davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1931-05-14
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The Washington times., 1931-05-14
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The Washington times., 1931-05-14
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The Washington times., 1931-05-14

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The Washington times., 1931-05-14

GLIDING SHELVES that glide
- easily, bringing all food within
reach-are but one of the many
advantages of the General Elec-
tric Refrigerator.
There's the all-steel cabinet, lined
with vitreous porcelain that re-
sists the damaging action of fruit
acids; and rounded corners for
easy cleaning. There's the famous
Monitor Top - hermetically
sealed in steeI-the mechanism
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of oil. There's the accessible
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Evening star., 1931-06-22
PARIS GETS OFFICIAL NOTE.
Financial Experts and French Leaders
Confer on Stand.

PARIS, June ~ R.-The American
embassy today delivered to the foreign
Office President Hoover's proposal to
postpone war debt and reparations pay
ment for one year.
The official transmission Of the text
Of the document indicates that Wash
ington will be pleased to receive the
official French reaction and converse
tions were Immediately begun for the
preparation of a reply.
A meeting Of financial experts, in
cluding those who took a prominent
part in the collaboration on the Young
plan and some officials Of the Bank Of
France, was followed by consultation
among Finance Minister Flandin,
Premier Laval and Foreign Minister
BRAND.
They expected to draft the broad lines
of the French response which is to be
examined at the meeting Of the cabinet
tomorrow. French officials in view Of
the importance and delicacy of the
questions showed a marked tendency, toA
day to sidestep comment. They made
no predictions Of the probable French
attitude.
It was made clear, however. that
acceptance of President Hoover's plan
would involve big sacrifice for France
through temporary losses Of conditional
and unconditional reparations payments
from Germany.
It was said that any agreement to
suspend such payments must have the
approval of Parliament even If the
government decided it was possible.
One idea unoff1cially advanced was
that France might continue to receive
unconditional payments with the one
hand and return them to Germany with
the other in the form of credits.
Editorial comment In Paris news
papers Is marked generally with misgiv-
Evening star., 1931-06-22

ings that France can stand the cost of
the Hoover plan and the conclusion that
France must make a sacrifice second
only to that of the United States.
Ofhcial circles took the view that any
move TO defer German reparationS pay
ments should be handled through the
postponable clauses of the Young plan
An international conference should be
held for that purpose, and negotiations
started between governments through
the regular diplomatic channels, it is
felt.
The newspapers Excelsior and LIE
Matin, both moderate organs, said that
through the Hoover plan England would
lose almost nothing, Italy and Belgium
would sacrifice several tens of thou
sands OF francs, and that France would
renounce for this years budget about
2,300, 100000 francs (about $92, 900, ,999).
lie Journal said it was convinced
debt revision now was inevitable. It
argued that either Mr.. Hoover's remedy
would prove ineffective and the eco
nomtc crisis would continue, or else
1t would be successful and would remain
in force indefinitely
The leftist organ, L'Oeuvre, found
the most interesting thing about the
proposal to be that America had sud-
denly become aware of the economic
solidarity of the world and had per-
ceived that generosity can be good
business.
Pertinax writing in Echo de Paris,
took exception to the manner in which
the plan was formulated, claiming it
was done without previously consulting
the interested powers and was thrown
at their head like projectile.
Mr.. HOover'S action was attributed by
several papers to his desire to protect
heavy loans by American banks against
a general upheaval in Germany.
Some Opponents OutspOken.
Indications Of difficulties which the
government Is expected to encounter in
accepting the Hoover. plan was fur
nished in the lobbies of the Chant R
of Deputies. A number of members
were outspoken in opposition to any
agreement which would suspend un-
conditional payments.
This opposition was based on the
grounds that these payments were
essential for reimbursement of Frances
heavy outlays for rebuilding property
destroyed by the war.
Some deputies predicted the Chamber
would insist on giving instructions to
Foreign Minister BRAND to reply to
sAAe PAOPoSoA aIOAs CAlSSe AueSs
Editorial is Cited.
Observers pointed to an editorial in
LIE Temps as a possible suggestion of
Frances attitude, since articles in this
newspaper are often officially inspired.
LIE Temps said that Germany's indi-
Wdual and private creditors must also
give Germany years moratorium If
both conditional and unconditional
reparations payments cease.
1T Is inadmissible, the editorial de-
clared, that German payments on un-
conditional as we'll as conditional parts
Of the Young plan should be Suspended
for a year, leaving commercial cred
itors of Germany alene to receive their
payments during this year."
This declaration Of LIE Temps was
preceded by an assertion that Hoover's
interest early had turned toward pri-
Evening star., 1931-06-22

