Indianapolis Times, Volume 46, Number 34, Indianapolis, Marion County, 20 June 1934 — Page 10

PAGE 10

U. S. TO TAKE STERNER VIEW ! ON WAR DEBTS Uncle Sam, Tired of Being ‘Goat/ Sends Sharp Note to Berlin. By Scripps-Hotcard Ketcspaper Alliance WASHINGTON, June 20.—Stung to the point of exasperation by Europe’s growing habit of making Uncle Sam the goat whenever debt Issues arise, the state department plans materially to stiffen its attitude. The most vigorous rebuke this country has yet administered to a major foreign power over debts has gone forward to Germany as a result of her “summary action with respect to her external debts,” together with an “energetic” protest against “discrimination against American investors.” But if Germany chooses to default or discriminate, there is little this country can do about it. The United States is as helpless with regard to the German debts as it is with the British, French and other war debts now in default. Great Britain and France plan reprisals against Germany. If she goes ahead with the complete transfer moratorium just proclaimed and suspends payment on all her foreign debts, they have warned, they will take steps to collect for themselves. British Have Plan Great Britain, Chancellor of the Exchequer Neville Chamberlain has intimated, plans to set up an exchange clearing house to handle all imports and exports between Britain and Germany and apply any favorable German balance to paying off British holders of German bonds. This Britain is in a position to do. Anglo-German trade normally is in Germany’s favor. Last year Britain bought approximately $150.000 000 worth of German goods and sold $“5,000,000 worth to Germany. Here was a $75,000,000 surplus and it is from such future favorable balances that Sir Neville now threatens to pay British nationals. France is in a similar position to put pressure on Germany. The Paris government has warned Berlin that she contemplated either following the lead of Britain else adding a super-tax to regular customs duties on German imports and applying the proceeds to paying off French holders of German bonds. U. S. Holds the Bag Neither Britain nor France is understood to contemplate anything more drastic. In fact nothing further would seem to be required—unless, of course, trade with Germany practically ceases. Confiscation of private property or capital of Germans, within the creditor countries, would constitute a flagrant violation of international law. The United States, unlike Britain or France, sells far more to Germany than it buys. In normal years. Germany buys about $200,000,000 more from us that we buy from her. Even last year the balance was $60,000,000 in our favor. Reprisals on our part, therefore, might, and likely would, prove, a boomerang. Switzerland and Holland are reported to have been promised interest payments in return for an agreement to buy more German goods. If Britain and France collect out of surplus exchange growing out of German trade, the United States will be left holding the bag as usual. And it is this which so riles our state department. Debts Scaled Down “The spectacle of not only having to accept losses.” it reminded Germany in yesterday’s protest, “but to perceive payments to investors of other nationalities at their expense,” would arouse the American public. German foreign debts, according to the survey made unde* the Berlin decree of 1932, totaled a little over 20 billion marks, or about $5,000,000,000 at the rate of exchange then. Os this, America’s share amounted to some $2,000,000,000; Hollands $1,000,000,000; Switzerland’s $700.000.000; Great Britain's $600,000,000, and France’s $250,000,000. These amounts have since been reduced, America’s share to nearly half. German securities, now in default, are privately owned all over the United States.

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By Times Special NOBLESVILLE, June 20—Late in August, the Rev. A. L. Ward will terminate his service as pastor of the Christian church, ending a career of forty-three years in the ministery. He has been with the church here five years. He and Mrs. Ward will continue to make their home here. Mr. Ward, in announcing his resignation, stated that except for acting as a supply pastor, if his health permits, his career as a minister will be ended. Mr. Ward has held pastorates in various cities in Indiana, including Union City and Lebanon.

an a How to Stay Young By United Press EDINBURG, June 20— Associate with young persons to keep young, is the advice of Mrs. Adelaide Compton, who has entered upon her ninety-first year. Mrs. Compton plays bridge, writes poetry works crossword puzzles and enjoys radios program. She is the oldest member of the Christian church of Edinburg, having been in the congregation seventy-two years. Crime to Be Topic SHELBYVILLE, June 20— Open meeting of the Shelby county branch of the Indiana committee on

