Evening Star Newspaper, July 24, 1931, Page 3

GERMAN LEADRS | NDW LOOK TOU.S. Count on Stimson’s Influence With Financiers in Quest for Further Aid. (Continued From First Page) don with a couple of billion marks in his grip. The Natlonalist Boersen Zeitung, for instance, says the chancellor undoubt- edly did what he could in his position as supplicant. “The tottering German house is for the present underpinned,” the paper says—and adds that the con- ference amounted to a small creditors’ meeting and that the leaders of the participating nations still seem unable to grasp the gravity of the world sit- uation. The Boersen Zeitung expresses hope that realization is dawning that rep- arations pavments are the root of the world’s evils. The Lokalanzeiger remarks that Herr Bruening's expression of satisfaction With the conference must have come from a wry mouth. Even the Natlonalist Deutsche Tageszeitung, which considers the con- ference disappointing, sees a clearance of the world situation which must be beneficial to Germany. The Industrialist Deutsche Allge- meine finds its chief satisfaction in Herr Bruening’s side-stepping of French political demands. The paper savs. catestrophe still may be avoided, but every hour is precious. Credit Orisis Acute. The Soctal Democratic Vorwaerts and the Democratic Morgenpost plead for the cultivation of & better understand- ing with France. Meanwhile the credit crisis has be- eome so acute that some bankers are measuring the remaining margin of safety in hours. Reports that the Reichbank would boost its discount rate to 25 per cent have been denied, but those in a position to know regarded it s certain that the present 10 per cent rate will be increased to 15 per cent, which would be the highest in the Reichbank's history. The theory is that such a high rate would force the money back into the Reichbank, and at the same time a| further reduction of the gold coverage to 30 per cent would permit issuance of additional Reichbank notes to flill the gap created by hoarding of cur- rency to meet obligations at the end| of the month. In some quarters it is insisted that limited measures will not be enough and that the Reichsbank must issue enough currency to tide the banks over, regardless of what happens to the gold coverage. Favor Gold Standard. The government and Reichsbank of- ficials view, with the greatest reluctance any measures which would involve de- parture from the gold standard, and it is asserted the crisis now is not mere- Iy one of currency, but one of capital Inflation would provide money for internal needs, but Germany must have | gold or its equivalent for import pay- ments and other foreign obligations, and as one cabinet spokesman said, “only France has the gold which can be_brought quickly enough to save us.” | There is a general agreement that for the next few weeks Germany must clear away the obstacles in the way of an understanding with Erance, and the hope has been expressed that during the next six weeks the financial struc- ture can be held together so the Aus- trian Customs Union might be dropped, quietly and further financing of the new vest-pocket battleship could be quietly discontinued on the ground of economy. | If that should be done, by the time the next Franco-German loan parley | begins the outstanding points of fric- | tion would have disappeared. | ACCORD HAILED IN PARIS. Paris Press Inclined to 0. K. Outcome. Official Sees New Parley. PARIS, July 24 (). —Leading news- | papers inclined today to approve the | outcome of the Seven-Power Conference | in London. “It is well understood that the Lon- don Conference is only one stage,” said Le Journal. “Let's agree first that this stage was accomplished easier than was | expected. But it is fully admitted now that France will not let herself be maneuvered and will not agree to bear expense _which _the or _the SPECIAL_NOTICES. THE ANNUAL MEETING OF THE STOCK- holders of The Potomac Insurance Company | of the District of Columbia will be held at the office of the company., 9 northwest. on Monday, 3. 1931, 17 a.m. Books for the transfer of stock will | e "closed Trom Juls_ 25th to August 3rd, | inclusive. ALEXANDER K. PHILLIPS, | G e ARRRRTY. et 1 WILL NOT BE RESPONSIBLE FOR DEBIS contracted other than by myself. 7 BCOTT. 3023 14th st. n.w Soage THE FOLLOWING CARS WILL BE SOLD | at Weschler's Public Auctlon for charges on July 25th. 1931 R. J. Crismond Hudson N 8904 3 Chrysler T 6256 3 Lafayette 349-520 Md BY CALL CARL, INC. 614 H St. K.W.. City. THE_FOLLOWING CARS WILL BE SOLD st Weschier's Public Auction for charges on | August 8. 