Evening Star Newspaper, December 9, 1932, Page 4

| CONGRESS 10 GET MESSAGE ON DEBTS President Will Await Official Promise to Pay Be- fore Acting. BY CONSTANTINE BROWN. President Hoover's special message to Congress, forewarding the notes re- cently recelved by this Government from the debtor nations and recom- mending congressional action in ac- cordance with the requests for a debt reduction, will be sent to the Capitol | as soon as official information is re- ceived in Washingtori that the Decem- ber installment will be paid on time, it was stated in well informed official quarters today. It is doubtful, it was stated, whether | this Congress will be able to take any | action in regard to the scaliog down of the war debts. The foreign notes| requesting such a step and the presi- dential message will undoubtedly be discussed at length, but it is felt at the Capitol that the guestion of debt re- duction is too complicated and dependent on certain advantages which the in- terested powers must be willing to grant to the people of the United States for this Congress to have time to take any final action. Economic Conference Awaited. The economic conference will meet in London at the earliest date, late in Jan- | uary. It is there that the principal tariff problems will have to be tackled, and any eventual scaling down of the tariffs will largely influence the Ameri- can Congress in its attitude toward the reduction of debts. The State Department fully expects that the payment of the December in- stallment will be accompanied by & note from the foreign governments stating plainly that this will be the last payment made under the old debt n$emenu. As a matter of fact, Sec- retary Stimson in his note to Great Britain has practically said so himself in his note of yesterday. ‘These difficulties are, in the opinion of the debtor governments, the prin- cipal causes of the present unsettled situation in the world and are due, they say, to the difficulties the European countries are experiencing in paying their debts to the United States, after having released Germany from her ob- | ligations to pay reparations. “Common Sense Policy” Victory. The decision of the debtor nations to pay the December installment is con- sidered by the State Department as & victory of the “common sense policy” and is believed to have a salutary ef- fect upon Congress. Both the House and the Senate, it is believed, in re- 8 ble administration quarters, will w a much more friendly attitude to- ward the request of the foreign govern- ments to have their debts reduced after these nations have fulfilled their con- tracted obligations toward the United States. The State Department and many re- nsible members of Congress realize that the effort of the debtor nations to avoid payment of the December install- nt was not “a piece of bluff whieh fi been called by the American Gay- erfment,” but was cue to a real d culty. The debtor nations, and espe- clally Great Britain, are making a seri- ous and costly effort to meet their obligations, an effort which is duly appreciated by the Government of this country. Even France, it is stated in official ers, with her large,gold reserves, have to make an to pay the relatively unimpoftant sum of $19,- 000,000 because of her huge budgetary deficit. = Cash Important -Issue. Although Secretary Stimson in his note has again mentioned that “the jion of the foreign debts has in American mind very definite re- lationship with the problem of dis- armament and the continued burden which competitive armament imposes uj the entire world,” it is doubtful vmher Congress will press this issue as 8 condition, “sine qua non” for the revision of the debts. The point of view of the Congress, as far as it can be sscertained at present, is “what can the debtor offer in actual cash and com- mercial advantages to offset the losses the American taxpayer is bound to suffer in case a reduction of the debts were granted.” A CZECH’S COMPOSITION WINS COOLIDGE PRIZE| | Bohuslav Martinu's Work to Have| First Public Performance Next April 25. A string sextet composition of Bohu- slav Martinu, a native of Czechoslo- vakia, has been chosen as the compo- sition worthy of the Elizabeth Sprague Coolidge prize of $1,000 under the pro- | vislons of ‘the Elizabeth Sprague Ccol-“ idge Foundation, it was announced today. The prize-winning work will have its first_public performance at the Library of Congress, in the chamber music studio, on April 25, 1933, it was an- nounced. | Martinu’s composition was chosen | from 145 eligible compositions sub- | mitted. The jury which chose the Czechoslovakian's work was composed of John Alden Carpenter, Olin Downes, Serge Koussevitzky, Louis Persinger and Carl Engel, ex-officio Contestants from the United States, Canada, South America, Australia, North and South Africa and almost | every country in Europe were Enlered.l . i HEADS EMPLOYES’ UNION | J. F. Decds President