Evening Star Newspaper, June 21, 1931, Page 3

THE- SUNDAY 8 . HOOVER PROPOSES ‘POSTPONING DEBTS Plan, Announced - to Aid World in Economic Recovery. . (Continued From Pirst Page.) tempt to ;_-xlrlctd ;’t\g s;m beyond the city of any debtor to pay.” um?ruldent Hoover denied that the United States, in advancing this plan was abandoning its policy not to be involved in strictly European problems, of which the payment of the German reparations is one. He said that the proposal “represents our willingness to make a coptribution to the early res- toration of world prosperity, in which our own people have,so deep an in- terest.” Armaments Unaffected. ‘The President said that the proposal had no direct reference to the limita- tion of armaments; that promises to reduce armaments would not be made requisite to the fulfillment offthe plan. He said, however, that it was the hope of the United States that the nations of Europe would bear in mind’ the keen desire of this country to see the burdens dus to competitive armaments reduced materially. “While this action has no bearing on the conference for limitation of land armaments, to be held next February,” raid the President, “in as much as the burden of competitive armaments has contributed to bring about this depres- | sion, we trust that by this evidence of our desire to assist we shall have con- tributed to the good will which is so necessary in the solution of this major | question.” It is taken for granted that Germany ‘will hail the plan for a postponement of reparation payments with joy, al- though Germany has a keen desire for a readjustment of the reparations to a figure which they believe they can more nearly meet. The present plan, how- ever, looks only to postponement of reparation payments. If there is to be a readjustment of the reparations, that is a matter which the allies and Ger- many will have to deal with, not, the United States. ‘The debtor nations to the United States which will be affected by the plan are Great Britain, Prance, Italy, Belgium, Czechoslovakia, Esthonia, Fin- land, Greece, Hungary, Latvia, Lithu- ania, Poland, Rumania, and Jugoslavia. President Hoover does not consider the problem presented by the economic depression in the world and the plan for relief he has put forward a partisan litical problem, but a national prob- em. In other words, he is not ‘advancing it as a Republican meagure, but as an American proposal, which should have the united support of the country. Time for Autherization. No special session of Congress is in contemplation. The payment cf in- terest and principal due this cduntry on the foreign debts falls December 15. The Congress is to assemble the first Monday in December. If there is general approval of the plan, thé neces- sary legislation to authorize the action proposed by the President can be put forward before December 15. The reception accorded the plan ad- vanced by President Hoover by the European nations is awaited here with the keenest interest. The early reac- tions in those countries to the first statement of the President that some Jan was in process of consideration fmking to aid by this country in the economic muddle were enthusiastic. ‘Whether the plan in all its details as now announced will be approved re- mains to be seen. What some of the allied nations will say to the proposal that they postpone payment by Ger- many of the reparations for the period of a year, is not known. ‘The immediate and impelling reason for the advancement of the plan is found in the situation which confronts Germany. That country has made it clear that it has come to the last straw in the matter of reparation payments, and of taxation to raise the money re- quired for these payments. The present ‘German government has intimated that 1t proposes to go forward, however, with those payments even if it breaks the German government and German na- tion. The alternative which Germany appears to have presented to its cred- itors is some measure of relief from these payments or the collapse finan- cially and governmentally of Germany. ‘Fhe allies will have to determine ‘whether they are willing to make some concessions, either in postponement or reduction, or both, of the reparation pay- ments, or run the risk of the failure of Germany to meet her obligations, the overthrow