oc-plain-dealer 1924-04-09

DAWES DISCLOSES PLAN IN GERMANY (Continued From Page One) The powers represented on the commission. More than this limit could not be expected and less than this would relieve Germany from the common hardship and give her an unfair advantage in the industrial competition of the future. The plan of the committee embodies this principle. "The plan has been made to include flexible adjustments which from the very beginning tend to produce a maximum of contributions consistent with the continued productivity of Germany; the conservative estimates of payments to be made in the near future are dictated by business prudence in insisting on the basis of a loan and should not destroy the perspective as to the facts to be registered in the aggregate of eventual payments which will annually increase. "With normal economic conditions and with productivity restored in Germany the most hopeful estimates of the amounts receivable are justified. Without such restoration, such payments as may be obtained will be of little value in meeting the urgent needs of creditor nations. "To ensure the permanence of the new economic peace between the allied governments and Germany which involves the economic adjustments presented by the plan there are provided the counterparts of those usual economic precautions against demoralization which are recognized as essential in all business relations involving express obligations. "The existence of safeguards in no way hampers or embarrasses the case of ordinary business contracts. The thorou effectiveness of these safeguards should not embarrass the normal economic functioning of Germany and is of fundamental importance to Germany and her creditors. "Great care has been taken in fixing the conditions of the supervision over Germany's internal organization so as to impose a minimum of interference consistent with proper protection. The plan submitted is fair and reasonable in its nature and if accepted, is labor, agriculture and industry. It has received from the German government and its representatives voluminous and satisfactory answers in response to written inquiries. Connection with various features of its report, both for the purpose of gathering information and for advice, the committee called to its assistance outside experts of reputation. The published reports and statements of economists of world-wide standing have been in its hands. It has had also the benefit of the accumulated information heretofore gathered by the reparations commission." The full committee held 48 meetings since January 4 of this year. The sub-committee on stabilization of currency held 68 meetings, and the sub-committee on the balancing of the German budget held 60 meetings. "In speaking of my colleagues and as bearing upon the value of this report," the letter continues. "I feel that I should make known to the reparations commission and to the world that their governments have in no case limited their complete independence of judgment and action, either before or after their appointment by the reparation commission. Limited only by the powers granted by the commission, each of my colleagues has performed his work as a free agent; these men searching for truth and advice thereon, were answerable only to their consciences. In granting this freedom the governments have on the same lines followed the commission's spirit and intent in constituting the committee, but in doing they have paid the highest tribute which governments can bestow, namely, complete confidence in a time of crisis in human affairs. In their vision, in their independence of thought and above aH in their spirit of high and sincere purpose, which rises above the small things over which the small so often stumble, my colleagues have shown themselves worthy of this trust. "That their work, which I now place in the commission's hands, may assist in the discharge of the commission's great responsibilities is their prayer and the knowledge hereafter that it has done so will be their full reward. (Signed) "CHAS. G. DAWES, Chairman." The committee proposed that joint company be organized to handle their finances. It is not the intention of the plan, the report said, to deprive Germany of the administration of her railway systems so long as the proposed financial relations are forthcoming from the roads, there will be no interference in the management of the allies. In addition to 2,000,000,000 gold marks preferred stock issued on the roads, it is proposed to issue 11,000,000 gold marks, first mortgage, 5 per cent bonds and 1 per cent sinking fund. The remaining 13,000,000,000 gold marks of rail values will be converted into common stock. The proceeds from the sale of all the common stock and from 500,000,000 gold marks of preferred red stock goes to the German government. The committee believes that by the end of fiscal year 1928-29, the financial and economic situation in Germany will have returned to normal and that in this and subsequent years the budget should contain a sum of 1,250,000,000 gold marks for application upon the reparation debt. The total sum provided from the ordinary