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James B. Martin in Charge of Annual Presbyterian Youth’s Event. Camp life has begun for 125 boys and their leaders at the Tabernacle Presbyterian camp. The camp, which opened Monday, is under the direction of James B. Martin, church religious education director. The boys and leaders include: Larry Allen, Richard Allen, Bob Blake, Donald Bruce, Billy Baker, Bob Becker, Jack Behringer, Don Bruce, Jack Brown, Norman Beatty, Robert Byers, Haroid Bright, Billy Beckstahler, Donald Campbell, Richard Carr. Patrick Campbell, William Caldwell, Samuel Copeland, George Deck, Rodney Dicks, Robert Dahlrymple, William Evans, Buddy Edwards, Richard Edwards, Lawrence Earle, Paul Eastman, Ralph Fox, Larry Finley, Fred Freihofer, William Floyd. Cecil Freihofer, Walter Freihofer, Billy Griffith, John Greer. Allan Greer, Glen Grosbach, ..obert Hare, Harvey Hunter, Wallace Hislop, Billy Hamilton, Marvin Hamilton, Theodore Holland. Paul Havens. Morris Hughes. Eugene Johnson, Billy Jarrett, Victor Keene, Carl Klein. Carroll Kahn, Edwin Kelb. Thomas Lamb, Billy Lawson, Fred Likely, Joe Luder, John Leasure, Billy Lochry, John Leslie, Don Lukebill, Sam Mantell, Harold Moore, Carl Matthews, Bill McCullough, Robert McGuire, Kirk McKinney, John McClure, Thomas Mantel, David McConnell, Myron McKee, Charles Nugent, Hilton Olshewitz, George O’Neill, Joe Pratt, James Pescok, Jack Recobs, Bill Roberts, Steven Roberts, Robert Rairdon. Eddy Ruch, Hary Stout, Jack Strickland, Robert Shumaker, Robert Stempfel, Richard Stevens, Roddy Stevenson, Allan Sicks, Charles Storz, Jack Stevenson, Bud Trunock, Milton Tavel, McCormick Templeton, James Wiley, Gene Williams, Junior Williams, William Weghorst, Robert Webber. Dan Zinn, Edward

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organization for prevention of crime will be held tonight at the city council chamber. The speaker will be Kenneth L. Ogle, Indianapolis, chairman of the state committee. n n n Escapes Farm Term By Times Special COLUMBUS, Jan. 20.—Sherman Martin escaped six months penal farm term on a nonsupport charge when he agreed to contribute $3 a week toward paying cost of an operation to be performed on his wife. Mrs. Martin is suffering from a skull fracture incurred when she fell from an automobile a week ago.

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THE INDIANAPOLIS TIMES

FIND HARRIMAN GUILTY IN BANK FAILURE TRIAL U. S. Jury Deliberates Two Hours; Mismanagement Is Proved. By United Press NEW YORK, June 20.—Another crashing blow at bank mismanagement was delivered from the courts today as elderly, white-haired Joseph W. Harriman stood convicted on sixteen counts in connection with the failure of his huge financial institution. After hearing evidence for five weeks and deliberating only two hours, a federal court jury returned a verdict convicting him on a charge of falsifying entries aggregating $1,713,225 and misapplying funds totaling $600,000 in the Harriman National Bank and Trust Company. Albert M. Austin, executive vicepresident of the defunct institution and Harriman’s right-hand man, was acquitted. Harriman, 67, will appear in court June 27 for pronouncement of sentence. He is subject to eighty years imprisonment and a fine aggregating SBO,OO0 —five years and $5,000 on

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each of the counts. He indicated an appeal would be filed. Detroit Failures Probed By United Press DETROIT, June 20.—A federal grand jury began investigation today of the collapse in February, 1933, of two Detroit national banks. Indictments os: several prominent bankers was believed possible. The proceedings, which will stretch over a period of many weeks, will not be in the nature of a trial, but will rest with the jury to determine whether the government’s cases warrant indictments. RELIEVES SUNBURN

DUAL JUBILEE ENDS AT ST. CATHERINE'S Church and Pastor Mark 25th Anniversaries. Celebration of solemn high mass yesterday brought to a close the

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double silver jubilee honoring St. Catherine’s church and its pastor, the Rev. James M. Downey. The Most Rev. Joseph Elmer Ritter. bishop of the Indianapolis diocese, was present on the throne while Father Downey celebrated the mass. The Very Rev. Michael J. Gorman, dean of the Terre Haute district, delivered the sermon. Mass music was provided by the Indianapolis clergy choir.

_XUNE 20, 1934

Fire Sweeps Abandoned Plant CHICAGO, June 20. —A disastrous fire today swept an abandoned International Harvester Company plant.

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