of her government and a situation in which there will be no pay- ment of reparations. Fear Communism. If the present government falls in Germany the Hitlerites, who proclaim their determination not to make any reparation payments, may succeed. The fear is expressed, however, that the Hitlewites in turn would fall and Com- munisin become the order of the day in Germany. The nations of Europe have —nee —— SPECIAL NOTICE! BEVENTH 'STREET SAVINGS BANK DIVIDEND NO. 32. Y ard of Directors has declared’ the 'mi-annual * dividend of = $6.00 per share, payable June 30, 1931, to stockholders giayecord at the close’ of business June 26, JOHN M. DeMARCO., Cashier. CEMENT WORK. D. C._GCONCI co, 1013 35th N.W. North 2951-W. 21* 'OR RENT—SECOND-] R RE OR %6 “enrabte Jomunen Carner O a0 S, n. opposite new building of Potomac lectric Power Ce entire floor: nt!rlc¥ve lease terms to good tenant. Call MR. MOTT. Met. 1844 IRS FOR RENI, SUITABLE FOR IRIDGE PARTIES, banquets, weddings and meetings, 10c ur per day each; new chairs. Also_{nvalid rolling_chairs for.rent or sale. 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Budget Payments 1t Desired.- % FLmD g 1411 V* esti. % f i mate. . 2 . 8t. NW. Day, Dee. 2700—Evenings. Clev. 0610, 4 | He has propos Text. of Hoover Debt ' Statement (Continued !From First Page.) “From a variety of causes ar! out of the depression, such as unm;fil in the price of foreign commodities the lack of confidence in | political stability abroad there is an abnormal movement of gold inta the United States which is lowering “the credit stabllity of many foreign coun- tries. These and the other difficulties abroad diminish buying power for our exports and in a measure are the cause of our continued unemployment and continued lower. prices to our farmers. Support From Both Partles. “Wise and timely action should con- tribute to relieve the pressure of these adverse forces in foreign countries and should assist in the re-establishment of confidence, thus forwarding political peace and economic stability in ‘the world. “Authority of the President to deal with this problem is limited as this action must be supported by the Con- gress. It hes been assured the cordial support of leading members of both parties in the Senate and the House. ‘The essence of this proposition is to give time to permit del governments to recover their national prosperity. I am suggesting to the American people that they be wise interest and be good neighbors. frankly state my views upon our rela- tions to German reparations and the debts owed to us the allied govern- ments of Europe. Government has not been a party to or exerted any voice in determination of reparation obliga- tions. We purposely did not participate in either general reparations or the division of colo or property. The repayment of debts due to us from the not contingent upon German repara- tions, or related thereto. Therefore, teparations is necessarily wholly a European problem with which we have no relation. Against Debt Cancellation, “I do not approve in any remote sense of the cancellation of the debts to us. World confidence would not be en- hanced by such action. None of our debtor pations has ever suggested it. But as the basis of the settlement of these debts was the capacity under normal condition of the debtor to pay, we should be consistent with our own policies and principles if we take into account the abnormal situation now ex- isting in the world. I am sure the American people have no desire to at- tempt to extract any sum beyond the capacity of any debtor to pay and it is our view that broad vision requires that our Government should recognize the situation as it exists. “This course of action is entirely con- sistent with the policy which we have hitherto pursued. We are not involved in the discussion of strictly European problems, of which the payment of German reparations is one. It repre- sents our willingness to make-a contri- bution to the early restoration of world prosperity in, which our own -people have so deep an interest. “I wish further to add that while this action has no bearing on the Con- ference for Limitation of Land Arma- ments, to be held next Pebruary, inas- much as the burden of competitive armaments has contributed to bring about this depression, we trust that by this