Evening Star Newspaper, January 16, 1933, Page 6

- A6 ¥¥w INFLATION MOVE DECLARED DOONED Writer Sees Only One Debt Relief Measure as Hav- ing Chance. BY MARK SULLIVAN, The measures in Congress to relieve mortgaged farm and other debtors take two directions. One is to raise prices of crops and goods by currency in- flation or otherwise in order to make payment of debts possible. None of these—certainly none of the' so-called “radical” ones—has any chance of en- actment in this session. ‘The other group of measures aims to relieve farm and other debtors by cut- ting down the amount of the debt or the rate of interest. This cannot be done directly because of the constitu- tional prohibition, in part expressed, in part implicit, against legislation chang- ing the terms of contracts. To achieve the purpose, yet remain within the Constitution, a large variety of meas- ures are pending. Chances of Enactment. Among these is one which goes a at distance, which is supported by th conservative and progressive thought, which was indorsed by Presi- dent Hoover in a special and urgent essage last week, and which has real probability of enactment in this ses- sion. It originated in the House with Representative McKeown of Oklahoma, ‘who has the point of view of mortgaged farm owners, and Representative La Guardia of New York with the view. point of distressed city owners of mort- gaged homes. In the Senate the chief | gr‘unponenl is conservative Senator iel C. Hastings of Delaware, one of those extremely valuable, hard-working, straight-thinking Senators whose ines- timable service to the country takes | the form of laborious detail work in committee rooms rather than oratory on the floor. The bill is called, loosely and very | mistakenly, an emergency bankruptcy bill. “Emergency” it is, but “bank- | Tuptcy” is precisely what it is not. It might more correctly be called a bill to prevent bankruptcies. An accurate title might be “an act to faciliate and legalize compromises between debtor and creditor.” Less accurate, yet justi- fled by the spirit of the measure, would be such a title as “an act giving to all Federal judges the opportunity and duty to put pressure on creditors to make compromise settlements with embar- rassed debtors.” A perfectly accurate description would be to say the bill gives to every Federal judge the right and duty of declaring, as to any ome creditor, a moratorium of indefinite length. Differing Provisions. The blll necessarily has differing pro- wvisions for an individual as debtor and & corpomation as debtor. A farmer or other individual, to come within the act and get its benefits, needs only to be, in the langhage of the bill, “un- able to mtt his debts as they mature.” Such a debtor can go to a Federal judge and state his circumsthnces. The Judge therempon is directed by the bill to take steps which, without attempt- ing to zecite the legal intricacies here, amounts to declaring an immediate moratorium, indefinite in length, during which no one creditor, nor all of them, can take action against the sheltered The cowrt, however, does much more than decltre & moratorium. The bill ribes & process through which, under the supervision of the court, the debtor metkes a compromise with his Max Blank of Pittsburgh left his car on a hill, and when he went to get it found it had “parked” | unorthodox manner, upside down and wedged between a retaining wall and a dwelling. < THE EVENING STAR, WASHINGTON, D. C, MONDAY, JANUARY 16, 1933. Car Picks Queer Way and Place to Park NOT SATISFIED WITH SPOT ON HILL SELECTED BY DRIVER. tself in this -A. P. Photo. creditors. Speaking very roughly, and without attempting to be exact about the legal refinements necessarily in- cluded in the bill, the secured debtors | are thrown into a common pool with the unsecured_debtors, although, of course, the priority of lien of the secured creditors is preserved. Striking Point in Bill. ‘The striking point in the bill is that & minority of the creditors are bound by any compromise entered into by a majority. The majority must be a ma- jority in number of individual creditors | go and also a majority in amcunt of claims. For example, five creditors, se- cured or unsecured, having claims aggregating a thousand and one dollars, can make a compromise, which, when ratified by the court, will be binding on four creditors having claims aggr gating & thousand dollars. promise may take the form of a redu tion of the debts or a reduction in rate | of interest, or an extention of time, or | all three; or it may take any other form equitable under the circumstances. | After the compromice is effected the | court will ratify it, providing only that it is, in the judgment of the court, | “equitable,” that it is “feasible,” that it is “ the best interests of all the | creditors” and that it rpl'oml.sea the | “financial rehabilitation of the debtor.” | The far-reaching consequences and | the healing quality in such an act in operation will be understood by every | county seat lawyer. Among other effects, a mortgage holder willing to re- duce the amount or the rate of his interest on his mortgage can do so and can at the same time require that other creditors do the same. ‘The provisions in the bill for corpo- rate &%@Cfl are necessarily different. One detail is very important. To de- scribe it very roughly, if two-thirds of | the bondholders or other creditors of an embarrassed debtor agree to a scaling down cf debt the compromise is binding on the other third. — e Lady Queensborough Dies. PARIS, January 16 () —Lady| Queensborough, the former Edith Mil- | ler of New York, died today in a hos- | fter an operatio: OUTSTANDING VALUES AT YOUR COMMUNITY D.GS. STORE * SPECIAL FREE DEAL 2 PEANUT 16-Oz. Jars SCHINDLERS BUTTER ... ...30c 2 Pkgs. UNEEDA CRACKERS ......1(0¢ REGULAR LOW PRICE .....4() | SPECIAL | THIS WEEK ... iy | .BOTH FOR 29c BLAST DESTROYS HOME OF FAIRPOINT, 0., OFFICIAL Justice of Peace and Wife Escape Death From Charge Estimated at 100 Dynamite Sticks. By the Assoclated Press. ST. CLAIRSVILLE, Ohio, January n explosion thit shattered win- a mile away destroyed the home of John H. Morgan, justice of the peace, at Fairpoint, near here, early yester- day, but Morgan and his wife escaped with cuts and bruises. 