Evening Star Newspaper, December 24, 1931, Page 3

RUSSIAN PLANNER SAYS NATION GAINS Capitalist Countries Are Seen “Choking in Clutches of the Crisis.” By the Associated Press. MOSCOW, December 24.—Capitalist countries are “choking in the clutches | of the crisis” while Soviet Russia in- cessantly grows in economic strengti, V. V. Kuibyshev, chairman of the State Planning Commission, said yesterday in a speech before the Union Central Executive Committee. “That we are fulfilling the five-year plan in four years 1s a fact of world historical importance, and it will con- vince workers and peasants throughout the world that the way followed by the toilers of the U. S. S. R. is the only way out of poverty and unemployment,” e said M. Kulbyshev asserted that the first year of the five-year plan exceeded ex- pectations by 2 cent. Next year, he said, the collectivization of agricul- ture will be essentially completed, pro- duction will increa: enormously and the position of the workers will steadily improve. He revealed that the government pro- poses next year to produce 90,000,000 tons of coal. 9.000,000 tons each of iron and steel, 82,000 tractors, 73,000 motor cars, 1,300 railway locomotives and 50,- 000 railway cars. The total capital in- vested in industry, he said, will be 10,- 700,000,000 rubles (about $5350.000,- 000). CHICAGO TO SEEK FINANCIAL RELIEF Business Leaders Step Into Civic Income Muddle to Break Deadlock. per By the Associated Press. CHICAGO, December 24.—Business leaders have stepped into Chicago's money muddle in an effort to force a deadlocked Legislature to give the city financial relief ‘Through their intervention, Gov. L. L. Emmerson has agreed to come to Chicago, probably on Monday., for a con- ference with legislative leaders. Mayor A. J. Cermak and business men will join them in an attempt to effect an agree- ment on legislation needed to bring the eity out of is financial troubles. D. F. Kelly, chairman of the Mayor's Committee on the Sale of Tax War- rants, arranged for the conference after & meeting of Cook County Assemblymen failed yesterday to produce a definite ogram that would be supported by oth Democrats and Republicans. Kelly said he hoped that some plan would result from the meeting by which | the Cook County delegation could pre- gent a united. front when the Legislature Teconvened after the New Year. Meanwhile, Controller M. S. Szym- < announced that the city was “dead Mayor Cermak heeded his by appealing by radio to citizens, them to buy tax-anticipation to provide more funds. ty's teachers, who have been paid but little of their back salary, planned a “School Relief day” to make the citizens conscious of their unhappy municipal _financial _condition The SPECIAL NOTICES. UAL MEETING_OF THE £, the Masonic “Temple ‘A strict of | “STOC! helders o na avenue north- s of ihe Firemen's directors for the_cnsuing n 1l am to 12 m OWARD. Secretars. OR PART_LOAD Richmond, Boston. oints: special rates ., INC ALBERT. W. H nd all way p L DELIVERY ~ASSN.. B Nat. 1460._ Local moving also. BE SPONSIBLE FOR cted by onv one other than my E. FERSINGER, 140 N. Car el JOS. e Elec tric Company, for the purpose of electin holders of the Washington Railway & - ' 8 board of directors to serve for the ensu- ing vear and to transact such other busi ness as may properly come before the meet- ng, will be held at the office of the com- pany. 10th and E_streets northwest, Wash- ington. D. C.. on Saturday, January 16. 1932, at_12 o'clock’ noon In conzection therewith, the books for the transfer of the stock of the said company, pursuant to the by-laws, will be closed from the close of business on Decembere 31, 1931, to,{he opening of business on Januiry 4, 1932, H. M. KEVSER. Secretary. _ NNECTICUT PIE CO.—THE ANNUAL meeting of the stockholders for the election of the directors of this company will be held at the company's_offic ons| and O st nw. on Wednesday. January 13th. 1932, Polls ‘'open from 1 to 2 p.m. Books for the transfer of stock closed from December 10th, 1931, to January 1932, inclusive. R. B. BEHREN ND, President ISAAC_BEHREND., Secretary KOTICE 1S HEREBY GIVEN THAT THE stockholders of the ague Base Bail Club will be held at the offices of the club. Base Park, Washineton. D. on_ Tuesday 3 12:00 ‘o'clock noon. for ing a board of directors a for such other perly brought before eting EDWARD B. EYNON. JR.. Secretary. GOING” WHERE? TELL US WHEN A we'il move vour furniture and take mighty 00d_care of it at low cost call will save you time and frouble. DELIV. ASSN._ Phone Nat. 1460. NOTICE _TH! n ave Grand United Order of Odd Fellows of the D. C._will be held at Pythian Temple: and U streets n.w. on Wednesday, Decem- ber 30, 1931. at 8 o'clock p.m.. for the elec. tion of directors for the ensuing year and for the transaction of such other business as may properly come before the meeting. JOSEPH MANNING. President ______SBAMUEL W. WATSON. Secretary. CHATRS FOR _REN1, SUITABLE BRIDGE PARTIES, banquets, weddings and mectings, 10c up Cer day each: new chairs. Also invalid rolling_chairs for rent or sale. UNITED STATES STORAGE CO.. 418 10th Metropolitan_1844 NOTICE 1S HEREBY GIVEN THAT THE annual ‘meeting of the shareholders of the Riggs National Bank of Washineton, D. C.. for the election of directors and the trans- action of such other business s may come h be held at the vania ave n.w. The polls will oclock a.m. until 12 EORGE O. VASS. Cashier. 