evidence of our desire to assist we shall have contributed to the good will which is so necessary in the solution of this major question.” no desire, it is said, to see such an out- come in Germany. Today there are 5,000,000 unemployed workers in Germany, a huge proportion of their population. These unemployed workers are kept alive by a government dole. So tha find the money not only to pay the reparations. but also to feed the 5,000,- 000 unemployed and their dependants. Furthermore, there has been a “run” on German crcdits, with a threat to Ger- man finance generally and to the mark. Unless there is a restoration of confi- dence in Germany’s financial structure crash will go, affecting as it will many other countries. Germany is essentially an industrial country. It has important agrcultural interests. But Germany is an importer of farm products and of raw materials needed in her factories. Because of the depression in other nations her markets for her wares have dropped off. Hence the great depression in this industrial country. President Hoover announced the names of the Senators and members of the House who have approved the plan of assistance proposed. He listed 21 Senators and 18 Representatives, including Democrats and Republicans. In addition, it was announced that the President had been in communication over the telephone with Senator Rob- inson of Arkansas, the Democratic leader, and Senator Couzens of Mich- igan, Republican member of the Fi- nance Committee, and that they, too, approved the plan. Approved l’n’nl. 4 . The list of Senators-and Representa- tives whose snames were given by the President as approving the plan fol- lows: Senators Henry F. Ashurst, Snnm Birlngh‘;m. W&lll-mh E. Borah, ames 3 yrnes, Arthur Capper, Simeon D. Fess, Duncan U. Fletcher, Carter Glass, William J. Harris, Pat Harrison, Cordell Hull, Willilam H. King, Dwight W. Morrow, e H. Moses, David A. Reed, Claude A. Swanson, Arthur. Vandenberg, Robert P, ‘Wagner, David I ‘Walsh, ‘Thomas Walsh, James E. Wat- son, following Representa- tives: - Isaac Bachrach, Joseph W. Byrns, Carl R. Chindbloom, Frank Crowther, James W. Collier, Charles R. Crisp, Thomas H. Cullen, P. Darrow, Harry A. Estep, Willis C. Haw- ley, Carl E. Mapes, J. C. McLaughlin, Earl C. Michener, C. Willlam seyer, Bertrand H. Snell, John Q. Til- son, Allen T. Treadway and Will R. Wood. It has been approved by Am- bassador Charles G. Dawes and by Owen D. Young, who had a prominent part in the present reparations agree- ment and who is frequently mentioned as a favorable Democratic nominee for Prseident next year. ate Foreign Relations Committee, is one of those who has given approval to the plan advanced by President Hoover. Senator Borah, before he left Washing- ton to go to Idaho, made it clear that he believed that eventually something would have to be done to revise and re- duce the German reparations. He inti. mated that he, for one, would be will- ing to forego some of the war debts owed this country by the allies if repa- rations could be reduced and -at the same time the allied nations would give assurance they would reduce their ex- penditures for armaments. The Pregj- dent’s plan does no! go nearly so far. ed no cancellation or re- duction in the war debts. owed this country by the allied and other na- tions. But Senator Borah is ready to go forward with the plan of general ement advocated by the Presi- dent in order to give the world a breathing period. wn.hflnl’rtsldenz when he made his Held Many Conferences. Many confcrences were! held by the President yesterday befcre the an- nouncement was_finally drafted. He called to the White House several members of Congress, including Senator Dayild I. Walsh of Massachusetts, Senator Fletcher of Forida and Repre- sentative Treadway of Massachusetts. Senator Walsh of Massachusetts has for “some time ‘been fa le to_some action i dent, and he f Executive. Indeed, before he went to the White House or knew:that he was to be invited to confer wgth the Presi- allles for the advence for war and re- | construction were settled upon a basis | Sgnator Borah, chairman of the Sen- | sel creditors in their own | with t the government has to | Propose there is no telling to what lengths the | dent in {phone Friday night and 424 |Holds Senaté Wil Be Siow to ‘Act Unless Reparation Re- adjustments Are Made. By the Associated Press. : ROCK, Ark., June 20.