fr?
7iftRjrv<>.and52?-i?t.
--3
PEARLS
in?uncfm as imported
SPECIMEN PEARLS
for additions tomckfacos
ROPES ofPEARLS
oasscfs Sautoirs
-&
Ji3.6vcrt/P(?ariiri ourSiock
is individuaffypriced
eJMetropolitari oAr^j
cAuction Galleries
45-47 Weit 57'* St. NcwYorK. <f?y
?VCTIOXI.ERS d APPRAISERS
I it FOR TA XT A.XXO UXCSMEX T
WILL SELL AT
UNRESTRICTED PUBLIC AUCTION
THE ENTIRE COLLECTION OF
ny ORDER OF
M. WESTON (Art Collector
& Dealer)
who has retired from bUBlnesa.
BEING HIS ENTIRE STOCK OF TUB
WESTON ART GALLERIES
Formerly of Madleon ?nil Lexington
Avenue? respectively.
THE COLLECTION CONSISTS OF
OVER 400 PAINTINGS
including Paintings by Van Dylt?, Rubens.
?Alberts. Trlpollo. Hi"hidon?y, Dirk Hatz,
, Rrnnzennn, Dfto,bfKr.>-, Blake lock, Bruce
? Crane, Wyant, Dupre, Carol, Trlppt, Brown,
Bully, etc.
ALSO A FINE COLLECTION OF
MINIATURE PAINTINGS ON IVORY
SALE DAYS: TO-DAY and Friday. October
5th and 6th, at 8:15 P. M? and S.-uurday
F Afternoon, October 7th, at 2 :30 o'clock
DEALERS INVITED.
S. G. RAINS - - Auctioneer.
PHONES: PLAZA 26.N0-2166.
friendly
Co-operation
THE spirit of friendly
co-operation and per?
sonal contact which is
maintained by theFulton
Trust Company with its
customers makes a con?
nection here both valu?
able and pleasant.
FULTON
TRUST COMPANY
OF NEW YORK
itsmber FctUral Retervs Sy$lem
149 Broadway
AU Radio Apparatus and
Appliances Advertised in
The Tribune Have Been
Tested and Approved by
The Tribune Institute.
England Alone
I Is Able to Pay,
Says McKenna
Tells Convention Germany
Has No Resources to
Meet Reparation?* With?
out Surplus From Exports
Must Limit Demands
Frank Conference Between
Creditors and Debtors I?
Suggested as His View
Germany, without present capacity tc
obtain a surplus from the export oJ
goods, has no resources frosn whic?
to meet reparation payments beyonc
foreign balances and other forcigi
assets, valued roughly at about. $1,000,
000,000, which would only be availabl?
for this purpose provided the fall 1*1
tho mark should bo arrested. Thi
is the opinion of the Right Honorabl
Reginald McKenna, chairman of th
London Joint City and Midland Rani
Ltd., and former Chancellor of th
British Exchequer, expressed yestei
day in a discussion of reparations an
international debts at the America
Rankers' Association Convention.
Such payment, Mr. McKenna wj
convinced, would exhaust, Germany
capacity to pay for approximately thr<
years at least, and subsequent pa;
ments should be collected only in rel
tion to tho exportable surplus whi<
she was able to build up. England, w'i'
largo resources of foreign securiti
and ot.ier assets, could meet its i
debtedne?s to the United States; but
all other instances the limitation
possible exportable surpluses in tir
| of peace in competition with oth
1 countries made the aggregate indebte
ness of various nations to other go
ernments beyond their capacity for s<
tle:nent, in the opinion of the Lond
banker. In summarizing his views, J
McKenna presented the following 1
considera! ion of tho convention
representing strictly his persor
analysis of the problem:
"Tho conclusion to which I i
driven is that Germany can only p
now whatever she may have in i'orei
balances, together with such amount
she can realize by the sale of 1
remaining foreign securities; that t
payment ?3 only possible if all otl
demanda are postponed for a defin
period long enough to insure tho s
bihzation of the mark; and that fut?
demands at the expiration of this
riod must bo limited to the ann
! amount of Germany's exportable s
'?' plus at that time.
Poj.,1 ponement Desirable
"Further, that England has the
pacity to pay to the United States
terest and sinking fund on her debt,
that the other debtors are none of tl'
? In a position to meet moro than a sn
'? part of their external liabilities, ;
; in the existing condition of Europ
; definite postponement of any paym
i by them is desirable in the inter?
