Image provided by: University of Oregon Libraries; Eugene, OR
About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (June 30, 1958)
MONDAY, JUNE 30, 1958 HERALD AND NEWS. KLAMATH FALLS. OREGON PAGE 5 A Public, Private Debt In US Today Enough To Make Every Man, Woman And Child Sorry NEW YORK (UPD The aver age American makes an annual salary ot between $3,000 and $7, 000 a year and has around $1,570 in cash savings. However, he also is $2,900 in hock. Some people owe more money than others, but the fact is that every single American, including every baby born today, is in debt to some extent. The total public and private debt in the U.S. at the end of 1957 amounted to almost 726 billion dol lars, an increase of 26 billion dol lars over 1956. Broken down further, the total private debt, including mortgages and installment debt, came to a whopping 455 billion dollars, an increase of 23 billions over 1956, The public debt at 271 billion dol lars was three billions greater than the previous year. Despite what many people might believe, the public debt is something that is going to have to be paid off someday. It repre sents money that the government has borrowed to finance its opera-! tions money borrowed mainly from individuals. Figuring a population of 170 BC Violence Flares Again KELOWNA, B.C., (UPD Ter rorist activities erupted again in the British Columbia interior Sun day when a bomb exploded in a Kelowna hotel and two others were discovered before they went off. Roval Canadian Mounted Police set up roadblocks but said that no arrests had been made. Proprietor Rex McKenzie of the Willow Inn Hotel said the bomb exploded in a washroom and caused an estimated $1,000 dam aee. No one was injured. Another bomb was discovered in the washroom of a Vernon, B.C., beveraee room and still another in the women's washroom of the Ferry Lequime, one of three fer ries which run between Kelowna and Westbank on Okanagan Lake. The incidents were the latest m a series of bombings which havei rocked the Kootenay and Okana gan districts. A standing offer of a $25,000 reward has been posted by the provincial government for information leading to the capture of the terrorists. Meanwhile, in Victoria, the provincial highway minister, Phil Gaglardi, predicted that "all per sons responsible for the vicious bombings in the province" will be rounded up before Princess Mar garet visits the area next month. Princess Marearet is scheduled to open the new Kelowna Bridge July 19 and spend two days nere. million, the public debt alone works out to around $1,540 for every man, woman and child in the nation. That is what you per sonally owe. The private debt, of course, also includes the 217 billion dollars that corporations owe. The pri vate debt has risen at a much faster pace than the public debt climbing from $250,900,000,000 in 1950 to 455 billion dollars in 195' Individual and noncorporate bor rowers increased their debt by $14,400,000,000 last year, while the corporate debt rose only $8,600,-; 000,000. Both increases were small er than in 1956. The corporate debt affects con sumers. A company must pay the principal and interest on its loan. and this is figured as a cost of1 doing business which is reflected in the prices that firms charge for its products. Anyway you look at It, the total public and private debt in the U.S. is something to be reckoned with. While what we owe has been in creasing, so has the amount we have been salting away in the form of savings. In the first quarter of 1958, cash savings savings accounts, govern ment savings bonds and life in surance rose by $5,600,000,000 to an all-time high of $268,225,000, 000. That topped even the war time peak hit in 1944. This increased savings helps to1 explain m part the downturn in business. Consumers "just decided to save more than they spent.- Taking everything into consid eration, most economists still feel the average , consumer is in good financial condition. The installment debt incurred in purchasing cars, appliances and other durable goods is being paid off at a healthy rate. Defaults and repossessions are at a low level. OPEN SEASON - I vi i i-7 -- "Hit him on the head with one of your biscuits!' Rebels Attack British Site BEIRUT, Lebanon (UPD Reb-inent forces and that the rebels el forces attacked the village of marched on Akka Sunday from Shemlan today, forcing Britons to , northern border region and TZT"' w were trapped in , valley by fire' Fighting also was reported tn "Jsul''"m. 5' ; ""V": the port city of Tripoli for the fifth straight day, but a U.S. Em bassy spokesman in Beirut said a truce had gone into effect under which both sides are sparing the American Presbyterian Hospital. There were no reports yet of casualties from either side in Leb anon's mixed up civil war, but neither the battles in Tripoli nor Shemlan represented a major rebel offensive. Shemlan is about 15 miles southeast of Beirut. Unconfirmed reports from the north spoke of a widescale battle between 2,000 insurgents and pro government army forces in which "scores" were reported killed The battle was reported in the Akka region. The reports said the hilltops were under the control of govern- firmed reports said the rebels were routed, leaving scores dead. More than 4.000.000 Americans fish in salt waters annually. US Ambassador Asks Release Of