Evening Star Newspaper, November 14, 1929, Page 10

- YOUNG PLAN BANK FUNCTIONS GIVEN Statutes, Charter and Trust .~ Pact Signed by All Ex- | cept Belgians. i 1 ! L (Continued From First Page.) lace of the Bank of Japan, and Messrs. 'Y of New York. | The unissued portion of the bank's gapital stock may be offered otherwise 3’;: two-thirds majority vote of the rd, bu' only to countries interested il reparations or satisfying the practi- ¢al requirements of the gold exchange standard. In none of these cases may Tore than 8,000 shares be offered. Shares Are Transferable. Only 25 per cent of the value of each * share shall be paid up at the time of subscription. The capital may be in- creased or reduced by a two-thirds ma- Jority of the board in general meeting. No shares shall be issued below par, but shares shall be transferable, provided the transferee is agreeable to the Bank of International Settlement and the is- s"ulng central bank or equiyalent institu- jon. Shares will not carry voting rights, the latter being vested in the respective central bank or its nominee or corre- sponding institution. Subscribing in- itutions may either issue shares di- Tectly to the public or certificates inst the Bank of International Set- tlement shares owned by them. Chapter III contains a so-called “veto clause.” After enunciating the neral principle that the operations of e Bi of International Settlements must be in conformity with the mone- tary policy of the central banks of the %.}:lntrm concerned, the statutes com- e : “Before any financial operation is carried out by or on behalf of the bank given market or in given currency 1 board of directors shall afford to central bank or central banks di- icerned an opportunity to dis- t.” there is disapproval the op- eration may not take place. | The bank’s permissible operations in- clude: Buying and selling of gold for its own account or the account of the central banks; holding gold for its own account under the earmark of the cen. tral banks; accepting custody of gold for the account of the central banks; g advances to or borrowing from the central banks against collateral of prime liquidity; buying and selling of exchange for its own account or that of the eentral banks; buying and sell- ing of negotiable securities other than shares, and maintaining of current or deposit accounts with the central banks. ‘The statutes fix acceptable deposits a8 including those from the central banks, those in connection with trustee agreements between the bank and gov- ernments and such others as are wi the scope of the bank’s functions. May Act as Agent or Trustee. The bank may act as agent or corre- spondent for any central bank or ar- range with the latter to act as its agent or correspondent. The bank also may enter into agreements to act as trustee or agent in connection with interna- tional settlements provided such agree- ments do not encroach on the bank's obligations toward third parties. ‘To provide for special situations such as might arise in the United States the statutes add: “Any operations which the Lank is authorized to carry out with the central banks under the preceding * article may be carried out with banks, bankers, tions or individuals of any co provided the central bank of that dountry does not object.” ‘The bank may enter also into :ficlfl agreements with the central bas to facilitate the settlement of internation- al transactions between them. \Things which the Bank of Inter- m:nal Settlements may not do in- ‘issuance of currency, acceptance of bills of exchange, making advances to gavernments,, opening .f current ac- ts in the names of governments and scquiring predominant interest in any business concern owning real estate, except when unavoidable. The bank must be administered with particular regard to maintaining the liquidity of its_accounts, Chapter IV vests the bank’s adminis- tration in a board composed ex officio of the central bank governors of the séven organizing ntries or their intees, or alternates, who will be en persons representative of the fipance, industry and commerce, each appointed by his central bank governor. If in the case of the United States the governor does not wish to act or appoint some one, the governors of the | nks of other nations may invite tWo‘i ions of that country not objected to by the respective central bank. Ten Meetings Every Year. Besides these 14 directors, 1 German and 1 Frenchman may in addition be appointed by the respective central bank gavernors so long as Germany pays on its reparations account. In addition, not exceeding nine directors may be chosen from & panel of nominees from other countries as provided by the Young plan. Non-exofficio directors hlaldmomu for three years, but are re- eligible. 