1931 A" Davis. Nash Sedan. Md_ 127041, Dodge Coupe, . J. Talbott. Willrs-Knight, P- 177, J.'B. Sandifer. Rickenbacker, T-8648. By CALL CARL. Bracey Andgrson Gardner Stewart Motor Co., INC., aiploii: o i i 8t. N.W.._City. N'T__PERMIT YOUR LIVING, RNITURE AND RUGS to be desiroyed | ¥y MOTH! Let us Mothproof them for you | —right in_your own home—by the Konate | which carries INSURED protection | . Now 1is the time. ~Reduced TED STATES STORAGE CO.. 418 10th St N.W. MEtro,_i843. | INVALID ROLLING CHAIRS, FOR RENT OR | sale; compleie line of new and used chairs: all “sizes, ‘styles and adjustments; reduced Also” folding chairs. wood or metal. UNITED €TATES STORAGE CO.. | _418 10th St N.W Met._184: TONG-DISTANCE MOVING — WE HAVE been keeping faith with the public since 1896 Ask about our country-wide servic Call National 9220, DAVIDSON TRANSFE & STORAGE CO.____ i el PAPERHANGING—Rooms™ papered. 32 ~and if ‘not will bring !ing had been decided about new con- | Foreign Minister Briand and the heads Criticizes U. S. PANAMA EDITOR SAYS AMER- ICA PROFITS FROM SALOONS. | NELSON ROUNSEVELL Of New York, publisher of the Panama American, who in a statement at the Panama legation here charged the United States Government was unfair and inconsiderate of the rights of the people of Panama and that the United States reaps a big income from salocns, breweries and brothels of the Canal Zone. NEW REICH CREDITS DISCUSSED IN VAIN/.. Various Projects Taken Up by U. S. and German Delegates on | Way to Berlin. | By the Associated Press. ABOARD THE CHANNEL STEAMER | CANTERBURY, En Route to Calais, | July 24.—Various projects for granting new credits to Germany were consid- ered yesterday by the German and American delegates to, the seven-power | conference at London, but nothing con- crete has yet emerged, the Associated Press was informed today. Bernard von Buelow, undersecretary of state, said while crossing_the Chan- rel on the way back to Berlin that Secretaries Stimson and Mellon hed talked things over last night after din- ner with Chancellor Bruening and For- eign Minister Curtius. | “1 was there, but we did not go be- | vond the stage of considering a num ber of concrete suggestions,” he said. “You know, all these things move very slowly.” . i Chancellor Bruening, Foreign Minis- ter Curtius and members of the French | delegation went into conference imme- diately when the Canterbury started for | is. They seemed anxious to take | 2dvantage of this last hour together for another intimate talk. The chan cellor looked considerably refreshed | after the first good sleep he has had since leaving Berlin a week ago. SLADE REFEREE REPORTS Separation :nd ‘7,56()‘. Year Ree»f ommended for Wife. NEW YORK, July 24 (#).—A rec- commendation that Mrs. Elena de Aros- tegui Slade of New York and Washing- ton be granted a separation and $7,500 yearly alimony from Henry Lewis Slade, civil engineer and real estate expert was filed yesterday in the Supreme Court by George Z. Medalle, referee appointed to examine her charges. Mrs, Slade charged her husband with cruel treatment. | Americans cannot or do not want to | undertake."” | Le Matin declared that no Gefrnous ' | government could undertake the finan- | clal re-establishment of Germany with- | out guidance. “Germany,” the paper said, “would need to be closely advised | by foreign advisers of the character of | S. Parker Gilbert.” | Le Petit Parisien averred that Chan- | cellor Bruening and Foreign Minister | Curtius of Germany realized “that Premier Laval has rendered great serv- ice to Germany, for without his action the conference would have been a fail- | ure.” The decision reached at the con- ference is not of capital importance, but nevertheless it gives ground for satisfaction, Budget Minister Pietri told L'Echo de Paris on his arrival from London. “France alone had a plan capable of efficaciously remedying the situation in Germany by a long-term credit with guarantees, and the Germans under- stood this perfectly,” he said. “As to war debts, Secretary Stim. son's answer affirming that America was not thinking of canceling the debts, and treating as jeremiads appeals gin favor of American renunciation ' of them, made the ground particularly | solid for the French.” The budget minister said that noth- versations between Premier Laval and of the German government, “but in my opinion the conversations will be | resumed sooner or later.” i