1 remain open” from 11 o'clock noon. IoN TANCE MOVING BETWEEN ALL | Eastern cities. Satisfaction since 1896, Call National 0960. DAVIDSON TRANSFER & STORAGE CO._Branches in other citi WANTED—LOADS Y YORK 3 LADELPHIA HIL, 26 TO ROANOKE. ...DEC, 28 And all poin(s Noith and West. AGENT ALLIED VAN LINES. We also pack and STEEL LIFT VANS anvwhere. 1ITH'S TRANSFEE & STORACE t E onas ©o., W honus North_3342-3343. RAPIENTIC Terminal ‘Refriger ts. s r sale at and_E s et S-1b. can, best. 90c _delivered HE HONEY POT. 1085 31st_St. n.w. NEED PRINTING? Consult this million-dollar or ideas that will get you swing of good times. ‘The National Capital Press _FLA. AVE... 3rd and N ) ine._6060_ Write rinting plant ack into the "KEEP ROOFS SAFE - —trom rust and decay by having us apply our Protec-Tin Roof Paint. Rich red iron ore oxide and linseed oil—guaranteed. Try it! Roofing District 0933 Company. 119 3rd_St. 8.W. Order “Palco” Ginger Ale Or CIDER Today. No D;lfln'?rlfl on Christmas Samuel C. Palmer Cou, Inc. Telephone West 0190 ure -l In view Company of ‘Washington . and will meet &t the office on MON- | 1632, for the purpose of A ‘telephone | NATL | E_ANNUAL MEETING OF THE Yockholders 9% ouae, Hall Assoclation af the | ' alls the dilemma referred to by the | By the Associated Press. BASEL, Switzerland, December 24— Following is the text of the official sum- mary of the Young Plan Advisory Com- mittee report: “The report opens with an anaylsis of the present situation in Germany, on whom the effects of the crisis of this Summer were devastating. “Sweeping withdrawals of foreign credits played havoc with the financial system of Germany and led to a series lo( legislative enactments which culmi- nated in the emergency decree of De- cember 8, 1931, which includes meas- |ures without parallel in modern legis- lation. “Germany was particularly suscepti- | Jarge amount of her short-term foreign debt. A census taken by the German government showed 12 milliards of reichsmarks owing at the end of July. “Prior to that date it was estimated that 2.9 milliards have been withdrawn and since then 1.2 milliards have been ‘uithéinwn under the standstill agree- ment, Interest Rates High. “Against this, exports have recently been heavy, but exceedingly long credit surplus of exports has been due in part | and some exceptional sales to Great | Eritain in anticipation of tariffs. “It is doubtful whether this surplus of exports can continue at its recent including higher tariffs, exchange re- strictions in other countries and ster- ling_competition “The rough balance of payments shows that Germany will have had to meet during the whole of 1931 with- drawals of capital amounting to about 4.9 milliaras of reichsmarks. “After using other resources avail- able to her this has caused a drain of gold and foreign exchange from the marks. . “'As a result, the Reichsbank has had to take a series of measures of increas- ing stringency in order to limit other calls for foreign exchange which might be made upon it. Nevertheless, it has continued to lose reserves, while at the same time it has been forced to ex- tend its own credit to make up for sweeping losses of deposits by hanks and savings banks. Industrial Output Drops. “Germany’s industrial production fell between 1928 and 1931 by one-third, which has resulted in an’ increase of unemployment to a level of 5.000,000 wholly unemployed, out of about 21,- 000.000 employed persons. “Interest rates have been high in Germany ever since inflation. During 1930 advances to manufacturers of first- class standing have seldom cost less than 8 per cent. about 12 per cent. The decline in industrial aotivity, with its effect on profits, wages and i the level of unemployment, seriously reduced the yield of taxation. If new taxes bringing in 1.5 milliards of reichs- jmarks had not been imposed. the de- cline in revenue in the last two years would have been about 3.5 milliards, or | 40 per cent of the total. | “Besides new taxation, sweeping | economies have been made in the budget, particularly in the salaries of civil | servants, which now are to be reduced about 20 per cent, as compared with 1929, and will be below the level paid in 1927, Poor Relief Reduced. “Reductions also have been made in lief. Tt is, however, an advantage 0 the German budget that the debt - | charge contained therein is compara- i tively low, and the sketch of the bud- 'get for 1932, which was examined by t> committee, contained a consider- term debt. of the measures taken in lthe last two years and in particular [the decree of December 8, | committee expresses the opinion’ that | the burden of taxation