The Racine Journal-Times Sunday Bulletin from Racine, Wisconsin on January 7, 1962 · Page 4
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The Racine Journal-Times Sunday Bulletin from Racine, Wisconsin · Page 4

Racine, Wisconsin
Issue Date:
Sunday, January 7, 1962
Page 4
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KAOINE SUNDAY BULLETIN Jan. 7, 1862 Sec. I, Page 4 Space Agency Plans Giant Balloon Shot CAPE CANAVERAL, Fla. —(/?)—The space agency will attempt within a few days to inflate a giant space balloon high above the Bahama Islands in a test of techniques for launching an advanced Echo communications sateihte. If successful, the unfolding of the 13-story-tall balloon should provide a spectacular show for observers along the cast coast of Florida, southern Georgia and the Bahamas. The National Aeronautics; and Space Administratior said that if weather conditions permit, residents ir these areas should see the huge plastic ball as "a very bright moving star in thei southern sky." Maybe Thursday The launching of the Thor booster rocket from Cape Canaveral is scheduled this week, possibly Thursday, at an hour when the big bag's aluminum-coated skin will reflect brilliantly the rays of the rising sun. The ball is not intended to orbit, as Echo I did, nor will communications experiments be tried. NASA is launching the vehicle on a ballistic course designed to reach an altitude of about 950 miles before falling back towards earth, possibly to a fiery death in the atmosphere. Officials reported "objective of the flight is to test the ejection and inflation system of the rigidized Echo passive communications satellite in the space environment prior to orbital flight." If the forthcoming shot is a success, an attempt will be made later this year to orbit a similar balloon, to be called Echo II. Retains Form Unlike Echo I, which was of thin, collapsible plastic, the new balloon is made of more rigid material which, when inflated and stretched to its full 135-foot spherical shape, will retain that form! until it falls back into the atmosphere. At .'"iflO pounds, it will be about four times as heavy as the 100 -foot diameter Ixho'i I, which was rocketed into orbit Aug. 12, 1960, to study the feasibility of usinj.; satellites as reflectors for radio signals and voice rnessii^fs between distant points. It proved a tremendous success and still is in orbit, visible as a shiny object in many parts of the world over which it passes. Although its surface has become wrinkled. Echo 1 is still sufficiently rounded to reflect bark to earth many of the messages and signals beamed to it. Thf wrinklinj.; resulted in development (if the new .material, about 40 time's more rijiid. to he tested next week Slightly Thicker E .i ho is skin was OOO.'i- inc h thii k. about the thic k ness of the plastn wrapping on a ( iji,ircfte p.u k.i^c 'Ihc ne'.v h .jlloon is slightly thu k- er— OOOfiO im h On launching the balloon will be folded neatly in a pill- shajjcd canister 44 inches in diamfter and 36 inches high. Inside the folded b.ill will be 50 pounds of ac etemide, a sut>linnt(inK powder. !n space, the heat of the sun will form the powder to j.;as to inflate the baj^. The Thor rocket will i-icr i the canister about 2 ininulr-s 45 seconds after launc lim^'. Thirty seconds luter, the iin ister will cjpcn and inflalmn will begin. I hf whole shou will be over m I.""/ minutes, when the ballocjn is e.xpec ted to return to the atmosphere Television and motion picture cameras in the Ihcjr booster will reccjrd the un folding. The TV cameras will feed batk to rec eixeis at (ape Canaveral. 