Silver Star Homes Commitiee awards honors to FOXALL’S NEWEST GROUP —Wide World Photo. | " THE EVENING ORIGIN OF CREDIT PLAN S EXPLAINED Stimson Misled by Garbled Accounts, White House Announces. ‘The White House yesterday explained the apparent misunderstanding which arose between Secretary Henry L. Stim- son and the State Department during the London Conference. Almost simultaneously Stimson, in the English capital, said the plan for easing Germany's economic burders was the product of both American and Brit- ish thought, and Acting Secretary Cas- tle of the State Department said it was originated by President Hoover without ' consu'tati . with the British. | It was sald at the White House that & memorandum setting forth a concrete proposal for the London Conference was dispatched to Secretary Stimson, then in Paris. The Secretary then in- formally discussed the plan with French and German representatives. On Saturday and Sunday, it was sald, garbled accounts of tne proposal a peared in European papers and to & limited extent in the press in this coun- A On Monday press cables to London talked of a new plan and Secretary Stimson, it was said, denied them, since he had received nothing after, the plan transmitted to him in Paris. On Tuesday the American proposals ere published in full from Washington | ta correct inaccurate accounts which were being cabled from London. This, it was said, is when and where the flurry started. SOFIA WON'T PAY JUNE REPARATIONS Greece Told Also of Request for Restitution of Payments Made in April and May. By the Associated Press. | ATHENS, Greece, July 24—The Bank for International Settlements in- | formed the Greek government today Bulgaria had announced that, in view of adoption of the Hoover moratorium, she does not intend to make payment of the reparations installment for June, nd, further, has asked restitution of payments made in April and May. The notification caused some sur- prise here and brought from several quarters_the assertion the moratorium cannot be made retroactive. It was understood the World Bank, in the communication to the government, said the demand for restitut’s™ of April and May payments is not ~+ accordance with the Hoover plan. | . Will Rogers [ BEVFRLY HILLS, Calif.—Two trips I would like to have been on. cne was stored away in the tail o Post and Gatty's ship and the other is wth Bernard Shaw | and Lady Astor in Russia (may- be stored away in Bernards beard). The laughs there will be on that trip. for Lady | Astor can hand | ‘em out about as fast as Old | Apple Cart can. Well, it's fine if they have fixed it 50 Germany will pull through. There is one debt they ought to wipe out entirely, for it had no reason ever existing, and that's for the “armies of occupation.” That was just like sitting over the grave of a dead man for a year to see if he was coming to life and then charging his family the price of the sitting. Boys brought home enough fine, fat Ger- man girls to pay for that trip. (Copyright, 1931.) WANTED We have clients high-grade resi- dential and business properties. If you have property for sale list com- plete information with this office. Whiteford & Jawish, Inc. Southern Bldg. FOR RENT MASSACHUSETTS AVENUE PARK. Beautiful landscaped Owner will lease for two Very reasonable. Whiteford & Jawish, Inc. Southern Bidg. National 1800 Det ter-hail plan. » | 1898, her name being then Clarissa Lar- | ago. STAR., WASHINGTON, D. C., | | Award Winner CENTRAL GRADUATE TAKES $2,000 SCHOLARSHIP. FRIDAY, PARISGOLD HOARD MAY INUREREC London Exchange at Stand- still After Record With- drawal. | By Cable to The Star. JOHN C. LUDLUM. John C. Ludlum, 18-year-old son of Mr. and Mrs. Samuel S. Ludlum, 7 West Bradley lane, Chevy Chase, Md. and a June honor graguate of Central High School, wes announced today as winner of the Middle Atlantic States $2.000 scholarship to Lafayette College. Selection of the winner was based on scholarship, initiative and high charac- ter, and the competition for the award was so keen that announcement of the winner was delaved from the close of school in June, when it was expected, until tocay. Ludium is the youngest of a family of five children. He was lieutenant colonel of the High School Cadet Corps, in com- mand of the 1st Regiment at Central. In 1929 he won the “best private” medal; in 1930 he won the “best non- commissioned officer” medal, and he nding officer of the winning ar game team in both 1930 . He was manager of the Cen- tral High School rifie team for