in Germany has become so high that there is no mar- |gin_for further increase. ! “The decline in German business ac- | | tivity affected the position of the rail- 17 | way system, which is finding it hard to tmake both ends meet in the present circumstances. But the committee is of the opinion that once conditions re- turn to normal the German Railway Co., which is a fundamentally sound ! undertaking, will be able in the future— if managed on a commercial basis—to yield 2 net operating surplus compar- able with that earned by other big | foreign railway systems. “Chapter 2 of the committee's report | begins with a description of the world | crisis, of which tke outstanding fea- [ture is the fall in prices. All forms of economic activity have been affected. | Reduced purchasing power involved , disappearance of profits, unemployment !and an uninterrupted slump in stock exchange securities. i Banks' Stability Imperiled. | “The stability of banks has been im- periled and the withdrawal of foreign | | capital from borrowing countries—par- ! ticularly in Central Europe—threatened Ithe stability of currencies, which has resulted in control of the exchange ymarket and in certain cases suspension of foreign payments. "Fe spreading of the crisis to lending countries involved the abandonment of the gold standard by some of them, which has given rise to a tendency to hoard. The latest ND | phase is the imposing of tariffs and |other restrictions, which has still further reduced international trade. | “Commenting on this_situation in relation to reparations, the committee | Banking Committee in August last, and points out the contradiction that might arise between a system involv- ing large annual payments by debtor to creditor countries, while at the same time putting obstacles in the way of the free movement of goods. “So long as fresh capital was being loaned to the debtors the dilemma did |not seem to arise, but in 1929, when {these capital movements ceased, it be- came evident that in the long run these annual payments must be met in the form of goods. “But the world cannot quickly ad- 'just itself to important changes in the course of credit and trade, and at- tempts to maintain the international balance of payments by large move- ments of gold weakened the monetary foundation of many countries, “Germany's demand for capital to fill the gap left by the war and its aftermath was met to a substantial ex- 26 tent by an influx of capital, estimated by tbe Bankers’ Committee at 18 mil- liards of reich:marks. Though 10 mil- liards- of reichsmarks was an offset to reparations, the balance of 8 milliards, together with the Germans' own sav- ings, lod to a large development of pub- li~ and private enterprises in the years 1925 to 1930. New Capital Invested. | “During that period of five years no less than 32.8 milliards of new capital were invested, of which 22.4 milliards | vepresented investment by the public cuthorities. “But the fact that so large a propor- tion of the capital in Germany—much of it repayable at a short term—was owned by foreigners made her pecu- liarly vulnerable to financial disturb- ance. The withdrawal of such credits involves a threat not merely to foreign exchange but to the liquidity of banks therpselves. “The expenditure of the Reich, the states and communes during period increased in similar proportion to this capital investment. Althcugh revenue ross rapidly from 14.7 mil- liards of reichsmarks to 18 millards, expenditure rose equally rapidly from 17.2 millards to 20.8 millards, and this excess of expenditure brought about Experts’ Reparations Summary 1ble to the credit crisis because of the | has been given in many cases, and the | to certain special causes, including pres- | sure on manufacturers to sell stocks |level in view of general adverse factors, | Reichsbank of 1.7 milliards of reichs- | The figure is now | unemployment benefits and poor Te- | able sum for amortization of the short- | 1931, the | this | 'HI EVENING ST Young Plan Committee Recommends Adjustment of War Debts Without Delay if New Disasters Are to Be Avoided. | an increase of debt which grew in disquieting fashion. “Though inflation had reduced the public debt by 1924 to a very small amount by 1931 it had grown to 24 millards of reichsmarks, of which one- thind were for public undertakings. “When the crisis came, the fact that expenditure was on so high & scale meaht that the deficit was correspond- |ingly largs. In this connection the | com again calls attention to the | system/under which a substantial part of thé taxes levied by the Reich is | automatically handed over to the states |and communes—s. system which means that control of expenditures is divorced | from the responsibility of raising rev- The committee thinks | enue to meet it. ficial results. Factories’ Activity Reduced. “The committee terminates this | chapter by observing that every previ- | ous crisis has been followed by a period | of stability and prosperity, and that it would be unjustifiable to