Imperial Valley press., 1938-06-14
News Behind
the News
German Finances :.
PnDer for MOneU

GTON.-Germany, Wilic
planning what to do about Czechos-
lovakia and other European prob
lens. also is compelled to give
little attention to the Securities
and Exchange Commission.
The SEC is waiting for an antic-
ipated new offer of German bonds
as payment of interest on German
securities held in this country. The
Nazi government won't allow Ger
man debtors to pay money ON these
bonds: it takes the money itself
and then feeds out still more paper
which it promises will mature years
hence.
SEC officials have decided Ameri-
can investors are entitled to fullest
possible knowledge of the financial
condition of the Reich before they
decided whether to accept SUCH
bonds as interest payment. In the
registration statement which accom-
panies any future issue of the sort
it will demand a full statement OF
the so-called German secret debt.
the full national debt as it exists
following the gobbling of Austria
and other details Germany previ-
ouSly has been unwilling to give.
The present offer Of conversion
bonds expires July l. 1t was an
issue of $65,0O000O of per cent
bonds maturing in 1916, to apply
as interest due ON about 100 German
security issues. The German gov
ernment'S registration statement
showed more than II billion reichs-
marks of national debt. SEC asked
how about at least five billions more
of obligations known to have exist
ed in 1888. German agents replied
in effect that those were "obliga-
tions, not debt" SEC in March,
1897, decided to let the statement
ride, feeling that the bonds were
all investors were likely to get, in
any event
Now, perhaps because of feel
ing that Hitler deserves no special
favors, SEC is more hardboiled.
1t refused to let the old statement
stand for May and June and will
demand an entirely different one for
any future German issues.
1t costs more to live in Wash
ington than in any other American
city, according to government sur
veys. A study covering SO cities
selected with geographical eyenness,
showed that it cost $14l4.54 to sup
port a four person manual workers
family at a maintenance level in
1885.
The lowest-cost city was Mobile,
Ala, where the figure was found
to be S101398. Anyone planning
to move to big city may be liz
terested in figures for some of them:
San Francisco $1389.87, New York
$l37513, Chicago $1356.11, Boston
S135277, Cleveland $134833, st.
Louis $133955, Detroit $131753, Los
Angeles $1308.11.
Local prestige Of Justice Hugo
Black, recently attacked in a maga-
zine article as judicially competent,
has been boosted considerably by
DR.. Walton Hale HamiltOn'S recent
analysis of Blacks opinions and
opinions, appearing in the
New Republic magazine. Unlike
most foes and partisanS of Black,
Hamilton read all the opinions.
He says Blacks judicial phil
osophy is mature, well thought out
and mindful alike Of the law of
the land and the necessities of the
people" that Black strips away
vCrbiage and lays the issues bare
that he is closer to his times than
any of his brethren" and that "if
there were a grand prize for the
jurists art, the award for 1898
should 60 to Hugo Lafayette Black
for his opinion in the indianapolis
Water case"