of Interior | Department Branch. John F. Deeds of the Geological Sur- | vey was elected president of the In-| terior Department branch of the Na- tional Federation of Federal Employes’ | Union, No. 2, at a meeting last night | in the Interior Department. Miss Katherine Horan of the General Land Office and E. J. Essic of the Geological Survey were elected representatives to the board of representatives of Local 2. John Cloud, national organizer, out- lined the work to be done in fighting the pay cut. Henry G. Nolda, secre- i tary-treasurer of Local No. 2, also| spoke. | SILVER ANNIVERSARY | Darlington Berea Class of Fifth Baptist Meeting Tonight. ‘The twenty-fifth anniversary of the Darlington Berea Class of the Fifth Baptist Church will be celebrated at 8 o'clock tonight and again at 9:45 am. Sunday. C. Clinton James and Frank J. Hogan witl Dr. 8] k at tonight’s exercises, while William Allen Wilbur, provost of George speak Sunday. Washington University, will The class was organized in November, 1907, by Judge J. J. Darlington with & ‘membership of 24. Judge Darlington was elected teacher and Conrad F. Bennett was chosen president. Now the membership totals 370 and the . W. L. Wilkerson. .in which it has set forth at length the | the entire situation and to consider | American mind very definite relation- | government covering advances made by | mediate issues. " Tekt of U. S. THE EVENING Debt Ni:ites ! Stimson Emphasizes Difference in Unéerslanding Between America and Britain—Does Not Agree With French Argument on Recovery. ica answer to Great Britain's second request for post- ponement of her December 15 war debts payment and re-examina- tlogx 0!ut-he entire subject: cellency: My government has considered with the greatest care the note of December 1, 1932, from the British government Teasons which it advances for a recon- sideration of the whole question of intergovernmental war debts and for the postponement of the payment due by the British government to the Govern- ment of the United States on Decem- ber 15 next. Whatever part debt payments may have played in the economic history of the post-war years, it is clear that in the present conditicns of worldwide de- pression, accompanied by 8 sweep.ng fall of prices, their weight has greatly increased and that they have a very definite relationship to the problem of recovery, in which both the British and the American people have so vital an interest. Willing to Negotiate. The President of the United States is prepared, through whatever agency may seem appropriate, in co-operation with the British government, to survey what means may be taken to bring| about the restoration of stable cur- rencies and exchange, the revival -of trade and the recovery of prices. I welcome the suggestion contained in the note of your government of a close examination between the United tates and Great Britain of the whole subject in preparation for the interna- tional economic conference, for I be- lieve that there are important avenues of mutual advantage which should ‘be thoroughly explored. Such an examination does not imply cancellation. In such an examination there would necessarily be consideration of other forms of tangible compensation avail- able for the expansion of markets for products of American agriculture and labor. And you will understand that the problem of foreign debts has in the ship with the problem of disarmament and the continued burden which' com- petitive armament imposes upon the entire world. Different Understanding. In order that you may understand more fully the attitude of the American people, I feel that I should refer briefly to certain implications in your note as to which the facts are viewed by our people differently from the understand- ing set forth by you. Your note seems to carry the thought that the loans made by the United States Government represent in their entirety expenditures on destruction; that the payments heretofore made to the United States have been largely rasponsible for the existing world de- pression and the concentration of & large amount of gold in the United States, and that complete cancellation of war debts, as indicated in the Bal- four note, is essential to world recov- ery. We cannot agree with these con- clusions. Many of the loans made before the armistice - and substantially all the loans made after the armistice were not for destruction. of amount expended in the United States by our debtors after we entered the war, both before and after the armisticé, most of which was bor- rowed from the United States Gov- erhment on war and relief loans, less than a third, was spent for munitions ‘and- re:iounts. Very . large amounts were spent for food, tobacco, etc., for cotton and ex- change, for relief and surplus supplies sold on credit, for repayments of com- mercial loans and for interest. Much of the food, tobacco. cotton, relief and other supplies sold (1 credit