budget resources would be the standard payment of 1,200,000,000 gold marks plus the additional sum computed upon the growing prosperity of Germany being grown in 1920. It was suggested that a general mortgage of not less than 5,000,000 gold marks be placed upon Germany industry. First mortgage bonds paying 5 per cent would be issued and a one per cent sinking fund created. This sum is less than the total debt of German industry before the war. It was pointed out in this connection that industry had benefited greatly thru deflation of currency which enabled them to pay debts with depreciated money. The committee summarized the contemplated treaty payments as follows: First year (budget moratorium period)—from foreign loan and part interest (200,000,000 gold marks) or rail bonds, one billion gold marks. Second year, from interest on rail bonds (including 120,000,000 gold marks from first year) and interest upon industrial debentures and budget contribution, including sale of railway labor, agriculture and industry. It has received from the German government and its representatives voluminous and satisfactory answers in response to written inquiries. Connection with various features of its report, both for the purpose of gathering information and for advice, the committee called to its assistance outside experts of reputation. The published reports and statements of economists of world-wide standing have been in its hands. It has also the benefit of the accumulated information heretofore gathered by the reparations commission." The full committee held 48 meetings since January 4 of this year. The sub-committee on stabilization of currency held 68 meetings, and the sub-committee on the balancing of the German budget held 60 meetings. "In speaking of my colleagues and as bearing upon the value of this report," the letter continues. "I feel that I should make known to the reparations commission and to the world that their governments have in no case limited their complete independence of judgment and action, either before or after their appointment by the reparation commission. Limited only by the powers granted by the commission, each of my colleagues has performed his work as a free agent; these men searching for truth and advice thereon, were answerable only to their consciences. In granting this freedom of thought and above aH in their spirit of high and sincere purpose, which rises above the small things over which the small so often stumble, my colleagues have shown themselves worthy of this trust." "That their work, which I now place in the commission's hands, may assist in the discharge of the commission's great responsibilities is their prayer and the knowledge hereafter that it has done so will be their full reward. (Signed) "CHAS. G. DAWES, Chairman." no way hampers or embarrasses the case of ordinary business contracts. The thoro effectiveness of these safeguards should not embarrass the normal economic functioning of Germany and is of fundamental importance to Germany and her creditors. "Great care has been taken in fixing the conditions of the supervision over Germany's internal organization so as to impose a minimum of interference consistent with proper protection. The plan submitted is fair and reasonable in its nature and if accepted, is likely to lead to ultimate and lasting peace. The rejection of these proposals by the German government means the deliberate choice of a continuance of economic demoralization, exentually involving her people in hopeless misery. "In the preparation of the report the committee has carefully covered a broad field of investigation. It has had the constant cooperation of able staffs of experts in gathering information, digesting it and presenting it. The committee has conducted on the ground and examination of officials of the German government and reports of representatives of German la- DOES YOUR WIFE TELL YOU "LOVING LIES" The committee proposed that the first external loan for Germany should be 800,000,000 gold marks or approximately $200,000,000, the money to be applied specifically to creating the bank of issue and stabilizing currency. None of it will be applied directly upon reparations payments. Proceeds of the loan would be deposited in the bank of issue. Indirectly part of the loan would be used to continue deliveries in kind, which will not be interrupted during the transition period. The committee pointed out that the success of the whole plan depends upon three main factors: 1. Limitation of payments for all purposes to one billion gold marks, of which at least 800,000,000 must be spent in Germany. 2. Cooperation between the allies and Germany in securing political conditions which will incline outside investors favorably toward Germany's external loan. 3. An external loan for the purposes mentioned. The committee pointed out that the first loan must be secured in such a way as to give investors absolute protection so the subsequent loans would not be jeopardized. The value of German railways was placed at 2,000,000,000 gold marks. It was suggested that a PARIS, April 8.