iSATURDAY, MARCH 20, 1954
HERALD AND NEWS, KLAMATH FALIA OREGON
PAGE THIRTEEN
Mssing Banker Returns To
Face Frantic Depositees
CLIO. At. iPt Dnvnl Daimnlil
the missing banker, came back
, home last night to a bewildered
community that has lived in fear
ui uuunciai ruin since he lelt 13
days ago. - ... .
The 40-Vear.nlri Kuclnnscman ..IJ
he drove home Irom Virginia alter
ueing -cui- oy an article on his
disappearance In a Roanoke newspaper.
Both he and his wife, who left
with mm March 7, ' denied any
wrongdoing, although neither made
statements explaining their ab
sence. Reynolds turned himself In (o
Portland Zoo
Gets Inmates
PORTLAND m Three 'or.
phaned cub bears. KS Pacific rat.
tlesnakes and a bird that looks
me a penguin have, their new
homes at the city zoo
Jack Marks, zoo suDerinendent.
got the bears and the snakes on
a trip to White Salmon and Blngen,
Wash. The Washington Game Com
mission gave him temporary cus
tody of the bears, whose motner
recently was shot by a hunter. Tne
snakes were the gift of a Bingen
man whose hobby is hunting them.
Marks feeds the cubs, about six
weeks old, milk from a baby's
bottle. -
, The bird, which looks like a pen
guin but really Is a murre, walked
Into Mrs. Ray Tyner's home when
she opened the door Thursday
morning. Murre are uncommon
here and it was believed some one
brought it in a car from the coast,
where the species Is often seen.
Anyway, Mrs. Tyuer gave the
bird a breakfast of smelt and a
bath, called the neighbor children
to see it, then sent It off to the zoo.
Portland Hears
Water Proposal
PORTLAND m The Oregon
Water Resources Committee heard
again Thursday a proposal for
creation of a state water resources
boarrt with sweeping powers to
control allocation of wakr uses.
Agriculture, power and sports
men's groups made the proposal at
a hearing here. The committee
heard similar pleas at recent up
state hearings,1
Deputy Sheriff W, D. Anderson at
nearby Clayton and was released
in 17,500 bond. The bond was
signed by his 72-year-old father.
R. W. Reynolds, who had offered
his life savings of (25,000 last week
to relieve penniless depositors in
the Merchants Exchange.
Reynolds, president of the un
chartered Institution, Is accused
specifically In three warrants of
embezzling about 11,800 from two
depositors, but it was estimated
the town faced a loss of between
180,000 and (100,000 by his dis
appearance.
Reynolds' wife Sue sobblngly
told 'a reporter by telephone soon
after their return that charges
against her husband were "lies.1
"It'll all be cleared up. He didn't
steal anything," she sobbed.
Reynolds himself was quoted by
Solicitor Crews Johnson of Barbour
County as saying,' "I'm not guilty
of anything In the "world,"
Mayor Dan Easterllng said Rev
nolds and his wife returned to this
community of 900 with missing rec
ords of the exchange.
Frantic depositors had been un
able to get at 181,800 left by the
exchange in the First National
Bank of Atlanta because officials
had no idea how the money should
be divided.
Easterllng said he did not know
how much money Reynolds had
with him last night, or how com-
plete the records ere. But the
books are now in safekeeping, the
mayor added.
As word of Reynolds' return
spread last night, a crowd of about
200 milled outside the mayor's of
fice. There were angry mutter-
ings but no threat of violence. .
The townspeople met In an em
ergency session a few days after
the trusted banker left, and Issued
an appeal for him to come home
or at least return the exchange
records. They promised not to
prosecute if he sent them "any of
tne money tnat is left ' and the
record books.
About 150 families were affect
ed. Merchants had no money to
restock when the supply on their
shelves was gone, and farmers
couldn't buy seed for spring planting.
WE GIVE
S&H GREEN STAMPS
KC PAINT STORE
S20 Klamath Ave.
Ike Victorious In First
Round of Tax Cut Battle
By JOE HAIL
WASHINGTON Ufl President
Elsenhower chalked up a big vie
tory in House passage yesterday.
oi a major lax revision cm witn.
out a personal income tax cut he
opposed, but an even tougher fight
was shaping up in the senate
today.
' With party lines holding- un
usually firm, the House beat down
210-20 a Democratic move to
slash income taxes $2,400,000,000
a year by raising the personal
exemption for each taxpayer and
dependent from looo to 1700.
The President went to the coun
try by television and radio Mon-
Moderate Quake
Hits S. Calif.
LOS ANGELES Wl A moder
ate earthquake centered In the des
ert east of here awoke Southern
Californians from Ventura to the
Mexican border Friday but only
minor damage was reported.
California Institute of Technology
seismologists said it was appar
ently centered 120 miles east of
nearby Pasadena, which would be
in the vicinity of Twentynine
Palms.
The shock, timed in San Diego
at 1:84:61 a.m. (PST), was felt
strongly In Riverside, San Bernar
dino and El Centro. i
day night to urge defeat of this
proposal, ne saiu 11 was politically
inspired and would be a serious
blow to the government's finances,
even endangering national de
lense. The whole tax Issue is certain
to be aired nt length in the com
ing campaign for control of Con
gress. There i were sharply vary
ing appraisals : of yesterday's
House action.
Rep. Kirwan of Ohio, chairman
of the Democratic Congressional
Campaign Committee, said that as
a result he has raised from 45 to
60 his estimate of anticipated
Dcmooratio gains in the House
counterpart, Rep. Richard M
Simpson of Pennsylvania, replied
that the tax action will bring votes
to the GOP." He predicted Repub
lican gains ot 25 House seats.