Judge its prospects for the future on the basis of an exceptional period of depression. At the present time the budgets of all countries and of most railways show deficits. To assume that equilibrium will not be regained after the present crisis would be a counsel of despair, i’l‘hls Is as true of Germany as of other countries. In past years she has built |up an immense and powerful economic | equipment. “The restriction of markets and the fall in prices have prevented her from utilizing this to th> full. The activity of her factories is now necessarily re- duced. But although it is impossible to fix a date, it is none the less cer- tain that jt will ultimately be restored, with the assistance of measures Sug- gested in the conclusions of the com- mittee’s report. “The committee has no doubt that regards railways and the budget, | Teceipts are no less elastic than else- | where. “The report summarizes the German | emergency decrees of the last two years. The income tax has been raised twice, beer and tobacco taxes have been in- creased, and the turnover tax raised from 0.25 to 2 per cent. Official sal- aries are reduced by 20 per cent. Sim- ilar cuts apply to the local authorities, who have also imposed a poll tax and new local taxes on beer and other | beverages. “Unemployment insurance contribu- tions are raised to 6!, per cent. prices | and rates are to be cut by 10 per cent and wages reduced to about the 1927 level. The interest on long-term bonds | is reduced by about 25 per cent. “Control of banks has been set up, and new regulations made for savings banks. A stringent foreign exchange central operates, and drastic prarisions against the flight of capital. Question Left Unanswered. “The question how far the measures described above will be successful can not be answered at the present mo- ment, but the committee consider that | the steps taken to defend and to main- tain the stability of the currency and the budget show, in their opinion a resolute desire on the part of the Ger- man government to meet the situation. “In the final chapter the committee draws the conclusion from its survey of the facts that Germany would be Justified in declaring, as she is en- titled to do under the Young plan, that in spite of the steps she has taken to | maintain the stability of her currency <he will not be able in the year be- ginning in July next to transfer the vonditional part of her annuity. “The committee, however, goes on to say that it would not consider it had {ully accomplished its task if it did not draw the attention of the governments to the unprecedented gravity of the crisls. the magnitude of which un- doubtedly exceeds the ‘relatively short depression’ envisaged in the Young plan, to meet which the ‘measures of safe- guard’ contained therein were designed. “The Young plan, with its rising series of annuities, contemplated a steady ex- pansion in world trads, not merely in volume, but in value, in which thz an- | nulties payable by Germany would be- come a factor of diminishing impor- :ance, In fact, the opposite has been the ase. “Since the Young plan came into ef- fect, not only has the trade of the world shrunk in value, but the very exceptonal fall in gold prices that has occurred in | the last two years. has itself added | as German annuities, fixed in gold. Concentrated Action Advised. “In the circumstances, the German problem—which is largely responsible for the growing financial paralysis of the world—calls for concentrated action which the governments alone can take ‘But that problem has assumed world- | wide range. There is no previous paral- |1el in time of peace to the dislocation |that is taking place. and it may well involve a profound change in the cco- | | another. Action is most urgently neede in 2 much wider field than that of G | many alone. “The economic interdependence of the various countries of the world today needs no further proof. Recent years have most strikingly illustrated it “Since July last, for example, it has | been evident that if the crisis by which | Germany has been overwhelmed were | not remedied it would spread to the j rest of Europe, destroy the credit sys- tems so painstakingly built up and create profound repercussions in other parts of the world. “The committee recalls that the Bankers' Committee on August last struck a note of warning in this con- nection, but events did not wait. The year 1931 is not yet ended and already the crisis has assumed formidable di- mensions. “Economic activity continues with difficulty at a very low ebb in the face of restricted credit, rigid control of ex- changes and paralyzing restrictions on internatio; trade “This state of things is complicated by the reaction of economic affairs and political problems and vice versa. Adjustment Recommended. “In examining this situation the committee suggests that the govern. ments should particularly take note of various considerations: “l.