'I he movie iiliii will parachute into the sea and recovery will be at tempted. Philippines to Send Economic Unit to U. S. MANILA — (/p> — A top level Philippine economic mis Sion will leave for Washin;,; ton in about a week amid press reports it will seek a large loan to stabilize the country's economy. Pres. Diosdado Macapagal's office called the loan reports speculation and said the mission merely will consult with officials of the International Monetary Fund. i ompanij '1 Localions—Uptown and Downtown M C'IH I HI - Federal Deposit Insurance Cf)i|)nralJon-Fcdcral Reserve .System t'oiidoii.sod Siatcnicnt of CondUion — UvciMiibcr 31, 1961 Cash $ 4,397,737.59 U.S. (MivernmenI Securities l(i,73(),09().47 .State and IMunieipal Bonds 3,79(),2n.L") Loans 10,5()9,639.()() F-ederal Reserve Hank 4(),.50().0() Hank Building 341.794.35 liciiiipinent 1.00 (Mher .Assets 15S,053.35 Total $3(1,028,033.51 IJAKliJriFS Capital Stock $ 600,000.00 Surplus 750.000.00 Undivided Profits 468,538.98 llcserves 655.786.29 Deposits — Demand and Time ... 32,158,182.75 U.S. Government 1,395,525.49 33,553,708.24 Total $36,028,033.51 oi I i(i:ii .s U (i .\S{ III NBHINI K rrcsidcnt II ( . V\ l.l.'s.S I,\r( utl\ r \ iic-f resident 11 I .lOIINsON \ ICC - I'rcsitlcnt \ w .MODIM: \ lie • I'rcsidrnI II .1 (.K.\II.\ VI \ lie l'rcsi(lciit-()|irr;ilitJiis () U OKV \ lie rrcsldciil .M.maKcr I plow n Offico I M \K I IN I.AIISI S \ II c I'lcsidnit and I nisl Offic cr L. C. KOVVAN \ice-rrosidcnt-Cashier n. r. ANDER.SON As.sUtant \'ice-Fresidcnt l.OUKAINE HOUKOM >'ic'c-I'rpsidpnt I). (;. STKKLL Assistant Vice-President i:. C. ru RGAN Ab-slstunt Cashier JOVCE CHRlSrENSEN .•\ssistant Cashier K. L. RKICIIERT A .s.slstHnt Cashier T. VV. SCOTT Assistant Cashier IHItFtTOIIS \S (i \S( IIKSHIUAJU rri«l<l, 111 J II H A Ml S Crr.lilri,! I » I,. IIUI ( lull h ( ,, c I. nil i{( Ks.Mi HH ••IllfMl |(j * U ppl. ( I, MlllKurll and RI.A I 11 All\ I'rcld. Ill M 4lli. r Mfj ( n n » JOHNSON • till hull. Inr. A. H MODI.Ni; lilrrrlui Mudlni Manufiirlurlnc ( o. I). J. Ml'NROE frcildent, Hrlittcr EIrclrIc Co. ARTHUR L. OLSON rrrnidrnl. Iliirharl Corpurallon HARRY J. VOELKER ITctldcnl. W. H. Kr»ni < o. F. I', von SCHKADER rrmldrnl. von »rlir«drr .Md ( o VIrr Pretldrnl. Ilsclnr InduatrUI rUiil, Inc. GORDON R. WALKER rroldeni, M'klkrr Foric, Inc. HAROLD C. WEKSS Ksrrutlvr Vlcv I'rrftldrnt Stale of Condition as of Dec. 31, 1961 Cash and Due from Banks $ 575,856.20 U. S. Cioverninent Securities 1,209,887.41 Loans and Discounts 919.3()(),64 rurnilurc and Fixtures 44,680.74 Investments and Other Assets 106,116.75 TOTAL KLSOUKCES $2,855,901.74 LIABILITIES Capital $ 250.000.00 Surplus 100,000.00 Reserve for ContinRcncies 91,688,25 Total Capital-Accounts 441,688.25 Deposits 2,408.730.10 Other Liabilities 5.483,39 TOTAL LIABILITIES $2,8.>5,901.74 01 FICLItS HAROLD LEVL\ Chairman E!\I.METT ( I RRV Exeeutive \'iee President ARTIIl'R SCHWARTZ \'iee President DEXTER D. BLACK President EDWIN ERDMAN.N Vice President JAMES P. WALSH Cashier .lEANETTE PANSCH A.ssistant Cashier DIRECTORS DEXTER D. BLACK WM. C. DAVIDSON HAROLD LEVIN ARTHUR SCHWARTZ EMMETT CURRY EDWIN A. ERDMANN HENRY LUND EDWARD L. SPEER FARMERS and MERCHANTS BANK Meinljcr Federal Deposit IiiM.uan.ce Corporation €i»iidcii»>ed Slailcmont of Condition as of December 31, 1901 RESOCRCES Loans and Discounts $3,103,294.83 U. S. Government Securities 978,949.89 Other Bonds 736,995.20 Investments and Other Assets 