New Britain Herald Newspaper, June 2, 1922, Page 19

BAL. UNION SUITS 79c ASHLEY'S 139 MAIN STREET — Saturday — In Holland Easter e“l are ul%d for gamblipg. ‘White zinc is produced by a pro- cess of heating zinc cores with oll. LAMONT DISCUSSES MEXICAN FINANCEY American B;t;l;ers Confer With Huerta on Debt New York, June 2 (By Assoclated Press)—International bankers, headed by Thomas Lamont of J. P. Morgan & Co., were called in conference to- day with Adolfo de la Huerta, Mexl. can secretary of the treasury in an attempt to settle the long standing problem of the $700,000,000 Mexican debt on which no interest has been paid since 1914, While the conference is ostensibly a purely banking one, it also is regarded as having at least an indirect bearing on the troublesome question of export oil taxes. The_political the significance of BESSE-LELANDS 3rd Floor Surgical Silk Webbing Sport Corset They’re ready-made but don’t look it They’re custom-made but don’t cost it $4. 50 It gives support where it is neefied and still maintains the straight lines and the uncorseted effect of the moment. Complete assemblies of— BON TON, MODART, NEMO and ROYAL 95¢ ¢ BESSE-L / WORCESTER 9 $10 EMNDS NEW BRITAIN DAILY HERALD, FRIDAY, JUNE 2, 1922 Sage, Allen & Co., Inc. HARTFORD, CONN. meeting was another Interesting phase, It is generally belleved in the finan- clal district that a satisfactory solu- tion of the debt problem wijll pave the way for the recognition of Mexico by the United States government. Held Up Since W14, Settlement of Mexico's financial problems, which has been held in abeyance since 1914 when that coun- try ceased the payment of interest on most of ita internal and external loans, is expected to result from the conference to He held here between Adolfo de la Huerta, Mexican secre- tary of the treasury, and a delegation of the International Committee of Bankers on Mexico, headed by Thomas W. Lament, who arrived from Europe today. While exact statistics are not ob- tainable, Mexico's natoinal debt is ap- proximately $700,000,000, not includ- ing claims for property damages against the government and depre- clation of nationalized railroad prop- érty. External Debts The direct external debt, as com- piléd by the international committee, amounts to $230,127,818.10; the di- rect internal debt to $90,908,208.1 the bonds guaranteed by the Mexican government (exclusive of railway guarantees) to $43,009,631.88, and the bonded indebtedness of the National Raflway of Mexico to $320,141,178.30, making a tota]l of $693,286,826.41. These figures include interest approx- imated to December 31, 1921, b Transactions in Mexican govern- ment securities have been very active since the debt refunding negotiations were resumed. In the first five months ! of this year, Mexican government 5's ranged from 54 to 70% and the 4's from 39% to 62. In the week ending April 8, when it was announced that Senor de la Huer- ta was coming to'New York, the price of the 5'a jumped 4*points to 65, total transactions for that week being $654,000. At the same time the 4's rose from 54 to 62 with total sales of $1,020,000. Low Selling Prices. In 1914 when interest payments were stopped, Mexican government 5's sold as low at 74 in April and as high as 85 in June, while the 4's var- ied only a few points, the high mark being 68. In 1920 the 5's dropped to 293% in March and rese to 50 in No- vember, total transactions for the year being $7,540,000. The 4's in 1920 went down'to 26 in May and up to 39% in November, total sales being $1,553,000. In 1921 the 5's were quoted .at 40 in January and 59% in September,to- tal sales being $14,061,000. Last year the 4's were down to 28 in January and up to 43% in September, total sales being $4,517,000. Local baniers estimate that well over half of these Mexican govern- ment bonds and notes aré held in Europe, where most of the public offerings toek place. The war made it