—A unanimous agreement has been reached upon the details of the world's most formidable financial problem—setting bankrupt Germany upon her feet—it was revealed today by a covering letter sent to the Inter-Allied Reparations Commission along with the report of the international committee of experts of which Charles Gates Dawes of Chicago is chairman. All the suggestions and recommendations are based upon hard-headed business principles, justice and mutual interest. Germany must pay taxes to the limit of her capacity. A loan is proposed for the German government. Flexible adjustments are recommended to produce a maximum of With all the comforts of home Solid Compartment Cars Straight through to Chicago on the premier LOS ANGELES LIMITED. This notable train is, in reality, a de luxe hotel on wheels. In addition to the privacy of solid room cars it affords an observation car service which includes library, buffet, valet, bath and tonsorial service and through dining car service famous for its excellence—all accompanied by real SERVICE every mile of the way. The Los Angeles Limited also carries through standard Pullman sleeping cars to Chicago, St. Louis, Kansas City, St. Paul, Minneapolis, Denver, Omaha, Butte and Salt Lake City. Union Pacific G. G. Beebe, Agent STONE SWORN IN WASHINGTON, April 9. — Harlen Flake Stone of New York, former dean of Columbia University Law School, was sworn in today as attorney general of the United States, succeeding Harry M. Daugherty. The oath of office was administered at the department of justice by Charles Sorenberger, an appointment clerk. STINNES DYING BERLIN, April 9. — Hugo Stinnes, famous German financier, is dying, it became known today. He suffered a nervous breakdown from overwork several weeks ago. It was said his condition was "hopeless." THE PLAIN DEALER, 'ANAHEIM, CALIF. INDICTMENT WILL REVIVE INQUIRY (Continued From Page One) When the committee met this morning, Senator Brookhart said: "In view of the announcement in the morning papers that this investigation might be interrupted, I want to announce that it will proceed and it will proceed with a force and determination it has never had before." Senator Wheeler made no statement, but immediately began the questioning of George W. Storck, a government accountant, concerning alleged frauds in the operation of the Old Hickory powder plant at Nashville, Tenn. It was indicated the Democratic leadership in the senate would direct Wheeler's defense. This course would be adopted because the charges against him reflect on the Democratic party as well as the senator. It was learned that Wheeler spent most of last night in consultation with Democratic leaders. Even tho Wheeler removed himself from the investigation, the Democratic-Insurgent coalition will continue in control. According to Senator Brookhart, Republican, Iowa, the insurgent chairman, the inquiry will be pressed with renewed vigor the moment Wheeler steps aside to answer the Montana indictment. Wheeler himself charged the indictment was a frameup by the department of justice to embarrass the investigating committee. "It was a rotten frameup," said Wheeler today. "I have been employed as attorney for Gordon Campbell, a geologist, but I never knew the other men. I have never appeared or even interested myself before the department of the interior or any other department." "Sometimes ago I did receive a letter from Campbell relative to oil leases, but I never acted on it. I think my secretary answered it." In reply to Wheeler's charge of a "frameup," Former Attorney General Daugherty declared that the evidence against the Montana senator was gathered by the post-office department and that the department of justice had nothing to do with it. METCALF TELLS SCHOOL SAVINGS (Continued From Page One) by every effort in his power to secure the position, but was turned down, because the compensation demanded seemed excessive to the board. By the employment of our present superintendent, a saving of $2600 was effected and a man fully as competent secured. If this work had been let by contract, it is very probable that an outside firm would have submitted the lowest bid, as there are perhaps not more than two local firms who handle contracts of this magnitude and there are a great number in neighboring cities. Had an outsider secured the contract, local labor would have been discriminated against, and supplies to a large extent would have been purchased abroad. When the board advertised for building materials, it was the popular opinion that a combination existed among the various local lumber companies by virtue of which practically a uniform scale of prices was in force, thus eliminating any real competition. For this reason bids were solicited, not only from our home dealers, but also, from a number of outside firms. The successful bidder was a Los Angeles company, whose bid was over 13 per cent lower than the local combination. Some of the local lumber dealers, figuring prominently among those who are opposing me in the coming city election, were greatly disgruntled at their failure to profit at the expense of the taxpayers, for reasons entirely too obvious to even require