‘fi‘hat transfers from one coun- try to another on a scale so large as to upset the balance of payments can only accentuate the present chaos. “2. Release of a debtor country from & burden of payments which it is un- able to bear may merely have the effect of transferring that burden to the creditor country, which, in its character as debtor, it in turn may be unable to bear. “3. Adjustment of all reparations and other war debts to the troubled situation of the world—and this ad- justment should take place without delay if new disasters are to be avoided —is the only lasting step capable of re-establishing confidence. “It is the very condition of economic stability. “Finally, although the German gov- ernment is energetically defending the stability of its currency, steps are necessary to assure that these meas- ures shall have permanent effect. Destruction of the work which the European governments have under- taken in recent years in order to re- | establish the stability of currencies would mean an extremely disquieting | setback heavy with consequences. | _“The report ends with an appeal to the governments to permit no delay | in dealing with this great crisis which | weighs 50 heavily on all alike.” el L Demonstrations of how British goods are made are being given at London subway stations | reform in this matter would have bene- i nomic relations of the nations to one | AR, WTON YOUNG PLAN'S END FORECAST AT BASEL Experts Back Revision of War Debts and Urge Action at Once. W ABLE (Conttaved From First Page) all reparations and other war debts “to the troubled situation of the world.” Action Urged Without Delny. This, it said, must be done without delay if new disasters are to be avold- ed and it described such action as the “only lasting step capable of re-estab- lishing confidence” and as “the very condition of economic stability.” Germany, the committee declded, is taxed to the utmost and no margin is left for increased taxes. Sie Is as likely to recover from the present de- pression as are other nations, it said, ibut the German problem, “which is largely responsible for the growing pa- ralysis of the world,” calls for concen- trated action, which only the govern- ments can take. The problem, the committee decided, is without a parallel in time of peace !and action is most urgently needed in a much wider field than Germany alone. _ The cxperts struck an optimistic note in the section dealing with German dustry. ‘Although it is impossible to fix a date” they said, “it is none the less certain it (prosperity) will ultimately be restored, with the assistance of t measures suggested by the committee.” Stewart Had Free Hand. The summary was prepared by Wal- ter W. Stowart, American member of { the committee, and by Sir Walter Lay- ton, British delegate. Even though the document made no specific recommen- dations, it contained stronger language than was expected here. The question of unconditional repa- rations annuities, which the committee was not empowered to touch, was not directly referred to, but it was stated “the committee would not consider it had fully accomplished its task if it did not draw the attention of the gov- ernments to the unprecedented gravity of the crisis, the magnitude of which undoubtedly exceeds the ‘relatively short depression’ envisaged in the Young plan. to met which the meas- ures of safeguard contained therein were designed.” Mr. Stewart said he had a free hand in the negotiations and there had been no communication between him and Washington ' Most delegates seemed disappointed because no definite recommendation was written into the report HAILED BY WALL STREET. Bankers Declare Report in Line With General Expectations. NEW YORK, December 24 () —Fil- ing of recommendations by the Ex- perts Committee of the Young plan vesterday marks another important step forward in sclving the world’s present financial dificulties, leading Wall Street bankers said Executives of the more active inter- national banking institutions said the report was in line with the, general expectations. ‘They expressed belief its | publication would have little immediate effect on security or other markets, or on financial conditions either here or abroad. In the long run, they said, it would probably be considered as an im- portant constructive aid The spokesman for one large house said unofficially the report’s recom- mendations that interested governments get together quickly and work out a practical agreement was especially im- portant. The committee’s suggestion that pres- ent economic conditions should not be | accepted as a measuring rod for deter- | mining future German payments was | generally approved The experts’ report no (fore the General Assembly of Young Plan Signatures. ~Bankers expressed | confidence that a workable agreement would be reached. While it is now im- poscible, they added. to set a date when this_might happen. several expressed confidence that it would happen within two months, GENEVA COMMENT FAVORABLE. will g5 be- ‘Onl_v Governments Can Evolve Reme- | dies, League Commentators Say. | GENEVA, December 24 () —The re- greatly to the