Indianapolis Times, Volume 44, Number 167, Indianapolis, Marion County, 22 November 1932 — Page 15

NOV. 22, 1932.

FOUGHT DECADE OVER FUNDING OF WAR DEBTS Settlements Were Marked by Strange Inequalities of Treatment. Herewith 1* the second of a series of three dispatches tearing the origin of the war debt* and development of the present crisis. BY JOSEPH H. BAIRD L'nlted Press Staff Correspondent WASHINGTON, Nov. 22.—The funding of Europe'\ 110,000,000,000 war debt to America constituted one of the bitterest chapters in post-war diplomatic history. There was more than a decade of haggling and stirring resentment before the United States treasury funded Europe's bill for food and munitions. The settlements were marked by strange Inequalities of treatment. In the end. the treasury received promises of debtors to pay between 49 and 57 cents on the dollar, depending on how interest is figured. In 1919 it was apparent to the treasury that immediate collection of the huge debt was impossible in a w'orld of disorganized currencies and trade. A loose moratorium of “two or three years" was granted. There were, meanwhile, a number of suggestions from the stronger powers for settlement. Refused to Cancel Debts In 1920, Great Britain, a creditor to Europe as well as a debtor to America, suggested that all debts be canceled. Washington answered "no.” The war debt problem was tackled in a serious way in 1922. Congress set up the World war debt funding commission. This body, with Treasury Secretary Andrew Mellon as its chairman, was made America’s official collecting agency. Its sessions lasted from 1922 to 1931. During that period it funded the obligations of fifteen countries. Instructions given this commission by congress seem amusing now, in the light of results. They were: 1. To fund all debts over a period of not more than twenty-five years. 2. To charge a minimum Interest rate of 4'4 per cent. 3. To make the funding agreements final. Funded Over 62 Years I Here is what actually happened: Mast of the debts were funded over sixty-two years. The average rate of interest specified was 2.1 per cent. Europe now is pressing for a revision of this entire settlement. When the commission started its work, the original debt of $10,296,000,000 had grown to $12,090,700,000 because of accumulated interest. Most of the original money had been loaned at 5 per cent. As the result of nearly a decade of work, here is what the commission received in promises to pay over sixty-two years. On Principal SI 1,5'!M35,AR5.0A On Interest 1<,fi;,04,171.27 Total 22.259,040,056.27 Just how much the war debts were reduced has been a matter of debate. There was nlmast no reduction in principal. The cut came In Interest. In a recent study, the Brookings Institute concludes that* the difference between the average interest late at which the debts were funded and the interest specified in the original agreements—s and 6 per cent—represents a cut of 51.3 per cent, but if the minimum interest specified by congress, 4'4 per cent is taken as the established rate, then the concession was 43.1 per cent. Inequalities in Settlement There were inequalities in the debt settlements. Finland and Great Britain, the first two countries to fund their debts, contracted to pay 3.3 per cent interest. Seven other countries promised to pay the same average rate. Belgium, however, was charged only 1.8 per cent, Yugoslavia 1 per cent, Prance 1.6 per cent and Italy only .4 per cent. The enormous difference In the total payments resulting from this variation In Interest rates is illustrated graphically by the cases oi Britain and France, the two largest debtors. France is called on to pay Interest of $2 822,764,104.17 on a debt of $4.525,000.000. Great Britain agreed to pay $6 505.965.000 interest more than twice as much as France—on a debt of $4,600,000,000, only $575,000,000 more than ihat of France. Next—The arguments advanced for and against revision of debts. Warns of Fake Solicitors Warning against impostors who have been soliciting funds for the city and county soup kitchen on East Maryland street, was issued today by Mayor Reginald H. Sullivan. At no time has solicitation for the soup kitchen been approved.