world Even the United States bows
beneath the burden Of more than $l5O,-
0C0 600 600 of indebtedness. OF this
St,InerdoiIs sum, the Federal Govern
ment and the States and their political
subdivisions owe more than SS6,OUO'-
000, 900.
indebtedness resting upon the farms
and real estate of(the people; corpora
tions owe nearly 10000 100000, and
the banks and investment companies
have obligations amounting TO more
than $41, ,o00, 100000.
There is mountain of private In.
debte6nesS, represented by notes ana
other forms and obligations.
The nations of Europe are staggering
beneath the heavy weight OF debt. 1t
is obvious that maturing obllgatlons-
private, corporate and national-cannot
be met; and the mutterings OF discon-
tent among the debtors throughout the
world grow louder and more sinister.
Frequently there are heard voices de-
manding reputation. Mexico and Cuba
are submitting requests to the holders
of their securities for concessions ana
for moratoria.
Like Prometheus of old, the European
nations have been chained to the rock,
and their bodies are being torn, II not
devoured, by creditors who press Tor the
payment of their obligations.
Effects Disastrous.
The psychological effects Of debt,
both upon individuals and nations, are
disastrous. It often results In 1ndlvid-
ual despair and in national disturb
ances, if not revolutions. Among
ancient Israel there was a 50-year jul
bilee which marked the remission OF OBJ
legations. It is Utopian dream, no
doubt, but what weight would be
lifted from the world If nations could
be released sfrom the prison house OF
debt. n
the World War that there be can
collation. interesSe of the war debts. II
that had been done and an tnterna-
| tional bank had been established TO
facilitate exchange and spirit OF CO.
| operation, and helpfulneSS had mani
| tested itself among all nations, new
| day would have dawned and a spirit OF
world fellowship would have been de-
veloped.
Undoubtedly Austria and Germany
| are beSet with dangers OF most serious
character. Disaster to these countries
would have reactions harmful and, In
deed, dangerous, in other countries.
The situation throughout the world
would today call for a spirit Of CO.
operation among nations and requires
craftsmanship Of high order. The
question of reparations and inter-
allied war debts is burning issue at
| the present time and the economic
depression emphasizes its Importance,
| If not its danger. It seems to me that
it would be wise for the nations that
participated in the World War, as well
as other nations, to reach an under
standing that will relieve the pressure
now being brought upon debtor nations.
| would not be averse to the United
States granting a moratorium to Ger
many and other nations that may be
indebted to it. I shall be glad to sup
port any reasonable proposition that
will alleviate the present situation and
safeguard nations from internal dis
j turbances that might threaten the
| peace of the world.
It is worthy of note that the unsatis-
IEagpoE2 F1E1o S tena Saanok& aendi-
Evening star., 1931-06-22
McKELLAR CITES DEBT BURDEN.

MEMPHIS, Tenn, June % (P).-Be-
fore approving President Hoover's pro-
posal to suspend payment Of war debts
for a year, Senator Kenneth Mcclellan
of Tennessee, issued statement last
night saying he would have to see the
benefits of the proposal to "our own
sorely distressed and overburdened
people"
Expressing his "kindliest feelings"
toward Germany and Great Britain and
other nations, Senator McKellar said
his "first thought is for America and
American people"
"Our people were never harder up"
he continued. "Our Government, with
a deficit of nearly a billion dollars for
running expenses, was never harder up.
Would we be justified in adding another
quarter of billion to this debt?"
1.-THE burden of our taxes, State,
county and city, was never heavier. Sew
eral million OF our people are out of
employment. Others are at work part
time, others at reduced pay. How are
we to be benefited by this gift to other
peoples? If we give up this $246,000, 900
which the world comedies to be justly
due us, we must maO, it good by put
ting additional tax burdens upon our
own people"
Evening star., 1931-06-22
BERLIN BoURsE BooMs.
HOOver's Proposal Renews Public Con-
fidence in Industries.


