Evening Star Newspaper, September 30, 1930, Page 10

PAY DEBT SLOWER, SAYS VANDENBERG Michigan Senator Would Ex| tend Time for Meeting Na- tion’s Public Obligations. BY FREDERIC WILLIAM WILE. American bankers in annual conven- tion at Cleveland this week will nave before them a novel project in connec- tion with the national debt. The proj- ect originates with Senator Arthur H. Vandenberg, Republican, of Michigan. | Its basic purpose is to slow up the re- duction of the debt, which now stands 8t roundly $16,000,000,000, 50 as to re- | duce the annual sinking-fund drain upon taxpayers. Incidentally, Senator Vandenberg contends, the plan would | sutomatically serve notice upon our | World War debtors in Europe that Uncle Sam expects repayment on agreed terms of the $12,000.000,000 or $13,000,000,000 which they owe us on account of prin- cipal and interest. The Vandenberg | scheme ccntemplates cutting practically | in two the annual appropriation of some $400,000,000, which Congress now | votes annually for reducticn of the na- tional debt. “I find that the bankers of the coun- try are very keenly interested in bring- ing about some less rapid system for paying off the public debt.” said Sena- tor Vandenberg to this writer. “It is a| magnificent fiscal achievement that the United States in 11 years should have | reduced its national debt from the peak of $26,000,000.000 in_1919 to $16.00 000,000 in 1930, was distinctly appropriate that this burden should have fallen upon the recent post-war| decade, when excess profits produced by | the war were within the reach of the tax gatherer. Problem Different. “But the problem of the next decade is different. Federal expenditures in- evitably will increase, yet Federal taxes should continue to diminish. The only safe basis upon which to work out such 8 paradox is to slow down the speed at which we are paying off the national debt. I submit that it is sound eco- nomics to do precisely this thing. “In the first place, this present debt otf $16,000,000.000 includes the vast loans we made to our war allies. These foreign debts have been funded over long maturities at a present value to us, when capitalized at 41, per cent, of approximately $7,000,000,000. This sum is represented by foreign bonds in our Treasury. I submit that in reality this $7,000,000,000 is not owed by us, but to us. Therefore, I ask why it would not be appropriate to refund $7,000,000,000 of our own national debt in a new loan collateraled by these foreign bonds and running to concurrent maturity. “One will wash out the other. This $7,000,000,000 then may be deducted from ‘the’ $16,000.000,000, leaving only $9,000,000,000 which the American tax- payer must meet. Then our own an- nual sinking fund apprepriations. now approaching _ $400,000,000, -~ could _be proportionately almost ‘cut in two. This | relief in the annual tax burden would be of incalculable value in present and prospective times. ‘Would End Propaganda. “Purthermore, it would make it plain that we expect the foreign war debts to be paid. It would end the propaganda for cancellation. Otherwise, our own national debt will be paid in full by 1949, while these foreign maturities will run on to 1989 and those intervening 40 years will be ripe for canceligtion prop- nda. “In the second place, there is no fur- ther need for prodigal speed in paying off the national debt. Some people even argue that a reasonable national debt is good for a country—as an antidote to both waste and war. At any rate, our | per capita debt today is only $113, as compared with $280 in Prance and $809 in the United Kingdom. We are in su- perb relative position. There is nothing serious in a $16,000,000,000 mortgage— if you want to count it all—upon a na- | tional wealth estimated at $360,000.- | 000.000. It is a debt of less than one- half of 1 per cent. Taking proper | credit for offsetting assets in the shape | of foreign bonds, it is a debt of less than | one-quarter of 1 per cent. “1 submit that a candid analysis of our national position juctifies less haste from now on in the liquidation of our | debts and a greater emphasis upon the proposition that we expect our foreign debtors to pay as they honorably have | agreed to pay.” (Copyright. 1930.1 ‘Wife Sues Prominent Engineer. BARNSTABLE, Mass., September 30 ().—Mrs. Grace Bigelow Davis of Yar- mouth filed here yesterday a libel for divorce from Charles H. Davis, nation- ally known civil engincer, on' grounds of desertion. Davis was co-founder with Gen. Coleman du Pont of the National High- (OMITS APPRAISAL | countant, Carl H. Depue, that the Caro- __SENATOR VANDENBERG. IN'RAISING ASSETS, Carolina Power Added 19 Million Within 3 Years, Ac- countant Tells Probers. ! | The Federal Trade Commission had before it today the testimony of its ac- lina Power & Light Co. of Raleigh, N. Si' c;gétkasl u"sets had been enux;e‘.d on e at a figure a Ximatel $19,000,000 more than was gx‘x’;gorted Ig appraised valuation, - T:im!y‘x;:a) yesterday at the T&md earing power com activities, Mr. Depue asserted: g _“Dur} the years 1926 to 1928, in- clusive, the company increased its fa- cilities to the extent of over $20,000,000 and the total book value thereof De- 1928, was approximately $85,000,000. Unsupported by Appraisal. “That total, however, includes an