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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Jul 07, 1931
Page
5
Reports describe a Franco American framework guiding debt relief and the World Bank plan. German and French officials discuss future payments, with Germany to resume installments and France pledging solidarity to stabilize the world economy.
Berlin July 7 10 President Hoover defeated Secretary of the Treasury Mellon in obtaining the first personal recognition for adopting the ration a holiday. The name Hoover was given to a baby boy born in Xohlendorf, a suburb of Berlin, in gratitude for America’s beneficent action toward Germany. The parents and the child would have been Waned Mellon It i bad bea giel.
Italy shows sympathy for the Hoover plan and readiness to back a Paris-Parla style debt accord with Franco American partners. A German proclamation today thanks the U.S. for the plan and pledges unconditional money relief to aid Germany’s economic recovery amid global tensions. The statement praises sacrifices by other nations and urges tighter spending to stabilize the world economy.
Markets in New York and major European cities advanced on news of a debt moratorium. Hoovers plan would delay payments for Greece and other debtor nations, easing obligations during 1931. Prices rose in Berlin Paris London and on the New York Stock Exchange with gains across most listings.
Greece made a payment to the United States on July 3 despite an international debt moratorium agreement. The move comes as formal moratorium approval is awaited, with U S funding agreements continuing for now.
Greece faces a $110,000 payment held in an ape vial account until Congress approves debt compensation. After approval the sum may be refined to Greece if the moratorium becomes retroactive as expected. Most of the $24,000,000 owed under agreements is not due until after Congress acts, with a week left in the session.
A couple was arrested near Medina Lake on forgery charges following a police investigation led by Deputy George Mangold and BE Mitchell. Zora DeVere faced forgery charges by two companies, with detectives and an investigator pursuing the case as part of a wider inquiry. A fire and explosion incident damaged a residence on Toxyln street, while officials traced a Treasury matter involving Andrew Mellon.
Spencer July 7 After cooling ten days the vaults of the Clay County National Bank were opened this morning More than a million dollars in cash and securities were found in good condition The blaze destroyed the business district of the city and left many investors hopeful for recovery readings not fully clear.
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