fldence in Industries.
BERLIN, June % (P).-The desperate
financial predicament afflicting Ger
many is being realized by flnanciers now
that the lifelines have been thrown out
by President Hoover and joyfully seized
by the nation.
The German public had known for
a long time that the Reichs finances
were in q bad way, but here, as well as
abroad, few had dreamed to what ex-
tent the crisis reached.
The fact Is that the Reichsbank's gold
reserve not only was seriously threat
ened by the recent run on foreign cur
rencies, but 1t was so badly weakened
that President Luther could see no way
of getting the banks reserve ready for
the end Of the months needs except by
clamping q 40 per cent restriction on
credits.
This would have forestalled another
rush into imitation, similar to the early
postwar years, but 1t would have de-
livered a crushing blow to industry.
And industry was so far from able to
Withstand a crushing blow that the
ultimate result probably would have
been worse than inflation-namely, col
lapse.
The Reichsbank Is required under the
Young plan to maintain gold reserve
Of 2,500, 900, 900 marks. For the end of
the year and the end of the semester
demands, however, the reserve is al
ways built up to 5000, ,000, 900 marks. The
recent run on foreign currencieS,
amounting to the flight Of capital, had
nibbled the ReichSbank's gold to well
below 1000, 600, 900 marks, and. the loss
of additional millions on Saturday left
President Luther with only 1850, 0,000, 900
marks.
The 1,5o0, 900 900 marks (about $S75,-
600, ,000) which Germany will not have
to pay this year will lift load Of $780,
100000 marks of the federal railways
(Which have been furnishing q large
share of the reparations), leaving about
$40, ,000, 900 marks applicable to the
Reich's budget. ---
In addition, loan Of $500, 100000 IS
expected from America. This would
convert short-term credits into the long
term credits which are the crying need
of industry.
While press comments indicate Ger
many feels mountain has been lifted
of her shoulders, the public is warned
not to Jump to the conclusion that
everything Is going to be easy.
The Spartan economy started by the
Bruening regime must continue, 1t is
pointed out. The difference Is that it
no longer viii be in vain.
Evening star., 1931-06-22
FRANCE HOLDS KEY.
TO WHOLE PROBLEM.
Paris Cabinet Will Meet To-
morrow to Decide Oh
Reply to U. S.
tcontinued Prom FIRST Pace

Of payments would not alone cure the
world OF its economic illness.
Lloyd George said: 1.-THE Presidents
move will contribute materially to re-
-1ieve the economic strain. Had an all
round cancellation of debts taken place
in 1922 when my government proposed
it to the United States and France
the world would have recovered much
more rapidly"
It was pointed out that acceptance
of the scheme would result in an actual
loss to Great Britain, however Salutary
1t might be to debtor nations. In the
ordinary course of events, she would
receive $166, 900 in reparations in
the fiscal year of 1881 and would pay
the United States $165, 100000 in war
debts, leaving surplus Of $1,650.000.
It was commented authoritatively that
America always had done her part in
shaping world affairs and that it mat
tered little whether 1t was at the
eleventh hour since her action had al
ways been effective. Her entry into the
World War at critical juncture, her
initiative and sacrifices in the first
naval conference and Ito a certain ex-
tent" in the last naval conference and
what was termed her aid in working
out both reparations conferences were
cited in comparison with Mr.. Hoover's
initiative.
The London Times in an editorial
under the caption, "a Wise Lead" says:
1.-THE Presidents welcome proposal
is a most impressive admission of
the economic ter-dependence of ma
tionS and continents made since the
war and Is a courageous attempt to
mitigate the mass pessimism that was
weighing down the nations and hinder
ing recuperative effort. It be-
hooves the statesmen of Europe, where
the next step must be taken, to do
their utmost to render the benefits of
the proposal practical and permanent.
BY this country, Mr.. Hoover's lead will
be most cordially welcomed and sup
ported"
Evening star., 1931-06-22

conditions established in the world at
large, with resulting benefits to our
own people"
Albert H. Wiggin, chairman Of the
Governing Committee OF Chase National
Bank, made this comment:
"It goes without saying that debtors
who are acting in good faith and
earnestly trying to pay their debts
ought, when necessary, to be given time.
It Is not an extraordinary situation In
private credit. The same rule applies
to Government credit.
"Mr. Hoover recognizes this and In
q most courageous way puts 1t Ge1ore
the world and before Congress. He Is
entitled to the greatest credit and it
should receive the Endorsement OF the
entire country"
Paul M. Warburg, chairman Of the
board of the International Acceptance
Bank, said:
President Hoover's proposal may be
considered as constructive in the high
est sense. Indeed, it may mark the
turning point in the economic disor-
ganization menacing the entire world.
The Presidents proposal will prove in
valuable in restoring confidence and
cheer among all struggling nations and
may turn the world from the abyss
toward which it was headed and pave
the way for general business revival.
The proposal cannot be too highly COM
mended"
nuuvrN xnrynCr nn0NRc
Evening star., 1931-06-22

vate American capital engaged in Ger
many.
ITO understand the problem it IL
necessary first to take into considera-
ton the real reason for Hoovers ac-
tion," the paper added. Melons re-
ports certainly confirmed the fears,
which the German campaign concern
ing Germany'S distress succeeded in
awakening, and it seems that follow
ing the Chequers' meeting, the British
authorities, who were seriously alarmed,
must have acted in the same direction.
= "It was quite natural that there wav
a preoccupation in the United States
to save kmGrican capital invested In
Germany and to prevent as much as
possible the collapse of Germany, the
consequences of which would be grave
for Europe and have serious effect
upon American economies"
lie Temps considered that the Young
plan does not permit postponement Of
unconditional payments under any cir
cumstances. It added that even II the
United States has no official knowledge
of the Young plan, 1t exists as FAR as
Europe is concerned.
"It is not impossible to find formula
which would maintain unconditional
annuities and at the same time ind
some indirect means Of aiding Germany
effectively" the paper declared.
This suggestion was considered py
some as a hint at the possibility OF
lending back to Germany money paid
during the year on the unconditional
portion of the Young plan.
GERMAN LEADERS REJOICE.
Evening star., 1931-06-22
ITALIANS ARE OPTIMISTIC.
Official Comment Withheld Pending
Receipt of Note.

