Evening Star Newspaper, July 11, 1926, Page 14

i fG(llD BASIS SOUGHT| . IN EUROPE'S MONEY Conferenoe to Work Out Plan, Expected to Be Held Be- fore End of Month: - /By Cadla to The Star and New Yorx World. ¢ PARIS, July 10.—An informal con- ‘ference between the leading bankers #hd finandial experts of' the world is {expected to take place in Europe be- fore the end of the month. Its object is to place all Buropean currencies Jback on a solid gold basis. The problem of France will come Hirst, to be followed or perhaps con- isidered with that cf Belgium and dJtaly. Then Poland,' Rumania, Hun- fgary and Austria ‘will be taken up. £ The nucleus of the conference is al- Yeady existent at Cape Antibes, where Montagn . Norman, governor of the nk of England; Benjamin Strong, resident of the New York Federal Re- ‘serve Bank, and Parker Gilbert, agent general of reparations, have .been since yesterday, comsidering the gen- eral problem of a banking pool to in- clude all international debts and transfers. § Experts on Stabilization. Mr. Gilbert, as reported recently, )vns called into the conference as an éxpert on stabilization on account of his intimate knowledge of the stabiliz- ing of the German mark. According to this correspondent’s information, ihe bankers propose to create an in- fernational clearing house, which will in itself solve the transfer ' problem. They propose to create a super-govern- mental financial structure .that will réemove the question: of stabilization and transfer it from local political in- fluence. The opposition shown in the past few days in the French Chamber of Depu- ties to ratification of the Washington pereement unless a transfer clause is i fontained in it and similar, difficulties which are expected to arise over the agreement with Great Britain, which Finance Minister Gaillaux is going to start nesotiating when he reaches to Columbus and preserved the old Gnn_lm-dbhln"znd for. Charlie, 11, Converted Shoe Money Into Sesqui Tlcket, Charlie Baker, who has resided all of his 11 years in n, W. Va., would swap a new of shoes any day for a chance to get a glimpse of some of the wonders he has*been read- ing about up there at the Sesquicen- tennial in Philadelphia. Charlie readily’ entered into. this bargain with himself Friday, when his father sent him down to one of the best shoe stores in Charleston to pur- chase one of its best pairs of shoes. Charlle elected instead to buy h!mlelt This left just $1.76 of the shoe meney, which was the precise count of Charlie’s change when the youthful journeyer captured the eye of a Trav- London tomorrow, have emphasized . the necessity of the removal of the question of international transfers from the plane of ordinary commercial transactions. The conference as such will not gath- er about any one table, but both Sec- retary of the Treasury Melon, Who is due in France next week, and Presi- dent Schacht of the Reichsbank will not remain foreign to the conference despite denials of any interest by both. Would Extend Dawes Plan. ' The conference is now in the stage Swhere the Dawes plan was about the time the German mark went to pleces in the Autumn of 1923. Six ‘months jater the Dawes plan, created as an fnnovation in finance, was settled upon @s a point of action for all European finance. The present plan is to en- jarge the Dawes plan to cover the whole field of lflternaflon&l transfer, and as the Dawes plan had as its prih- cipal object the stabilization of the mark, which it succeeded in producing, the new conference will be to launch the idea of an international clearing house, by which all currencies will be made as stable as is Germany’s at present. The principal difficulty-—balancing budgets—is already realized or being realized. What is required now most of all is international confidence. ‘The French finance ministry. is aware of the general purposes of the plan and this morning M. -Caillaux in his speech to the Chulber in which he orosted 4 majority of the, votel from the opposition to iis. lh‘le, “The credits we are dlscussmg wfll ot prove a rope around our necks. I am no imbecile and I am not going to negotiate a credit which will melt 1 know -what happened to Belgium.” Not Seeking Metely Loans. ,000,000 trying to franc on the Chamber was finally with the idea France is abroad merely for loans, for credits are Caillaux could tranquilized not going but that negotiations @nother matter. M. no more. say\?