three years, and was one of the “10-point high men” in this year's intercollegiate 3d Corps Area rifie match sponsored by the War Dcpartment. For his shooting prowess, he won the War Department’s gold medal. He also’ captured four medals at the rifle match at Seagirt and six medals at the Camp Perry, Ohlo, matches. The scholarship winner's mother was graduated from Central High School in man. She is the only Central graduate to gend back to her alma mater a lieutenant colonel and a colonel of | cadets, another son, Robert, having held the highest rank in the corps 10 years John will enter Lafayette College in September. He plans to study law, with a view to becoming a professor of law. CONGRATULATIONS SENT TO STIMSON AND MELLON President Hoover Hopes U. §. En-| Soys to Parley Now Will Get Real Vacation. By the Associated Press. The congratulations of President Hoover were dispatched vesterday to | America’s envoys at the London con- ference. To Secretary Stimson he sent the following message: “I wish to convey to you my sincere | congratulations. My appreciation s | the deeper from knowing the com- | plexity of the difficulties which con- | fronted you over the past 10 days and | the able manner they have been sur- I hope you may now secure | a real vacation.” A message to Secretary Mellon said: “I wish again to congratulate you upon a most notable public service. I trust you may now secure a real va- OIL BURNERS “A permanent investment thet pays for Itselfi* Automatic Heating Corporation 19 Connecticut Ave. North 06: LONDON, England, July 24.—Wheth- er the present French gold hoarding is part of a political policy of France to make it as difficult as possible for American and British bankers to come to the financial aid of Germany as promised by the seven-power conference is sn open guestion. £ ‘There is nd argument, however, that this hoarding Is seriously destroying that “international confidence” whic the conference decided is so vitally necessary in the present world crisis. Of yesterday's £5,000,000 ($24,300,- 000) “gold rush,” completely shatter- ing all records for one-day withdrawals from the Bank of England, some £4,. 029,000 ($19,921,140) winged its way to Paris, a British bankers—feeling that the statesmen had merely passed the buck to the financiers—are dig- ging in in the “city” (London’s finan- cial district) to resist the state of finan- | clal siege until Autumn, when the seven-power solons agree to meet again. The London Stock Exchange as a consequence today has come to an most complete standstill. = Something like a financial war council has been organized in the city under Montagu Norman, governor of the Bank of Eng- land, and representatives of leading banks and acceptance houses. It Is somewhat similar to that established by the Federal Reserve Bank of New York and meets daily to consider finan- cial warfare. Commitiee Is Formed. A committee of exchange brokers has been organized to handle £100,000,000 ($864,000,000) of German bills backed in the ordinary courses of busi- ness in this country. New York is co- operating, signifying a willingness to take over these bills at the end of the month and let London have the money. Ameri bankers also promise 1o support London and resist the expect- ed- withdrawals of some _£70,000,000 ($340,200,000) of extremely panicky Prench short-term money in London, in order to protect t hepound and let the Hoover function. The immediate business in hand is to resist the drive against the pound sterling. Yesterday the British raised the bank rate 1 per cent to 3'; per cent. This reverses the downward policy of the last 20 months, making it the highest in force in any world financial center—being 2 per cent above the rate in New York and 1'; per cent above that in Paris. If this is not efficacious, further rises will certainly be resorted to, and the rate may top the 6' Septem| T, 1929, on the eve of the | great Wall Street crash. But the effects of the advance in the bank rate on such already stagnant business conditions is not expected to be more than slightly unfavorable. The total withdrawals of gold since the drive started, July 13, of more than £22,000,000 ($106.920,000) make the net efflux for the year nearly £5.000,000 (824.300.000. This has decreased the Bank of England reserve to £143,000,- 000 ($694,980.000). But the report of the MacMillan Committee of financial experts exam- ining British banking problems says that the currency is safe with .a minimum gold reserve of only £75.000.000 ($364.