almost impossible to keep a rec- ord of transactions in these securities, but a large percentage of them were ‘held originally in Germany. It is known, however, that larbe blocks of these German-held gecurities were sold in the London, Paris and New York markets in the few weeks pre- ceding theoutbreak of the war. It is reported also that Allied and neutral investors obtained posséssion of others during the war despite the fact that trading with the enemy was forbidden in all Allied countries. Re- As Usual! The Highest Quality Food Products At the Lowest Prices In the City For Saturday At LEGS OF GENUINE SPRING LAMB 35¢” e WHE 43E MAIN- MARKET, =| RE THE PEOPLE ST.OPPOSITE E. SHOP. PRIME RIB ROASTS OF BEEF 25¢™ SPINACH OR CABBAGE FREE | SUGAR CURED CORNED BEEF MAIN 5] 8" WORTH WHILE SPECIALS—7 TO 12 A. M. PORTERHOUSE, ROUND AND SIRLOIN STEAKS ....... (Cut From Best Prime Steer Beef) FRESH GROm WEDGEWOOD BUTTER IN PRINTS .. *18¢ .. 8 1Ibs. 250 . m40¢c | | PECK .... EVAPORATED MILK ..... MAINE POTATOES v ot 8C \ MONEY SAVING SPECIALS FOR ALL DAY Boneless Pot Roasts of Beef, 1b. 15¢ Lean Plate Beef 5c | Boiling Beef Fresh Ib. Lean Shoulders 17¢ | Lean Pork Chops . w 23C I R 1b. 15¢ 8c Our Own Top Round Roasts of Beef ...... Ib. 25¢ Sugar Cured Bacon . n295¢ Prime Veal To Roast ....... 1b. 180 Short Cut Legs of Veal. Veal For Pol Pie *20c | . 10c¢c | Dry Salt Pork n 15¢ b 160 l Fresh SNAPS ...... 2 Ibs. 250 Spareribs . CAMPBELL'S PORK AND BEANS 2 cans 19€ LARGE JARS T loc FRESH ASTED COFF] LRP ROLLED OATS PKG. UNEEDA 1b. 250 SUGAR CORN FANCY PEAS LIBBY'S CORNED BEEF . LARGE BAGS PURITY FLOUR $1.15 LARGE SHOPPING e LARGE SOUND ONIONS STRING BEANS LARGE BANANAS . ... SUNKIST LEMONS doz. 250 SUGAR . in Cartons ... 5 bs. 290 LARGE SUNKIST ORANGES .. .. doz. 33C FANCY EATING APPLES 7 for 25c presentatives of German interests here frankly stated that it was im- possible to estimate the present Mexi- can holdings of German investors. When Failure Started, Fallure of the Mexican government to meet its obligations followéd soon after the assassination of President Francesco Madero in 1913. When General Victeriano Huerta hecame president the United States did not recognize his govérnment and no pay- mentaeof interest on outstanding ob- ligations were made outside of Mexi- co during his regime. He was suc- ceeded in the presidency by Venu- tiano Carranza. Durink Carranza's administration, the International Committee of Bank- es on Mexico was formed. It was organized in New York February 24, 1919, and clsisted of ten American, five French and five British bankers, with J. P. Morgan as chairman and Thomas W. Lamont, of the Morgan firm as his alternate. Since then one Ameépican member, Edward F. Swin- ney, of &Kansas City, Mo., resigned and two others, James Speyer and R. G. Hutchins, Jr,, were added, consol- idating the American interest in the protection of holders of Mexican se- curities. I Two names also were added to the British greup, including that of C. E. ter Meulen, Amsterdam banker, which gives representation to the Dutch in- terests. To the French group were added G: Pictet, Geneva banker, and Auguste Dupont, Antwerp banker. Shortly after this international tommittee was organized, President Carranza sent Rafael Nieto, acting Minister of Finance to New York in an effort to work out a plan of set- tlement. Several general conversa- tions were held on the subject, but nothing came out of them. In the fall of that year another unsuccessful attempt to ecome to an agreement was made when General Salvador Alvarado | came to New York. s Lamont Confers. Luis Cabrera, secretary of the treasury, under Carranza, was regard- ed by international bankers as artag. onistic L5 all treir proposals and ho was generally blamed by them for the failure to come to terms. Last fall Mr. Lamont, as chairman of the committee, went to Mexico City at the invitation of the Mexican governnient and spent