Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-25
VALUE Of TOURIST
TRADE IS GROWING
American Cities Realize I'm
portance of Purchases by
travelling Public.
BY JOHN T. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, December 25.-The
American Automobile Association has
been doing some ingenious figuring. 1t
estimates that the total world travel bill
for 1880 will reach the dizzy heights Of
$500 900 600, of which two-thirds, or
, fivs billions, will have been spent by
Americans travelling about the United
States, Canada. and Europe, in an en-
deavor TO see what cts all about"
In 1880, Americans spent 1926, 000,-
600 in Canada, according to the aSso-
citation, while 800, 900 Americans went
abroad.
The whole thing is a guess. The esti-
mate might be on the short rather than
on the long, side. Yet nearly every city
In America-and many country towns,
too-are realizing more than they ever
did the need of tourist trade to help
supplement hometown earnings.
Europe has long appreciated the eco
nornic importance Of this trade, but 1t
Is only within the last five years that
the United States and Canada have be-
gun TO realize its value.
Debt Interest.
Secretary of the Treasury Mellon,
after announcing the receipt of $122,-
SSs,450 from 10 different European
countries, on account of their indebted
ness to the United States, points out
that Of this amount only a little over
$50, 854 ,052 is on account of principal.
The balance is for interest.
Under the terms laid down by Con-
gresS, Secretary Mellon says all cash
payments on account of the principal
the public debt. The balance Of the
money, amounting to about $92 900 600,
is available for the current expenses Of
the Government.
France, recognized as the richest
country in Europe, has not paid any
thing on the principal OF her debt, but
has paid $1s,325O00 interest. England.
on the other hand, has paid $50, 500 900
for interest and $2S 900 900 on the prin-
cipal. Italy has paid nothing on the
principal OF the debt and just 81 $780,
62S for interest.
France and Italy-next to Great Brit
ain the largest creditors of the United
States-have only begun TO nibble at
! the amounts of their debts TO the Gov
eminent Of the United States. Perhaps
they are waiting for another cut-h0pe
springs eternal.
Demand for Bonds
Investors are taking their cue from
the bankers. HalSey, Stuart g. Co.,
large bond investment house, says that
instead of putting funds In good, con-
sentative securities, investors are de-
manding the highest grade bonds with
the greatest liquidity
AS soon as confidence is restored in
the trade world. this company believes
the investing public will begin buying
conservative and high-grade bonds, a;
they have IN the past Maybe, but the
experience Of the last two years has
taught many banks and private in
vestors to scrutinize bonds more closely
before purchasing than they formerly
did. In such storm as we have been
passing through, even good bonds may
be frozen up"
Conrad Hubert Estate.
The Conrad Hubert estate is being
distributed for Christmas. Checks to-
falling $4,600.000 have been sent out
to Is of the SO institutions, selected by
Calvin Coolidge, Al Smith and Julius
Rosenwald.
The estate will exceed $4,000. OOO
About S2,50o.oo0 will go to Mr.. Hube1t's
two brothers and a sister, and $6.500,-
900 to the institutions which the Cool
tdge-Smith Rosenwald Committee des-
ignates. Among those so far selected
are the Boy Scouts of America, $780,
600; st Vincent's Hospital. $500, 900;
Beekman Street Hospital, $500, 900; the
Girl Scouts Of America, $500, 900; Amer
lean Red Cross. s375,000; New York
University. $25o,000; Y. NJ. c. A. Of
Jersey City, $3.50, 900. and the Y. NJ.
H. A. Of New York City, $1T5,O0o.
The Boy Scouts of America, through
Chief Scout Executive James =. West,
, acknowledged the receipt Of their gift
by saying that it will expand vastly the
work of the organization, which now
has a membership of $40, 1896 Scouts and
Scout masters and nearly 100000 for
n1er members.
To many Of these worthy charities
such big Christmas gifts will be par
ticularly welcome this year-when rails
ing money is immensely harder than
it has been in any year for decade.
Copyright. 1880, by North American News
paper Allience)