105,000.00 Furniture and Fixtures 44,319.20 Cash and Due from Banks 1,139,980.41 Other Resources 6.795.97 TOTAL $6,115,335.50 LIABILITIES Capital Stock $ 150,000.00 Surplus 250,000.00 Undivided Profits and Reserves 224,782.68 Other Liabilities 1.164.11 Deposits 5,489,388.71 TOTAL $6,115,.335.50 OFFICERS WM. E. FITZGERALD Chairman of the Board JEROME C. WIECHERS President BENTON T. WIECHERS Vice-President RICHARD J. W lECHERS Vlee-President I RSI LA M. PATZKE Assistant Vire-Presidcnt FRANK VIDIAN Cashier INGA K. PETERSON Assistant Cashier DIRECTORS HAROLD CHRISTENSEN Ileal Eil«te and Iniurance ANTHONY S. De MARK WM. E. FITZGERALD I'reildcnl—Frank Luiem ft Co. ROBERT L. HAMILTON Preaidecit—Dumore Co. FRANK A. OLSON BENTON T. WIECHERS Vltr-I'retldenl JEROME C. WIECHERS Vlcc-Preiiident— \Ve<(«rn •'ublUbint Co. RICHARD J. WIECHERS SnlM Mana|i«r— Weatcrn PublUhInf Co. Fullest Possible Security All bank deposits are insured up to $10,000 by the Federal Deposit Insurance Corporation. You are legally entitled to the return of your money, plus interest, whenever you want it. In adddition to this insurance, Racine banks offer further security based on years of financial experience in banking and business, plus millions of dollars in capital and reserves. The Benefits of Bank Credit When you save at a bank you establish a relationship which will be of great value to you when you need to obtain credit. Bank credit is an important asset in all transactions involving the sending, spending or borrowing of money. If you are never known at a bank it may be difficult for you to take advantage of the financial facilities that are available only at your bank. Being known at a bank lends confidence and prestige to all your business dealings. There's a Bank in Serve Your First National Bank and Trust Company MfutEl Of FfDfUl KSflvE Sririw • MlMltl ffOflAl DEPOS 'T iNSUIANCf COIfOlAl'OM Staloiiioiit of Coiidilion as of Doeoiiihor at. I»61 ASSETS Cash and Due from Banks $11,785,490.92 U. S. Government Securities 21,737,203.25 Other Bonds and Securities 6,389,918.29 Federal Reserve Bank Stock 79,200.00 Loans and Discounts 25,559,608.98 Banking House and Premises 1,018,970.77 Equipment 289,054.09 Other Real Estate 120,229.36 Accrued Income Receivable 438,510.18 Other Assets 43,280.50 LIARIMTIES Deposits — Demand and Time . . $60,008,290.86 U. S. Government .. . 1,727.945.02 $67,461,466.34 Reserves for Interest, Taxes and Expenses Other Liabilities Capital Stock 1,320,000.00 Surplus 1,320,000.00 Undivided Profits 1,098,575.70 Reserves for Contingencies 1,224,218.16 $61,736,235.88 533,963.04 228,473.56 T. B. MYERS Chairman— Board of Directors GUSTAV C. PETERS President JOHN A. GEYER Senior Vice-President GEORGE S. CORMACK Vice-President PEARL M. SNELL Vice-President L. FRANK VORPAHL Vice-President JEROME N. PEDERSON Cashier JAMES F. MILLS 4,962,793.86 $67,461,466.34 OFFICERS WILBUR H. MORGAN Assistant Vice-President HENRY J. OLSON Assistant Vice-President CLARENCE R. UNDERWOOD Assistant Vice-President JESSE G. ACKLAM, JR. Assistant Cashier LAURENCE E. CAROLAN Assistant Cashier EDMUND L. KRESSIG Assistant Cashier T. W. SHELLBERG Assistant Cashier Assistant Vice-President TRUST DEPARTMEIVT JAMES D. BECKETT Vice-President and Trust Officer J. VINCENT HOOD Trust Officer GEROLDINE L. THOME Trust Officer ALICE R. FOSTER Assistant Trust Officer JOHN E. HELD Assistant Trust Officer PHILIP R. SMITH Assistant Trust Officer DIRECTORS CHARLES S. ANDERSON rhalrman of the Board. Belle CilT Malleable Iron Companr