Evening Star Newspaper, April 30, 1926, Page 6

6 THO FACTORS SPED * DEBY SETTLEMENT Financial Catastrophe in| { France and Business Cut i Here Were. Feared. BY DAVID LAWRENCE. To save France from financial calastrophe and 1o prevent a possible husines n in the Unaited States of the reflex of ettled European conditions. American government accepted from ¥rance a proposal to fund the war debl. The debt in itself is far from what the American commissioners be lieve the French should have paid hui at the same time il represents 1o heir minds the best settlement prac icable under the circumstances ssndrew W. Mellon, Secretary of the Treasu their conclusion because of a con viction that unless something was done 1o help France 1o a financial ehabilitation, the United States might suffer the consequences, not only in international fllwill but in economic disadvantages. Smoot Was Hesitant. Smoot of Utah, Repnb. who must bear the brunt of the defense in the Senate of all debt agreements. was reluctant. Sec- vetary Hoover was also disinclined 1o 1ccept the French offer hecause. he felt they could do hetter. So a time it looked as if there was a slim chance of any agreement. But Premijer Briand with character- istic forcefulness placed the situation hefore the United State Government in an unmistakable fashion. The franc had gone to the lowest point in_ his tory. The ¥rench budget had heen halanced, it is true, but the future un Senator Hean leader, horrowings of the French government | were impeded by the attitude of the | United States Government, which is that private bankers shall not lend money to countries which do not set- tle their war debts. Thus the Ameri- Lcan Government had placed itself in the position of influencing directly Mot only the fiscal situation of France, hut indirectly that of all Europe, he: cause a collapse of France might mean damage to smaller countries well as to export trade built up be- tween the United States and Europe generally. Hoover Confirmed Crisls. Secretary Hoover through his ec nomic advisers confirmed the essen- tial facts of the European financial situation. so there was no doubt that crisis had been reached. The only peint was whether the French should he required to promise higher annual payvments for the future years when it is presumed France will have re- covered from her present financial difficulties. The French capacity to pay was assessed on her future earn- ing power, based on her potential re- zources. : The French argued that they made what seemed from their viewpoint a reasonable agreement the Parliament might not ratify it. Senator Smoot, too, felt that in view of the oppbsition displaved by the <enate to the Italian agreement he ought to ask for something that would compare favorably with the Writish settlement. Politics also has entered into the situation somewhat in the Senate, for the anti-French clements are by no means inconsid- erable, especially in the districts hroughoue the United States where there is a population of German an- cestry. Senator Smoot, however. was per- 0 B0 =y O B O FmmnsTI 0 B O s O FY 0 EEmsm O F O sl 0 B O B O EI O 1 0 B O el O E O I 0 3 0 ACHMAN FURNITURE CO 8th and Pa. Ave. S. E. 8th and E Sts. N. W. ular $1965.00 siite for. . newest combination $40.00 suite for.... -—————— -0 ———— -0 ——0 -0 ———e - - ———— - —— T U U T e L e D B e L unless | the | steered the negotiations to | | home reading courses under the direc. | | | Bducation Tigert | on the value of good literature and an | appreciation |George F. Bowerman. public librarian |an 'House Passes Bill To Buy Collection | Of Lincoln Relics I The House vesterday Rathbone bill. authorizing the purchase of the O. H. Oldroyd collection of Lincoln velics—docu ments, pictures. furniture, etc. kept in the house in which Lin coln died after being shot in the old Ford Theater, just across the street. on ‘Tenth street. Repre- sentative Rathbone’s parents were in the box with Lincoln on the night he was shot by Booth. "The measure has already been passed by the Senate. The price to he paid is $30.000. Mr. Old ovd has devoted