real burden, not only of | POrt of the Young Plan Committee at ! but of all payments | Basel aroused rather favorable com- | ment in League of Nations quarters to- day and the opinion was expressed it furnishes a sound basis for a reparations conference of the governments. The experts did their work well, com- { mentators said, but after all only the | Rovernments can work out remedies | international situation so completely. MEETING URGED AT ONCE. MacDonald Says Britain Is Ready for | Debts Conference. LOSSIEMOUTH, Scotland. December 24 (). —Prims Minister MacDonald, in- “Ycunx Plan Committee on Reparations at Basel last night, said “The report shows quite plainly that the governments ought to meet without a day's unnecessary delay. For God's sake, let us meet at once. Great Britain is ready.” BIG DISPLAY IN LONDON Press Comment Deals Chiefly With | U. S. Moratorium Action, However. LONDON, December 24 (#).—The importance attached by London news- | papers to the report of the Young Plan Committee at Basel was indicated this morning by the headlines and heavy type used, but there was very little comment on the committee’s report. Greater attention, for the moment, was given to the United States Senate’s ratification of the moratorium, the news of which came too late for comment yesterday morning. ‘The Times merely pointed out that the Basel report goes to the World Bank and th~ governments concerned and will be the text for discussions at the coming international conference on reparations. For this reason, it said, the outlook for this conference is more promising than it has been. Selecting the outstanding points of the report, the News Chronicle said: “A catastrophe is inevitable if these questions are not now treated by the var- ious governments in the light of eco- nomic la An interrational confer- | ence to review the whole problem ot long delayed. The Telegraph saw in the debates in Will Rogers PEIPING. — The American mis- sionaries have taught the Chinese not to fight, but rely on the Lord. ‘The Chinese diplomats have taught the peo- ple to rely on the League, but now they feel that both have fallen down on ‘em. Tnis is a time in the his- tory b:( tae world when you better be pretty well prepared or you won't get any- where. « | when political questions dominate the | formed here today of the report of the | | reparations and war debts, it said, is' the logical outcome and can not be! D. (, THURSDAY. oTrowMBER 24, 19}4. Comress & tendency to return to the attitude of isolation from the rest of the world. The Morning Post said: “It looks as if Congress doesn't trust its Govern- ment to do its best in the interests of the American people, with the unfort- unate result that in the inevitable nego- tiations the American Government will be unable to fage the realities as a 1 | free agent.” “NOT SO BAD"—PERTINAX. French Writer Says Report Practically Invites U. 5. to Act. PARIS, December 24 (#).—French of- ficials and newspapers were slow_today to comment on the report of the Young Plan Committee at Basel until there is time to study it more closely. | However, Pertinax, noted writer, in the Nationalist Echo de Paris, said, as far | as can be judged from the brief sum- | mary, the report is “not so bad as| | feared.” There'is not a single clause, | | he said, saddling the reparations ques- |tion with responsibility for Germany's | financial and economic tribulations. | He also observed the report practi: cally invites the United States to fur- nish & counterpart of the delays and reductions from which Germany will benefit eventually. SATISFACTORY TO BERLIN. Report Fell Short of Large Minded So- lution, Bruening Declares. BERLIN, December 24 (/) —The German government's official reaction to the report of the Young Plan Com- mittee at Basel was voiced in statements by Chancellor Bruening and Finance Minister Hermann Dietrich. The chancellor said that taking into | consideration what was expected of | the committee the result could be called satisfactory, although it fell short of | being a large-minded solution of the | . finance problem. Voicing the German point of view, | Herr Dietrich said: | “First, the Young plan has been out- | distanced by events. It rested on prem ises which failed to materialize. Sec: ond, these premises had th> props taken from under them the iact that t States with which Germany has trace relations, and to whom the signatories | of the plan chiefly belong, acted in their | trade policies oppositely to what they should have done according to the | meaning of the plan.” | “Instead of enabling Germany to | make payments through the export of oods, which constituted the only pos- sibility for meesing payments, they rendered these payments impossible by | raising import duties and prohibiting | imports “Third, a situation has arisen which | was unforeseen by the Young plan and | hence measures outside the possibilities of the plan become necessary. “Fourth, if measures to restore con- fidence and re-establish orderly inter- national exchange of goods are not adopted, the consequences will be ca- | tastrophic not only for all the commer- | cial nations of Europe, but also for the countries across the seas.” Chancellor Bruening said he thought the next step would be a new agreement regarding frozen credits, on which con- ferences will be resumed next week. In | those negotlations, he said, the limits imposed on the Advisory Committee are not operative and the bankers are able to deal with the situation as a single problem. 