BATTLE SHIFTED
As the battlo over the- higher
exemption proposal shlited to the
Senate, the administration ap
peared to face an even tougher
tight than It had in the House.
One GOP senate leader conced'
ed privately he believed the $100
increase in exemptions would pass
the Senate, where there are 48
Democrats to 47- Repuolicans. In
that case, the final version would
have to be worked out in a confer
ence between the two branches.
Just before the House vote yes.
terday. Republican Leader Halleck
of Indiana implied in a speech
that Eisenhower would veto the
WHERE TO DINE .. .
Willarcl Hotel
Marvin Brown Mgr.
Paul Bunyon Room Ponderoia Room
v TOPS IN FOOD
TOPS IN ENTERTAINMENT
p
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VS. Savings Bonds can help yea boy replacements when you need them.
C3ov;jwn, ivillyour machines
If you have a new tractor, figure it'i good for
8 or 10 years. But like all machines, it'll wear
out. And replacements cost plenty.
The best way to make sure you'll be able to
buy these replacements when the time comes is
to set aside part of what your machines earn
each-year. And when you put your money into
Series E Savings Bonds (as so many farmers are
1 doing) your money actually "grows"! $300 in
Tested this year, for Instance, grows to $400 in
less than 10 years . . . $538.72 in less than 20.
With a return like that, you'll be able to afford
new equipment without hesitation or hardship.
In addition, your investment plus the interest
it has earned can be "cashed in" at any bank.
So when you buy Savings Bonds you are pre
pared for emergencies crop failure and the like
while you build a reserve for the future.
U.S. Savings Bonds are now better-than-ever
start buying them regularly.
T V. S. CmnM ml psf ft Itk
mirtrlbimg. Tkt Tnumry Dpmtmmt lismki, ftr
Mr W 4mMrm, lit MnHUmg CtmuU mi
Metier Brothers
Horn Lumber ft Supply Company
Hitchcock ft Mother
Klamath Falls Branch U.S. National Bank
Herald ft Newt
Weyerhaeuser Timber Company
Ellinqson Lumber Company
Car-Ad-Co Company
Fliihrer't Holsum Bakery
J. W. Kerns, Oregon Ltd.
Garrison Equipment Company
Klamath Ice and Sforaqe Company
The California Oregon Power Company
First Federal Savinqs ft Loan Assoc.
Balsiqer Motor Company
Klamath Basin Fine Mills Company
Modoc Lumber Company
revision bill II the Democratic pro
posal won. :' .
In the showdown, only 10 of the
211 Republicans voting supported
the exemption Increase. Nine
Democrats opposed it as ' com
pared with 193 who voted "aye."'
The lone Independent voted tor it.
The House, afterwards passed
by a 339-80 vote the 876-page tax
revision bill to which the Demo
crats had tried to attach the re
duction in income levies.
This measure would rewrite the
entire tax code for the first time
in 70 years. It covers such a broad
range of subjects that Senate floor
consideration of it may not come
lor two or three months.
DEMOCRATIC ASSET . : ;
Senate Democrats believe they
have a big asset in that veteran
Sen. George D-Ga), dean of the
Senate, is leading the battle in
that branch for the boost in ex
emptions. George is the Democrats' lead
ing tax expert and has been con
sidered a conservative in financial
matters. ...
His plan would boost exemptions
to $800 for this year, at a revenue
cost of 4 'A billion dollars, and
$1,000 In 196S and thereafter, with
an annual revenue loss of 8 bil
lion. ...
George said In an Interview
today he knew of some firm sup
port for his proposal on the Repub
lican side.
"A lot of them would like to go
along," he said. "But the admin
istration will put the pressure on
them and try to keep them In
line." . - ;
The Finance Committee met
again today in closed session to
try to report out a House bill to
cut 25 excise taxes by a total of
012 million dollars.
The administration opposes the
reduction but indications were the
committee would not restore any
of the revenue knocked out by the
House. " "."
TAX CUT COST ,'
The permanent revision pro
gram in the general tax bill would
cost about $1,400,000,000 in revenue
the first year. Democrats say tlic
loss would mount to 3t4 billions
when all provision take full elfect;
Republicans dispute this. :
The bill would permit corpora
tions to make bigger depreciation
deductions, during the first years
of use of plant and equipment. It
also would cut taxes on dividends
paid to stockholders.
It would carry a wide variety
of fringe benefits for individuals,
including increased deductions for
medical expenses, deductions for
child-care expenses ot working
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LOUIS M MANN PIANO CO.
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widows, deductions to farmers for
soil conservation expenses, de
pendency deductions for college
students even though they earn
more than 1800, and additional
deductions' on retirement income.
Another provision would extend
for a year front April 1 the pre
ent 53 per, cent corporate lncoir .
tax rate. Under present law It li
due to drop to 47 per cent at tht
end of this month, which wouU
mean a revenue loss of $1,200 '
.000,000: .- ff-r -r
D A MCE tc:::ght
- .
AT THE
KM RED
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DANCE TO FEE WEE STIDHAM and hit
RAINBOW MELODY BOYS
DANCING 10 TILL 2
ADMISSION 1.00 Per Person (Tax Incl.)
'
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y A. !!(
CREA
That Re-e-eol good Crater Lake ice cream,
loaded with rich, brown chocolate chips and
creamy-sweet marshmallows . . . . a toste
ticklin' flavor harmony that just can't be
beat. Either for a dinner dessert, or for a be-rween-meals
treat, Dad and the youngsters
will buy it with hugs and kisses.
OUTI.MAM
SiOi