Evening Star Newspaper, June 30, 1931, Page 4

P moratorium. but shall i they TA—4 www SERIOUS HITCH IN'DEBT DEBATE French Want.Definite Knowl- edge Regarding Payments in Future Moratorium. BY CONSTAN BROWN. Serfous hitches are reported to have occurred in the Paris negotiations be- tween the Secretary of the Treasury. Andrew W. Mellon, and Ambassador Walter E. Edge on the one side, and Prance’s finance minister. Pierre-Etienne Flandin, on the other. These men are driving a hard bargain and, for the time being, are sticking Lo their original positions 5 In spite of the uncertain situation, however, the impression in Washington is that an sgreement is likely W be Teached at an early date The principal reason why State De- partment officials_and diplomats are optimistic is that Europe cunnot sfford to see Germany break down. News reaching Washinglon indicates that the situation in Germany continues to be threatcning and that # wave of depression has followed the buoyant outlook of a few duys ngo. Feople have resumed withdrawing funds from the Reichsbank und the capital flight from Germany is in full swing agais. arly Action lmperative. Under those circumstances an early agreement on the Hoover bropossl seems imperative, and more so for Prance than for the United Since last week It Lus been obvious that all parties were sgreed that G many should pay into the Bank for International Settlements the. uncon- dittonal part of the Young plan pay- ments, which would” be reloaned to Germany immediately. Negotiations in which Secretary Mellon is directly in- volved pertain to “techniculities.” but these details are of paramount im- portance to France and the Unfled States. The French seem to be looking farther ahead than the American Government. They seem 10 be some- what skeptical sbout Germany's per- manent economic restoration within a short time: on the contrary, wany French economists are inclined to be- lieve that after this intergovernmentsl debt holiday. Germany may still be forced to ask for w morstorium, 1o which she is entitled under the Young plan. Whether she will be forced to do s0 at the end of the present holiday. | is naturally un- the French want would happen or a vear or two later certain. In any case to know exactly what in such an emergency. French Seek Shorter Term. Hence the somewhat embittered dis cussions between Secretary Mellon and the French government. Mr. Mellon, as President Hoover's spokesman, 1s re- ported to have suggested to the French a somewhat long period for spreading pavments Germany would be allowed 1o forgo this year. ‘The exact period is not definitely known here, but it is said to be between 20 and 30 years basis of 20 years. Germany would have to pay each year $5.000.000 along with her annuities after 1932, The French are reported to be demanding a much shorter term. This, however, is & com= paratively minor point The principal point is that the French | want definitely to know whether this annuity postpon:d at President Hoover's suggestion will not be included in any eventual moratorium the Ger nans may want to declare later—that is to say, should the Germans avail themselves of a moratorium two or thiee years hence, the French went it definitely uncerstood that the moratorium would not be applied to the installments due from this year's postponement. In order to safeguard their the French insist that either Germuny should spread the $100,000.000 withheld | this year over a period of 5 or 10 years or, if & longer period is necessary, sthat the agreement be reinforced with solemn declaration by all the contract- ing parties that the suspended sums shall not be included in any eventual e treated ex- actly as the unconditional part of the Young payments. It is around these highly technical and important questions that the pres- ent negotiations revolve, and, ulthough sound complicated becuuse they i deal with a comparatively distant snd uncertain future, & solution is expected to be reached shortly. (Copyrikht, 1921} FRENCH SENATORS DEBATE DEBT PLAN IN HEATED SESSION (Continued From First Page) American conversations. There also was anxiety over the attitude of Ger- : many. - sets of conversations. It was learned from authentic sources that France was deeply disappointed because Germany had not assisted the negotiations with the United States by transmitting some message calculated to make those negotiations easier. Ger- many, it was felt. might have given ascurance that France need not worry about how the Reich would utilize the credit resulting from the moratorium. French leaders took the position that Germany was- manifesting an sttitude entirely too dismterested. It was learned that the French negotiators bave 50 informed