in- crease over predecessors companies’ book values (unsupported by an ap- praisal or - other evidence - found) amounting to approximately $19,000,000 and it also includes over $3,000,000 of discounts, premiums, commissions and expenses in connection with the issue of redemption of stocks and bonds of the present Carolina Power & Light Co. and its predecessor or constituent com- panies.” Although a number of the officers of the Carolina company were present, only commission witnesses were called. Rob- ert E. Healy, chie® council of the com- mission, directed the inquiry. Ryder Is First Witness. Robert J. Ryder of the commission’s economic division, the first witness, testified that in the three-year pe- riod 1926-1929 seven of the 14 directors of the Carolina Power & Light Co. were affiliated with the Electric Bond & Share Co. He added that since the or- ganization of the Carolina eorg}w in 13126 its operations were supe: by lectric Bond & Share. Depue said the Caroline company had contracted for services from the Electric Bond & Share, and he was di~ rected to be Pl!plred tomorrow to_dis- cuss supervision fees charged by Bond & Share. 5 BODIES FOUND IN BUSHES MILO, Me., Septemher 30 (#).—The bodies of Mrs. Lulu Carlson, 40, and Fred Chase, 65, of Brownville, both shot to death, were found yesterday in bushes half a mile from here. County Attorney Jerome C. Clark said he be- fleved the man had killed the woman, with whom he was in love, and then shot himself, The couple apparently had been dead since Saturday. Chase was a widower. Mrs. Carlson was married and the mother of a 10- year-old boy. Her husband, John, has been away from home, except week ends, working in the woods. Nl Miss Peggy Phipps to Marry. NEW YORK, September 30 (#).— Miss Peggy P}gmn. granddaughter of the late Henry prc, one-time partner of Andrew Carnegie, will be married Thursday in Garden City, N. to J. Gordon Douglas, jr., former Harvard '!:.3; ball player, it was announced yes- ay. The wedding was to' have been an way Association and is a member of exclusive clubs in Boston, New York and Philadelphia. The New “Leatherettes”* You've proba’ is...everybody and, almost ev Gloves. ...they are fla hands. . .they soft to the s like a fine kid easily and like new. cost so.little have a pair to match each costume. *KAYSEP The It's smart pe Kayser’s own genuine full Sansheen twist. It’s this twist which makes Shansheen stri ordinary hosiery. clearer, this twist Sansheen At Brooks, ask for gen- uine Shansheen by Kayser o a o oowith _ Slendo Heel There’s every rea- son in the world for this edict in...they look wear and look sheerer, elaborate social event, but the death of Mr. Phipps last week led to the cancellation of such arrangements. bly noticed how important this has taken t~ the fashion... erybody has taken to Kayser $].00 and $].50 ttering to the feel cool and ...they wash .they that one can OSIE New Sansheen* because it’s dull. . .and the dull- rmanently knitted in...with onger, sheerer, duller than It’s makes longer which $].65 the graceful +rrade Mark Res. THE EVENING STAR, WASHINGTON, SALE OF FOUR PAPERS IN SOUTH IS ORDERED Sealed Bids Will Be Received for Dailies Lavarre and Hall Bought With Power Funds. AUGUSTA, Ga., September 30.—Sale of the Augusta Chronicle, the Spartan- burg (8. C.) Herald, the Spartanburg (8. C.) Journal and the Columbia (8. C.) Record was ordered here yesterday by Judge William H. Barrett in Federal ‘The papers will be sold November 10 | by Commissioner J. W. Tolbert, who ‘was appointed by the court. Tolbert is secretary to Judge Barrett. Sealed bids will be received and after Comi , Will be presented with recom- mendations to Judge Barrett, who will have the final voice in the sales. The publicatigns now are operated by J. T. Webb, jr., a commissioner ap- ted by Federal Judge Bascom 8. Deaver of Macon. His status is not a fected by the appointment of Tolbert and he will continue to operate the newspapers until the sale. William' Lavarre and Harold Hall| purchased the papers with funds sup- plied by the International Paper & Power Co. _— One of the longest prison sentences ever imposed was given to a mayor of a small Spannish town in 1893, when he was convicted on 217 counts of forg- ing public documents. He was sentenced to 3,083 years in prison. D. -0, WILL OF DUDLEY G. GRAY IS REFUSED PROBATE Document Left by Prominent Rail- road Man, Principal in Tragedy, Declared Improperly Executed. Special Dispatch to The Star. BALTIMORE, September 30.—The | will of Dudley G. Gray, vice president | of the Western Maryland Railway, who | fatally wounded himself after shooting and killing Maxwell C. Byers, president of the railroad company, was refused for probate by the three judges of Orphans’ Court yesterday on the ground that it was not properly exe- | cuted. Under the terms of the document TUESDAY, SEPTEMBER 30, 1930. Gray's widow, Mrs. Katherine L. Gray, was to have received his entire estate, the personal portion of which, in an application for letters testamentary filed with the will,- was estimated at only $7,500. = Mrs. Gray also was named executrix without bond. The document. drawn on ordinary writing paper with Gray's name ;flnfid at the top, was made December 2, 1926. It was unsigned. Since the will has been refused, the status of