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Contract Bridge

This l* the seventh and Anal article of a series by William I. MeKenney. reviewing the new code of rubber contract lava issued by The Whlet Club. New York. BY W. E. MKENNEY Seeretarv American Bridge lea roe CONTINUING our summary of the penalties laid down for infringing the new contract code, we find the following provisions: Surplus card held by player other than dummy. (Declarer of left-hand opponent may demand new deal if offender has played to subsequent trick and If deal stands offender must remove card playable to complete trick.) Playing with Incomplete hand, flf actually missing or not duly dealt, there must be anew deal. If located in quitted tricks or other pack, card is restored and holder is liable if revoke has occurred. Suggesting play by dummy. (Lefthand opponent may require declarer to play the card suggested or not play the card suggested.) Drawing attention to which hand has lead by dummy. (Left-hand opponent may choose the leading hand.) Warning against incorrect lead by dummy. (Left-hand opponent may choose the leading hand.) ana DRAWING attention to status ot trick by dummy or opponent. (Declarer or left-hand opponent may require offender’s partner to play highest or lowest card in suit led or to win the trick, by trumping if necessary, or not to w r in the trick.) Unauthorized looking at quitted trick. (Declarer or left-hand opponent may call a lead when next it is turn of offending side to lead.) Claiming uncertain tricks by declarer. (Either opponent may require declarer to play in manner stated or to make statement complete and thereafter opponent requiring such statement may settle any matter left open.) Revoke corrected by opponent. (Declarer may treat card played in error as exposed or require offender to play highest or lowest card of suit bid.) Looking at other hand intentionally by dummy. (Loss of right to question partner about revoke and established revoke if attempt is made to exercise such right.) Revoke corrected by declarer. (Left-hand opponent, if he has played, may require declarer to play highest or lowest card of suit led.) Revoke-established. (Two tricks

TURKEYS 1032 Young Toms mid Hens. Pound.. DIRECT I FARM VDVV DRESSING w awa-tmu , )nl| dkliveby Ducks Lb. lAc Leghorn Fries Lb. 14c (icesc Lb. 15c Leghorn Hens .....Lb. 14c Heavy Fries, Best Quality Rocks (ind Reds l,b. 17c ATWELL POULTRY FARM nr Lawrence, Indiana ( all CH. 624.3— Ring ,3

—; Thanksgiving Turkey Furnas Ice Cream To give it that last “Finishing Touch” of enjoyment. Convenient to serve and it’s “always good.” WffiFURNASI NsNgfelCE CREAM I The Cream of Quality

ML&Jbjw mm w.ftJSj* . Ko we-BA; lE Fancy PUMPKIN Xjj for Thanksgiving Pies . Use KO-WE-BA Dry-pack Pumpkin and P ° ur Mixed Spices, and your pumpkin pies will be extra rich, smooth and spicy. kL 5 * % "Perfectly delicious’’ every one will say! Ask your Independent for KO-WE-BA Fancy Pumpkin and enjoy the best pumpkin pies for Thanksgiving. KOTHE, WELLS A BAUER CO., Indianapolis

won at revoke or after, for the first offense. One trick won at or i after revoke, for each subsequent offense.) Leading or playing before decision. * (Right to decision is not affected and card if played by opponent of declarer Is exposed.) Claiming lead of suit not held. (Penalty lapses.) Claiming unauthorized penalty. (Penalty lapses.) Wrong player claiming penalty or advising partner concerning penalties applicable. (Penalty lapses.) Man THE laws are not made to take care of unethical conduct.! Bridge is a true sportsmanship game, and one must be especially careful of his conduct at the table To watch the place in the hand from which a player is about to draw a card so as to gather inferences therefrom is considered a dishonorable act. Use of private conventions, making calls (or declarations) In anything but a lawful manner, hesitation, voice inflections, playing cards with special emphasis, and 101 otner little things that constantly are arising, are classed as unethical conduct. It is beyond the scope of the lawmaking Dody to govern against these acts. The proper recourse is to refuse to play with the continual offender. It is a far more serious offense to violate the ethics of the game, for which no penalties are provided, than to infringe against a written law that provides a definite penalty. (Copyright. 1932. NEA Service. Inc.) An Egyptian pharaoh’s prowess as a lion hunter—-he shot 102 fierce lions in nine years—is inscribed on scarabs in the Metropolitan museum of art.