Secretury Mellon Planned Two Conversations. At the begiuning of the Franco- Americun talks it wus mutually decided | that it would be desirable to have two ‘The Americs and the French decided to restrict their conversations (o economic and fin cial questions. The understanding was that political negotiations between the ) French and the Germans would be held at the same time with the hope that they would facilitate the Franco-Amer~ ican discussions. It was to bring about the Franco- German political talks that France noti- fied German Chancellor Bruening's ra- " dio hint that he would like to come to France, had met with favor in Paris. If the Germans found it disadvan- tageous or inconvenient to come at this time. Prench leaders took the position that the Franco-German discussion #hould have been inaugurated through diplomatic channels. It was authoritatively reported today that German Ambassador von Hoesch failed to paint for Foreign Minister Briand the same desperate financial picture of Germany that was painted by the United States. The Ambassador gave the impression that Germany did not want to adopt the ailitude of = beggar. Must Make Concessions. Secreta Melion wnd Premier Laval were confronted with the necessily of making concessicns W dnsure the suc- cess of the Hoover proposal. The premier wus quoted by the news- paper Excelsior us saying that he re- mained “cordial but firm” and that the issue would be settled tomorrow. “Mr. Hoover can entrench himself behind his Congress,” M. Laval said. "1 can entrench myself behind the Cham- ber of Deputies, which has given its answer. I feel we have reached the limit of concessions. Public opinion would not admit us going further.” ‘The French conditions of aceeptance ‘were conveyed to Mr. Mellon in & se ond conference with French statesmen last night after the premier had hastily summoned a meeting of the cabinet to approve his stand. They are. * s g 5 Pirst. ths ‘Germany must remit her unconditional annuity under the Young gl‘:khr the fisca) year of 1931 to the for International Settlements, the States. | On the | | 19 kit | Foreign Loan Expert Says| Response Is Tribute to Hoover Leadership. Believes Agreement Shouldi Not Change Young Plan After Holiday. Representative Wigglesworth of Massa- chusetts is well quulified to expluin What there 'is for beiler ‘business in Hoover's sugsestion that i debis be suspended for lowi stafl of the United Stutes Treas- ury ‘Depurtment. For the next three yeurs hie was li Berhn s general us- sistunt 10 S Purker Gilbert, awent weii- erul of repurulions nnder the Dawes With the substitution of the 3 he went (0 Puris us counsel Rwiiizh Lions er (he plan. In 1929 Mr Wikelesworth was chosen Ly Senulor Theodore E. Burlon, president of the Americun group of the Inte purliwmentury Union. us delecate 1o U ee for Economic Questions. I the lust aember of the Aps BY RICHARD B. WIGGLESWORTH, Representalive [rom Massachusells Presideut Houver's proposal for the | postponement during the period of one year of payments otherwise due in re- spect Lo nlergovernmental indebled- less Bppears (o commnid the support | of the Nation, ‘The 1esponse it has called forth is a tribute o Mr. Hoover's capacity for leudership in times of emergency s adopticn should Lot only prove 1o e u decisive tuctor in slleviating condi- tions of crisis in Germiany but stould also contribute to the foices of re- | cuperation in America and in the world generally. | After the World War the United Stutes wus owed some $11,000,000,000 Ly some 17 nutions vn sccount of ud- vances under (he Liberly loan acts, sules of surplus wur muleriais sud relief ob- ligutions. Of this more thun $8.500.- VL0 was uwed by Grest Britain aud France, 1t wus obvious that repayment of debts of this character could only be made over & period of ye Each of them, except that due frol Russia, was uccordingly refunded on & basis caling for semi-annual payments on accoant of juterest mnd wmorlizalion vver s pe- riod of 62 years, huving regard in each mstance 10 the deblor CountIv's (- preily 10 pay. Vast sulis wer owed 10 other credilor powers. Sinlar agrecments bave beenl concluded i be- spect W these vbligutions, Keparation Problem Different. Reparution indebledness preseuted & distinet and far more difficult problem, | involving the wmount which s former enemy power could puy o IS own e rency. the xmount which could be co verted with safely into the required for eign currency und the distribution i sums made available as xmong the e erul nations, credilors, on repatalion aceount, Setliements were finally concluded however, in respect to the repuiation indebledness of Germuny, Austri, Hungary and Bulgaiia. German indebledness of this