JAMES D. BECKETT Vlce-Prc«ldent H. M. BENSTEAD rhalrman, Exeeutive Committee, Western Publlnhlni; Co.. Inc. BEN J. BLEAKLEY Retired THOMAS B. EARLE Vice-President and Treasurer, Walker Manufacturing Companj MALCOLM E. ERSKINE Chairman of the Board, Racine lirdraulics and Machinery. Inc. GEORGE B. GATES President. Red Cross Drui Company JOHN A. GEYER Senior Vice-President DON HUTSON President, Don Ilutson. Inc. ARTHUR C. KLECKNER Chairman, Board of Directors, Webster Electric Company MILTON F. LAPOUR President, Milton F. I.aPour, Ino RICHARD W. LEACH vice President and General Mrr., Wisconsin Natural Gas Company Vice President. Extension System Wisconsin Electric Power Company JOSEPH H. MARTIN Retired J. DONALD McMURRAY President. Racine Jojirnal-Tlmcs T. B. MYERS Board of Directors ELMER F. NELSON, SR. President, Nelson ti Company. Inc. GUSTAV C. PETERS President WM. R. WADEWITZ Chairman of the Board. Western Pubiishint Co., Inr. NORTH SIDE BANK 1700 Milwaukee Ave., Racine, Wys. Member Federal Dppnsit Insurance Corporation CondiMi.«iCf1 Statcinciit of Coiidilion At tlie close of Inisincss on tiie 31 St day of Dovcinber, 1961 RESOURCES Loans and Discounts $ 8,777,105.87 United States Government Securities. . 5,051,435.63 Other Bonds 349,062.50 Banking House and Parking Lot 127,054.77 Equipment 67.656.08 Cash and Due from Banks 2,890,824.21 Total $17,263,139.06 LIARILITIES Capital Stock $ 200,000.00 Surplus 500,000.00 Undivided Profits and Reserves 368,336.76 Other Liabilities 97,570,90 Deposits 16,097,231.40 Total $17,263,139.06 OFFICERS ARTHUR R. JANES President ROY F. RULAND Executive Vice President T, J. LOSINSKI Vice President ROBERT GERTENBACH Assistant Vice President J. A. PERO Cashier JEAN SCHEMEL Assistant Casiiicr MARIE ANCINEC, Assistant Cashier DIRECTORS OTTO A. CHESKA Consultant, Vulcan Materials Co. JAMES M. HAMILTON President and Treasurer, Greene Mfg. Co. A. E. HAUMERSEN President and Treasurer, Uaumersen Commercial Agency, Inc. ARTHUR R. JANES President, Standard Foundry Co, C. N. PENDLETON. SR. President. Pendleton Olds., Inc. ROY F. RULAND Eicrutlve Vice President E. J. SIMANEK Vice President, Racine Pattern Works Complete Financial Service Racine banks offer the utmost in convenience. All the financial facilities you are likely to need dur­ ing your lifetime are available to you at your bank. Over 75 different services are available to you . . . where else can you get all these conveniences un­ der one roof? Auto Financing Money Orders Night Depository Honie Improvement Loans Mortgage Loans Safe Deposit Boxes Business Loans Savings Accounts Checking Accounts Travelers Checques Personal Loans Foreign Remittances WEST RACINE RACINE, WISCONSIN Member Fedcrjil Dcpo.sit IiK^^uraiice Corpdrnl i<in Coiid(>ii.s(>fl SlaliMiHMil of Coiidilion At llio of Rii .siiKvs .s on \\w 2 !>(li Day of Doconikor, RESOLRCES Loans and Discounts $ 5,793,704,31 U. S. (iovcrnment Bonds 4,77.'!,:! 13.7.') Other Bonds 1.33'1..')60.'1.') Furniture and Fixtures 6.'!,H97.H3 Other A.ssets 17,'),000.00 Cash and Due from Banks 2.372,038.81 Total %\\,'h \l ,U^.n LIARILIilES Capital Stock $ 100,000.00 Surplus .'iOO.flOO.OO Undivided Pi-ofils and Reserves r)38.323.!)l Deposits 13.374,221.24 Total .