—Sen- ator "Joe T. , of Arkansas, Sena’‘e Democratic leader, expresied the opinion here today that ‘would be slow to act upon any tion of war debt settlements “unless simuita- neous arrangements are assured for the readjustment of reparations and the reduction of armaments.” His statement, issued after President Hoover h2d communicated with him re- garding German finencial relief, made no reference, however, to a proposal for a bnaenwflum on reparaf or war debts. Senator Robinson “sald he would not go to Wi immediate future but would 1f in readiness to resume President Hoover and confer with Senate probably in the hold him- also would “I wish to take this occasion also to | The statement said he was not pre- red to announce an opinion as to which the Govern- debt_settlement, “The threatened breakdown of credit of the German government,” he sald, “is but one of the important fea- tires of the problems of mmm gen- eral conditions.” HOOVER DEBT PLAN LAUDED BY GERMAN AS REVIVING HOPE (Continued From Pirst Page.) rhyme or reason—that it was faking a condition without existence in fact. President Hoover's manifesto empha- sizes for the first time the interdepend- ence of all countries. This acknowledg- ment will serve the vital purpose of awakening new confidence in & people at_the brink of despair. The man in the street in Germany will once again feel that he is a cog “;n“;: poes. withiok v.“ ;&e wrz]d’xp:'c: will, it goes ut saying, not e: that he will tomorrow have fewer and less heavy taxes to pay. But he will 2t least envision the approach of the time when the world cease to re- gard Germany's debt problems as a closed incident and when German hopes of a sane liquidation of the World War can have some basis. Looked to Ameriea. Germany's hoj have always been inned on America. The whole nation as clung to these hopes. It has been a tedlous process to make it clear to the German people that the United States has its own economic troubles. On the other hand, it can only be gratifying to Germans, as well as to all Euro- peans, that it appears finally to have dawned on the United States that even this great, wealthy land cannot in- definitely live in splendid isolation, re- gardless of the weal or woe of lands beyond its shores. esident Hoover has proved that provincialism is no part of his political equipment. That is always the sign of a great man and a statesman. No mat- ter what his private political motives m | discussions | the figh R, WASHINGTON. ROBINSON GIVES {HOPE OF EUROPE | WAR DEBT VIEWS - REVI Proposal Likened to Ameri- can Entry in World: War, (Continued From First Page.) many’s venerable President, Fleld Mar. lought, dis- R T become a second “Iron Chancellor,” de- spite his mild scholarly appearance. ‘When Bruening Checquers to face the widespread dis- content in Germany caused. Ml.nm‘t‘::.nn taxa. termination to enforce = tion without any interference from the Reichstag or to resign. » His threat was effective all for a time it appeared that he w lose t and be forced to make good uu!': qu‘nu eant 0’1::: bably W ive me mdllol zm.h extiemist elements each Vi convocation of the Reichstag, which is not scheduled to assemble un- til the Autumn. LIKENED TO WAI,!NTI'. England Officially Silent, But Leaders \Eagerly Approve Hoover L LONDON, June - 20 (#). t Hoover's announcement that America Vi considering stretching a helping hand to Europe in her economic ex- tremity was looked upon by England to- night as having much of the signifi- cance of tl ntry of the United States into the war. ¢ Officially the British government had “absolutely nothing to say,” but in authoritative quarters the comparison was drawn between America’s advent lé\xw the l:.ur at a fi;mi.’ j‘i::“iu and e possibility of her jump! in now to_help bridge the economic crisis. Mr. Hoover's announcement, while containing no promises, was seized upon with eager approval in, official quarters where the bellef was stressed that to have d:layed action much longer would have been to court even worse economic distress for Europe and the world. Mellon at Cambridge. Meanwhile Andrew W. Mellon, Ameri- can Sccretary of the Treasury, who despite his insistence that his visit to Europe is of a private nature is gen- erally