«":len Herr Schacht launched the rqntemark in Germany he likewise Tould not tell the German people vhat he knew about the forthcoming wes plan, but he knew that his yentemark would not have lasted six months on a gold basis if the Dawes lan had not immediately followed. n Caillaux is in somewhat the same position. The international clearing house has for its purpose the taking over 88 a basis of credits German deben- fures on railroads and industries un- fer the Dawes plan and with these the paying of international obliga: tions to all Germany's creditors— principally, of. course, to those to whom war reparations are coming. As France has 52 per cent of all reparations, the establishment of this clearing house pool will immedi- Bfely relieve her of all necessity to make payments abroad. The bank- ing pool will make payments for France. Useful for 20 Years. “The Dawes plan was figured out by experts who created it as being chief- 1y useful for the next 20 years. ‘The hew international clearing house is esigned to pull all Europe, through rhe same period. Germany accepted original Dawes plan to get nce out of the Ruhr. France is expected to accept the new one to gave its franc and othets are expected 1o follow. This Summer’s conference is to settle. the general principles of the question of percen due the banking groups for handling the busi- ness on the principle of transfers be- tween banks in any local clearing $ouse and if the idea proves feasible, particularly if Germany is found: to be strong enough financially to per- it the issue of 8,000,000 to 10,000, 000 gold mark debentures due on the reparations account, the idea is ex- pected to be launched with the same world-wide publicity as the Dawes plan was, ending finally in a confer- ence in which the interested govern- ments will be represented, all agree- - ing to the conditions of participation ‘§n the clearing house and:the stabil- fzation of their currencies, (Copyright. 1926.) {° ISLAND EXPLORED. iCapts. Eagle and Kauch End 25- | | 'Day Survey, in Philippines. Capt. A. 1. Eagle and Capt. Robert ‘xnueh Army Afr Corps, recently eom- pleted an aerial survey of an unex- ‘plored section of the Island of Min- doro, Philippines, involving a danger- ous and exhausting trip of 26 days. Their explorations - followed ~ the courses of ‘the Lumintao, Mogpog, ‘Arunay and Bucayo Rivers to thelr sources, high up in the interior moun- tains where they are gorges i Jof feet in depth. The two officers reported the euila- “ry as the roughest they ever had mn. beins practically without level Pn:tl of the isla; o barren of timber and elers’ Aid Society u!nt as he al from a day ‘coach at Union Station yesterday morning. It was a day coach, but it provided Charlie’s only berth throughout a night of wondrous dreams of gigantic Liberty Bells and RUMANIA REPORTS %% RAIDERS DEADEE: Defenders Have 16 Casual- ties in Repelling Attack by Bulgarians. PO By the Associated Press. BUCHAREST, Rumania, July 10 —The ministry of war, after an inquiry into the recent raid by Bul- garian comitadji. (irregulars) in: the Do brudfa section, has fixed the. w ualties at 26 Bulgarians dead and 6 But Trip Halts Here o:’her wonders of the Quaker City show. Facing In thé Travelers’ Ald worker a crisis that threatened to kill the whole project, mrlie dis) agent’s suspicions that he ht have taken the folks hch':‘:u\o ::‘ that acquainted with the Charlie was of a man's rights availing nothing, he surrendered. ® b Charlie's Travelers’ money for his return trip ing defeat gracefully, an afternoon train mnmlnporhw As a nation France depends almost ler on typewriters of forejgn ., In 1909 France imported 000 units and this number rose to after which there was a slump to the large number of army machines left there, but in 1923 the imports had risen to 250,000 units again.. —_— e The three symbols of the Imperial house of Japan are the mirror, the Imual “lnvaslon” 0verflows Europe, ixtendlnq Into ~ . Other Parts. wNDON. Iuly 10:—The Datly Ex-] art: oF the n visitors is partly due to the facilities provided by one-class boats, which bring a Europsam tour within range of a wider circle of tourists. There has been nothing more remarkable since the war than the development of the European babit among Americans. Nor is the phenomenon limited to Europe. The invasion extends to Egypt and India, where hotel accomi- modations are fast becoming inade- quate, mainly because of the increas- ing démands of American tourists. This is especially true of Egypt. Paris Is Chief Beneficiary. London’s share of the spoils fx hand- some, but Paris is the chief benefl- clary. That is the case this year more than ever, owing to the fall.of the frane and the consequent ' tempta- ¢ | tion to spend liberally. As an Ameri- can woman remarked fo the writer, | th “We are getting out debt paid in the shape of cheap dresses and cheap mil- 1 G "33. in spite of the torrent of dol- lars which Americans are pouring traders, the temper in regard to America in the present crisis makes the situa- tion uncomfoitable and the writer un- dertands the word is going around Sep in ‘the political situation are anticipated. F The gravity of . the position in is uch. here, much anxiety situation is suffi thout the inspira- across the channel. Commons in Uproar. As the conflict in the British mining world becomes. prolonged the feelil grows more bitter. Unnmedonl:s scenes . occurred 'Thursday in the House of Lords, when