charac- ter, originully fixed by the Reparation Commission at 132.000.000.000 marks, or more thin $31.000.000.000, affecting di- rectly no fewer thun 12 nations with & total population of over 450,000.000 peo- ple and indirectly to an even greater extent. required nlmost 12 yeurs for is adjustment During Lhis period the world saw the occupation of the Rubr by the armies of France snd Belgium in Junuary of 1923; Germany threatened with disaster | after unparalleled inflation reduced the interests | c| value of its currency to un extent 4s to require 1.000,000 1 o equal the pre-war value of a single mark: Eu- rope. us a whole. in the absence of un adjustment of the repuration problem. facing & situation of the utmiost grav- | the commencement of operations | ler the Dawes plan Iu September 4, designed to_extend “in ils appli- cation over a sufficient time to restore confidence and at the same lime 10 fu- cilitate ® final and conclusive agree- ment us o wll problems of reparation and connected quesiions s soon as circumstances make Lhis possible”; und. finally, in the Spring of 1930, aft- er months of the most difficull nego- tiations, the inauguration of the Youlg plan designed in the light of experience gained as u deflnitive setUlement of ull outstanding questions in vespect to the repuaration problem which had previous- ly_detied solution aud jeopurdized the cause of world reconstiuction and peace. Fixed Payments Set. Under the terms of the Young plan | a fixed schedule of payments is culled | for by Germany over s period of 57 years. averaging snnually about 2,000.- 000,000 marks, or $476.000.000. During the period of postponement referred to in the President’s proposal the sum payable by Germany for the benefit of 11 creditor nations amounts to some- thing more than 1,600,000,000 marks, or | about $381,000,000. | It is impossible, in the time and space available, to describe in detail the | terms of the 'several agreements Te- ferred to snd those of certain other agreements of less importance which | determine the periodical payments to and by the principal pov s of the world in the salisfuction of exisling in- tergovernmental indeblednest. Sufficient to say that, with the adop- tion: of the Youig plan, provision had | Leen made for the adjustment of sub- | stantislly il such indebtedness on the busis in each lnstance of estimated capacily of the deblor government to pay. ‘The proposal made by President | Hoover contemplates no change in the | terms of any of these agreements. It | involves no change in the seitlements | concluded in respect to debls due the United States Government or any other | government. It looks to no change in ! proceeds 1o be allotted to Central Euro- pean nations requiring economic aid. Second, that this payment be consid- | ered identical with any other annuity | so that France could use it for & guar- | antee to the world bank in case Ger- | many should ask for a moratorium at | the end of the holiday. Third, that the conditional payment be_met by Germany within five years. President Hoover had proposed that | both interest and principal payments | on all interallied war debts and German reparations be postponed without quali- fication for a period of one year from July 1, 1931, Second Condition Tmportant. ‘The second condition is said to be the most important, from the French view- | point, inasmuch as it involves the inviolability of German repurations and the integrily of the Young plun, whereas | the first and (hird are technical con- | siderations which do. not embody a principle. ‘Ihe press continued to radiate op- timism that an wgTeement would shortly be reached, Pelit Parisien notably com- Menting that “an sgreement has not | been reached, but everything is being done to effect it.” Greater concern was shown by news- | papers over what they termed the aloofness of Germany and her tendency to increase the task of the Franco- German negotiations. Pertinax in Echo | de Paris said French officials had asked | Chancellor Bruening and Foreign Min- | ister Curtius to come to Paris and join in_the discussion but they declined, “The ' Reich government intervenes | in Washington to prevent Hoover from departing,, however slightly, from the original project and to recommend re- sistance to the French amendments,” he said, “Perhaps Ambassador Von Hoesch ‘will realize a little late that | settl | thie world on belialf of L | liam Castle, | the following statement. after confer drireas WIGGLESWORTIL Harris-Ewing Photo. the terms of the Young plan for the ment of the reparation problem. It merely proposes moratorium | & holiday for une year—in respect to payments on sl inlergovernmental in- debledness, uperalion under all existing agreements 