two weeks conferring with Mexicon treasury officials. Mr. La- mont stated upon his departure that aftér a long discussion the Mexican government and the international committee had failed to come to a substantial agreement but Adolfo de la Huerta, Mexican Minister of Finance, was more hopeful. While no official statements wére given out as to the nature of the dis- cussions it was reported from gea- erally authentic sources, and never denied, that one of the features of the agreement proposed by the Mex- icans was that American oil men should purchase these Mexican gov- ernment securities in the open market and use them to pay their export taxes to the Mexican government, the un- derstanding being that the securities would be accepted by the Mexican gmernment at their par value. Dislike Plan. International bankers looked with disfavor upon this proposal, they considered would have meant countenancing the Mexican govern- ment in the disregard of its pledge to devote the proceeds of its exports and import taxes to the payment of sink-/ ing funds on certain of its exterior obligations. . They also pointed out that it would encourage the govern- ment, by withholding current income, to depress the price of its outstand- ing securities so as to buy them in at lower prices for itself, using for this purpose the revenues specifically in- tended for the payment of interest on its foreign bonds. Acceptance of the plan by the !n—‘ ternational bankers also would have| i placed them in the position, they con- sed of going to the whom they sold the bonds at or near | par and of inducing them to part| with their bonds at depreciated prices. | While negotiations for a settlement | were temporarly halted by Mr. La:| mont's return, they were not aban- doned. Informal communications passed back and forth between Mr.| Lamont and Mexican officials. Early| in April of this vear it was an-| nounced that -Senor de la Huerta | would come to New York late in May | to discuss readjustment of the Mex- ican debt with Mr, Lamont and a dele- gation of the international committee. | Soon afterward Mr. L.amont sailed for | Europe for preliminary discussions | prior to the conference with de la Huerm in this cl!) REV,AB.TAYLORTO. Local Pastor to Conduct Tent Meetings During Summer Taylor, pa:mr of me people’ s church left this morning | for Hornell, N. Y., whére he will con-| duct evangelistic services in a tent for the two weeks beginning Sunday. Was Evangelist Before. Mr. Tayler was an evangelist be- fore he came to this city, having left his old trade as a roller in a Pennsyl- vania steel mill to take up evangel- jsm. It was during a series of tent meetings that he came to the atten- tion of the officials of the local church. The tent meeting which he will conduet in Hornell will be un- der the auspices of the local church, |J which organization purebased the| tent. Similar meetings will be held at |} various plages in the East during the summer Rev. A. B Goodell Club Plan. evangelism during the summer was|H made when the plans of the Goodell club, to conduct a series of evangel- istic mestings in this city féll through The Goodell club had beén consid- ering a plan to hold evangelistic serv- | jces, either on Walnut hill park or! Davis was te do most of alternating with Rev. A B. Taylor, and the latter was to lead | the mueic. The services, it is un-!| derstood, were to be somewhat on the Rilly Sunday type Tor the same reason which nf(eM- Rev. John L. the speaking, ed many of the plans of the Geodell | |§ campaign, where the movement first| started, the plan was abandoned. Mr. Taylor's decision followed. | which ||| persons to|OCQUTRT PROCEDURE ? i with his British and French associates, | g Senor | ENTER EVANGELISH Mr. Taylor's decision to go back to | gome other suitable place all summer.