the govern- ment bill providing for voluntary ex- tension of the seven-hour day in the mines to eight houfs was passed. The miners believe this meaps the break- up of the solidarity of their move- ment, and labor members of the House of Commons assembled in the measure, while in_the long\of the House of Commons members came to crystal and the sword, and they are | blows. carried in front of the Emperor on all Rumanian soldiers wollnded. ‘with 10} missing and belleved to be dead. It is stated that the raiders, num- bering about ' 250 “fully armed men, penetrated 8 miles into Rumanian territory before coming into conflict with Rumanian infantry. No puni- tive meagures or expeditions of re- prisal have been undertaken by .he Rumaniin troops; offi officials declare, SOFIA, Bulgaria, July 10 (#).—The Bulgarian government has requested the Ri n government to investi- 709-711413 TWELFTH ST., N. W., Meanwhile, intense bitterness pre- vails between the moderate and ex- YRIANS, IN: DEFEAT, - MAY ADOPT BOYGOTT gressing it | cumpaign Against Frenel to the general .strike and the ocontinu. ance of the present catastrophe in the | mining world. ‘Whatever and whenever settl of the strike comes, it is clear that it will leave the trade-unién movement not_only impoverished, but rent with bitter animosities, Nations in .Hungasy. pressed himself as entirely ufllM that Hun- gary now'is financially stabilized and capable of conunu’nu without = ex- ternal supervision. League control has been withdrawn in Austria also, and it is generally conceded that the success of 'the league in stabilizing the currency of these two countries is alone justifica- tion ‘for the league's existence. The league has done almost equal financial service in Greece, and Poland would do well to'avail herself of similar ma- chinery to put her aeflperat.q financial affairs,jn order. If France would Apbl! the surgical kpife to her own case—which, consid- ering the prosperity of her people, she could well do—the currency problem of Europe would be well on the way to complete solution, and with it many of our political problems, too. Despotism Swing Noticed. Prof. Willlam E. Lingelbach sees a swing toward despotism as one of after-the-war paradoxes. Cit- ing the routing ol the Hohenzollerns, the Haspburgs and the Romanofs, he calls attention alno the reappear- ance of the principles in govern- ment that they stood for, and points to despotic and autocratic. forms under nt.her names in Moscow, Rome, Muhem and Con- -n.nunonh. WASHINGTON, D. C. ““The House with the Green Shutters” gate an alleged attack upon a Bul-[" garian outpost hy Rumanian soldiers on July 8. ‘While the result of the Rumanian inquiry is awaited, calm reigns along the frontier. The ntimber of Bulgari- an casualties in the Rumanian attack is not given. The feeling in official cffcles is that the matter will be settled amicably. Paper enters largely into the con- struction of every. house. The house has a paper roof, paper floor: cloth and paper walls. THE HIGHLANDS OF ONTARIC I5Y Insummet theueku:vumnhl With berter roads, this mmnmflymflmg in volume. . Soon the choicest npoq in Onuno Highlands the last « pleyground for Amm-mddknd eastetn states will be preempted. Nomomdefl;hxful—nommpmfi:- able—way of mn%d e promise ,than to lfifl a site for ' your per-# mlnenttnmmzhone. i ‘and Resort Let our new Msp guide you—It's Free. Write ountains are too rough even tm', uher or wild buffalos. n In Japanese cities electric fans may & h nntmm the municipality for the ‘moderate - RUGS FOR SUM fER USE COMPLETE and most interesting collection of rugs, particularly ‘adaptable for summer use, is to be found here most attractlvely prmed. : fli:quainto&" ; uhion@d betu'y,a : lement |° } MMGM _'pfim'nouhna By Cable to The Star and New York World. _GENEVA, July .10.—Admitting & military defeat by the overwhelming- 1y superior French forces, Syrian na- tionalists are inaugurating a non-co- the try of securing a hearing bdonmooum;uotthomu BEHRENDS BIG KLAN JUBILEE. Special Dispatch to The Star. The boycott plans have been pro- LLE, Md.; Jul reral 10.—~De- Klaveliers lnd by Hyattsville Klans- Nl::nlml ceremonies lon oni were called off owing to rain. There was newal of their offensive as a song- service and music by the their harvests are ovsr, but they wul Hy-euvflh Klan Band. L. A. Muel- vonfine their efforts hereafter to or representative of the Dis- erations An.lu the Epanish und-r trlct of Columbla, was a mur i the leadership of Abd-el-Krim's suc- |2 = = cessor. 3 4 (Conyright, 1926.) 24 |ll-"1¢¢10 to 12 Degrees Cooler in More bulldhc- erected h u“- Germany now tl lom;n ~ —— P"k 1.50 7mn.z4 7th St. N. w i - Milady Corsette 250 Regular 7.75 and 9.75 DRESSES {4 All ,Wanted Colors Smartest styles for young girls, misses and women. Sizes 16 to 54. 5.95 to 6.95 Summer Dresses Rayons Acorn Waist Union Suits Tub Silk Vo e DRASTIC. 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