were resold by the governments for use of their own civilian population. Benefits Declared Accrued. In certain cases these supplies were actually resold and the funds turned into the treasury of the debtor govern- ments. The amounts used to purchase exchange were in reality loans by the United States to the allied countries, which were no doubt expended by them in part at least in countries other than the United States; they served to main- tain the value of allied currencies. Some of the loans made after the armistice were vital to the recovery, and, indeed, to the very existence of the borrowing nations. It does not seem accurate, therefore, to treat all of what are termed in the United States “war debts” as represent- ing sums devoted in their entirety to expenditures on destruction and totally unproductive in so far as the borrowing governments are concerned. The United States Government, in| reaching the settlements with its debt- | ors has combined loans made during the war period and loans made after the armistice, including commercial credits, funding all in the debt agree- ments. It is our understanding that different practice has prevailed in Europe. The figures cited in the note of the British the United States of America and ad- vances made by the United Kingdom, as well as receipts to date on these ad- vances, are not, therefore, strictly com- parable. The note of the British government also seems to us to overemphasize the influence which war debt payments may have had in the past on world economy. | Figures Challenged. With various observations and fig- ures presented by the British govern- ment in that regard the American Gov- ernment is not in accord, but it does| not desire to enter into detailed dis- cussion in the face of the larger im- In general, it is our view that the causes of this depression lie in much more potent forces than these debt transactions. We notice that simllar | conclusions have been indicated in the | careful study published by the League of Nations entitled, “The course and phaces of the world economic depres- | sion,” | Furthermore, in its inferences as to | the difficulties of payment, the British | government treats merely some of the items of the balance of payments, leav- | ing out of account service items. | It may be pointed out that the ex- penditures of American tourists in for- eign lands during the period, 1924 to 1930, have totaled approximately $3,- 900,000,000, and that during that period immigrant remittances have aggregated net $1,495,000,000. This is in compari- | son to the total receipts of $1,673,000.- | 000 on account of debt settlements during the same period. - | Again in measuring the transfer question, account must be taken not | only of trade directly with the United States, but of the whole area of inter- national dealings. In the total of re- ceipts and outgo arising from the in- ternationai transactions of both our | debtors and ourselves debt payments | have been a relatively minor item. | Gold Reserves Not Drained. '1‘ The argument that the payment of | these debts to the DUnited States has | drained the gold reserves of" other | countries to the United States does not | seem to us borne out by actual experi- | ence. The gold holdings of the United | States at the time these payments upon | | debts began were about $4,028,000,000, | and they stand now at about u.m,-" ,000. 1t is true that our gold supply has at | times exceeded this sum, but this extra | gold was de ly temporary de- | posits by other nations not related to is Gen. of the charter debt nfllr, ain fault in the distrfbution of | depression, accompanied by a sweeping gold supplies seems to us to have oc- curred as between the: different coun- tries of Europe as the gold supplies of Europe increased from about $3,018.- 000,000, on January 1, 1924, to about $6,963,000,000 at present; the distribu- tion of which as between the countries of Europe cannot be attributed to forces originating in the United States. Lausanne Impression Corrected. I feel T must also call attention to the misunderstanding which might arise fl'o;: the following statement in your note: The initiative in devising settle- ment of reparations was taken by the creditor governments of Germany at Lausanne with the cegnizance and approval of the United States ‘Government. The facts in this connection were more accurately set out im a statement issued by the British treasury on July 14 last: Misunderstanding has arisen re- garding Mr. Chamberlain’s reference in his speech to the House of Commons on Monday, referring to conversations with representatives of the United States. He did not sug- gest, and, of course, had no inten- tion of suggestions, that representa- tives of the United States had ap- proved, either tacitly or - explicitly, what was done at Lausanne. The proceedings there were throughout on the basis that the course was to seek European solution of