Evening Star Newspaper, January 2, 1925, Page 12

12 w BONUS FINANCING PLAN ANNOUNCED Two $50,000,000 Blocks of Treasury Certificates Will Start Fund. announced the first djusted toward Secretary Mellon the Government's year's today plan for under the act looking nus. Mellon an- soldier's 1 ry, Secretary d two each—five tes, payable nd one year special ficates of indebtedness, nt_interest n the prior ity.” 1ot placed on hey are kept the purpose ount, which is 20 soldier bonus act soldier bonus certificate ing of Sinking Fund. called for by the it was au- iency bill signed the beginning of fun ined that lled yvern- unsuited to rhap to the 1 Mellon explai we of this plan of by illustrating its first oper: follows “On December 15, 1924, tary Mellon’s statement, “the Tr. ury in ion to any mon ent for the fund re- ry it through period in March, wbout $2 nt bonds of 1, 1925, the - fund $100,000,- and 1 ion, said Sec: $100,000,000. Iy used applyl purchase of he open market b ary would have 000,000 of 1924, and ave lost the in- )0 from December es for the fund riet after would 10 differ- public be note ‘mount_ of een the plan of s direct to the the fund he market. In 1 hold $1 sligations, and 1,000,000 less of inds of the te nly feasible ient re- way ¢ ndiing the quired by the Cor The retary operati ment act, wi prov ations on Januar the “adjusted amount expla that the based U Juire- appropri- cach year to fund ~of rounti which, 1d be sufficient f the adjusted 2 in death of the Authorized. Secretary of th Investments authorized to the sald the statement, “is Invest vest the moneys in fund . aring obligations of the United States and to sell those obligations for the purposes of the fund “In order that the sufficient to meet the cordance with the plan the act it is mnecessary that the vested when received sted until payments out are required. No purpose the the irities T more ent, compt ould sin fund shall be payment in ac- outlined by moneys be investment of rning mded annu cumulation in the fund of than was necessary to more mor and, if less than 4 1 annually, is re- sufficient to recome duc aritics bearing 2y (as dis- ually), and v g . return of 4 nually on market the fund will be certificates ma- f death, and this will require which ined by the sale or irities in the fund. nancing Plan t of the fund will the maturity of xpiration of cash will secur- paid in the ably ted to eyl : con- likely that time will be for the ury to re- deem the securities in the fund where the proc f new securities which market then existing. therefore, that the fund of any of the ovtstanding Government se will not meet the exact quirements of the fund and will prob- ably be unsati for sale when on maturity of the certificates the major operation to provide cash must be undertaken “If the ernment January 000 of its could not be made in day, nor could h a large order be filled without unduly increafing the ma ket price which the fund would hav to pay, if, also, the Treasury in the of the was required to urities to provide the fund the tendency would then vernment securities if the practice of and- selling on the open mar- » used, the sury would b continually purchasing on a high market and selling on a low market.” remain the ce € the \hich tir ve to be real 1ce the fund will pre 1t ap nt purchase for the ent curities pre in the Gov- bond mar on the 1st of in each year to buy $100,000,~ ecurities, the purchases vear . The Aoragni, the world's largest mo- tor liner, has a capacity of 1,000 per- o Eses Fitted Exam:ved fi\;\l{/_ Glasses DR. ¢, ixvins =AUFMAN Opto !(pnm M. 288, flofl!llh S} N.w. T TVACANT—FOR COLORED! 1938 3rd Street N.W. @ rooms, bath, furnace heat, cellar; in good condition. $250.00 Cash—Balance Monthly L. M. KING @@ Joba Marshall PL. N.Wa Phone E., 870, blocks of meet | { | | NG STAR, WASHINGTON, D. — Quips Keep Hikers In Good Spirits as They Trudge Snow Today's storm had its quota of amusing incidents to keep the crowds of hikers in good spirits. The motorman of an Eleventh street car di ved remarkable ingenuity in clearing the rails be- tween I3 and F streets. Unable to make his car go forward in that block, and having forgot to bring along with him the ivory handled snow-shovel his wife gave him for Christmas, he dismounted from the helm, took out his poc- ket knife and cut the sralls free, foot by foot By repeating this t intervals he succeeded sing to the next corner, to push another out the street car service, one man remarking that Inspector Headley ought to tag some of the stalled cars for parking overtime. On a Pennsylvania avenue car this morning a woman gained immediate entrance when she yelled in a shrill voice: “Hey, move up front, you guys! Have a heart and let me of us in outta the cold!” Lace made by machinery in France is being worn more than ever before in this country. FRANCE PROPOSES DEBT SETTLEMENT BASIS IN NEW NOTE (Continued from First Page.) likely to agree to that proposal at all. Some members of the debt commission declared there was no hope for accept- ance by Congress of such an arrar ment even though the