10 be resumed al Lhe con- clusion of (he period. It suggests that all cuncerned be “wise credilors and goud neighbors.” World Depression Felt. The President makes the r-oposal to Uiited States Govertunent and offer: ibject W the approval of Congress to poslpone all pavinents upon debts of fureign gov- ernments o (he American povernment cunditioned on u like postponement for one year of all puyments on inlergov- ernmental debls owing the important creditor powers.” The torces which have led to the proposal need Lo emphusis. The capac- ity 1o pay i normal Umes s not capacity (0 pay in Lhose waich are sub- normal. The effects of world-wide de- pression in the United States have beel appurent to all ls effects throughiout Europe have been even more distressing. Alwost no country hius escaped. Almoat every country b suffered severely. In agriculture, i ndustry, in brude, I widespread un- employent. in conditions of credit and currency, In budgetary deficits, o pulitical unrest and in uthier ways the eflects of (he depression lave been manitest. 1n Geimany. which has suffered se- verely, the situalion becaiie particu- lurly acule. With confidence > short-time credit. wus wilhdrawn and tie veserve of the Reichisbank was diiven alinost to the legal minimum. | Sume action was called tor lmmediate- Iy if disastrous consequences were (o e avoided. ‘The proposal by President Hoover was made in time. s au- nouncemeut o itsell served 10 check the results which threstened. Its adop- tion should prove to be u declsive fuc- tor fu their elimination ‘The lurger purpose of the proposal is “lo give the forthcoming year to the economic recovery of the world” snd Lo contribute to the forces of recuperation i the United States and abroad. In that general purpose the more impor- tant powers uppear to be in hearty sccord. There remuins the adjustment through negotiation now in process of certaln questions raised in connection with the practical application of the plan. 3$381,000,000 Is Due. The sum of roughly 1.600.000.000 s, oI $381,000.000, puysble by Ger- muny under the Young plun during the suggested period of pustponement s composed of 1wo itens the first “mounting Lo 660,000,000 murks, or say $146,000.000, being in fact made wvail- able by (he German Rallway Co., the remuinder being provided directly by the German government The second item muy, under certain conditions, be postponed on Lhe initia- tve of the German governmient for a maXimum of two years. The first item, Lowever. cousists Of Lhe su-called non Pustpuniable portion of the aunuity some 400,000 000 narks. or $95.000.- 000 being sllocated Lo France in reim- Lursement of dumage suftered duting the war in devastaled regicns. Shall the 1wo portivns of the abnuily receive the same or different trealiment? Of the tolal payable Ly Germany during “the period in question, about 700,000,000 wmarks, or $167,000.000, is intended 10 be used under the Young plan tor financing deliveries in kind lurge mieasure for the benehit of France ‘These deliverles include lurge projects for public works. the construction of which is being carried on over & period of years, Shall these deliveries con- tue W be financed by the Genman povernment on reparation account? If not, what provision is to be made in respect to them and those engaged in the construction referred to? The adoption of the President's pro- posal will require arguments for the payment of the sums postponed. 1n what manner is it equitable that they should be repaid? (Copyright. 1931. by the North Newspaper Alliance. Inc ) CAPITAL IS SILENT ON LATEST DEBT TERMS OF FRENCH American (Continued From: First Page) coming year and $83000000 in condi- tional reparations, making & total of $192,000,000. France &t the same time 1s 10 pay 360000000 to Great Britain and $50,000,000 to the Uliled States. France Would Have Balance. There are provisions in the debt agreements, however, which permit France to pay the Uniled Stales as little as $20,000,000 and Great Britain as little as $30,000,000 if she so deter- mines in view of her circumstances. Germany might declare s moratorium in regard to her conditional reparation payments, knocking off $83,000,000 of what 1s W go to France, but it is easy to see that France would still have a balance of $59,000,000 comiug to her if she reduced her payments to the United States and Great Britain during the year. PFrance might feel severely :ny such effort to isolate her if it were at- tempted. No suggestion has been ad- vanced by the American Government that it plans to go ahead without France in the debt-suspension plan. Its French in this matter if it ix possible to do zo. Castle Tssues Statement. ‘The Acting Secretary of State, Wil- jr., late