ROME, June % (P.-The Italian
government, although not yet officially
informed Of President Hoover's mora
torium proposal, radiated optimism over
it today.
John w. Garrett the American Am
bassador, visited Dino Grandi, italian
foreign minister, at noon, but as no Of
fetal instructions had been received
from Washington, he was unable to
communicate the details of plan al
ready made known through the news
papers.
For the same reason of1cisl comment
was withheld.
Italy has received rather more in
reparations than she has paid on her
debts to the United States and Great
Britain, and this margin would be sac
rificed during the proposed moratorium.
Evening star., 1931-06-22
GERMAN LEADERS REJOICE.
PROPOSAL Is "Gift From Heaven" For
eign Minister Says.


BERLIN, June % (P).-Germany has
accepted with nationwide rejoicing
President Hoover's offer to defer fol-
one year payments on intergovernment
war debts.
In announcing its adherence yester-
day the government expressed the hope
that Great Britain and Italy also woulo
fall into line with the American plar
to end worldwide economic depression.
Though it was admitted that France
annually receives about twice as much
in reparations as she pays in war debts.
1t was hoped she, too, would become
party to the agreement.
Describing President Hoover'S proposal
as a gift from Heaven" Foreign Min
lister julius Cuftius said:
He has placed his finger on the sore
spot and now comes one OF those rare
moments in history when all reserve
should be throw aside. I can only say
that we indorse with unqualified Joy th3
heroic declaration which President HOO
yer has made.
mot only will it tighten our burden,
it will remedy the situation throughout
the world. I don't care what people
say about lower prices and such-like
economic factors; at the bottom OF It
all is lack of confidence. That Is the
decisive factor and Mr.. Hoover has beer
quick to see it and to realize that y
where decisive action is needed.
st express our deep appreciation fol
the services of Ambassador Sackett ir
bringing about this action. This wise
quiet man long has advocated solution
along the lines which Mr.. Hoover nov
proposes"
DR.. Curtius recognized that &C.
ceptance of the plan by France woule
entail great sacrifice and besought he
cooperation for the common good.
Il do not hesitate to recognize this
truth fully and appreciatively," he said
land everything possible will be done
by Germany to make it easy for France
to accept. We have but one wish-to
put an effective stop to the world eco
nonic crisis as we want to co-operat
with France toward that end in ever.
possible manner"
Evening star., 1931-06-22

IllC W " \ 4s AAAC
reparationS ques-
ton becomes more
and more q worlt
question, and the
people are begin
ming to perceive
that it is insepa-
ra bly, interviewer
with the economic,
If not the political,
structures of ma
tions. Indeed, po-
litical questions, in
the last analysis,
are economic.
The world is over
whelmed with debt
and its burden con-
stitutes a menace
A. 49, x1aooo aP the
Evening star., 1931-06-22
SCH0BER FAvORS DELAY

VIENNA, June % HO.-Dr Johann
Schober, Austrian foreign minister,
characterizing President Hoovers mora
torium offer as ''noble and important
action" asserted yesterday that if
brought to fruition it will produce real
peace in Europe and throughout the
world.
The Presidents offer is a cause for
gratitude in Austria, he said, 'for these
enormous war debts are the despair and
ruin of the nations"
Evening star., 1931-06-22

@NCNANN&@@@
tee, as saying un-
less ornaments in
Europe are dras-
ticaily reduced and
reparatioIls read
justed, q mora
toriun would SIM
ply postpone the
day of disaster"
Borah'S S t a t e.
ment:
"It has been
clear to me from
the beginning that
Germany could not
pay the reparations
assessed a gains S t
her. They will have
to be readjusted. If
a moratorium Is
Evening star., 1931-06-22

doing today. The
d e b t settlements
that were made
with European gov
ernments were, with
the possible excep-
ton of that made
with Great Britain,
very liberal in their
terms.
In fact, our
settlements W / t n
france virtually
forgave all the
money loaned to
France before the
armistice. There
fore, I am opposed
to cancellation OF
the war debts or OF
Evening star., 1931-06-22

While IL Is belieued that Congress tDtI
act faUorably on President Hoover,s plgH
payments, it Is apparent that there tptH
be difference OF opinion REGARDING the
form this relief for European nations
This Is evidenced in the distinct piews
OF two of the leading members OF the
United States Senate Committee on
Ftndnce-Hirdm Bingham, Republicans,
of Connecticut, and William n. ktng,
Democrat, of Utah. Their statements