weighing 7 lbs. 3
ozs., was born on December 28 to
Mary and Archie Bindara.
The first baby to be born in
Griffiin Memorial Hospital this
year was a daughter, weighing 8
lbi*. 2 ozs. to Madonna and Gary
Ghostley, Lt. USN. A name for
the baby had not been chosen up
to press time.
NOTICE
The new telephone number of
Fred Copsey is 3602. tfn
Aleutian Distributors
Phone 2244
(OFFICIAL PUBLICATION)
REPORT OF THE FINANCIAL CONDITION
°f
1 he Bank Of Kodiak located at Kodiak, Alaska, Territory of Alaska, at the close of
31 day of December, 1957.
ASSETS
Cash, balances with otl or banks, including reserve balances, and
cash items in process of collection, Schedule D, item 8.
United States Government obligations, direct and guaranteed, Sched
ule B, item 10.
Obligations of States, Territories and political subdivisions.
Other bonds, notes, and debentures, Attach full schedule.
Loans and discounts, (including $3.07 overdrafts) (Schedule A, item 12)
Bank premises owned, None, furn iture and fixtures $18,349.37
Bank premises owned are subject to, None liens not assumed by bank.
Investments and other assets indirectly representing bank premises
or other real estate.
Other assets, Schedule H, item 6.
TOTAL ASSETS
LIABILITIES
Demand deposits of individuals, partnerships, and corporations,
Schedule E, item 1.
Time deposits of individuals, partnerships, and corporations, Sched
ule F, item 1.
Deposits of United States Government, including postal savings,
Schedule E, item 2, and Schedule F, item 2.
Deposits of States, Territories and political subdivisions, Schedule E.
item 3, and schedule F, item 3.
Deposits of banks, Schedule E, items 4 and 5, and Schedule F, items
4 and 5.
Other deposits, certified and officers' checks, etc., Schedule E, item 6.
TOTAL DEPOSITS, items 13 to 18, inclusive, 5,284,897.99
Other liabilities, Schedule I, item 6.
TOTAL LIABILITIES, not including subordinate obligations shown
below.
business on the
696,809.66
1,471,582.89
576,030.23
1,700,228.94
1,180,737.57
18,349.37
80,000.00
2,121.66
5,725,860.32
1,486,423.07
1,378,765.92
1,666,165.29
736,278.00
1,060.00
16,205.71
3,921.07
5,288,819.06
CAPITAL ACCOUNTS
Capital Stock,. No. of shares 1600, Total par value $160,000.00
Surplus
Undivided profits
Reserves
TOTAL CAPITAL ACCOUNTS
TOTAL LIABILITIES AND CAPITAL ACCOUNTS
I, O. A. Torgersoo, President of the above named bank, do solemly swear that the
is true to the best of my knowledge and belief.
O. A. Torgerson
President
Ben Kraft
A. Holmes Johnson
R. S. Acheson1
Directors
160,000.60
160,000.00
98,041.36
19,000.00
437,041.16
5,725,860.31
above statement
Place for Official Seal to be
affixed by Officer before
acknowledgement.
Notary must not be an offi
cer or director of the
bank.
UNITED STATES OF AMERICA, TERRITORY OF ALASKA, ss.
Sworn to and subscribed before me this 6 day of January, 195S,
and I hereby certify that I am not an officer or director of this bank.
Harriet K. Guhrke
Notary Public in and for the Territory of Alaska.
My commission expires 6-25-59.