; of all parties. The actual amo
! which the other debtors could i
' mately pay should, as in the case
i Germany, bo ascertained by inqi
inko their exportable surplus at a
and frank conference between cr
\ tors.
Mr. McKenna said that an atte
I t? force payment beyond the ab;
?of the debtor would be injurious to
? intetnational trade of the whole wc
'would lower wages, reduce profits
?prove a direct cause of unemploym
' lie recognized that the situation
complicated by the existence of o
interests besides those of trade
finance, and pointed out that the ?
might become the subject of negf
tion and bargain by which the de
obtained relief, while at the same 1
: the. creditor might still recover s
advantage to which he was entitlec
France's payment of the indem
after the Franco-Prussian war was (
by Mr. McKenna as the only prece
for the settlement of a great inte
tional debt. This, he pointed out,
been accomplished largely thiv
drafts upon France's accumulated
serve of wealth, the foreign secur
i owned by her 3iational?. Germanj
noted, had no corresponding resoi
left to her after the war. lie (
cized the estimate by experts of
many's capacity for payment, as
pressed in the Versailles Treat")
based upon calculatioit of Germ:
capacity to p:*oduce.
Germany Must Have Market
"Nobody has ever doubted Germ
immense power to produce," the s]
t?r continued, "but production by itself
Is not enough. She must find a market
for her exports, and the problem thus
becomes one of determining the possi?
ble extension of German export trade.
Nor is this the end. Pnyment for her
indispensable imports must be the first
! cnatfS against the proceeds of her
! foreign sales, and it is only the bal
; anee, the exportable BOrpias, Which is
I available for reparations.
"We must not forget that other fac?
tors way contribute to a nation's ex- ?
portsble SnrplU? bovid?s the balance of
exports over imports. Interest teeelved
from foreign invi-.?tm?'tits and pay?
ments for external services, such ?is
shipping, may be contributory factors."
Rut, Mr. McKenna noted, Germany had
been stripped of these resources, nil
the sources from which an exportable
surplus might have been drawn having
been greatly impaired if not wholly do?
st royed.
The amount of cash actually paid by
Germany. Mr. McKenna pointed out,
was only $375,000.000, yet with this
comparatively si???l cash settlement,
largely made possible through thtV sals
of marks to foreigners, the mark had
declined to Icps than one-seventieth of
its valuo when the obligation to pay
was imposed by the Versailles Treaty.
He iaid that Germany during the last
three years had undoubtedly made ef?
forts to increase her external trade,
but that an increase commensurate to
the amount fixed by the London ulti?
matum would be out of the question
with Germany now confronted by o?jfn
petition of all other manufacturing
countries. Her efforts, he held, could
only be successfully cotftftSerSeV by a
general lowering of the standard of
life.
England Alone Able to.Pay
Mr. McKenna applied n similar
general application to all debtor na?
tions.
"England still owns sufficient for?
eign securities," he said, "to cover her
debt to the United States two or three
times over. Hut neither France noi
Italy has similar reserves of wealth
and I doubt whether either has suf?
ficient to meet more than a trifling
part of their foreign debt."
The exportable surplus of Franc?
and Italy in the ordinary way of trad?
was then taken up by Mr. McKenna. II?
called attention to the fact tha
France's debt to England had beer, in
curred in meeting her extraordin?r?
war demand for goods ami at hig?
prices. Reversing the process, Franci
could pay back England only by pro
ducing goods and exporting them ii
I quantities far in excess of norma
trade demands and at no less hjgl
?prices. Conceivably the debt might b
rapidly cleared, the speaker conceded
if England should be at war am
France remain at peace. But the mer
; endeavor by France to extend her foi
I eign sales to the necessary degr? i i
' timo of peace would disorganize th
trade of the world, he believed.
_ "The whole subject requires a r:
tional reconsideration by the creditors
?Mr. McKenna declared. i^'THey mu?
? keep steadily in vi??w the imm?diat
? effect of the payment of those debts o
the general trade of the world. Tli
; creditor countries will obtain great?.
advantage from trade, prosperity, vvhic
I will ?usure full employment in the
? factories and workshops, than they ea
1 ever receive from the precarious pa;
ment of these debts.
Effects of Broken Down Credits
"In the last two years we have ht
experience to the eftcct upon foreifl
trade of tumbling exchanges ai:
? broken down credit, and though tl
j conseii?iei3cu may be more fierions
! England than in the United State
where foreign trade is. comparative'
: only a srnall part of the total trade, the
j are still grave enough in the latt?