yesterday issued ing with the President for iwo hours: “ItL is our understanding that all gov- ernments are now agreed in principle to the President’s plan excepl the French kovernment. “Some difficulties have arisen in rec- onciling the French position with the spirit of the President's proposal. Dis- cussions are_still continuing between Ambassedor Edge and Secretary Mellon with the French ministry.” In some quarters the assertion that all governments except the French are agreed in principle to the Hoover pro- posal for debt suspension during the coming year was interpreted as an ef- fort w exert pressure on the French finally to accede to the suggestions ad- vanced by Secrelary Mellon and Am- plan is to win the co-operation of the | THE EVENING STAR, WASHINGTON, D. C.\ {ADOPTION OF HOOVER DEBT PLAN HELD VITAL TO WORLD RECOVERY MACDONALD ISSUES| ARMS: ULTIMATUM Prime Minister of Britain. Calls on World to Fulfill Cut Agreements. By Cuble to The Star. ‘LONDON, Eugland, June 30.—Grest| Brituin served formal notice on the world last night that she had taken; the last step toward disarmament until | the other nations of the world begin 10! make good their solemn promises in the | treaty of Versallles und Locarno and begin reducing their armaments pro- portionately. This _declarution by Prime Minister Ramsuy MacDonald—the man whom British sallors refused to transport to Stockholn for s “peace conference” during the World War because of ms pucifist tendencies—hus the utmost sig- nificance, Pretty Near Limit. Delivered before a pucked House of Commons during u full-dress debate on disurmaiment, the prime minister stutement that Great Brituin “has gone pretly uear the limit of disarmament by example” recelved the most enthu- siastic und the fullest support of the leaders of ull (hree Briush political partles. It marks u British ultimatum and prelude to the forthéoming dis- anmament confereuce and calls for a olig show-down on realities. Mr. MacDonald, i carefully com- piled tables. demonstrated that in all! Lrunches of deferse Great Britain had sel un example of drastic retrenchment, while other countries had substantially increased their expenditure, We have wlready taken uncomfort- able risks” said Mr. MacDonald, “in the cause of world peace.” Willing to Go Further. Yet, e udded. Great Britain is pre- pared t go even further toward re- | ductions it the forthcoming Geneva contercuce uchieves Lhe success this country 1s 50 urdently hoping for. Greal Britain, the prime minister showed, hud reduced bher naval expen- diture between 1914 und 1930 from | $3B0.000.000 Lo $262.000.000; France trom $146.000.000 to $121,000.500. snd Llaly from $91.250.000 (0 $84.500.000. ‘The United Stales lucreased its appro- priations from $210.000.000 10 $390.- VOU.ULL: Jupan increwsed hers from 77,000 000 Lo $133.000 000 | It should e puiuled out that these | figures v not lake 1uto mecount tl relatives of expeuditures if the full | bullding programs ure ever voted by the different governuents according to | the mgreements Teached ut the last | London nuval conference. where Great Brituin wus the only nation to disarm, | Al that conference, i commissioned | snd serviceable ships Great Britain | agreed to requce her total tonnage by | 92000 tons. The United States in- | creased its Lonnuge by at least 148000, | Japsn lncressed hets by nearly 20,000 tons, TUESDAY, JUNE 30, 1931.° _— BULLET NITS WOMAN Stray Shot Rips \Through Porch of Northeast Home. Mrs. Florence Cappola, 40 years old, of 712 Eighteenth street northeast, was struck in the foot by s stray .22 caliber bullet early last night while sitting on_the front porch of Her home. ‘The bullet ripped thraugh the porch screening_and lodged in\ the woman's instep. The report of the gun was not heard. BROAD PROGRAM Rome Will Ask Leaders About Debt, Naval Situation and L i m ion. Snails Hold Up Airport. Customs: Unien Appearance of myrlads of dangerous snalls at Lake Habbaniya, Baglidad, Irak, has caused abandonment of plans to establish a British Air Force base there. These snails carry the germs of bil- harziasis, & disease chacterized by in- ternal bleeding. It was known o Brit- ish troops during the World War as “Bill Harris' The base may be estab- lished at Basra. By the Associated Press. ROME, June 30.