0 government official except a cen- tral bank governor, nor any member of any legislative body may become a director of the international bank. The board of directors must meet at least 10 times annually, of which 4 meetings | mist be at the domicile of the bank. The powers of the chairman of the| bofird of directors, who also will be the président of the bank, are sweeping: “Subect to the authority of the board, the president will carry out policy and control the administration of the bank.” His term of office \is three years, but he also is re-eligible. ‘The general manager will be appointed by the board of directors on the proposal of the president, He will be responsible to the president, who will recommend also to the board heads of departments. The remainder of the s JAMES A. WATSON. —Harris-Ewing Photo. J. A. WATSON, PATENT ATTORNEY, EXPIRES Funeral Services Will Be Held at Silver Spring Residence ‘Tomorrow. James A. Watson, 70 years old, prom- inent pafent attorney and civil engineer, with offices at 916 G street, died at his home near Silver Spring, Md., Jast night after a short iliness. Death was due to bronchial pneumonia. Funeral services will be conducted at the residence tomorrow afternoon at 2 o'clock. Rev. Dr. Ralph Smith, pastor of the Methodist Episcopal Church at Silver Spring, will officiate. Widely known in this city and in Montgomery County, Mr. Watson had been active both in- Washington ‘and Maryland. He was chairman of the Montgomery County Red Cross and had been particularly active in Red Cross work during the World War. At the time of his death he was senior partner in the law firm of Wat- son, Coit, Morse & Grindle. He was a member of the University Club here and the Psi Upsilon Fraternity. A native of Staten Island, N. Y., Mr. Watson was graduated in civil engineer- ing from Lehigh University in 1884 and subsequently became a professor of mathematics at Westminster College, ‘Westminster, Md. Later he became associated ‘with the Pennsylvania Rail- road as civil engineer. In 1889 Mr. Watson married Miss Mary Clement of Sunbury, Pa., and the couple moved to Washington. Mr, Wi son a position in-the United Stat Patent Office, where he remained several years, during which time he studied law. Soon after being admitted to the bar he became junior partner in the law firm of Foster, Freeman & Watson. Mr. Watson is survived by his widow and three sons; Robert Clement Watson and James A. Watson, jr., of Silver Spring and Harold F. Watson of New York City. His wife and three sons were at, his bedside when he died. RO WORK - ON: CLAIMS. Henderson Says Negotiations Will Be Completed in 1930. LONDON, November 14 (#).—Reply- ing to a question in the House of Com- mons about the work of the Mexicarr *special clalms comm! % Foreign Secretafy Arthur Henderson yesterday said that ‘' the negotiations w;n:l’dssx completed probably in the Fall o % ‘The British - Ambassador at Mexico City had reported th: although the work might be finished early next year, it was more probable the commission cWm‘llfl adjourn about Eastern until Au- umn. 5 Mr. Henderson explained that no pay- ments had yet been made by the Mexi- can government for any claims, because the form of such payments will be de- termined -by both governments after the commission has finished work. DEMOCRATé ORGANIZE. Arizona Group Plans Liquidation of Party Debts. PHOENIX, Ariz.,, November 14 (%) Organization of a permanent Dems cratic ' organization the result of a undegr way today as State meeting of party leaders, which aid plans for liquidation of the party’s lebts in Arizona and appointed com- mittees to weld State Democrats into a cohesive body. A State ticket for the next election was not considered, although the first expression of a_candidate came from Senator Arthur Bettwy, who said: “Unless my car breaks down during the campaign, fellow Democrats, you are looking at the ne.xt governor of Ari- | zona.” will be appointed by the general manager, subject to the president’s ap- | proval. ‘The interpretation was placed | on this here that the president, thus, is | cléarly the guiding spirit of the insti- | tution. | Chapter five of the statutes provides that at general meetings voting rights | shall be in proportion to the number of shares subscribed in the country of each | institution represented at the meeting. | Extraordinary meetings may be called | to amend the statutes, increase or de- | crease the bank's capital or to liquidate the bank. | Must Publish Annual Report. Chapter six fixes the financial year, | inning April 1. The bank must pub- 1 an annual report and at least moénthly statements. Chapter seven provides Among other things that the bank may not be liqui- dated except 3,)' three-fourths majority in a general rheeting and not before it has discharged all obligations assumed under the Young plan. Disputes anent interpretation or ap- plication of the statutes shall be re- 'ferred to an interpretation tribunal es- tablished under the London agreement of August 30, 1924, By common con- sent both parties may refer any dis- pute to the president or any member of 'the tribunal as sole arbiter. Articles relating to the domicile of the bank, its objects, functions, reduc- tion or increase in capital, non-voting right of shares, the veto clause, forbid- den