Gray's estate is the same as if he had not executed the document— that is, his wife will receive one-half the estate and the remainder will be divided among his closest relatives. ) 7 Men are said to be growing “cosmetic minded” and are lnv?diu the beauty shops in ever-increasing numbers. Irregulars of $1.00 and $1.25 Grades qualities of these hose. Nightingale Bahama Plage Y Remember—every pair Full Fashioned 42 gauge of Pure Silk! We've sold them by the thousands, because the irregularities are so slight as to be unnoticeable, and will not interfere in any way with the excellent wearin< Brownleaf Sable Sunbask The Palais Royal—Downstairs Store Service weight silk, with lisle hems and feet. Silk from top to toe Chiffons. And the New Fall Shades: Promenade Muscadine Gunmetal % PALAIS ROYAL DOWNSTAIRS STORE Again! A Great Repeat Sale of 2,400 Pairs Full Fashioned Silk Stockings YOU ARE PAYING Jor the NEW PACKARD EIGHT W}Ly not own one? GAIN this year the story of the new Packard Eight is not a sensational one. Packard did not reach its world leadership among fine car manufacturers by sensational means. The story of the new Packard Eight is the sound and sensible story of a fine car made even finer. That is what Packard has been striving to do and has done each year for thirty years. But no new Packard of recent years has embodied so many refinements and improvements as this one. Eight years of successful eight-in-line experi- ence result in a powerplant and chassis it now seems impossible to further improve. Precision ‘workmanship is protected by automatic lubri- cation. Packard designed and built bodies— beautiful with the grace of line always charac- teristically Packard—increased power, still better performance, still smoother and more quiet luxury of travel—these things distinguish the new car. They are worth experiencing. But the greatest thing we offer you in a Packard is a sound conservative investment in truly fine ASK THE MAN WHO OWNS transportation—an investment never depreci- ated by needless changes in design—a long-time investment in motor car satisfaction. You are probably paying for the new Packard Eight whether you own one or not. If you drive a car of its size and power, we know you are and we can prove it. So why not own one? Operat- ing costs are no greater for a Packard Standard Eight than for any other car of its size regard- less of its list price. Depreciation on the Pack- ard is actually less, for you like others will keep it far longer than you would any ordinary car. Records show that Packard owners keep their cars nearly twice as long as the cars they traded in, and that the chances are nine out of ten that you, having once bought a Packard, will never buy any other make of car! Allow us to figure your ownership cost for you without obligation. You may find that a new Packard Eight can be yours for a surpris- ingly small down and monthly payment. If your used car is of average value there may be no down payment necessary. ONE A Packard Washington Motor Car Co. 0. COOLIGAN, President Connecticut at S SECOND O NLY A NEW Open Evenings A USED PACKARD CHARITIES GET $30,000 ey Kentucky Institutions Remembered in Mrs. Ott’s Will ATLANTI¢ 30 (#).—Specific Yary A ot Io Ky., filed here Mrs. Ott, who was bequests in the will of Mrs. formerly of . s The the widow of ! equally m‘:?ou! amounting to C CITY, N. J., September | people's home at Louisville and the Crestwood, Henry L. Of, inventoriof & porcelatn finsh for' plumbing| fixtures, died June 23. i Th.'fl.lflll’!ctd'.hitllfl,mm be left in trust for Altenheim, an olq Methodist Church of ‘The lan .,5[. WAS lmlb.m. 5 d estate was -divided /// 7 Three lovely mergers of ‘smartness and thrift— Kayser Gloves, Kayser Hosiery : Kayser Underthings Now you can wear sheer stock- ings every day, every place— No longer need your sheer hose be carefully preserved for just those occasions when you simply muse look your smartest. Sansheen* (with Slendo** heel) — Kayser’s lovely new dull hose — makes it possible for you to look your smartest for every occasion. Those dainty wisps of dull beauty look as fragile as sprite’s wings, Yet their marvelous “Sansheen” twist of thread makes them wear . as if long life were their only iffon, -gange. ¢ $1.95. All othér Kayser Hosiery has been given new low prices— some as low as $1.25. Kayser Pure Silk Underwear gives you all the thrill of appear. ing frivolously extravagant— With all the secret satisfaction of being as thrifty as a Scot. Bloom. ers, for instance, that were $4.50 and $3.50 are now $3.95 and $2.95, And first cost is not their only saving. For they wear, and wear and wear. Exclusive Italian* silk and Marvelfit* Crotcht account for much of that amazing long wear. The rest is either inherent good quality or downright magic! (Vest to match.) Don't argue with Paris—See Leatherettes*] When Paris says “Four styles in gloves,” you simply must have “Leatherettes” four styles, solve that! Kayser They're soft, they're suede-like, 'they're ale together lovely, yet they cost so little that even the most overworked budget can’t grumble. And they wash g0 easily and so beautifully that you need never add cleaner’s bills to their original small cost. $1 and up. You'll find “The Kayser Three™... % atall the better -hop-«pvwllg! gg STRADE MARK RES Y