more than 50 vears 1o muking this collection. e hax maintained a private wu. seum. 1t is now the purpose of Congress 1o open the coflection free 1o sizht-seers. Henry Ford and the linois. Lincoln’s home, offers of much more than prob ably will be paid by the Govern ment. but Mr. Oldrovd refused them. He wapted the | ment to have the collec ! price. he said, was no portant. CERTIFICATES ARE GIVEN. | Twenty-eight pupils at the Carbery | School were presented with certificates yesterday by United States Commis. sionér of Education John Tigert in vecognition of their completion of ( | tion of Miss Ellen (‘. Lombard of the | home education division, ean of Education. Ur. Frank W. Ballou. superintend ent of schools. and Commissioner of boih laid emphasis | passed the made of the classics and Miss Lombard also spoke Florence Mortimer. principal berry School, presided Miss of Car suaded o believe that once all the facls were presented, especially as to the dangers of the Krench fiscal situ tion, public opinion in America would | rally to the side of acceprance and | the agreement might even be #p- | proved in this session of Congress. | Terms Are Generous. | The terms of the settlement ars generous from the American view- point. They represent a 50 per cent cancellation of the Krench debt to America. The Italians were given 80 per cent cancellation and the British obtained a per cent cut This is based on the reduction of in- 3 was here the offered what terest as well as princi When M. Caillaux American Government Was tantamount to a 43 per cent can- cellation. but the French wanted something approaching 60 per cent. The agreement just reached ix a com- promise all around. The chief dif- ference is that the French pay aboilt $30,000,000 a year for the first few years instead of the $40,000.000 asked by the American commission Later Revision Seen. Also the annual paymenis higher toward the end of the 2-year | period than they were sunder the | Caillaux offer. Yet the French con- tend that, after all, their condition may grow better in 25 years and they will be able to take care of the annui- ties. If their condition does not im- prove they count on a fair-minded American public opinion to agree %o a revision, although there is no writ- ten or oral understanding to that ef- fect. ‘The truth is the French feel they can safely trust to the future even though they now commit them- selves to heavy pavments for later vears. | are | { (Convright. 1926 1 ). Living Room Suite of Three Big Pieces— Massive Sofa, Fireside Chair and Club Chair, covered in guaranteed jac- quard. Will not fade and is abrolutely moth proof. Breakfast Suite of Five Pieces Table and four Windsor Type Chairs, finished in the colors. Our regular 527.00 \ | E1 Paso o rex $129.00 THE EVEN “THE WEATHER | District—Fair tonight and tomor warmer tonight, cooler tomorrow (afternoon or night, moderate to fresh | southest shifting to northwest | west winds. Maryland Generally tair | warmer tonight; tomorrow tair, cooler | tomorrow afternoon or night, fresh | southwest shifting to northwest and ! north winds. Virginia—Fair tonight and tomor. row: warmer tonight, cooler tomorrow |afternoon or night, in extreme north | portion. fresh southwest shifting to {northwest winds. Wesi Virginia—Fair tonight and to- morrow: warmer in south portion to. night cooler tomorrow in north | portion, Records for 21 Hours, “Thermomet midnigh noon, 73 rometer—4 12 midnight, 30.0 8 a.m., 30.00: noon, Highest temperature, 73, at noon today; lowest temper: oceurred at 6:10 a.m. today. Temperature same date last Highest, 56; fowest, 45. Tide Tables. (Furnished by United States Coast and Geodetic Survey.) Today—Low tide. 3:45 a.m. and 5:18 p.m.; high tide, 9:36 a.m. and 10403 pom. Tomorrow—Jow I8 pom.: high 1050 pom 62 m, 8 pom., 58, i pom. B 4% % wan. 4 03 urred tide. tide, 4.26 a.m. 10:20 a.m, and and The Sun and Moeon. vda - 659 pom, Tomorrow sets 700 pan. oon -rises 9:56 p.m.: sets 707 a.m. Automoblie lamps to be lighted one. half hour after sunset. ‘ondition of the Water. and condition alls at & a.m : condition, clear. Weather