$M,.)12,545.1.5 01 I ICERS F. J. .McNi;iLL. Chairinan of Boartl L0WI:L1. F. M( NULL, President MOLA (i. REII). Vicc-I'rcsidi'nt QCINTEN A. HAMMI S. Vice-President .MIXVIN C. Ml KRACK. Assistant \'ice-Preside lit RONALD CAKON. Assistant Cashier FRANK /LPANICH, Assistant Cashier DIRECIORS F. J. M C NEILL QUINTEN A. HAMMES R. W. BAIRD, Jr. P. E. MOGENSEN OWEN G. DUNCAN LOWELL F. McNElLL L. C. REIHER RACINE SUNDAY BULLETII* Jan- 7, 1982 Sec 1, Page'lJ U.S. Purchase of U.N. Bonds Is Denounced WASHINGTON — (/P)—A iSouthern Democratic Senator and a Midwestern Republican Congressman opposed Saturday U.S. purchase of bonds :to help the United Nations out of a financial jam. Sen. Harry F. Byrd of Virginia and Rep. H, R. Gross of Iowa—both longtime foes of what they regard as excessive federal spending— issued statements saying they would .oppose administration efforts to have Congress approve iU.S. purchase of $100 million in U.N. bonds. "Ruse for Coercion" ! Byrd said the move to market U.N. bonds is "a ruse for the coercion of nations . . . who oppose certain U .N. special projects to the extent •of not wishing to pay for i them." Gross said he would attempt to block any U.S. participation in the bond transaction by offering a joint resolution of disapproval when •Congress reconvenes next Wednesday. He suid: ! "It is incredible that the 'American taxpayers should be required to pay for the i dereliction of such (U.N.) imembers as the Soviet Un! ion." Deficit Rising The United Nations pro- I poses to issue $200 million in p.'i-ycar bonds bearing 2 per cent interest to wipe out a deficit resulting in large part from U.N. operations in the 'Congo aimed at pacification 'and unification of that central African country. The deficit is expected to reach $170 million by June 30. Efforts to collect special assessments to meet extraordinary expenses have been stymied by refusal of several countries—including the Soviet Union, France, Belgium and Portugal—to pay such assessments. There is no U.N. imachinery to enforce collec- •tion of special assessments. Two years' delinquency in regular assessments can 'bring suspension of a member's voting rights. iVisIf by JFK Not Confirmed ! MADISON — — It's still not known whether President Kennedy would accept ian invitation to speak to a j Democratic Party Jefferson- Jackson Day dinner in Mil- jwaukee this spring, j Patrick J, Lucey, state 'Democratic chairman, and JGov. Gaylord Nelson returned jto Madison from Washington iwithout being able to see the ^president, Kennedy arrived I back in Washington from 'Palm Beach, Fla., Friday night, but the other men had to return to Wisconsin earlier. Nelson said he and Lucey 'conferred with Kenneth O'Donnell, presidential appointments secretary, and that iO'Donncll said he would let .them know whether the pres- 'ident could speak at the dinner. Shark Attacks, Damages Vessel MOSSEL BAY, South Africa — ^I?) — A "jumping jack" shark Saturday attacked and damaged the motor fishing vessel Peggy so badly she had to be towed 16 miles to this South Atlantic port. The shark had given the fishermen lots of trouble, taking most of their catches off the hooks. The Peggy crew tried to beat it off with clubs, but the shark wheeled back and badly holed the boat beneath the engine. Sell Clothes Dummy with Jackie's Features COPENHAGEN. Denmark —A clothes dummy with the features of Jacqueline Kennedy is being marketed in Europe for shopwindow_^ displays, a Danish firm an -i nounced Saturday. ' Francesco Lopez, Spanish- born artist who designed tha dummy, said he was "inspired by Mrs. Kennedy'^ serene beauty, in particulac .her piquant face and her finei j figure wfiich is so easy to put Iclothes on." Lopez designed the facei from two wall-sized portraits of Mrs. Kennedy.

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