—A broad program, the Hoover war debt proposal, the naval situation and the proposed Austro- German customs union will confront Chancellor Bruening and Foreign Min- ister Curtius of Germany when they Suits In Worsteds, Tweeds and U. S. Program, $170,000,000. If the tull building programs of the | London Naval Conference are carried | out. the United States’ yearly building ! program, which at the time of the Lon- don Conference was around $50,000.000. | will be lncre cd to at least $170,000, 000 yearly for the next four yeai | at Britain's suggested bill would it $200.000,000 a year, or four | the 1929 expenditure. Great | would nearly double her con- | struction expenditure because she is making heavy replacements for ships built during the rush of the war years | and becoming obsolete. A feature should be pointed out! which also applies largely in the case | of the United States. France, if she | built up to her proposed naval statute, | would instead of spending the $35.000. V00 necessary to keep her fleet at the | preseut strength, be spending more | than $67.000000. And Italy, if she tried to break her neck financially to gel parity with France, would have to jump from $31,500,000 to nearly | $80.000.000 u year. ‘The sbove figures were prepared at the time of the London Conference, and were chiecked thoroughly by both Brit- ish sud American sdmirals, who found them conservative- and they are still the fligures which will have W be faced al the fortheoming Disarmament terene make times Brituin Army Cut $25,000,000. Mr. MacDousld's figures for the! army, taken from the year 1924—the year when armies were being finally Stabilized from & war to & peace basis— showed that Great Britain had reduced in 1930 from $225,000,000 to $200 000.- | 000—a reduction of $25000,000. France had ucreased hers by $104 0"0,000»1‘ Italy increased by $77,000,000. The | United States increase by $78,400.000. | The figures for air armaments, which, it should be pointed out, take into ac count the upkeep of airdromes and | grants to civil aviation, were taken from the year 1929, when Great Bri- | tain first split off air force costs from | other forces. Comparative figures for 1930 show that Great Britain has 1n-| | creased her expenditures by only $10, 000,000. Fiance increased by $20,000, 000. The United States increased by $100,000,000. (Copyrieht. 1931 PRESS APPLAUDS STAND. Unanimously See Britala Arms Over. | reduced. ] LONDON, June 30 (#)—Prime Min- ister. MacDonsld's speech in the House of Commons yesterday calling on the nations of the world to co-operate at the 1932 disarmament conference was ' spplauded in the press today. | Referring to the covenant of the Lesgue of Nations in an editorial head- lined “'Safety Point.” the Laborite Herald | sald ““T'welve years have passed since | it was signed. Is there a single power today—other than those under compul- | sion—that has genuinely complied with | that requirement? Sees Parley Futile. The Post was of the opinion it would be optimistic to believe that the dis- armament conference would yleld any drastic results and said that little had been achieved from the “long laborious | conferences and discussions in which | the natiol have been immersed for years past. In that time the world has been car- ried away from rather than toward the desired objective, the paper said, “for as the premier proved with a convincing array of figures the tide of armaments so far from receding during all these conferences has steadily swollen.” Britain Overzealous. The Times declared that there are many in Great Britain who believed that the successive British governments already had been overzealous in the reduction of wrmaments snd “when economies had to be made have too readily assumed that the strength and efficiency of the navy and the army ought to be the first to suffer. There is a limit to this short-sighted policy and the limit by common consent has now been reached.” ‘The figures on military expenditures in France, Italy and the United States since 1925, the Times said, “will cer- tainly come as & shock to the British public and they derive especial impor- tance from the fact that. the expendi- ture is the standard chosen by the prevaratory disarmament commission bassador Edge In their conveisations with the Prench officials in Paris, At the time the statement was made the President and Mr. Castle had be- fore them the .terms of the French offer, and had conferred with Mr. Mel- it is not to the interest of his o Dush things fo. tha LT lon over the transatlantic telephone, following the latter's comf with the Prench yesterdas. with which to measure armed strength.” Soldiers and sailors of France here- tofore have been forbidden to smoke pipes on the streets. Manufacturers of pipes are now petitioning the govern- ment zo';er:m the m“e‘r; ou; use them, s0 that the huge surp pipes may disposed of. The tohlwn-‘gm be A 8o approve-of the jdes Cheviots —in those all-the- year-around weights. $35, $37.50 345 435 3-p $50 and $55 Grade $60 and $65 Grades. .. Here i FACING GERMANS including such subjects as disarmament, | concerning the maintenance of mark | Fashion Park Tropical Worsted Suits ece Suits—silk lined and tailored only as they do at Fashion Park. $50, $55 and $60 Grades 33 come here for conversations with-Pre- mier Mussolini. The Germans are expected early in August to prepare for next year's dis- armament conference. An interminis- terial body has been created by Musso lini and, its work doubtless will be utilized in the meetings with the Ger- mans. Only experts are at work on the dis- armament question at present, but the ministers of foreign affairs, war, navy, finance and possibly others will partici- pate shortly. AGREEMENT REPORTED. Le Peuple Says Germany Has: Agreed to Pay Belgium. Bfll./'SSELS, June 30 (#).