assumed to have cabled Mr. Hoover the information on which the President acted, sp:nt the week end with his son at sleepy Cambridge in a four-century-old hotel in which there is not even a bath room. His rooms there were reserved until Monday evening, but it was hinted that he would be whisked away tomorrow to confer further with Prime Minister MacDonald at nearby Chequers. There was no information here as to the form the American aid to “strength- en Germany” might take, but two plans were suggested—a moratorium on debt payments and consequent postponement of German reparations payments, or extension of long-term credit to Ger- many. While it was stressed that it was much too soon to speculate on which, if either, of these plans would be adopt- ed, there was a belief in official circles may be in taking this momentous step, | here that a moratorium on debt pay- he has had the courage to turn his back on his own errors and on those of the United States. What he has done—to & one-year monu;rlum for all German; immediately aided. from fulfilling n . it is a great omen of coming hope. Let us trust that its psychological effect will not prove to be too late. regard to the matter, he pre- pared the following statement for pub- lication: “I am in sympathy and accord with the efforts that are being made to help bring about a modll:?uon of the execute. I have not been able to dis- cover any relationship between foreign debts that are owed us and repara- tion payments. ‘“‘Reparations relate to contractual financial obligations between. Germany, Great Britain and France chiefly, and I hope that our Government will use its good offices to have, these debtor countries of Germany modify and les- sen reparation burdens of the German government. “So far as cancellation of our debts is concerned, I see no reason for this | subject being a factor in these de- liberations. Of course, if Great Britain and France are to cancel all war debts to Germany, Which is im- probable, the question of cancellation of our foreign debts assumes a dif- ferent aspect. I feel, however, that we | of ought w%e:‘t'mm to modify the terms and postpone payment of interest dur- ing the present economic depression if it would be helpffl.” Position United. Ambassador Dawes at Chicago last night issued the following statement on President Hoover’s plan: “President Hoover’s proposal, made as {:7 t;u lri‘ .f"'.'“”‘m with leaders of political parties, represents a united American position. It is an augury of improved conditions here and abroad. I deem it wise and helpful in seevery way.” nounced _that given his ap- proval to the plan. A l',ltement.gy the Michigan Senator read as follows: “President Hoover called me by tele- discussed the suspension of inter-governmental debts; I ipromised to support him in it at that time. “The primary object of the measure, as I understood it, is to ald Germany's Tecovery by relieving her of the Muge burden she in ‘reparations. “This and the fact that such action would greatly relieve the deplorable conditions of the South American coun- tries led to* my approval of the plan.” Amelia Earhart in Indiana, ST. LOUIS, June 20 (#).—Amelia Earhart, who is concluding a four weeks’ tour of the country in an auto- giro, arrived gt Lambert-St. Louis Field shortly after 2 p.m. today and left 45 minutes later for. IncGianapolis, swhere she planned to spend the night. She left Tulsa this 3 - RADIO None Better— Few as Good , Sold on Easy Terms GIBSON’S 91519 G St. N.W. ments, which would ease crisis som>what and permit Great Brit- ain to eass German m:nflmn pay- ments, probably would considered most favorably in England. Since rot only the United States, Great Britain and Germany are con- t | cerned, but also France, Italy, Belgium and other nations, it was expected here than an international conference of some sort would be held to work out the problem, but in authoritative quar- ters it was considered premature to speculate if, when or whether this con- ference would be held. U. S. Situation Difficult. Mr. Mellon’s part in his conversa- tions here is understood thus far to have been that of a good listener. He is reported to have reminded those with whom he talked—Prime Minister Mac- Donald, Foreign Secretary Henderson and Montagu Norman, governor of the Bank of England—that America’s