operations, composition of the board. yeprly profits, or arbitration, cannot be amended except by & two-third ma- jority of the hoard, approved by a ma- jority of a general meeting, and sanc- tioned by laws supplementing the bank’s charter. Other amendments need merely two: thirds majority of the board and & mojority ‘of the general Chrysanthemums ' with- sialks ‘6. feet hibited, by Robert L. 6 inches long, ex Preston of Leesburg, Va., The flowers are of the “Nellie” and attal by cultivation. the grot those under Mr. ~ ISERVICE T0 LOSE VALUED DIPLOMAT Phillips’ Retirement as” Min- ister to Canada Follows Notable Career. By the Assoclated Press. One of the most prominent of Amer- |ica's career diplomats will pass from | the foreign service with the retirement | shortly of Willlam Phillips of Boston, as Minister to Canada. Phillips’ resignation was accepted by President Hoover after the envoy, the | first to serve as Minister of the United | States to Canada, had declined to ac- cept another post. He asked to be re- his children an education in the United States. ‘The White House later announced the assignment of another equally .promi- nent career diplomat to a ministership. Nelson T. Johnson of Newkirk, Okla., istant secretary in charge of Far Eastern affairs, was appointed Minister to China. He succeeds John Van A. MacMurray, whose resignation was an- nounced recently. The resignation of Phillips and the designation of Johnson to the China t confronts sident Hoover and cretary Stimsonywith two hflrofl.lnt vnu;nms in the American diplomatic ranks. Hoffman Philip of Washington, D.-C., former Minister to Persia, who asked to be relieved of the Teheran post on ac- count of ill health, is among the senior members of the foreign service the President will have*before him in con- sidering filling the Ottawa position. MUSIC SONGS FROM THE PALESTINE. Mme. Anna Shomer Rothenl pre- sented four groups of Hebrew and Yid- dish folk songs at the Jewish Com- munity Center last night before a capacity audience. Mme. Rothenberg was accompanied at the piang by Mrs. Maurice Bisgyer of this city for most of her numbers, and several instru- mental selections were interestingly pre- sented by a trio known as the Alex Podnos Trio. 3 There have been singers who pre- sented one or two Jewish songs on. a program, but within the past few years at t, there has been no one who has given an entire program of such songs. It is doubtful if such & program would be welcome frequently, as there is an elemental sameness. to the structure of these songs, and when one has heard 20 folk songs of any nationality there is bound to be a feeling of satiation. To leave one's audience with such a feeling Do You Want to at Onc_e?' wer. variety do not reach half the height Preston’s [ America’s Famous Maker of HO\V to get a promotion‘;how to get a raise—how to turn your ability into’ cash—how to command respect—how to market your ability for the highest price—how to be- come popular and successful. These are but a few of the many keys to achievement that will be demonstrated before: your eyes by G. E. Marchand, America's famous maker of successful men and women. Living Models Mr. Marchand, “The Pay Booster,” has put thousands of near successes on the road to GREAT success. He wastes no time on idle theories of “getting ahead. He gives actual demonstrations—with living, models —of how any. ambitious man” or woman can advance at once. . Come—See for Yourself As a direct result of amfly}ng Mr. Marchand's new methods, thousands have been enabled, in one swift stroke, to break away . from dull routine jobs {and attain entirely unex- | pected heights of success, Following are reprinted just a few excerpts from countless letters received 'by him from those who ttended his programs. 3; 98 Tonight, Friday, Saturday, 8:15 P.M. - Admission Free—No Collection leved of his duties in order to afford Advance - G. E. MARCHAND 3 ,'(((v“r?‘q #lilke D. 'WILLIAM PHILLIPS. is not always wise, and it certainly is not the best concert psychology. However, last n!fl_t. the unusual na- ture of the particular folk material held the interest of most of the audience, the majority understanding the ¥iddish numbers completely, for the entire eve- ning. It was particularly interesting to note the complete difference between the two or three numbers sung in the classic Hebrew and the many others sung in the Yiddish, or present-day language of the Jewish race. = nity and rich religious beauty of the original Hebrew melody and language were brought out in “Morning Pr‘-lg and, even more ‘noticeable, in “Y: sung without accompaniment and per- hi.x;': ml; :h glimpsed the same ning. ese one e ;feh- quality that is found in the ebrew melodies used by Ernest Bloch in some of his compositions. 