'PAPER SAYS BRITAIN CAN'T PAY NEXT YEAR “Better All to Face Truth New,” Declares Editorial in Financizl Times. i for By the Assoclated Press. LONDON, Decmber 24 —It will be & miracle, says the Financial Times, if Britain is able to shoulder her Ameri- can debt payments next year after the clase of the Hoover Moratorium. The | Times® editorial was reprinted yesterday by the Manchester Guardian. “The honest thing is to face that fact at once and for Europcan debtors to say with one voic> to America t! they cannot and do not intend t | sume payments July 1, 1932, s | editorfal said “That doss not mean complete | repudiation, but it does me2n a definits | refusal any longer to comply with the terms of the debt agreements unless and until these are so varied as to moke them tolerable. “It is not pleasint to have to sav these things. But it is far better both for ourselves and the world, America herself by no means excluded, that we should face up to the realities and take the lead in saying at once what every competent authority both in Europe and in America knows must inevitably b2 said very soon.” No hint of such a plan as the one suggested by the Financial Times has | been made public by British official sources. | MONKEYS AND BIRDS DIE Ship Fire Causes $5,000 Loss to ! Cargo From Brazil. JACKSONVILLE, Fla., December 24 () —Monkeys, tropical birds and other | creatures, valued at $5000, were de- |stroyed by fire and smoke aboard the | steamship Mundo while en route from Bahia, Brazil, to New York, it was| learned yesterday when the ship { docked. | There were 60 ring-tail monkeys, 5 alpacas, 100 parrots, 20 macaws and a | miscellaneous assortment of parakeets, | cardinals, canaries, love birds and other | feathered creatures, The fire occurred on December 3 in the hold where the animals were stowed, {traveling from their jungle homes to menageries of the United States. The | collection was owned by Socrates | Zachariadhes, a passenger on the ship. L.B. PAI:MER WAEDS MIAMI, Fla, December 24 (P).— Lincoln B. Palmer of New York, man- ager of the American Newspaper Pub- i lishers’ Association, and Mrs. Marjorie !S. D. Forbes of New York and Long Island, were married here yesterday. After the ceremony, performed at | the home of Mrs. Mervyn E. Johnston, they left by boat for a honeymoon trip | to Havana and Nassau before returning to New York. COLONY HILL A Smart Village of Early American and Georgian Homes. Where rare beauty and quality will remain for years to come, an elo- quent expression of your discrimination In the | purchase of a home, In- spect during week days so that you may have more time to fully apprectate the work being done there. 1705 HOBAN ROAD Open Daily BOSS & PHELPS Arms Delegate RY EMMA WOOLLE GIBSON APPOINTED FOURTH DELEGATE TO ARMS PARLEY ___(Continued Prom First Page) cance. Never before has an American woman held a governmental position in any way comparable. Her selection was hailed immedi- diately %y the organized womanhood of the country. She is a vigorous ad- ocate of peace, member of many active rganizations which have striven for years to prevent future world conflict. ' The woman delegate is 68, but does not look it. Her hair is brown, her step firm, quick. For 30 years she has | been directing the renowned girls” school at South Hadley, Mass, even while carrying on her aggressive work in national and international affairs, Demand for Women. In appointing her. President Hoover responded to a highly organized and insistent demand from women. She | was not the only one urged but her selection apperently bore the unlimited approval of her sex. In choosing a woman, probably Mr. Hoover was in- fluenced also by his preference for per- sons of determined ideals in line with his own pacific desires, rather than technici*ns upon whom he has placed much of tke responsibility for some past faliures at international arms accord. COLLEGE HEAD 31 YEARS. Dr. Mary Woolley's Educational Career Outstanding, SOUTH HADLEY, Mess. December 24 () —The idcas of Am<riczn women toward war and their ideas of armed forces, peace and disarmament will | have expressive represent:tion st the ! Gen:va Disarmament Conference | through Dr. Mary Emma Woolley, | president of Mount Holyoke College. Announcement was made of her selection by President Hoover to be the | woman r-presentative of the American delegation st the conference—and to | complete the appointment, Dr. Woolley last night sajd: "I told the Presiden today I would accept the appointme; On Dec:mber 31, Dr. Woolley wi's have