- LA ReNE 5425 Conn. Ave. Bed Room - Reception Hall Dinette Kitchen Bath Living Room 2 Bed Rooms Reception Hall Dinette Kitchen Bath 8 5.00 All large outside rooms, refrig- eration, laundry facilities, 24- hour elevator and switchboard service, playgrounds, garage. Resident Manager. Hedges & Landvoigt Tower Bldg. Dis. 8332 JULY 24, per cent rate at the end of | 1931. woym)sfl) the British still have some £68,000,000 ($330,480,000) left to fight with. Obviously a reduction to the £75,000,000 minimum is not going to be regarded with equanimity, but the Bank of England could lose many more mil- lions without anxiety. Change of Heart Expected. In the meantime it is expected that panicky Prench investors are going to regret the loss of good London interest and have a change of heart about . Lombard Street is already be- 7inning to talk about what it calls “bad" money—namely, that of French panicky short-term investors. tain banks have already told their Frefich clients to take their uneasy money out now, as the British do not want to have it around in times of danger, when it might prove too coward- ly. The Prench have always regarded the sound British banking system and free gold facilities as an ideal short- term market, and the British now are talking of “safeguards” which might reduce such facilities. New York's loyalty in showing that the dollar is not going to march against | the pound is laoked upon here to take some of the steam out of the franc's imilitance. And if the Prench will not disarm on land, sea or air, London, the |old Gibraltar of-finance, is quite pre- h | pared to stick it out until Paris de- | mands a truce in the financial warfare. (Copyright, 1931.) MRS. J. H. SMITH BURIED | Rites Held at Home of Sister, 1866 Ingleside Terrace. Funeral services for Mrs. J. Henry Smith, who died Wednesday, were held today at the home of her sister, Mrs. Mary P. Spleden, 1866 Ingleside terrace. {Rev. William 8. Abernethy, pastor of iquvlry Baptist Church, officiated. In- terment was in Glenwood Cemetery. Honorary pallbearers included Sydney Y. Smith, Miles M. Shamg, H. H. Kim- ball, J. Morton Rissler anu P. H. Braden. Willlam F. Raymond sang “Now the Day Is Over” and other selections. CASHIER FOUND SHOT | Tragedy Follows n::non Not to Open Bank Today. | _BARLOW, Ky., July 24 (#).—Will H. Terrell, 53, cashier of the Bank of Bar- | low, was found shot in nis office today, following last night's decision of the Board of Directors not to open the bank today. Three bullets had pierced his chest, one near the heart, and his pistol, which he had bought some time ago and kept in his desk during an outbreak |of bank hold-ups, has been used. He is not expected to recover. He had been cashier of the bank for nearly 20 years. Returning From Nicarcgua. NEW YORK, July 24 (#).—A hundred and forty-five Army Engineers, officers | and enlisted men, are dus in Brooklyn | tomorrow on _the transport Chateau | Thierry from Nicaragua, where for the ! Iast 21 months they have been surveying | & route for the proposed canal. MADISON APTS. 1739 Eye .SL FURNISHED AND FURNISHED. 1 ROOM. LARGE DRESSING CLOSET, BATH, $33.50 TO $45.50. L. W. Groomes, 1719 Eye St. Gibson’s Great Bargains Any of the Following 10c Jergens High-Grade Toilet Soaps Very Special 2fr]1lc 12 for 60c Rose Geranium Rose Carnation Violet Geranium Royal Palm | $2.00 Renault | Wine 2 Ior$2'01 Tonic We Del r §1 or More GIBSON’S 919 G St. N.W. EFFECT OF MORATORIUM ON YOUNG PLAN WEIGHED ’ Financial Experts Form Committee and Meet in London to Dis- cuss Problem. By the Associated Prpss, LONDON, July 24.—With the seven- power conference out of the way, finan- cial experts of the countries concerned with” reparations have reconstituted themselves into a committee and as- sembled today at the treasury office to consider the effect of the Hoover moratorium on the Young plan. Sir Frederick Leith Ross is chairman | of this group and Hugh 8. Gibson, United States Ambassador to Belgium, 1s sitting in as observer. Pheasants for Price Georges. By & Btaff Correspondent of The Star. MOUNT RAINIER, Md., July 24 Seventy-five young pheasants will be rel in Prince Georges County dur- ing the next few days by Game Warden James W. Rogers. A like number was Teleased in the county last year. SHORT TIME ONLY LIMITED EDITIONS Vs OFF PAUL PEARLMAN 1711 G St. N.W. ACUTE INDIGESTION ) L] “ies Night! (when drug stores are closed) Why not be safe with Bell-ans on hand . . . Now! 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