—Despite denials in official circles that Belgo- German negotiations have taken place payments, the Despite Le Peuple today printed & story saying that Germany | bad agreed to continue such payments during the projected debt moratorium. It was the suspension of these pay- ments, which amount to $5,000,000 a; Camel models. $35 and Grades. $45 and $65 and 's Cheviots — in exclusive Grades. ..... Grades. ..... nually, against which Bel strenuously objected. e ot The newspaper further reported that negotiations concerning other Belgian lsoal:;ol‘!)eo%kinl moratorium included +h~ ,000, reconstruction mll?:“‘; lonln.uv t and $1,250,000 euple expressed the ho) | Amerfcan bankers would extend ‘?fi: | debt holiday to Belgian reconstruction loans listed on the New York Stock Exchange, Belgian negotiators may make an of- fort to secure concessions which would bring the Belgian Josses resulting from the projected moratorium to “an ac- Ce%talb{e figure.” { elgium and Holland are conduct negotiations looking toward a hnnd‘::; on payments due Holland for the care | of fugitive Belgian soldiers during the | war, but the agreement has not been | reached. Lion Dies From Heat. MADISON, Wis., June 30 (.—Nero, {lion at a 700 here, once withstood the |blazing sun of the tropics. Yesterday |De dled. Zoo attendants blamed the This is That Half-Yearly Clearance Sale of Ours Just twice a year—we hold these genuine Clearance Sales. It's Mode stock— exclusive in its character, and standard in its quality—reduced now for a very good reason—CLEARANCE—and to accomplish it both quickly and completely —you’ll find the reductions temptingly deep. All Fashion Park and Glenbrook Suits and Topcoats —excepting only evening clothes and tropicals. i . Otherwise take your unrestricted choice— and at drastic reductions from the regular prices. Top Coats Hair, Tweeds, $40 5238 33 435 $50 $75 Coats that will be O. K. for the coming Fall. We’ve Cut Haberdashery Right and Left enal prices which attend only our Clearance Sales. Mode Shirts $2, $250 and $3 $1.59 grades—separate col- lar and collar attached. 3 for $4.50 $3.50, $4 and $4.50 grades—separate col- 3239 3 for $6.50 lar and collar attached. $1.00 $5, d $7.50 iacuiing ik $3.39 grade ..... $1.50 grades $5.00 grades models. $2 and $2.50 Grades grades, including silk shirts; separate collar and collar attached. 3 for $9.50 $2.50 Glenl‘:robok Non -Shrinkable Broadcloth Shirts, § 1 .69 plain shades and col- ors; collar attached. 3 for $4.75 Southampton Broad- cloth, the finest of the ‘weaves, neckband and 32.89 collar attached. White only. 3 for $8.50 Mode Robes Summer-weight Bath and Beach Robes. $3.50 Broad- sl .95 cloth, etc. . o $5 and $7.50 Terry 53,95 Cloth, Broadcloth, etc. $10 and $12 Poplin, 56_95 Pongee, Flannel, etc. $16.50, sgt:k.ndedszss Finest Flannel, -ling .95 Brocades, etc. . ... 1 2 | | Were $3 to $15 Mode Neckwear Both Spring and Summer silks and patterns of our special exclusive makes. BERUO . .. v e as $2.00 and $2.50 Mode Pajamas The new and staple $3.50, $4.00 and $5.00 grades, including pongee silk . .. $7.50, $9.00, $10.00 i and $15.00 grades, including silk ... 75¢ and 3 for $2.00 edes 51 .09 3 for $3.00 3 for $5.00 $3.50, $4.00 and grades . . $1.50 and $2.00 $2.50 and $3.00 grades . .. $3.50 and $4.00 your chance to replenish your wardrobe—with Mode qualities—and at the phenom- Mode Hosiery Fancy lisles, rayons and silks and sports’ styles for white shoes. $1.00 3 for $1.45 $1.19 "3 for $3.00 31.89 3 .forSS.OO $2.59 3 for $7.50 Golf Hose $1.50 and $2.00 grades; light 3 for $6.00 1.50 g $1.59 ; """ 3 for $450 $9.89 "3 for $8.00 madras $2.00 stout = 35.89 3 for $15.00 $1.00 weight wool and lisle, excellent colors .. Suits; plaid 75¢ and $1 fancy Shorts, in madras, etc. dershivts «......... 95¢ Underwear $1 and $1.50 Mode madras Union Suits. . 79c¢ 3 for $2.25 Rockinchair Union $1.19 3 for $3.50 Rockinchair Union Suits; silky mull; all sizes— regular, slim and § 1 .59 3 for $4.50 47¢ 69c Rayon Un- All Straw Hats—Stiff and Soft—25% Off 322 to 312£ The Mode—F at Eleventh