situ- ation also was the most difficult. ‘But he is assumed to have cabled back to Mr. Hoover of what the British government is authorita- tively said to consider Germany's des- perate plight and its inevitable effect on the economic structure of Europe and the world. It is believed that in view of Mr. Hoover's statement Mr. Mellon will be more open in the conversations and conferences which probably, will de- velop before ident of the United States amplifies his views sometime n view of the developments this week the forthcoming visit to London Secretary of State Stimson gnd the visit of Mr. MacDonald and Mr. Hen- derson to Berlin July 17 are looked upon as affording 1 further tunity to straighten out-the mudi Wwhich post-war Europe finds itself. GERMANS GENERALLY APPROVE. Hoover Proposal Occupies Government Throughout Day; Bourse Booms. BERLIN, June 20 (#).—President Hoover’s move to “strengthen the situ- ation” in Germany monopolized the at- tention of the government. today. cabinet had a m Ma of domestic policy were shelved at .the cabinet session which devoted itself entirely to consideration Beautify the Outdoor Room Whether your Outdoor Room is or smail. ean su EVERG] BAY STATE IN-OR-OUT ENAMEL Expert Paint Advice Free 710 13th Street N, WASHINGTON, ‘D, ©. VED BY PLAN® D. ¢, JUNE 21 of this new element in the critical eco- nomie situation. governme ing an attitude. nd ly » and to be - of cal pel further development of ‘what d-crlbedoxu one of most, encouraging signs of post-war No communique was issued cabinet ' meeting, bul were crowded with editorial ec Called Turning Point. ‘The democratic Tageblatt character- ized the developments in Washington as marking “a turning point in the his- tory ‘of Europe and America,” but warned that “first there will be much patient detail to be gone throfigh.” America, the editorial said, “will earn the name of a great power of peace, if Mr. Hoover's initiative brings in this gerierations a world Locarno, * * ¢ Mr. Hoover will be celebrated not only by his own-people but by. all g pooghr :“tan_mldu-zmr of hu- y.” [ . Even the Nationalist press, ich all long has t_any- the t. | refused to admit thing tangible would result from Chan- cellor Bruening's visi. with Prime Min- ister MacDonald at Chequers, hailed Mr. Hoover's move as of the highest significance. The Boersen Zcitung warns, however, that Germany must not allow inter- allied war due‘bu to be reparations any forthcoming nego- tiatlons because “the allied debts are obligations which the allies entered into on their own volition, while in Ger- many’s case the reparations are the tribute of war exacted by force.” One Foe of Proposals. The Lokalanzeiger joins the chorus of satisfaction, but asserts that “never- theless it was not necessary to let Ger- many slide to the very edge of the abyss before acting.” Ths National-Socialist Angriff stands almost alone in its flat disapproval of the moves at Washington. Even if these preliminaries get as far as tempo- raryrellef for Germany, this newspaper says “attempts will be mad: to tlz-it up with some deal to the advantage of the Americans.” The Communist Weltamabend ignored Mr. Hoover's announcement entirely. All Germany discussed with utmost eagerness President Hoover’s plan which was widely regarded as jolting world economy from stagnation into activity. Boom on Bourse. At the same time the fact that the | Reichsbank found it necessary to take new measures to stem the flight of capital exercises a sobering effect on exuberant optimism which at first tended to express itself in a decided “Hoover boom” on the Berlin Bourse. Under the influence of the news from America, industrial shares jumped as high as 15 points. Meanwhile, how- ever, the demand for foreign currencies continued in such alarming volume that the Reichsbank directors ordered a sus- pension of the private discount rate quotation on the Bourse and announced that in the future drafts must be pre- sented diregt to the Reichsbank. ‘This move, amounting to indirect credit restriction, brusquely halted the Bourse ‘While final prices re- mained al yesterday’s, part of the day's profits HOLDS UP COMMENT Senator Pat Harrison Awaiting | ‘White House Statement. GULFPORT, Miss., June 20 (#).