comment. The board's estimate of the cost of the building was $50,000. The actual cost was approximately $49,000—demonstrating the accuracy of the estimates. This contrasts rather favorably with the expert figures of our city council's public improvements. Profitting from experience with the board last year, when material was purchased for the new building now in the process of erection on E. Center-st, there was genuine competition among our Anaheim dealers with the result that the contract was awarded to a local firm much to the satisfaction... which enabled them to pay depreciated money. committee summarized the treaty payments as year (budget moratorium from foreign loan and interest (200,000,000 gold or rail bonds, one billion year, from interest on loans (including 130,000,000 marks from first year) great upon industrial and budget contribu- ting sale of railway 200,000,000 gold marks. year (transition period) interest upon rail bonds material debentures, from tax and from budget, 1000 gold marks, subject addition or reduction ending 250,000,000 gold year, from interest upon and industrial obern transport tax and 750,000,000 gold marks, to the third year's con- ditionation was made that five billions gold marks upon all funds accumu- the hands of the reparators in Germany. Corporate control system is there will be a banker, a railway commis- commissioner of con- enues, an agent-general relations payments, a trustee rail and indus- s., and numerous sub- scribers. April 8.—A unanimous has been reached upon of the world's most financial problem—bankrupt Germany upon it was revealed today spring letter sent to the Reparations Commis- with the report of the final committee of experts Charles Gates Dawes of chairman. suggestions and recom- are based upon hard-iness principles, justice interest. Germany taxes to the limit of her A loan is proposed for government. Adjustments are recom- produce a maximum of "Sometimes ago I did receive a letter from Campbell relative to oil leases, but I never acted on it. I think my secretary answered it." In reply to Wheeler's charge of a "frameup," Former Attorney General Daugherty declared that the evidence against the Montana senator was gathered by the post-office department and that the department of justice had nothing to do with it. WHEELER INDICTED GREAT FALLS, Mont., April 9. U.S. Senator Burton K. Wheeler, "prosecutor" of the Daugherty senatorial investigation, in Washington, was under indictment here today on three counts involving receipt of money for representing clients in oil land litigation before the general land office of the department of the interior in Washington. Senator Wheeler was U.S. district attorney for Montana under the last Wilson administration. Gordon Campbell and L.C. Stevenson of this city, both prominent in the development of Montana oil fields, were jointly indicted by the same federal grand jury, charged with fraudulently selling oil stock. A third indictment jointly indicted by the same federal grand jury, charged with fraudulently selling oil stock. A third indictment jointly charged Gordon Campbell, Chas. F.Bloomhuff and Edward J.Dalley with misrepresentation in selling oil shares. Dailey was convicted in the federal courts of Texas three years ago in connection with oil frauds in that state. Signed Check that Nominated Harding WASHINGTON, April 9.—Pur- ter details of alleged oil deals in the 1920 Republican convention, involving the late Jake Hamon, Republican national committeeman from Oklahoma, were bared before the Senate public lands committee today. J.K.Baughn of Harlingen, Texas, declared Hamon told him after the convention: "I signed the check that nominated Warren G.Harding for president." Baughn was not pressed for the amount of the alleged check but declared Hamon further had told him that he would spend a million dollars, if necessary," to put Oklahoma in the Republican column behind Harding. William H.Miller, Columbus, Ohio, former assistant attorney general of Ohio, to whom J.B.French previously said Hamon gave $25,000 to pay the hotel bill of the Harding delegation at Chicago, followed Baughn on the stand. of the building was $50,000. The actual cost was approximately $49,900—demonstrating the accuracy of the estimates. This contrasts rather favorably with the expert figures of our city council's public improvements. Profiting from experience with the board last year, when material was purchased for the new build- ing now in the process of erection on E. Center-st, there was genuine competition among our Anaheim dealers with the result that the contract was awarded to a local firm, much to the satisfaction of the board. When a bond issue was approved by the people for a new school building, the board in consultation with the district superintendent decided upon a 12-room structure as best adapted to its requirements and after much investigation and careful consideration agreed upon a set of plans and specifications, which were approved as more than complying with city requirements and were also endorsed and approved by the county superintendent of schools. The total cost of the