in Various Cities, Sun rose 5:12 a.m.: sun sers Sun rises 5:11 a.m.; sun of the water at ( Tem perature, 3 g 7 Temperature. Statious supiaisas Veung “| “You do not expect me to contend,” 0. Atlantic City 3000 Baltimore Birmingham Rismarck Bokton Buffalo Charleston Chicago Cineinnati Cleveland ) | Colum a8 Denver .. Detroit Pt.cloudy . Cléar Cloudy Clear Clear o Clear Clear Clear > Cloudy Clear Clear Cloudy Cloudy Galveston Helena Huron. & Tndianapol Portland, Me. Portland Ore * Ptcloudy Cloudy Pt.clou 3 135502 poop: EERIT i 4 333 0.01 g Bons Cloud Cloudy Cloudy . At the age of 74 years, Mrs. Durand of Cleveland. Ohio, who has been a telegrapher for 56 vears, s probably the oldest woman teleg apher in the country. G STAR. and and DEBT SETTLEMENT FAILS TO HALT FALL OF FRANC IN PARIS (Continued from Kirst Page.) are expected (o take exception to the absence of & “safeguard clause.” This has heen one of the points on which previous negotiations have broken, the French insisting upon a provision to relieve them of pavments if Ger- many should default in reparations remittances and the Americans re. fusing to accept a plan making the effectiveness of an agreement depend- ent upon conditions in a third country. Agreement was not reached until late yesterday. when Ambassador Berenger presented a revised pro- posal (o the American commission, which had suggested an increase in the $25.000,000 initial payments he had | offered, to oring them closer to the | $40.000.000 figure advanced by | | | Caillaux mission. After an hour's discussion the plan was laid before President Coolidge. and shortly after- ward the Secretary and the Ambax sador signed the agreement. | Eaceeds Caillanx Compared with the highest offer made by Caillaux it provides for smaller payments during the first five | vears—totaling $160,000,000 against $200,000,000—but it calls for $600.000. 000 more altogether and expires six years earlier. Secretary Mellon issued a state | ment explaining the terms and ex- pressing the commission’s belief thar “this settlement represents substan: Ually Frane acity to pay.” “Unless K is enabled prompt- Iy to fix the amount of its obliga | tions abroad so that it may know | definitely 1i& commitments and may | provide for them in its budgel,” the | statement declaved, “there might be | grave danger of a complete break down of Krench finances. Thix would ! be a serious blow to the re-establish ment of Europe and would inevitably affect not only the payments now be ing made to the Unit [ Krance. but would seriously curtail | the sale by our farmers of our ex port surplus abroad.” After the session, Ambassador Berenger read a statement to report- ers in which he thanked members of the commission and Chairman | Mellon for thelr “spirit of under standing.” Holds Settlement Vital. | he waid. “that there is no greater | satisfaction for a debtor than to re- pay its creditor. even such a creditor | a8 the United States of America. But | France has for too many vears proved that anv obligation bearing its signature was sacred not 1o re. main falthful to such & principle not- | withstanding the crushing burden | which the war put on her and which she is 1o bear for many years.” He declared the xettlement “is not anly necessary for the restoration of | France and the ve-establishment of | the economic equilibrium of the world, but it suppresses a source of friction and misunderstanding be- tween our two countries. “France will fot regrei ihese new sacrifices if the present setflement is going to strengthen the friendship between Krance and America and contributes to veinforcing peace throughout the wor The full text of the statement from Secretary Mellon, explaining the set. tlement, follow: “The American Commission has reached an agreement with Ambassa dor Berenger for a settiement of the | indebtedness of Krance 1o the United States. The amount to be funded has | heen calculated on the same basis as | in other debt settlements, at 4 per cent interest to December 15, 1922, and at 3 per cent interest thereafter 10 June 15, 1925, the date of the agree