— Senator Pat Harrison of Mississippi, ranking Democrat on the Senate Fin- ance Committee, said today he would prefer to withhold comment on the Euro- pean economic situation “until some definite statement is issued from the ‘White House.” He said he had been in long-distance telephone communication with the ‘White House. ECKING SALE! Now Selling at 3 Yards Salvage Material —F Many Wre;king Large Selection—Lowest DOWNTOWN-—0th & C 8. S.W. BRIGHTWOOD-$026 Go. Ave. N.W. HOME BAR DETACHED HOUSES BIG PRICE REDUCTIONS 1605 Madison St. N.W. . t of i6th St. 3 btk poscacs. Bontie bR o $25,000 to $2¢,004. Will exchange fos 1'% squares west 16th Street. 8 General Elecn& refrigerator. Reduced tories. 8 rooms. built-in garas BHresut T80 Bt aha turh T . 6403 to 6411 gt Detached brick. Very attractive Reduced $1,000. -1 | 1 f PPl I A A GENUINE BARGAIN . 703 17th St. and just morth i Fath ok Bullen oome: Sheeer™ Sley: open te' street: large lot to fixtures. Drive down and ook ai a very Dretty Inspect Any Tlmc-—-Opon Till9 P.M. few, beautiful and every coi aller houses o 1737 Upshur St. NW. - 1220 Hemlock St. N.W.. e: W. gh then' left 100 feet to house. Reduced 34, 3400 15th St. N.E. (Corner) 7 . Semi-detached, beautiful new home, just n of Lawrence Street and Sust south o1 Monfoe Bireet; busses Oper ‘and Hebted, TReduced 13.508. New detached. Lots 41 by 110 to_alley. Drive out Georgia Avenue Rittennouse “Street and thence east to THird. Street, or cars pass door. Oniy eft. : 4009 21st St. N.E. 4710 Chevy Chase Boulevard N.W. Drive ot WA%F&"&?&. m"‘ufn'-_"i‘if.%‘éfl%u".’_fif 5308 Illinois Avenue N.W. live new home on this beautiful wide avenue. Regular price. Pa Ave, SE Nearis ngw. attractive 1931—PABT [8) WAR DEBTS AND REPARATIONS TIE STRONG. Two Problems Throughout Negotiations for Settle- ment of Obligations. By the Associated Press. ¢ Fast-breaking developments here and abroad, illuminating -the strong, if- un- official tie that binds reperations and war debt discussions, recall - events Whick have shaped the two since the war. The wor'd’s financial indigestion has caused a reduction in original estimates of both, although: the' debts have been fixed llneokthg commission , appointed fl’?m them” ended its work in 8ince. then, however, the Y lan s e : s payments. an experts sighed with™ relief after the myriad ents attending such a %%m finally reconciled in the . Young, J. P. Morgan, 4nd’T. N. Perkins took part in its formulation. Indefinite, DA e, Rt its. indefinite. They rose under a men‘ billion dollars scale to more than a half In'l.”a!!. e ly comparison the Young plan sub- stantially reduced the sum due yearly from Germany for the first years of the arrangement. It fixed the definite period es m $32,000,000, to _about $27,000,000.000. St erybody -seemed satisfled and it | was belleved angther era of swelling bank accounts and smoking factory chimneys was just ahead. Germany’s economic illness has be- | come alarming since. In .addition to | the reparations burden, she has bor- | rowed heavily from foreign countries. | Most of that indebtedness is short term. | Invesiments $5,000,000,000. | private investment of | foreigners in Germany has been es- | timated at $5,000,000,000. Her own in- | ments abroad are small by comparison. | She has millions of unemployed. An- ' other u«gmyflufim du m'.len decline in commodity values an: correspond- m{):':. ll,n the “i“u o{h.maney. = y’s recent cry that her burden is intolerable has resulted in a flurry of conferences and President Hoover mawnud that steps are being con- to help her. In Germany and elsewhere abroad that arouses the hope, or fear as the case may be, that there will be another scaling down of reparal . T mediately war debts take their place in the scope of speculation. They are FOR SALE Fine corner property, upper 14th Street, first commercial sone. Property must be sold at ence. Submit your best offer. Apply to B. G. McGinniss 1407 H Street N.W. Nationel 4905 Potemac 4239 BRICK FRAMES LUMBER WINDOWS FLOORING PLUMBING LAVATORIES Used 2x4, 2x6, 2x8, 2x10, 2x12 in any length! Jobhs Prices Come to Any of Our Three Yards GA ms, double brick garage, 2 baths. 