THANKSGIVING SALE of POULTRY A Large Assortment of All Si*es In Poultry at LOWEST PRICES SPECIAL -a RABBITS 1 H r EACH ... I FREE DRESSING Plenty of Parking Space H. Smith Poultry Cos. 337 W. New York U. 5952

THE INDIANAPOLIS TIMES

A POINT g/e ßibbon * £Li" i. „ i.::i:r ?i i v mean the difference Harvest Cake! n> lf*Lre Extra Select rul Q r Anew cake Kroger created espe- FaitCV PeSS 2 *95 L# U Fancy Fresh Dressed L,D * I cially for Thanksgiving. Made with r Jf Country Club Wisconsin Pens. Special. " cherries, mince meat, nuts and other goodie*. Asparagus Z3c franco w.diey. Extra sdi ~ 4 Q_. 13 Egg Angel Food Ea. 49c mo™*-.™-■• eese Lb -1 yc il —ii Fr(|j( Sa|ad r>n23c Country Club—finest fruits for salad. Roasters srH; i*. \ ii PINEAPPLE I Stewing Hens “-L** Lb IBV2 C || Avondale Whole {( slices of Hawaiin MM Big wjl C ***+ Large. Solid Pack: O T Goodness In syrup M No. 2 l / 2 IK 1 ; UySlcrS -'VI; IQto 1Qt o / c Tl,anks ' im Can! fev - |Bd Fresh Hams 9c 0 .. oyi I . . BUtter Creamery Lb - 24c ChOCOIatCS s*"'B9C Fresh Picnics 6c .ei..^. Fresh Cottage lx -10 c EggS E “‘ ■ 29c Walnuts —25 c WW,,H B® Ju,ct IMV Insist on Diamond for quality. Pork Sausage ..rr.2., '-■ 10c Mine# Meat. Pk ' 15c None Such —pie plate with each 2 pkg*. Sliced Bacons 4 ~29c Peaches Pumpkin ’z ,9c DEL MONTEi Country Club Golden. Peas Caa 19C Chuck Roast t tx ™ \IV& 2 1, c “*2sc Enourb i—i ve. , country club Gelatin Des. 3 ... 19c IHOSf fCK LO3 and Beef lOC Jr Lg. Cansl J C Country Club—<s assorted fruit flavors. Lg. Cans S jC "" ■ ■ _ ._ „ Smoked Picnics "" Shankless 1 h 2® FfGhCfl 96 25C ' * * In the new Bag—Full bodied and flavory. Mince Meal *** 29c _________ n A (f 0 . o** |IfIITPP COI XTRV CUB Lb. ddC _ SODA - , . S— *- Seasoning .WtfeftlTi LatOllia Crackers Fresh Milk „8c , CLUB Country Club, Crisp Be sure <n have plenty on hand. '* Dr, cm e .r Alr F,..„ o ream ,| C gdj HM For coffee. Double for whipping, Lg- Bot,. | (JC Lb. Box l / C ,9C I Tomato Juice Bottle 10c Country Club. Pure—rich flavor. Candied Peels rk, 12c Orange, Lemon and Citron. Fancy. Shrimp Salad I Layer Figs g c DRESSING Fancy Callmyrna. In Cellophane— For the Salad Embassy brand. Completes R£arelim*llAUfe I Da the salad. Full quart jar— lflßrSnillflllOWs Lb ' Pk * - ■wC Campfire Economy Package. Keeps O Can. OC '"" h ~ Jewel BRAND COFFEE DIG3Q SMOOTH, FRAGRANT I I Fresh from the oven—just I 7“*““ SdPlwj.aj_9 e I9c Lb. Red Cherries c.„ IQc ■■■■■■■ Cuantry Club—for dillrJoQi plei. Fancy Corn 3 ... 25c rnnnnn Food Succotash -17 c VVtl|jUll ■ V/V/Vl Country Club—fancy—delicious. lime at CafSUP 2.-25 C f;f;7 r b ** K no 1 lamlliM- Many a.rtm.nU —• -* >—• any Kroger Store. 55.510 A -P < SwCet PicklOS ■ ISC $2.50 98c I Maraschino ■>.•• 9c . Grape Juice 15c Kroger and Pigglv Wiggly Store* JT Isi -Jt ■ M bp will be closed all day Thursday. aJ| w S LUX 4 Kar * dbVW Nmember 24. Open until late Ti.ilet -<>p Keeps skm> smooth. Tuesday and Wednesday nights. If L f 4 IA j€ Ik _ Hershey s 3<' 10c Jm Chocolate or Almond bars—sc aiaa—

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