? country also It? warrant the fullest, ar
most careful consideration."
Mr. McKenna cited England's expe'i
ence ill building up v.ml retaining hi
foreign markets, .for which it li;
been necessary that every year . En?
land returned in loans more than si
? received in interest, the balance ?
the world's indebtedness to her stead i
growing. This continuous growth hi
been true of the aggregate, he sai
but not necessarily in any individu
instance, nor did it necessarily folio
that it would always be true of loai
, as a whole. Nations occasionally we:
; able to make full repayment of capit;
I as the United States had done, aid?
? by the unusual conditions provided 1
| the war.
The speaker explained his reloctu
! of subject as due to the difference
banking organization and practice b
| tween England and ihe United State
! there being only thirty-nine ban'
j with 9,600 branches in Great Brita
? and more than 30,000 independe
! banks here. in England bank? a
: operated as corporations while in tl
United States, the only deposit ban
; ing country in which depositors we
! protected, their operations we
j rigidly restricted. He emphasized t;
' fact that he gave, only his person
views and by the statement that ',
felt free to discuss the situation on
if the fact that England was able ai
prepared to pay her debt to the Unit
States Treasury was accepted as
condition to what he had to say.
icCufehecM?g
Fifth Avenue, 34th and 33d Streets
CRIS? autumn weather once more?weather
that brings to mind the snug comfort of
a well-fitting all-wool sweater. A splendid assort?
ment awaits your selection in the McCutcheon
Men's Wear Department. Sweaters you'll want
?in all prevailing styles and shades?natural
Camel's H?ir, Grays1, Browns, Heather Mixtures,
and Fancy Stripes and Checks.
We mention particularly an imported Swiss
W?fo? Sweater at $10?a price considerably below
present market costs. Also:
Shaker Sweaters in colors at $10.50 (with or
without collar).
Brushed Wool Sweaters at $8.50,10.50,12.00
and 16.50.
Alpaca Sweaters from the famous House of
Allen Sol ley, one of the leading English manu?
facturers of men's sweaters?at $21.?0and25.00.
ftegistered
trade Mark
Established
1855
IL S. Won't Be
Hard Creditor,
Treasury Says
But Debt Reduction Would
injure World Welfare
and Credit of Nations,
tho Oflieials Point Out
Only Britain to Pay Now
Mr Kenn a Believed to Have
Referred Only to Nego?
tiations as lo Interest
\VASHINGTON, Oct. 4,?The sugges?
tion of Reginald McKenna, former
Chancellor of the British Exchequer,
before the American Bankers' Associa?
tion in New York of the advisability of
definite postponement of any payments
to this country on war debts by foreign
nations, except Great Britain, until
tho amount such nations could ulti?
mately pay could bo determined was
regarded at the Treasury to-day' a;
merely stating tue status quo of nego?
tiations by the debt funding commis
sion, so far as interest is concerned.
With respect to tho possibility of i
reduction of the principal of foreigi
debts as suggested by the British finan
cier, high Treasury officials d?clar?e
the debt commission was governed en
tin ly by the wishes of Congress, whicl
; in the present law authorized the com
| mission only to arrange for the pay
i3ient of the war-time obligations upoi
suitable terms.
Lock Into Liquidation
It has been tacitly admitted by th
i Treasury that Great Britain alone wa
j expected to begin the payment of in
i torest on her $5,000,000,000 debt o
i October 1.5, when the first installmen
since the expiration of the three-yea
I deferred period falls due, and negotia
tions by tho debt commission wer
said to bo proceeding on the theory c
ascertaining when and on what term
the other debtor countries might stai
the liquidation of their obligations.
As to the principal of the debts,
was conceded that after investigate
| by the debt commission and conference
| with foreign representatives the fac?
> as to conditions in some particular n?
' tion might be laid before Congre;
j with a view to having the commissic
? empowered to 'make such terms i
| would enable payment. But as to ar
general cancellation of wholesale r
? duction of foreign debts, Treasury of
I rials were of the opinion that such
step would be injurious to the welfa
: of the world. Any action which cou
be construed as a repudiation of i
external debt by a sovereign govcr
ment,' it was explained, would work i
reparable harm to the credit of th
nation and cancellation by sever
countries would multiply lack of co
iidenco in governmental obligations.
Won't Be Harsh Creditor
On the other hand, it has been inc
catcd at the Treasury that there is i
disposition on the part of the Unit?