reparations without involving the United States in the discussion. In 1923, when the British government sent a mission to settle the debt of Great Britain to the United States, the United States Treasury held demand obligations of Gregt Britain calling for interest at the rale of 5 per cent. Interest Rate Reduced. As a result of the negotiations these obligations were refunded on an inter- est basis of 3% per cent, which was a lower rate of interest than the credit of either country at that time commanded. The policy adopted by the United States in its settlement was stated by the Debt Funding Commission. The commission in its setlement with Great Britain, made on June 19, 1923, and in subsequent negoti- ations or settlements has adhered to the principle that the adjustments made with each government must be measured by the ability of the par- ticular government to put aside and transfer to the United States the ayments called for under the fund- g agreement. Nor does the principle of capaci- ty to pay require the forelgn debtor to pay to the full limit of its present or future capacity. It must be permitted to preserve and improve its economic position, to bring its budget into balance, and to place its finances and cur- rency on & sound basis, and to maintain, and, if possible, to im- prove the standard of living of its citizens. No settlement which is oppressive and retards the recovery and de- velopment of the foreign debtor is to the best interests of the United States or of Europe. . The representatives of no country have set their hands to any agreement which they believed at the time did not fulfill this policy. Question of Solution. While it seems desirable to state these facts from the standpoint of historical accuracy and as necessary explain the point of view.of the Ameri- can people towards these obligations, the real question Taised by the British note is how can the problems which arise from the existence of these obli- gations best be dealt with under the conditions of the world today. As to the payment due on December 15, I appreciate the cogency of the dif- ficulties which .you present as to the transfer of these monies in the present state of foreign exchanges. In an endeavor to meet this situa- tion, it already has been suggested to you that the President might be willing to recommend to the Congress the ac- ceptance of deposits in sterling in Eng- land, to be guaranteed as to doliar value and transferred at such time as would not interfere with the stability of exchange. ‘This, I understand, your government has declined in the belief that the ex- istence of a large sum of sterling awaiting transfer would affect the ex- change markets almost as seriously as the actual purchase of exchange. Accordingly, further informal sugges- tions have been made to your govern- ment of methods of minimizing these difficulties which it has not been able to find acceptable. Recognizing these difficulties of ef- fecting transfer T am confident that the Congress will. be willing to con- sider any reasonable suggestion made by your government which will facili- tate payment of the sum due on De- cember 15. Accept, Excellency, the renewed as- surances of my highest consideration. HENRY L. STIMSON. Text of Note to France. The entire text of the note addressed to Ambassador Claudel follows: “Excellency: “My Government has considered with the greatest care the note of Decem- ber 1, 1932, from the French govern- ment, in which it has set forth at length the reasons it advances for a reconsideration of the whole question of intergovernmental war debts, and for the postponement of the payment due by the French government to the Government of the United States on December 15, next. “Whatever part debt payments may have played in the economic history of the post-war years, it is clear that in the present conditions of world-wide fall of prices, their weight has greatly increased, and that they have a very definite relationship to the problem of recovery, in which both the French and the American people have so vital an interest. Agrees to Discussion. “The President of the United States is prepared, through whatever agency may seen appropriate, to co-operate with the French government in sur- veying the entire situation and in con- sidering what means may be taken to bring about the restoration of stable currencies and exchange, the revival of trade, and the recovery of prices. “I believe that there are important avenues of mutual -advantage which should be thoroughly explored. Such Nina Wilcox Putnam STAR, WASHIN GTON; an examination does not imply cancel- lation. In’such sh examination there would' necessarily be of other forms of tangible compensation ;vlflnble for thf e!n:laulm of markets or products of American agriculture and ldbor. And you will understand has which competitive armament places upon the entire world. Discusses Recovery Argument. “My Government, however, has