Indianapolis Times, Volume 40, Number 206, Indianapolis, Marion County, 16 January 1929 — Page 13

JAN. 16, 1929.

CONFEREES TO SEEK SOLUTION OF WARDEBTS Parley of Vast Import to World Will Involve Vexing Questions. BY WILLIAM PHILIP SIMMS Foreign Editor, Serlppi-Howard Newspaper* WASHINGTON, Jan. 16.—The world Is on the eve of one of the most important events since signing of the Versailles treaty-the allround settlement of the war debts and reparations problem. The word “problem” is used in the singular with malice aforethought, for, whether we admit it or not, what Germany owes the allies and what the allies owe the United States are two phases of a single international economic problem. The first step, therefore, will be for the new committee, upon which Owen D. Young and J. P. Morgan will serve unofficially as the American members, to fix the total reparations which Germany must pay the allies. The next step will be to readjust the allied war debt to fit the new situation, thus created. Two are Inseparable Officially, Washington contends that reparations and war debts are entirely different matters. And this position is sound, inasmuch as to admit otherwise would result in the United States being made the official collector of a war indemnity from Germany. Nevertheless the two are inseparable, because of the allied war debts to the United States were funded on a basis of capacity-to-pay and as a cold-blooded business proposition the capacity of Prance, Britain and the other allies to pay us depends in no small measure upon how much they receive annually from Germany. The Dawes committee agreed upon a sliding scale of reparations payments from Germany, beginning in 1924 with $250,000,000 and continuing after this year with “standard” annuities of some $600,000,000. The committee was not permitted to say how long these payments were to continue, so theoretically, at

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Two tubs anc! a jug that had contained gasoline were found in the ruins of the First Baptist church at Ft. Worth, Tex., destroyed by fire. Rev. J. Frank Norris, pastor of the church and celebrated fundamentalist, says he has no idea how the fire originated. The district attorney’s office is investigating on the theory that the fire was of incendiary origin. The picture shows the still smoking ruins.

least, Germany will be required to keep them up until doomsday. Stand Is Impossible Naturally, such a thing is as inadmissible as it is impossible. Germany insists upon beng told how long she must go on paying and the allies have decided to tell her. Hence the new committee, of which Owen D. Young is likely to be named chairman. How much Germany will be requiredy to pay can only be surmised. A number of factors enter into the situation, among others, as I have indicated, our attitude with regard to war debts. However, there are certain straws in the wind. S. Parker Gilbert, agent general for reparations payments, says Germany is able to pay the standard year annuities of $600,000,000. At 6 per cent—s per cent interest and 1 per cent for amortization—this represents capital of $10,000,000,000, or Germany’s theoretical indebtedness. May Settle for Cash Certainly Germany hardly will consider paying more. The chances are she will suggest not more than half that amount to begin with offering to settle for cash, or on e. cash basis, using negotiable railway and industrial bonds in lieu of actual gold. Just how far Germany and the allies can go in this diretcion will depend, once more, on the United States. The United States is the principal market for bonds and there is a limit to the amount it can absorb. This Is where J. P. Morgan's views will come in handy. Also, the question will arise whether the

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United States will agree to, scale down the allied debts still further on a cash-down basis, or part cash, reducing the sixty-two-year period of payments called for under the present'scheme. 2 DIE IN PLANE CRASH Machine Falls to Flying Field From Altitude of 500 Feet. Bu United Press TUCSON, Ariz., Jan. 16.—Melvin Smith, Asheville (N. C.) army flying corps private and H. M. Marty O’Toole, Los Angeles, were killed when a monoplane owned by H. C. Sheridan, Minneapolis, crashed on the Tucson municipal airport from an altitude of 500 feet Tuesday night.

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THE INDIANAPOLIS TIMES

MISSION HOUSE BLAST KILLS 3; 6 ARE INJURED Broken Gas Main Believed Cause of $20,000 Wreck in Terre Haute. Bu United Press TERRE HAUTE, Ind., Jan. 16. Authorities today investigated an explosion in a mission house here which killed three persons and injured six, several believed seriously. The blast, believed to have originated from a broken gas main, destroyed the three-story building, causing damages estimated at $20,000. The dead are F. D. Sherman, Oak Park, 111.; Habeeb Nasser, grocer, and Alex Lloyd, laborer. The injured are Mrs. Kashkey Nasser, wife of the grocer; George Brooks, barber shop proprietor; O. W. Gaddis, Brooks’ assistant; Hosea Annis, janitor of the building; Virgil Bauth and Fred Tuller. Sherman was showered with bricks as he walked along the sidewalk beside the building. Nasser, whose store was next to the hotel, died in a hospital, and Lloyd was hurled through a door of the barber shop, which was located in the destroyed building. Annis, Brooks and Gaddis had narrow escapes from death when they were buried beneath debris after going into the basement to stop the flow of gas. The building, owned by Mrs. Don Roberts, wife of a former Terre Haute mayor, had been condemned by the state fire marshal’s office and was to be repaired and converted into a home for unforutnates. Want a typewriter for use at home? Good used machines are listed in the Miscellaneous for Sale columns in tonight’s want ads.

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With a grin,. 25-year-old Edward Kaltenbaugh of Grove City, Pa., admitted he killed his employer and his employer’s wife, Mr. and Mrs. John Oser of Canal Fulton, 0., so he could take their automobile and give “his girl” a ride. After slaying the dairyman, he said he drove to New Castle, Pa., and took his sweetheart for a ride. Officials at Canton, 0., where the youth was held, were prepared to file murder charges after the boy had been given a sanity hearing.

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ONION RAISERS LOSERSJ FIRE Jasper County Men May Try Some Other Crop. Bp Times Special NEWLAND, Ind., Jan. 16.—Onion raisers of Jasper county may grow other crops this year, due to discouragement over destruction by fire of their warehouse here, consuming $70,000 worth of onions. The building was valued at SB,OOO. Although many who had stored their crops in the building- carried insurance, they will nevertheless be heavy losers, as the insurance does not increase with the value of the onions. The policies are based on a $2.50 a bushel valuation, while at the time- of the fire the price was $5. The fire consumed 14,000 bushels of onions, twenty-eight carloads. This represented practically the entire 1928 crop raised in this section. SIOI,OOO School Nearly Ready WASHINGTON, Ind., Jan. 16. The new SIOI,OOO St. Mary’s grade school building being erected here is rapidly nearing completion and will be ready for occupancy by March 1, according to Father Joseph J. Sermersheim, pastor of St. Mary’s church here and supervisor of the school.

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PAGE 13

Mae Chauncey, 31-year-old widow, ha s selected Joseph Viman, 22, whom she expects to wed next week.

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