States to press for payment of its fo
1 eign debts in the manner of a har:
; creditor. Payment by Great Hrita
has been regarded as unquestionab!
j and Treasury officials have given tl
; impression that France and some
the other .more important nations cou
\ b.e relied upon to meet their oblig
; tions under carefully worked out fun
! ing arrangements. But as to some
? the smaller and poorer foreign debt
I nations, there have been indications
a willingness on the part of this cou
: try te treat with leniency where nece
\ ss'ry. _ _
Bull Invades Bankers' Shop
Roughneck Detective Thinks He's Protecting Vis?
itors by Manhandling Them
I I I I . 11 ?.
A bull-nocked and ham-fisted private ,
detective attached to a local agency I
employed to guard convention visitors ?
against pickpockets caused consterna-!
tlon in the corridors of tho Commodore
Tuesday evening, when he ordered from
tho floor bnnkers and their guests
whoso badges were not conspicuously
displayed. The officious Individual was
removed after complaints had been reg?
istered. One banker said tho detec?
tive's behavior indicated a 'belief on
his part that ho had been detailed to
supress a riot. As part of his work
he threw a newspaper man down a
flight of stairs.
Charles G, Lane, president of the
Exchanga National Bank of Hastings,
Neb., remarked yesterday apropos a
widely circulated heresy that New
Yorkers are coldly calculating in their
attitude toward strangers, that tho wel?
come given visitors to the bankers'
convention should forever dispel such
a belief.
"The cordial handshake and the dis?
position to kindly service met with
here have impresed me," Mr. Lane
? said. "Men I never saw before and
j may never see ugain, wearers of New
York badges, have greeted me like a
j long lost brother, volunteered aid that
cost them timo and must have incon?
venienced them no little. I am ?>o
stranger in New York City, but on
previous visita I was not known as a
visitor and therefore did not encounter
the New Yorker as host. In that ?a
parity it strikes me ho is bey-ond criti?
cism.
* A few minutes before a vote was
tnken in the convention yesterday, on
tho resolution opposing branch banks,
wheti many speeches in condemnation
of branch banking hud been heard and
the sentiment of Ena gathering hud be
como plainly evident, a dignified
stranger i.rosa in tho body of the hall
to say a few words "on the other hand."
The convention displayed impatience
as this spanker began a discussion of
the effect on Federal Reserve banks of
legislation which would preclude branch
banking. There weie frequent inter?
ruptions, shouts of "put the question"
ami Incidental bunging of tho chair?
man's gavel.
"Gentlemen," persisted the speaker,
"I am president, of a state bank nn?l
that bank has branches. Also it may
Interest you to know that when the
Federal Reserve act passed I repre?
sented my state in the United States
Senate and voted for its passage. My
name Ja William Alden Smith."
Objectors to the views of the former
United States Senator from Michigan
permitted him to complete his brief
address without further interruption.
?T. A. Johnson, Carson City, Nev.,
! banker, hotel owner and collector,
bought a leatherbound copy of De Foe's
"Complent Englishman" ip an old book?
store yesterday. Two pages in the cen?
ter of the volume, which is dated 1702,
are covered with rare postage stamp:.
Mr. Johnson is an enthusiastic philatel?
ist. One stamp in the collection he
declares to be worth more than $1,000
if genuino. It is an English issue of
the reign of George III which was
stopped when only a few stamps had
been printed because of a defect.
Program for Last
Assembly of Bankers
Governor Allen to Speak on In?
dustrial Justice Through
Government
The program for the last gon?r**! as?
sembly of tho Bankern' Convention in
the main ballroom of the Commodore
follows:
9:30 a. m., sharp?Call to order by
the president
0:81 a. ni,?Invocation, the Rev.
Henry S. Coffin, pastor of the Madison
Avenue Presbyterian Church.
9:35 a. m.?The Committee of Five;
Charles do B. Claiborne.
0:40 a. m.- -The membership commit?
tee; Harry J. Haas, chairman.
9:45 a. m..The Public Relations
Commission; Francis JI. Sisson, chair?
man.
9:55 a. m.?The Economic Policy
Commission; M. A. Traylor, chairman.
10:05 a. m.?Address, "The Responsi?
bility of Government for Industrial
Justice," the Hon. Henry J. Allen,
10:35 a. in.?Address by Herbert
Hoover.