{|§ 13,788 Childrens’ Dresses —READY SATURDAY — —ALL NEW — Never Shewn Before, Values To $7.50 Sizes 6 to 20 Years And You Can Buy One Dress Or a Hundred for $1.17 Each—‘ Value Never Equaled In This City Before EVERY DRESS GUARANTEED AS TO COLOR AND WORK- MANSHIP — THEY ARE THE WELL KNOWN NATIONALLY ADVERTISED “YANKEE MAID” Our Entire Second Floor Devoted To SUPERIOR GINGHAMS, CHAMBRAYS AND DRESSES These Dresses OTHER MATERIALS Scores of Different Styles—Better Dresses Than Those Sold Here a Year Ago When We Gave Such Unusual Values ‘We bought the entire surplus stock of one of the biggest and best manufacturers of children’s dresses in the country. / Saturday we shall have them on sale at $1.17 cach, regardless of size or cost of manufacture. This is even a more important sale than we held a year ago, as the dresses are much better than those we secured then—and thousands will recall the splendid dresses they secured at that time. You will want to buy several of these dresses—and there is no restriction. Get plenty for the girls’ vacation needs. We mention just a few of the many styles. Ry CLEARAWAY OF TWEED SUITS —$15.00— Regular 325.00 to $55.00 3 e g ———— Your unrestricted choice of any and all of the tweed suits now in our stocks. A most representative «-oup, {o0o, since it includes practically every color, and all styles—long tailored, medium and short box coats. Both notched or Peter Pan collars. Misses Sizes—14 to 20. Women's Sizes—36 to 44. TUXEDO JERSEY SUITS —$7.50— South Wales Labor ministry which hopes to make them effective, Persons charged with offenses will not be placed in ‘“‘docks” in the court ‘rooms hereafter, and witnesses are to be allowed to remain seated when TO UNDERGO CHANGE New South Wales to Revise System of | giving evidence. Ze4E v & | The criminal laws are to be revised Criminal Trials, Abolish Wi {with a view of eliminating what are | termed excessive, obsoicte and vindicf itive punishments, and amendments are to be made to such measures as Gowns, Ete, Sydney, N. 8. W, June 2.—Several | changes in the procedure o6f criminal the master and servants act and the trlals have been outlined by Solicitor Qeneral Sprouls on behalf of the New [courts will landlord and tenant act. Separate be maintained for women SPECIALS FOR SATURDAY "% SPECIAL 9:00 To 12:30 Porterhouse, Sir- loins, Short and Round Steaks — 18¢ Y 424 MAIN STREET OPP._EAST MAIN STREET. and children, A department will be established to render legal aid and defend all per- sons charged with offenses who have not the means to defend themselves. Wigs, gowns and other legal adorne ments in court are to be abolished. A bureau of land transfer will be inaugurated to deal quickly and cheaply with land transfers. A painstaking person estimates that the average head of hair worn by a woman, if placed end to end, would measure 50 miles in length. NOTE THE DITION AT OlR STORE FRESH GROUND HAMBURG 10c Small Lean Fresh Shoulders .. Lb. 17¢ H. L. 20¢ SMALL LEA 23c¢ \ SALT PORK . Not Frozen) PORK "™ HANDY'S COTTAGE HAMS HAMS TO ROAST Milk I Yo T R L [ CHOPS . BLS or RIB ROAST CHOICE POT rmuT BEEY OF BEEYF \ lzc . 30¢C LEAN PLATE BE ALL CUTS OF SPRING LAMB AND MILK FED VEAL SWEET | CORN | 25¢ | E v-\ Pror \'l ED MILK 3 Cans 25c ‘ C II‘\[ LENGE ‘ MILK 2 Cans 256 2 Cans CAMPBELL'S BEANS 2 Cans. . TOMATOES NO. 214 14¢ 19¢ White TR P e e | 301‘ 38¢ DOZ. LB. PURE LARD IH(I( l\ CHEESE STRICTLY FRESH EGGS . BEST CREAMERY BUTTER 2 LBS. . LB. 25¢ 24c Fruit and Vegetables [ ..Doz. 17¢ up to 79¢ 3¢ California Oranges Potato Salad I © Bananas Large Ripe Pincapples Large Grapelruit Baldwin Apples Wax Beans ! String B Fresh Spinach 20¢ 23¢ 23¢ Quarts 2 Quarts Quarts Pock Currant Jelly Large Sour or Dill Pickles ... All Kinds of Fresh Ron.ilv‘d \len- Delicatessen Counter Home Baked Beans cees Pickled Lamb's Tongue .. | Mixed Pickles—Sour and Sweet Large Queen Olives .6 For Pint . Pint Lb. 2 For New Potatoes 5 Libs, Onions Lettuce Head We will also have Strawberries, Tomato Plants and Pepper Plants Watermelons.