preparation of the plans and specifications amounted to $247. The regular architect's fee for this job would be something over $4060, including supervisions which would be of no use to us. A certain prominent local archi-tect is bitterly opposed to my election as city trustee. This same gentleman failed in his efforts to be employed by the board, the members of which deemed such employment as unnecessary, taking the position that the money saved had far better be in the pockets of our taxpayers than in that of an individual. This opposition from a few so-called prominent citizens can, in most cases, be directly traced to their failure to derive personal profit from school business. As a man occupying a position of public trust, I shall in the future, as in the past, refuse to subordi- nate the interests of the taxpayer to private gain and shall stand on that same platform if empowered with the duties of city trustee. REALTY BOARD STAYS OUT OF POLITICS (Continued from Page One) the advertising. Twenty names were required. Cuts of Anaheim scenes will be re-produced in the May issue. A cut of the Elks' Club appears on the first page of the April number, in connection with the announcement of the conference, and a first page story is given up to the meeting. Half a page for three months, with the possibility of a full page of advertising in the May number, For Baugh was not pressed for the amount of the alleged check but declared Hamon further had told him that he "would spend a million dollars, if necessary," to put Oklahoma in the Republican column behind Harding. William H. Miller, Columbus, Ohio, former assistant attorney general of Ohio, to whom J. B. French previously said Hamon gave $25,000 to pay the hotel bill of the Harding delegation at Chicago, followed Baugh on the stand. Miller said he first met Hamon in April, 1920, in Indianapolis, being introduced by Charles Watson, brother of Senator Watson of Indiana, Republican. KELLOGG SUES SISTERS IN ESTATE SQUABBLE (Continued from Page One) children of Mrs. Kellogg; Lillie D. Swartzlaugh and Leonard Evans, also grandchildren, were named as defendants. Leonard Evans, Anaheim attorney and a nephew of the plaintiff, also was included in the list of defendants. Kellogg making the statement in the complaint that the former had refused to file the suit for his uncle. Lowenthal Collins and Lowenthal, of Los Angeles, filed the complaint. When the deeds were signed, Kellogg alleged, the children "coerced" the mother to deed away the property to them, threatening he averred, to leave her alone in her home if she refused. The date of the incident was given as February 1923. Lillian Swartzbaugh and Richard Bird, plaintiff's brother-in-law, were residing with Mrs. Kellogg at the time, it was asserted, and Kellogg alleged the woman also exercised undue influence over his mother. Mary Clark, his sister, called the meeting in the family home while he was in Europe, Kellogg complains. His papers do not disclose whether he was disinheritited. The property deeded consisted of 80 acres of valuable land near Anaheim, it was alleged. Read the late fiction at 3c per day. Biglow's, 306 E. Center. (Continued from Page One) the advertising. Twenty names were required. Cuts of Anaheim scenes will be re-produced in the May issue. A cut of the Elks' Club appears on the first page of the April number, in connection with the announcement of the conference, and a first page story is given up to the meeting. Half a page for three months, with the possibility of a full page of advertising in the May number, appears assured. It was voted to grant the request of the Orange County Credit Aaa'n to share the board's offices in the Commercial Building on a 50-50 basis. W. B. Allen reported on the progress of the test case to determine whether the city occupational tax is legal. He declared City Attorney Hans Weisel will be ready to submit his brief within 10 days from the date of the hearing this week, and Attorney Leonard Evans within 10 days after Weisel's brief is in. ANAHEIM MAN IS SERIOUSLY WOUNDED (Continued from Page One) when asked if he shot himself he refused to ray. Mrs. Jay said that he had seemed jolly throughout the evening until a few minutes before the shooting occurred when he turned pale. Complaining of being sick, he left the house. He was reported resting easy at the hospital this afternoon. FIREMEN BATTLE WITH PEANUT CLUB Local firemen play the Peanut club of the city hall in baseball this afternoon at 5 o'clock at the city park. MRS CLARK SUES SAN DIEGO, April 9—On the ground that her husband Everett Drew Clark, has been convicted of the murder of George E. Schick, Etta Mae Clark today filed suit for divorce in the supreme court. TRY A CLASSIFIED AD SENSATIONAL SHOE OFFER 680 pairs, big girls low shoes $1.00 ONE • DOLLAR • A • PAIR Made just like slipper pictured above of the very best patent celt leather with best grade flexible soles in sizes for the growing girl to size 8. A regular $3.00 value (Over 400 Pair) $1.00 BEVERLY SANDALS This popular slipper in patent, gray or beige leather. 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