not been able to reach the conclusion that a th& Imenthofrglemmhu‘ 15 payment from the government, to the United States is necessary be- cause of its effect on the problem of reco . _Although we recognize the serious budgetary difficulties which the French government, in common with all other governments, is now facing, the sum involved in this case and the trans- fer thereof would hardly seem to my Government to be of disturbing weight or difficulty in respect to world economy or the re-establishment of prosperity. The maintenance of these agreements in their operation pending due oppor- tunity for analysis of all matters bear- ing upon your request for revision and its consideration by the American Con- gress and people still appears to us to gu‘lwekh any reasons presented for a elay. “I appreciate the significance of your explanation with respect to the gold inflowing_into France. The existence of these French gold holdings, however, does appear relevant to the present problem of meeting the immediate dif- ficulties of transfer with special refer- ence to the December 15 payment. “In view of the position which I feel my Government must take, I trust that the French government will appre- ciate the importance of making the December 15 payment in accordance with its terms and thereby, in my judg- ment, bringing about a move favorable situation for any subsequent examina- tion of the problem between our two governments. “‘Accept, Excellency, the renewed as- surances of my highest consideration. “HENRY L. STIMSON.” BROOKINGS ESTATE VALUED $381,882.03 Widow Is Chief Beneficiary in Will of Late Graduate Schocl Founder. Robert S. Brookings, founder of the Robert Brookings Graduate Scheol of Economics and Government, formerly of St. Louis, who died November 15, left an estate valued at $381,882.03, ac- cording to the petition of his executor, the American Security & Trust Co., for probate of his will. He owned premises at 2700 Upton street, assessed at $55,756; a lot in Brandon Village, Va., assessed at $120, and had personal property valued at $326,006.03. The widow, Mrs. Isabel Valle Brook- | ings, is the chief beneficiary of the estate. The will provides $20,000 for the care of the Brookings lot in Belle- fontaine Cemetery near St. Louls; life annuity for his housekeeper, Etta M. Cayse, and for Florence M. Mont- gomery of Hollywood, Calif., a daughter of his half-sister. Provision is also made for completion of the education of Robert S. Brookings, 2d, & cousin. The remaining estate goes to the widow. NEW SWINDLE INVOLVES ELECTRIC LIGHT BULBS A new kind of swindle—this time in+ volving electric light bulbs—has been perpetrated on Washington merchants of late, according {0 the Better Business Bureau. ; Dozens of Japanese-made 200-watt Jngandescents labeled as 100-watt bulbs ‘and represented by their salesmen to consume half the amount of electricity required for the larger bulb, have been sold to unsuspecting business men.. A price up to 30 cents more than the nor- mal cost of a 200-watt lamp was paid in each instance, the merchants believ- ing they would get the same brilliancy by consuming just half the amount of electricity. An_investigation by the Better Busi- ness Bureau, including tests by the Bu- erau of Standards, has revealed the bulbs are regular 200-watt filament lamps. Victims of the swindle, ac- cording to Louis Rothschild, director of the Better Business Bureau, range from a prominent jeweler, who pur- chased 72 of the lamps, to p lowly tailor, who bought two. VICTIM OF GAS DIES Charles J. Meader, 45, of the 900 | block of Ninth street southeast, who, on | November 29, was found overcome by gas in the kitchen of his home, died shortly before noon today in Casualty | Hospital, where he had been under treatment. All the jets on a gas range were said to have_been open when Meader was found. He was taken to the hos- pital after being given first aid treat- ment by the fire rescue squad. The coroner was notified of Meader’s death. SALTZ BROTHERS CYine =Apparel for Gentlemen 1341 F STREET. N.W. Beginning in Monday’s Star Tune-in on our Fires Sunday Afternoon, 2 D. C., FRIDAY, DECEMBER 9, 193 PARIS AND LONDON Both Countries Show Willing- ness to Meet Payment With Reservations. —_(Coniinued From First Page) ment today on the latest Stimson note, pending definite proposals from the English. Nevertheless, in «Democratic circles there were renewed expressions that Congress had no intentions of revising the foreign obligations. Stimson himself told the British that any new examination of the questfon made in preparation for the interna- tional economic conference “does not | imply cancellation,” and said the | that “complete cancellation” was essen- tial to world recovery or that payments already made were Tesponsible for the world’s economic unsettiement and con- centration of gold in the United States. Disagrees With View. Stimson also commented on