1 The Yiddish songs, on the contrary, showed at times a pleasant quality both in thought content and in melodic limi- tations. In most cases, t00, ac- companiments seemed written in a manner that was unimaginative and contradicted the spontaneity that might have been a feature of many of these songs, especially the. comic ones, had they had really clever accompaniment. Mme. Rothenburg is not booked as a singer, but rather a diseuse, and her touches of characterization accompany- ing her. light and pleasing tone. quality seemed to win the a val of her audi- ence generally.—H. Singer Gets Choir Position. LYON VILLAGE, Va. November 14 (Special) —Announcement. was made tom that Miss Sadle Gibson, (uflng soloist of the Clarendon Baptist Church, has accepted a position as soloist of the Georgetown Presbyterian Church, in ‘Washin, . Miss Gibson, who lives in Lyon V! W,u.mm:mmeomn Mason High School, Potomac. e Successful Men and Women Amnin;\hminp “More than doubled miy earnings,” | says Frank H. Copeland. “Increased my income from. $4,000 to $14,000 in oneyear,” telegraphs I. R. Harris. “On January 1st, I was promoted to Branch manager,” says C. H. Rivers, whose experience typifies that of thousands. “Last month I increased my_ pay check $97.32 over any pre- vious month,” writes J. E. Seitz, and letters like his are constantly pour- ing in. Tonight Free Mr. Marchand's methods are new. They are different. Ambitious people who attend his free public programs are thrilled—aroused, given new worlds of confidence in themselves. For he proves to them—right before their eyes—how easy it is to turn their ability into cash and advance at once. In other great cities vast crowds have quick- ly profited by Mr. Mar- chand’s demonstrations. So to be sure you don't miss this great ' oppor- tunity, arrive early. MASONIC TEMPLE i 13th St. and'New York:Ave. tional University Seelety, 's Great g LT P o R G v €, HOOVER'S SPEECH PLEASES BRITAIN Attitude Is Reflected in Dis- patch by Leader of Con- servative Party. BY SIR AUSTEN CHAMBERLAIN, Former Forelgn Minister of Great Britain. By Cable Star_and Datly | Al A THURSDAY, NOVEMBER 14, 1929. pectation. Once again it is the expres- sion of the man—simple, direct and forcible. Its appeal is to the head no less than fo the heart, and once again it shows that lofty idealism cannot only be reconciled with a firm grasp of re- alities, but that this recognition of realities is the only secure foundation on which to build. Hoover Sees Difficulties. In the discussions about the League of Nations to which I have listened among my own countrymen, I some- times have felt that the real work done for peace the League itself and by mm:{pemmmm even claims to talk LONDON, ' November 14.—President | roqq. Hoover’s utterances since he entered the ‘White House have struck so personal | and original a note that even without the hints of its importance which pre- ceded his Armistice day speech, any deliverance of his was certain to have an eager and attentive audience far m the confines of the United ‘The speech itself has not belled ex- WASHINGTON’S A charge ac- count gives you an exact state- ment of your clothes expen- ditures each month — apply today for an account. policy or some dramatic act of abnega- tion ‘before which the last vestiges of old lladnm would vanish forever from the world. Not so President Hoover. the difficulties; he percelves the still existing “fears, distrusts and smoulder- ing injuries among the nations which are the tinder of . He does not fear to wa t history Bives us no warrant for “the assumption that FINEST MEN’S same thing. We thank him said it better than any of us. Understands Old and New Worlds. . Moved always by the same grasp of realities and informed by the same wide knowledge of humanity in the old world than in the new is his warning “have no faith in the reduction of arma- ments by example alone” and his suc- cinct but penetrating analogy of the Any one who knows Europe and has conversed with the leaders/of conti- nental opinion knows how profoundly true it is that “fear is the most danger- ous of all national emotions,” and, it may be added, the worst of all coun- selor as a great obstacle to disarma- ment. It is not the spirit of militarism nor the desire for conquest that main- tains huge continental armies, but stark fear, with its roots deep in history, which drives the continental nations to shoulder their crushing burden. Lim- WEAR gradual concurrence of British and Amer- ican principles of foreign policy. dent Hoover reaffirmed Elihu TRoot's declaration that the United States “would not use war or warlike means to !n(orce or collect upon private busi- business contracts. It is our settled policy.” It is now also the settled policy of Great Britain. Of course it has not always been; there are famous and even notorious cases to the contrary in not very remote times, but for the last quarter of a century no House of Com- mons would have tolerated the use of the forces of the crown for such pur- poses. ARG 1% et Motorist Is Sentenced. ALEXANDRIA, Va, November 14 (Spectal) —J. M. Delk, 29, of Del Ray, Va., was fined $100 and costs and given 30 days in jail on & charge of driving while drunk, in Police Court today. 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