completed 31 years as president of Mount Holyoke. Her eminent career as an educztor has not been without in- terest in h-r latest appointment. Dis- armament is rnot something new to her, either as an ideal or a convinced prob- ability. “I have been interested for years,” she said, “in the substitution of inter- national understanding and arbitration for armed forces. For many years I have been working with various organi- zations, speaking along these lines.” Miss Woolley received her bachelor’s degree from Brown University in 1834 —the first time Brown so honored a member of her sex In 1920, s a member of the China Educational Commission of the Foreign Mission_Conference of North America, CHURCH NOTICES. _ EPISCOPAL 'l"he N.fi'ity Mass. Ave. & A S Christmas Eve. 11:30 P.M. 28th Anniversary Festival, Christmas da: 0. 10 30. 4. The Re: i rrection, Chri " ST. MARGARET'S Conn. Avenue and Bancroft Place N.W. ERGY: REV. HERBERT SCOTT SMITH. D. D. REV. ROBERT SHORES REV. BERKELEY GRIFFITH. CHRISTMAS_EVE. 4:00 p.m.—Children’s Pestival, and Carol Service. CHRISTMAS DAY. Midnight—Eucharist. 9:30 a.m.—Holy Communion. Plain cele- ration 11:00 a.m.—Festivai Service of Holy Com- Evensong. . new duties July 1. Dr. Woolley visited Japan, Korea and | China. Last Spring she was appointed | to membership in the Commission of Laymen’s Foreign Missions Inquiry, which may take her to Japan next year. | As for her gctivity at the disarma- | ment_conference, Dr. Woolley said, “I | am in accord with President Hoover's | ideas on the subject.” PSYCHOLOGIST Dr. Long of Chicago University ' Goes to Pennsylvania School. | PHILADELPHIA, December 24 (%) — | ‘Dr. Esmond R. Long, professor of pa- thology at the University of Chicago, has been elected to a similar post at the University of Pennsylvania’s School of Medicine. -He also has been named director of the laboratory of the Henry Phipps Institute for the Study, Pre- vention and Cure of Tuberculosis. Dr. Long, whose election was an- nounced yesterday by Dr. Alfred Sten- g¢l, vice president in charge of medical affairs at Pennsylvania, will assume his He will succeed Dr. Eugene L. Opie, who resigned to be- come head of the pathology department at Cornell University Medical Sch = 45 950 Stick any other solid fuel! Connecticut Ave. at Port Blue Point Oy Celery en Branche Salted E: Roast_Maryland Turkey Baked Smithfield V Roast 8p: Fresh Broccoll Candied Sweet Pot Fan Hot Plum Puddin Hot Hot Assorted Rolls Coffee munion with Sermon by the Rector. SATURDAY. Dec. 26 (St. Stephen's Day). 11:00 a.m . Holy - Commiinion. | WASHINGTON CATHEDRAL Wisconsin Avenue N.W. near Wood! Christmas Day, mber HOLY COMMUNION.. ND MORNING PRAYER 5 FESTIVAL SERVICE. HOLY COM- ley Road 5 P 18 HIN Sieses s 11 AM. ygo}zggw OF THIS SERV- ) ICE _WILL BE SENT OUT BY RADIO _ TO THI NATION BY | 5 COUN IES. \RTICULARLY SiEacimmat, iROla ISH BROADCASTING CCORPORA- E G PRAYER 4:00 P M. Take Wisconsin Av Woodley _ Road Bus Line i ST. JOHN’'S CHURCH Lafayette Square CHRISTMAS DAY SERVICES a.m.—Holy Communion. Am _Holy Communion and Sermon. H _CATHOLIC 7 St. Mary’s Church Fifth St. N.W., Bet. G and H Sts. CHRISTMAS MASSES Solemn High Mass at Midnight. Low Masses at 6, 7, 8:15, 9:30 and 11:30 AM. Last Mass at 12:10 P.M. EVERY SUNDAY MASSES Low Masses at 7 and 8:15. High Mass at 9:30. Last Low Mass at 11:30. “Visit the Crib” —_PRESBYTERIAN _ COVENANT-FIRST PRESBYTERIAN CHURCH Conn. Ave. at 18th & N Sts. NW. i Albert .luep);fi%:lc;rtney, D. D. Rev. J. Woodman Babbitt, Assistant Minister 'HRISTMAS EVE CANDLE LIGHT < SERVICE IN THE CHURCH, 8 O’'CLOCK . Me hey. LUTHERAN The Charming Little Church CHRIST LUTHERAN Missouri Synod) i 16th u(ld Gallatin Sts. N.W. J. FREDERIC WENCHEL, Pastor Christmas Eve. Serviee it to Wisconsin Ac? feach: Que b te nstn wes : to [ Mo 100 B0 Verona '4in B At 11:30 P.M, . $71.00 OPEN to our hard coal —banks longer than (al @mpany 649 Rhode Island Ave. N.E. Phone North 1600 Mashed Po lad. Fren cial Pumpkin Mince Pie Tea “and oh what a 70 « o ACUTE INDIGESTION | “Tie « Night! late at (when drug stores are closed.) Why not be safe with Bell-ans on hand ., , Now! = BELL-ANS W FOR INDIGESTION P-ATA AutoDoor Glass Installed Not Over 5250 | Windshield Plate Glass ot Over $4.00 “WE SATISFY” Open Sundays Until 2 P.M. “GLASSER’S,” INC. | 2nd and Fla. Ave. | JUST OFF 16#AND COLUMBIA ROAD 3 MORE SOLD LAST SUNDAY! 1749 Hobal e Y Hobart s,y LJ 9. R LJ $12,000 Xoom & 2 p A ne Semi. ath 7-Room How Al Detacheq priced ot “Brick Hopm, ORDER TODAY! Inc. er St. Phone CL. 6900 SERVED FROM 12:30 TO 8:30 Special Xmas Dinner ster Cocktail Greén Olives Casaba Mellon Almonds Sauce. Cranberry Jelly Raisin Sauce am r ring Lamb. Mint Jell Vegetables Hollandaise Onions in Cream Fresh String_Beans au_Beurre Jioes: Brgadmoor es N sing v Sauce e % Bra Hot Corn Muffins Milk difference” Cuisine under direct personal charge of our Internationally To ~ Famous Chef Our Thousands \a of Friends We Extend the Old Sincere Wishes— A MERRY CHRISTMAS and a HAPPY | NEW THOAMPSON'’S DAIRY DECATURI400