'The couple, asleep upstairs, were g:lled out of the wreckage by neigh- TS. A charge, estimated by authorities at 100 sticks of dynamite, was set off under the front porch of the Morgan | residence, in what Sheriff Howard Duff | interpreted as an act of vengeance for | some official act of Morgan's. | Shaken out of bed by the detona- 16. tlon, rushed, with machine guns, Sheriff Duff and his deputies to the | BANQUET TO BE GIVEN Auxiliary to Honor New Fire De- partment Officers. The Ladies' Auxiliary of the District Fire Department will hold a banquet tonight at the Hamilton Hotel in honor of its newly elected officers. Guests of honor will include Mrs, John_Allen Dougherty, chairman of the Inaugural Ball Committee, and Mrs. Harvey Wiley, president of the District Federation of Women's Clubs. The new officers include Mrs. Rob- ert Hayes, president; Mrs. Joseph Dav- idson, = senior vice president; Mrs. Thomas Fenton, junior vice president. Mrs. Charles Weitzell, secretary; Mrs. George Kennon, treasurer; Mrs, Frank Barty, color bearer; Mrs. Martha Watt, guard, and Mrs. Jefferson Moffett, gle hold. reomulsion county court house, thinking an at- (|i% tempt was being made to blow the treasurer’s safe. Plaster was ripped from the walls | of nearby homes. Glassware _and | dishes were cracked as far as a half mile from the scen ———— s U. S. Consul Transferred. GUAYAQUIL, Ecuador, January 18: (#)—Harold D. Clum of Saugerties, | N.'¥., American consul here, has been transferred to Bucharest. Harold B. Quarton of Algona, Iowa, will come from Havana to succeed Clum. FOR RENT Store room, 810 F St. NW. Suitable for Any Business Low Rental J. B. STEIN 482 Ind. Ave. will refund | | money if any cough or cold no mat- ter how long standing is not relieved | by Creomulsion—Advertisement. Frequent Service, De Luxe Coaches with Hot-Water Heat, Reclining Chairs, Free Plllow and Porter Service—via NEW BUS TERMINAL 633 F St. N.W., DI. 4224 *x AN OUTSTANDING VALUE Gold Medal Flour | KITCHEN TESTED—FOR ALL BAKING PURPOSES | 3 12 Lbs. 3lc | 24 L. 59«: MEATS Steaks Round. . .. .. ... % ... .m 25¢ .. 29¢ Hamburger. . .2 »s. 25¢ | Sirloin .... Porterhouse . . . Roasts Chuck.. 3.+ 004 3-Corner .... Plate Beef ... Beef Liver ... VEGETABLES .3 . 25¢ Stringless ans *SUGAR 10 Franklin's Granulated—Refined in Until Saturday’s Closing— United States. 21c RITTER’S N Its Delicious * COLLEGE INN SPAGHETTI A La Mussolini or Rice Dinner % "SNOWDRIFT . For Shortening, Frying an POUNDS *BEANS 6 lly Known—Popular for aste and Fine Flavor CANS 2 41° 25¢ 3 25¢ b 9B pkgs. FOREST KING PEAS ........ 2 cn20¢C LUX TOILET SOAP PILLSBURY CAKE FLOUR ¥y, Iev WESSON OIL BLUE PLATE MUSTARD s Ic| * D. G. S.. New Low Price 1c SALE ON pint can 26¢ | Lo~ Bartlett Pears . 17¢ The 4 for 25¢ rke. 1 Q¢ Total Both for 27° HIGH COURT DENIES SHULER'S APPEAL] J By the Associated Press. Rules Against Radio Preach- er and Mississippi River States. By the Associated Press. Mississippl River States lost out in the Supreme Court today and so did Rev. Robert P. Shuler, the Los Angeles preacher who ran for the Senate last year after his radio station was ordered off the air. The half dozen States flanking the lower Mississippi were refused permis- sion to flle with the court a petition seeking modification of the celebrated lake diversion case decree. They wished the court to leave the door open for taking additional water out of Lake Michigan besides that allowed to Chi- cago by the court for sewage disposal 30 as to maintain navigation in yet-to- be-developed links of the lakes-to-gulf water. The lake States, which won the original limiting decree, opposed the new move. Shuler was finally denied relief from the Radio Commission order of Novern- ber, 1931, barring his radio station, KGYF, from the air. He was charged with broadcasting attacks on certain public officfals, churches and others, He fought the decision through the courts, all ruling against him, and today the Supreme Court refused to review the District of Columbia Court of Ap- peals’ decision. Justice Hughes announced that after next Monday there would be a two- week recess to February 6. BOMBARDMENT OF LETICIA BY COLO}BIANS EXPECTED MANAOS, Brazl, January 18.—Ac- tivities here yesterday gave rise to ru- mors that Colombian forces will attack the disouted upper-Amazon city of Le- ticia simultaneously from air and water. The Colombians, who have a flotilla here waiting orders to proceed up the Amazon, sttempted to contract for a Brasilian ship to garry foodstufls for em. It rumored that Colombia plans to extend an advance as far as Iquitos, & small city in Northeast Peru and headquarters of the Peruvian Fluvial Navy. Meanwhile the Brazilian ship Alegria was en route to Tabatinga. She will be added to the Brazilian flotilla sent up the Amazon to guard Brazilian in- terests in the Peru-Colombia boundary dispute. Women Pencil Peddler Beaten. YORK, January 16 (#).— P Demus, 51, who sells fruit and frankfurters in front of the Aquarium, was locked up yesterday on a charge of striking Mrs. Hilda Levine, 82, & pencil peddler. 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