implica- tions in the British note that the money loaned by the United States was spent entirely for destructive purposes and disagreed with that view. “Of the amount expended in th United States by our debtors after we | entered the war, both before and after | the armistice, most of which was bor- rowed from the United States Govern- | | ment on war and relief loans, less than | | one-third was spent for munitions and remounts,” the reply said. | “Very large amounts were spent for | food, tobacco, etc., for cotton and ex- change, for relief and surplus supplies sold on credit, for repayments of com- mercial loans, and for interest. Much of the food, tobacco, cotton, relief and other supplies sold on credit were re- sold by the governments for use of their own civillan population. In cer- tain_cases these supplies were actually resold and the funds turned into the treasury of the debtor governments.” The cabinet officer also said the British note seemed to overemphasize the influence war debts payments have had on world economy. “In general, it is our view that the | causes of this depression lie in much more potent forces then these debt | transactions,” the note continued. 1t was pointed out by Secretary Stim- son that the British note omitted serv. ice items in its inferences as to the | difficulties of payments. He said Amer- | ican tourists spent approximately $3, 400,000,000 in foreign lands between | 1924 and 1930 and that immigrant re- mittances ‘from this country for that period aggregated $1.495,000,000. All this money, Secretary Stimson | said, should be compared with the total | receipts of $1,673,000,000 by this coun- try on deht scttlements for the corre- sponding time. | Commenting on the note, Senator | Watson of Indiana, the .Republican leader, said: “In ‘general T agree with the attitude | expressed by the note. It is universall understood that the December 15 pay: ment is to be made, but it is exceed- ||| ingly difficult in advance to say that ||| any new method for payment would be ||| accepted.” | said: “I_believe that Congress feels pay or default.” Plea of Poland. ‘The Polish moratorium request was | | grumpkd‘ that government's note said, y consideration of the “grave effects” which the December remittance might have on Poland's economic structure. As a predominantly agricultural na- tion, Poland has been particularly af- | fected by the world crisis, said the note. Incomes have been reduced, and it has | been mecessary to cut the expenditures of state and local govermments tp the very minimum. However, it is imperative that a bal- anced budget be maintained, primarily because of shortage of cash reserves and also because of conditions in the Polish money market which do not per- | [/ mit coverage of expenditures even by ments. President LONDON, British government was reported plan- ning a new note to the United States today war debt settlement after the December 15 payment of $95,550,000 is made. Prime Minister MacDonald was ex- pected to call a cabinet meeting as soon as he returns this week end from It was reported the payment Thursday would be made in gold. generally took granted that the necessary bars of gold in the Bank of England vaults would be temporarily United States. of time and the reduced steamship services it appeared hardly could reach the United States December 15, British plans for future debt negotia. tions were indicated in the statement of Neville Chamberlain, chancellor of the Geneva. Newspaj gold | " "Senator Connally, Democrat, of Texas | || that the European debtors should either || I short-term credit operations. The present rate of coverage on cur- rency in circulation must be mun-l tained if the continued stability of the\ currency is to be insured and- the capacity for making foreign payments | upheld, the Polish government wrote. | Poland buys 10 times as much from | the United States as she sells, the note | | said, and although in 1927 ‘and 1928 |/| the balance was offset by long-term || American investments in Poland, the | influx of American capital stopped in 1929. | “The Polish government,” said the|| note, “expressed its readiness to com- municate any further data, and will willingly consider with the Government | of the United States the form in which such postponement could be vested. | FRENCH ASSURE PAYMENT. Finance Minister Announces Arrange- ments Are Being Made. PARIS, December 9 (#).