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
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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.
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