WASHINGTON, . D. ] 7 cash payment to adjust the amcunt to | round figures is $4.025.000,000. Of this $4,025,000,000, $3,140,000,000 represents | principal, and $685,000,000 the accrued interest to tne date of the agreement. | A schedule ot annuities is attached. To Start With $30,000,000, “The agreement provides for an- | nuities commencing with $30,000.000 |in the first vear and reaching $12 | 000,000 in the seventeenth year, an thereafter continuing at this figure, except for the sixty-second year, which is slightly less. linder the agreement the total of the principal funded will be paid in full. On this principal in- terest will he paid as follows: After the first five years and for the next ten yvears I per cent per annum; for the succeeding 10 vea per cent per annum; for the succeeding 8 vears, 214 per cent per annum; for the suc- ceeding 7 years, 3 per cent per an num, and for the remaining 22 years of the period, 3'3 per cenL per an- num he total pavi |ave $6,847,674,104 nts to be received 7, and the present value of these payments on a 4% per cent basis is $2,008,122,624, or practi. cally 50 per_cent of the debt funded, ax compared with the Italian settle | ment of 26 per cent. The best offer heretofore received from France was made by M. Caillaux in October last, of $40,000,000 a vear | for five years, $60,000,000 a year for the next 7 years, and $100,000,000 for the succeeding 56 vears. M. Caillaux included as the essential element of his proposed settlement a revision clause, called by him a ‘safeguard’ clause, the effect of which was to relieve Krance if Germany did not pay reparations. A comparison of the Cafllaux offer and the present settle- ment shows the following: “(1) In the settlement the ‘safe. guard’ clause has been eliminated. “2) Total payments to be received under the settlement are $6,847,000,000 as against 1,000,000 offered by M. Caillaux, an increase of $627, 000,000, The present value of the setilement on a 41, per cent hasis is $2,008,000,00, as against $1.755,000,000 present value of the Cafllaux offer, an 3,000,000 France Less Strong. “(3) In the first five years Caillanx offered $200,000,000; under the setile- ment we are to receive $160,000,000. ‘The slightly easier terms for the first five years were made necessary be- cause the present fiscal condition of the French government is less strong than it was'at the time of the negotia- tfons last September. Upon the present exchange rates payment of the first annuity of $30,000,000 requires that France shall find 898,200,000 francs. In October last a payment of $40,.- 000,000 would have required that France find only 845,700,000 francs. ‘The lower annnity in dollars repre sents today a higher annuity In francs than the Caillaux offer “(4) In the sixth 1o the tenth vear Calllaux offered $300.000,000: the sei- tlement provides for the pavment of $305.000,000. 5) In the eleventh 1o the fifteenth vear Caillaux offered $420.000,000; the mettlement requires the payment of $520.000,000. 6) Caillaux’s maximum annuity wag $100,000,000, reached after the twelfth year: the max!mum annuity in the sertiement = $125.000,000, reached after the sixteenth vear. “In-view of the enormous burden of the domestic debt of France, the difficuity of raisinz by taxation a4 suffi clent revenue to meet the charges of this debi, tc carry on the ordinary £overnment operations and to find the exchange necessary to pay her foreign debt to the United States and o kng- land, the commission believes that this settiement represents substan- tially France's capacity to pay. Danger Held Apparent. “Unless France is enabled promptly to fix the amount of its obligations abroait so that it may know definitely fts ecommitmenis and may provide for ment. The fotal to be funded after the Store 8th and Penna. Ave. S. E. Will Stay Open Saturday Night Until 9 o’Clock—Northwest Store Cleses at 6 FOUR BIG VALUES For Only One Day---Tomorrow---Saturday Bed Room Suite of Seven $225.00 suite We Sell On Easy Credit Terms In Washington, Virginia and Maryland Fxtra long Buffet, China Case and Server, Extension Table, Our regular