—Finance Minister Louis Germain-Martin ad. DISTINGUISHED Lvening Clothes Langrock Full Dress $75 Saltz Bros. Full Dress $45 ° . Langrock Tuxedos $60 Saltz Bros. Tuzedos $38.50 Opera Hat, $15 Dress Shoes, $10 Dress Shirt, $3.50 Dress Scarf, $5 Dress Cane, $10 Topcoat, $45 L] > Il de Radio Program o'clock, Station WRC s joint session of Foreign vised Affairs and Finance Committees of the Chambes of Deputies French government make the December del PREPARING TO PAY ez was. uposed payment to - | tions. H ittees, | would not be reflecting the views of the government. After the Premier and M. Germain- Martin_had made their explanations before the committees the ovinion was expressed in the Chamber lobbies that | M. Herriot will get the Chamber’s ap- proval of payment of the December installment provided he receives formal American Government did not agree | assurante from the United States that nagotiations for reconsideration of the debt structure will begin next payment is due, in June. before the DEBT DELAY URGED. Yale Faculty and Students Ask Post- ponement in Petition. | publication, announced yestes 1,228 members of the university's faculty and student body have signed & | asking Congress to authorize pcstpone- | mentof the war debts due December 15 and to resume negotiations with debtor nations regarding future pay- James Rowland Angell headed the list of signers. . ’l;he petition was forwarded to Wash- ngton. BRITISH PLAN NEW NOTE. Made in Gold. December 9 TS “‘ear marked” Owing to the Imported Silks, in rich effects. Customary 52 and $2.50 Values $1.65 NEW HAVEN, Conn., December 9 (#). —The Yale Daily News, undergraduate rday that petition December 15 Payment Expecied to Be (#).—The urging speedy revision of the it for for the e shortness ble the 'Wlshingtou Gas Light Meetings of the Lau- sanne e on “a final agreemen S ates. He said the agreement, reducing Ger- inan reparations in event the debts to the United States were likewise trimmed, scrapped if payments to the United States were made next week. A mixed reception by London news- papers was given the United States second note demanding the December payment. Most of the editorials revealed disappointment and irritation, notwith- standing the recent widespread convic- tion that payment was inescapable. Details of the American debt note confirmed general expectations that the effect already was discounted and pub- lication caused little change on either the stock or foreign exchange. The pound sterling. adjusted to the New York level at the opening at $3.21, hardened a fraction to $3.21% in quiet dealings. AT VALUATION HEARING Near End of February. ‘The valuation of the Washington Gas | Light Co. will reach the stage of public | hearings toward the end of February ::r;elld o'Rel:flyEm that month, Com- loner ey . of the Publi Utilities Gmmlmwny g e County, Md. Members of the Mary- land Public Service Commission will sit with members of the local commission at the hearings, which are to be held at_the District Buflding. Mr. Elgen's statement came after a conference with Harold West, chairman of the Maryland commission. el ‘ Police and Firemen to Dance. | Police and Fireman's Post, No. 2249, | American Legion, will hold its annual | dance tonight at the Hamilton Hotel. Dress will be informal and tickets may | be procured at the hotel for 50. cents. William Graves and Jack Mooney are on the Arrangements Committee. MEDIT, YU = ROUND TRIP foncurde CLASS $382 4p APLES, TOURIST m..’ Malian Line sailing. TURALTAR ALGIER ., ALGH CANNES, PALERMO, x and TRIESTE. Shore excursions. Privilege 10 stopover in Europe and return any SHIP T0 GIVE 90-GUN: WASHINGTON SALUTR Coast Gllfl‘ Cutter Is Ordersd tq Take Position Near Mount Vernon December 18, Repeating the 90-gun salute which was fired during the funeral of Washington 200 years ago, the Guard cutter Apache will fire “minuf guns” ovet a period of an hour and hl,};]DeACember 18. e Apacne, which is now station at Baltimore, has been ardend‘:o ol a position in the Potomac River, Mount Vernon, and fire at minute in; tervals beginning with movement the represented funeral cortege the Mount Vernon mansion to tomb. The longest modern regulation saluf for living persons is 21 guns fired f¢ the President of the United States, e: Presidents and some other distinguishe| personages. At the death of a Presids now, however, the regulation calls f a salute every half hour during the from sunrise to sunset. The ceremonies will be under auspices of the Virginia Bicen Commission assisted by the Wi Society of Alexandria and the Alexan: dria-Washington Lodge of Masons Alexandria, of which Washington the first master. The funeral sion is to form in Alexan march to Mount Vernon. JUDGE KNOWS SCOTS Decides Loss of Dollar Is Punishs ment Enough. CHICAGO (#).—Dan McNalir, who sa; he is Scotch, was in court, accused fighting with his wife over the appearance of a $1 bill. “Has the dollar been found?” the court. Assured that it had nq the _éllmn said :mee “That’s puni nt enou Casq dismissed.” - ANI SPECIAL CHRISTMAS SAILING Enioy this gala holiday voyage on " FROM NEW YORK DEC. 22 RAGUSA @ITALTAN LINE “Perfectly Beautiful” is the consensus of feminine opinion of these Fascinating ats, with silk Crs lining—a ous variety. Customary $1.50 Value $1.00 Lounging Robes —and “perfectly practical” will be the men folks’ reaction to them when they receive them as gifts. 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