Nine American Airmen MOSCOW (API U. S. Ambas sador Llewellyn E. Thompson Jr. today asked the Soviet For eign Ministry for the immediate release of nine American airmen forced down inside Soviet Ar Thompson was ordered from Washington to transmit his gov ernment's denial of Soviet charges that the plane, an unarmed DC6A Air rorce transport, had deliber ately trespassed into the Soviet air space. The U. S. Defense De partment suggested that the air craft was flying above an over cast on instruments and strayed off course. The ambassador also was ex pected to request that embassy representatives be permitted to visit the detained airmen. The Soviets previously reported that the plane, forced down Fri day by two Soviet jets, burned on landing but that the six officers and three airmen aboard were un harmed and are being well cared for. Presumably the Americans set the plane afire to keep the Soviets from getting its classified equipment. They are the second group of nine American military personnel held by the Communists. The East German Reds nave beem holding nine U. S. Army men ince their helicopter got tost hi- a thunderstorm June 7 and ran out of gas over East Germany. The United States has been try- to get the Soviets to secure release of the Army men, but the Soviets say it's a matter for ne gotiations between the umea States and Hie East German regime. Tne plane downed in Armenia was en route from neisoaaen. Germany, to Tehran and Karachi with earao for U. S. military and diplomatic missions in Iran and Pakistan. The Soviets gave this version: The plane was picked up by Soviet radar as it flew 105 miles inside Armenia. Two jet fighters took off and intercepted the American craft, ordering it to fol low them to the nearest airport. "For awhile this foreign plane did not respond." a Soviet ac count said. "Then it turned sharp ly and began u fly south. Our liters forced this intruding plane to make a landing. It landed and began to burn. "Nine members of the crew who jumped out of the plane were de tained. Vac. Cleaner Repairs Specialized Service on oil mokes Parte Bagl Filter DEAN'S STARK'S 122 So. 9th TU 4-7193 ii 'itfJuhli' ft "jnTJJL'L I The U. S. Defense Department said the plane was traveling tha reguiar international civil airway route which passes within about as miles at the Soviet border. , North Dakota replaced Kansas as the leading wheat producing state in 1957. 411 SUMMER TYPING 8 Weeks-Beginning June 9 8:00 a.m. to 11:00 o.m. 5 days per week MINIMUM AGE 12 YEARS ENROLL NOW! Do two-thirds of a School Year's Work in S Weeks ROBERTSON SCHOOL OF BUSINESS MAIN. KLAMATH FALLS Phone TU 2-4126 H 1 s- fSOM YOUR cuu e CRATIR UK ROliTt MAM Reds Claim New Reactor Tnrvn TTPT1 f!r,mmnnist China announced today that its first experimental nuclear reactor Has gone into operation. Tha Mow China Npws Affpncv In a broadcast monitored in Tok- . cairl "fhinn'c first reactor of the heavy water type has gone into operation in the course of the cur rent big leap forward in socialist construction. The agency said that a cyclo tron has also been completed and is ready for research work. 'TWa Iwn iiptnc nf prillinmpnt have been built, with considerable and valuable assistance by the Sov iet Union, to promote China's eioniiri, anrf tprhnnlnsical devel opment in the sphere of atomic energy, tne agency ancieu. "With their completion China moves into the age ot atomic en ergy.' Boat Accident Claims Life STOCKTON (UPD Jerry Evans 25, Manteca. was presumed drowned Sunday in a boating ac cident on San Joaquin Kiver miles south of here. Evans was with Pat Anerds, 16, Rinon. in a 14-foot boat. The beat suddenly capsized, throwing Evans and Miss Anerds into the stream. Miss Anerds climbed atop the capsized boat and Evans tried to push the boat to shore. As they got close to shore. Miss Anerds decided to swim to the bank. When she reached shore, she turned around and found that Evans had disappeared. The boat was recovered. nnnwNS LUCERNE (UPD Machinist's main Kenneth Elwin Davis, Ala mola 1rnu.-npri Sundav nieht aft or hp :! struck bv cramps while swimming in the rough waters of Clear Lake. Davis and Charles G. Phillips were attempting to swim to their sailboat, anchored 200 yards off shore. Phillips told police that thpv wprp a few vards from the ship when Davis suddenly errpnmpH in nain. Phillios at tempted to help but Davis slipped from his grasp and sank. ( Davis was married and had no children. 1'rftT.--;. J , ;' '; yy -v mJ' . - iv k ... .: ..ft'fiz "!. .LL... .i ff(lf.."T,.7lZ'' ...,.1.,... Want to know how the Minute Man got his name? him next TiMi you're in your Union Oil That's why you'll hretr our customers say we're the fastest with The Finest. ith 1 he Finest in servic and The Finest in gasoline: New Royai 76, th West' most powerful premium. That's why wherever you go, you'll want to mak your stop sign the sign of the big orange and blue 76 ...where you know you olwayi gel The Finest. CLOCK station. In just 414 minutes he will: Clean the windshield Check the oil, inflate the tires Fill the radiator and battery And, your Manute Man will do it all with courtesy, with care.. .and with a smile. UNION OIL COMPANY OF CALIFORNIA TUNC INt The 76 Sport Cluh trrry vt m A BC-TV ASK FORI Frm tporlt ooi (our i?Aird linvi SlatvM r OSBURN HOTEL EUGENE. ORE. Un. J. - Srlf Irt It Tr9TUftt