debt commission would recommend such a plan. There is ample precedent for agree- ment by the debt commission to a moratorium. The commission In- formed Hunga: in effect that it should forget its obligations to the United ates for 20 years, and options of delay for three-yea: periods in payments on interests hav been tendered Great Britain and several of the other debtor powers. France's formal subm plan for settlement of her wartime debt. to the United States has put a new face on what hitherto has been a highly troublesome situation. Hitherto French officials not only have refrained from making any such a proposal, and thereby providing a basis for objective negotiations, but there has been some apprehension over reports that instead the debt might be repudiated. That possibil- ity now is regarded as definitely re- moved. There is much gratification, too, over simultaneous reports from Lon- don that Great Britaln might look jon of a Lt c., with approval on a Franco-American settlement, giving Paris more lenient terms than those accorded London in the Anglo-American agreement. These reports, hotwever, still lack offictal confirmation. Still anether element of uncer- tainty in the debt tangle appears to have been eliminated by a British embassy statement today, flatly denying that Sir Allan Anderson and Mr. Norman, two Bank of England officials, who recently arrived in New York were sent to this country on an official mission. PRESS HAILS PLAN. London Editors See Vexing Issue Settled at Last. By the Associated Press. LONDON, January 2.—“Here is.a rare chance of settling once for all the problem that has vexed the world since peace was declared and stood in the way of the economic recov- of Europe,” says the Morning Post in commenting upon a communi- cation which, according to its Wash- ington correspondent, Great Britain has made to the United States with reference to settiement of the French debt The correspondent's statement, which the paper displays in big type, is to the effect that Great Britain has assured Washington that it does not object to the United States granting speclally induigent terms to France in repaying her debt—for ins an indefinite moratorium lower rate of interest and more pro- longed term for repayment than al- lowed to Great Britain, only insist- ing that whatever payments France makes to the United States shall be shared “pari passu” by Britain. “Clearly a new situation has been created,” says the Post, and public opinion in this country will give Premier Baldwin's government the highest credit for the conception of such a bold and such an appacasing stroke of policy, for if America T ognizes our generosity France surely will not be unmindful of the assist- ance we shall h been able to render to her ne v Nothirig has transpired here re- garding the supposed British com- munication, which the Post presents as exclusive Information. It is stated in official quarters that there has been no official communi- cation with regard to the French debt, such as the Morning Post 3 duces, but it is not denied that such a proposition has been made to Wash- ington unoffici It is noted that the proposition printed by the newspaper is in line with the statement made by Win- ston Churchill, chancellor of the cx- chequer, in the House of Commons December 10, and with the general British policy oh the settlement of debts and for European rehabilits tion. The British government would be willing to enter into any agree- ment with the French which might result from this concession, it is pointed out. Offictals neither con- firm nor deny the suggestion that the proposition was presented in yriniiny 7 p— Ly, < FRIDAY, JANUARY 2, '1925. Washington by Montague Norman, governor of the Bank of England, and Sir Alan Garrett Anderson, a di- rector of the bank, who went to the United States recently on a misslon, the purpose of which the official world here has declined to discuss, but which is reported to be in con- aection with the interallied debts. Farms Have Most Children. Ecoromists need not be so anxious over the rush of farm children to the citles later in life, after all. It is disclosed by census tabulations that of the farm population of the United States one-fourth are children under 10 years of age. Children of similar age in the cities constitute only one- fifth of the population. Vacant—For Colored! $250 Casl Balance Monthly Mome: 8 rooms elrctiic lights, "cellar, and back porches: lot BOX105 on. corn one square from Chesapeake Junction —oae Gar fare People’s Mortgage and Investment Co. 313 John Marshall Pl. N.W. Phone F. 970. ) riffith ff “oal Corporation oal o i ood ey Beautiful water heat, hot- tront bath, lean | Watch for our birth- day announcement —our first. No single candle ever symbol- ized so much ress in one year. | | I prog- (111} fl 1%/,,, s o i i \\_ § VZ) In spite of the heavy snow—stalled street cars—impos- sible automatic traffic—we were very busy today. But a $300,000 stock doesn’t go in a day. Come in Saturday and save. No charge for alterations cht C Q. Floor, The Hecht Con) T, W S peab e