000, ; it f 16tH”St. ska Ave. oo Wt MR Abmott B, A 3rd St. N.W. / home. ~ General' Electric refrigerator. St. S.E. : e\ s o pricere | commodity values and other factors. BUT UNOFFICIAL Have Been Linked ' linked in the same way as the family budget and the family salary. the case stands now, reparations. wai debts and l:aving quite beside. - 1f Germany should de- fault, as in-1923, the former allies would have to dig into their own pockets pay the United Ftates. Informed ob- servers agree that the demands for a scaling down of war debts would be- come a din in the ears of official Washington. - Some of the war debt settlements were negotiated with little trouble, for example Great Britain’s. She wanted 1o wipe out both debts and reparations. France and the United -States shook their heads vigorously. Britain then sald she “desired only enough from reparations and money due from her former allies to pay her debt to the United States. There has been mno official announcement of a change in policy. ‘The United States got no action out of the majority of her debtors until she dunned them sharply in May, 1025. Italy, Rumania and As are a bit ded promptly, of the settlement not come until 1929. to pay over a 62-year period $4,025,000,000; Great Britain, $4,600,- 000,000; Italy, $1,647,869.197, and Bel- gium, Czechoslovakis, Esthonia, Fin- land, Hungary, Latvia, Lithuania, Pol- and, Rumania and Jugoslavia bring the total to about $12,000,000,000, although some estimates have placed it as high as $20,000,000,000 due to a decline in The United States has received ap- proximately $2,391,000,000 from foreign governments on the debts and Ger- other | less BLACK SEES PLAN- AS SMOKE SCREEN Alabama Senator Ca!ls Hoo- | ver Action Scheme to Hide Domestic Troubles. By the Associated Press. BIRMINGHAM, Ala., June 20— ‘Un!hd Sta‘es Senator Hugo L. Biack, Democrat, Alabama, tonight character- ized as “both amusing and tragic the activities of President Hoover to divert the minds of the people of the United States f}"om their troubles to Europe’s ibles,’ smportanes of World trade i b icé of worl open- ing campaign speech at Indianapolis,” Senator Black said in a prepared state- ment, “we find him now announcing with a flare of trumpets that he will re- vive American business by = restoring prosperity to Europe. “At Indianapolis he proclaimed. an empty plan which promised nothing ucts. This is exactly in line with his policy of feeding starvihg Europeans and starving h 3 “He approved the iniquitous -Smoot- Hawley tariff, which has largely reduced our foreign trade, and now proposes. to conciliate Europe with a gift at the ex- pense of the American Lyers, “Neither Mr. Hoover nor other Repub- lican magicians can dodge the manifest facts that today more than six million Americans, ready, ablé and willing to work, are out of employment. They cannot conceal from American agricul- ture that under Republican policies the American farmer has been impoverished. many has paid in reparations about $5,000,000,000. $9 White They cannot delude America with talk about Tisis in Europe. P Gold and Shell Frames $5.95 5 0c A Week Solid gold pads! White gold bridge! Shell frame! What a value! And we fit your lenses free! 1004-F St. N.W. Warehouses, Hotels, Office Buildings, etc. 3 City Blocks, B jed by Pennsylvania Avenue, Sth, 10th and B Streets Materials from This Vast Operation Being Offered at Sacrifice Prices for Quick Disposal—We Which to Sell All Fixtu Only Have a Limited Time in res, Lumber, Brick, Ete. entire residence block on F Street S.W., between 10th and Also 11th Streets. Materials includs Doors, Windows, Flooring, 1 and 2 inch Salesmen Lumber, also trim, plumbing, etc., all carefully dismantied. on premises. Also regking Capitol Gasoline Station at 1st and Md. Ave. S.W., Comj ly dismantied Pumps, Tanks, Air Pumj everythi ing out of the Ppremises, BRICK Bank Vault Time Locks. Also safe deposit boxes and steel warehouse 31,x7 feet, other sizes, complete. —I beams and angle irons, many sizes and lengths. 3 i B9 Wrought Iron Deor and Windew Gaards: i ail sizes and shapes. THIS ‘is REAL OPPORTUNITY TERIALS AT ‘;'ll VERY LOWEST PRICES. ps, pressors, finest and largest gas station in LUMBER | T Per Thousand doors, size and many " . One building in this ares is of MA“’:;—OC will be nnhll{ dismantled VERY LOW PRICES. S Pipe—wrought .irqn pipe, - including Water, Steam and Conduit. B Window Frames and Door: —Single Sash, 50c; Com- plete Windows, $2.00. CR RS HARRIS WRECKING CO. 900 Pa. Ave. N.W.” Phone Nat. 9196 ‘Salesmen on Premises