11:05 a. m.? Report of tho resolu?
tions committee; new business; in?
stallation of officers; announcements;
adjournment. '
The trust company division will meet
in the main ballroom at 2:30 o'clock.
The program is:
President J. Arthur House presiding.
Greetings?By So ward Prosser, pres?
ident Bankers' Trust Company, New
York, and chairman committee 148th
annual convention, A. B. A.
Annual address of the president?
By J. Arthur House, president Guar?
dian Savings and Trust Company,
Cleveland.
Address, "Keeping Faith With Eu
*
rope," by Alvin W, Krech, president
Equitable Trust Company, New York.
Five-minute statements on the year's
work by officers and committee chair?
men, v
"The Growing Hazards and Liabili?
ties in the Conduct of Safe Deposit
Business," by Waldron H. Rand jr.,
vice-president Commonwealth Trust
Company, Boston.
"Telling the Story of the Trust Com?
panies to tho Nation," by Francis H.
Sisson, vice-president Guaranty Trust
Company of New York and chairman of
committee on publicity.
Discussion by members.
Roll call of state vice-presidents.
Nominations and elections of state
vice-presidents to lili vacancies for
term 1922-'28. ^
Election and installation of pres?
ident, vice-president and live members
of the executive committee to serve for
three years.
Unfinished business,
Now business.
Meeting of executiv?? committeo at
the close of this session.
The entertainment program for to?
day follows:
1:00 p. m.?Hostess day. Luncheons
for women in private homes. Guests
are invited t?> go after luncheon to the
Metropolitan Museum of Art.
8:80p.m.?Subscription dinner, Na?
tional Alumni Association, American
Institute of Banking, at the Commo?
dore, for A. I. B. graduates only.
9:30 p. m?Grand ball, the Commo?
dore. Coupons exchangeable for tick?
ets at the Commodore, ballroom floor.
.?i ; j ,. 111T ; m : ? i : ; i n : m
BEST & CO.
A
CLOTHES
for BOYS
1 "i '?';' ? ^"X^O*tfe^5^..r'.
?j?%# he graduates into the fun i or
Norfolk^ hi it be a. good 07ie?
MEN he forsakes sailor
suits for still more mascu?
line attire, get him the Best 6c
Co. standard Junior Norfolk.
Hundreds of pleased parents,
hundreds ofwell-dressed youngs?
ters, testify to their merits.
In smart English mixtures
or navy serges made by our
own tailors. $ to I o years.
$14.50 to $18.50
%t%\ & Co.
FIFTH AVENUE?/ 35? STREET?NEW YORK
8ll_llllHH!llt1lllllllllllBIIMH?M__~m_ii"
Stuyvesant Fish Halts
Inquiry Into Wets' Books
Gel? Court Order Delaying
Quiz on Fiiiyl? to Fight
Dry A ?n end ruent
Stuyvesant Fish, financier, railroad
executive and anti-prohibitionist, was
relieved yesterday from the necessity
< of revealing, for the present nt least,
?. ?! ?secrets of the New York State
j Division of the Association Against tl e
: Prohibition Amendment, of which Mr.
? Fish i4 treasurer.
! anjamln ii. Milb*rg is suing the
nssocitaion for $13.330 in commissions.
He obtained an eider to examine Mr.
Fish before trial, and nlso an order
directing the treasurer of the defend?
ant. organization to produce certain
books und records R<> that the plaintiff
might obtain the information he
Sought. 'I his information had to do
with alleged financial contributions by
hotel, wine, beer, liquor and brewing
i intcrestn to the anti-prohibition as
j s?ciation. Mr. Milberg wishes to be
I enlightened a? to the persons who
! made those contribution?, if any, and
\ the amounts given.
The examination was to be held to
I day. but the defendant obtained an
; order putting it oft" until Justice Wag
: mr has decidtd a motion by the do.
? fendant to vacate the order of ex?
amination. The justice will hear ar
gument on this motion to-day,
FACTS about
PAPER
NO.
YOUR correspondent
will consider it a
mark of respect to re*
?ive. a carefully word'
ed, tastefully designed
letter on Brookdale
Linen Bond.
Samples on request
LINDENMEYR
Telephone Spring 9600
Jos?, w-:?w. m -\m&?e9*Wss\\WmKsW??s\
Hear
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LONDON-MADE
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Prices under We?v Tariff
Will b* 545 to *72
Newmodels.ei?i
bracing great?
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Mens SHOPS-West 38th and 37th Sts.--Street Level