five suite n o Pieces Bed, Chifforobe, Dresser. Vanity, Rocker, Chair and Bench inet work and finish' absolutely guaranteed. for... Side and one Arm Chair. for our” it §175.00 them in its hudget, there might be J ' Eatire cab- Dining R;nm Suite of Ten Pieces ) ——— O —— - ——— O —— [t ——— 1= $175.00 5135'(” R VR e 0 O e O 20 - P A \d (. FRIDAY, APRIL 30, 1926. grave danger of a complete break- down of French finances. This would be a serious blow to the re-establish- ment. of Europe and would inevitably affect not only the payments now heing made to the United States by France but would seriously curtail the sale by our farmers of our export surplus abroad. It is felt that the settlement meets the requirement of the statute from which the commis- sion’s authority is derived, that it be Just both to our own citizens and to our ally in the wa ‘“This settlement substantially com- pletes the work of the commiasion, thers remaining but $295,000,000 un- funded out of a. total of $10,102,000,000 war debt. Of these $193,000,000' is Russian and $24,000.000 ~Austrian, which has already been extended by Congress for 20 vears; $61.000,000 is Jugoslavian, $15,000,000 is Greek and $12,000,000 Armeniany’ Table of Payments. The schedulc of the annual ments by France follows: Year, pay . Amount. $30.000.006.00 80.000.000.00 500.000.00 600,000 00 35.000.100.00 0.000.000.00 0.000.000.00 $0.000.000.00 75.000.000.00 £0.000.000.00 90.000.000.00 0.000.000.00 5.000.000.00 .000.000.00 /000.000.00 .000.000.00 .00 6’ 0 - I et PSP 0 81 inchisive Washington Cathedral The Bethlehem Chapel “A House of Pray. Mount St. Alban Wisconsin Avenue N.W., near Woodley Road Feast of St. Phili May 1, 1926—4:30 P.M. ; Manila Day Service of Admir Preacher: THE RT. REV. JAMES E. FREEMAN, D. D. - Bishop of Washington Music by the Cathedral Choir Take Wisconsin Avenue Cars or Woodley Roud Bus Line 74.104.17 ness in the most outstanding manner. FRUIT MERCHANT DEA‘D.' Antonio Cerriglio, in Business Here 25 Years, Dies. Antonio Cerriglio, fruit merchant at 913 Louisiana avenue for the past 26 years, died at his home, 1214 K street, yesterday after an illness of six weeks. He would have been G4 years old next month. Born in Italy, Mr. Cerriglio came to this country many years ago, and lived in New York for several years before coming to Washington, 30 vears ago. He is survived by his widow, Mra. Filomena Cerriglio. and two siste: Mrs. Carmela La Grippa of New Yo and another sister living In Italy. Funeral services will bs conducted at_the residence tomorrow morping at 9:30 o'clock, and at St. Patrick's Cathollc Church, where mass will be | sald st 10 a.m. Interment will be pri- | vate, tn Mount Olivet Cemetery. CHICAGO GIRL HONORED. CURING OF CRIPPLES THROUGH' CLUB TOLD Sheiry Describes Work of Kiwanis Committee in Straightening Limbs of Children. Franc E. Sheiry, as chalrman the orthopedic and welfare committee of the Kiwanis Club, told of the many crippled children cured through the co-operation of the committee as one of the dpeakers before the Occupa tional Therapy Association of the Dis trict last evening at Soclal Service House. He asked that any cases of crippled limbs be brought to his at | tention and emphasized the fact that | wherever possible those treated are encouraged to repav the money apen after they get well and are able to do so from thelr own earning: | Mra Minna Van Winkle, chief of |the Women's Bureau, gave a story 1 of her own experience with reform in ! stitutions In which the use of hand | work and creative occupations played |an important part. | Mrs. Mary Weller. in charge of the iplay station at the Children's Hos pital, displaved a sample of the chil dren’s hand work and told of the fine work done there along the line of free plav ahd creative activity 000000‘“’00“00“0”“00 CREERON 614 Twelfth St. N. W. G Sta MAW Pa., April 30 (@) The “Sunny Jim"” prize, the most coveted honor awarded annually at Bryn Mawr College, was received to- day by Miss Angela Johnson of Chicago, president of the under graduate association. 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