The Nazareth Item

              The Nazareth Item
AM INDEnENDBNT W0MBJ9
NKWSPAPm DEVOTED TO LITKRATUM.
VOCAL AND GENERAL INTSLUOBNOI
Vol. 44 — No. 41 ~ 4S So. Main St., I*hone 20
NAZARETH,  PA.,  THURSDAY MOk.\IN(;, SEI'TKMJiKK 5. l!t:^>5
Boo.st Xazareth — Single Copy Three Cents
NAZARETH BLDG. AND LOAN ASSN. PAID OVER $400,000 TO MEMBERS
AHocited To Matured Shares, Loans To Property Owners, and Re|Nirchasing of Shares; All Help To Revive Confidence In In¬ vestment Situation
r«
During the past fiscal year    the Nazareth Building and Loan asso¬ ciation paid $412,383,26 to its mem- , bers in the form   of earnings   on their shares, retirement of matur- , ing shares, loans on security of their , homes, and for repurchase of their shares  In  cases where the  share- ^ holders needed their funds before maturity. These flgures on the local, institutions operations were   mad: public today   by   Charles   W.   K. Shafer,   Secretary   of   the   associa-, tion, I
This $412,383 2C iUm was allocat¬ ed by the association as follow.s: $160,200 for matured shares of in¬ vestors $208,400 for loans lo properly owners for rcflnancing, remodeling, new construction, or lo complete a purchase of property, and $43,983,20 for repurchase of shares not ye: reaching maturity,
"Two   notable   effects   upon   the economic situation of the communi¬ ty may be traced to this distribu- ' tion of cash and credit," said Mr, Shafer.    "The earnings distributed as dividends as well as the matured [ shares retired  and the unmatured shares repurchased havo all served to revive confldonce in the invest¬ ment  situation    and    to    decrease rapidly any remaining fears which may exist regarding Uie safe keep-' Ing  of   tho   peoples   savings   these days.   Nobody is ^olng to continue ' keeping his money in the safety de- | posit   bo.x   or   the   proverbial   "sock when  he  sees an  institution man- ' aged by tho responsible citizens of the cummuniiy paying a substanii.il,
dividend on funds entrusted to it, and at the same time demonstrat¬ ing its soundness by continued safe¬ ty of the funds invested.
"The effect of the funds disbursed in the form of loans does not need much elaboration. A pick-up in employment iu tjie building and allied trades Ls the natural result of every loan which we made for modernizing or repairing an old house in this community, and for constructing new residential pro- pertie,?. Where the funds were used to finance a real estate trans¬ fer the credit acted as a bolster to the i-eal estate market, and in each ca,->e where tlie funds were used to reflnance a formerly cxi.silng un- saliafactoy tyjae of mortgage by transferring it to the long-term, monthly repayment building and loan plan a more favorable finan¬ cial situation was created for the fainily /.. pi/,:ing ihem on an order¬ ly basis for liquidation of their debt.
"No better basis for recovery in this community could be discovered than the returning confldence of inve,stors and the increasing avail¬ ability of credit of a normal variety ratlier than a government rescue variety, for the financing of resi¬ dential real estate. The past .six months experieiice in tlie Nazareth Building and Loan as.sociation jas- tity our belief that this community can onco more begin to count its economic bKssings and look for¬ ward to a .sub,-tantial and pro.sp?r- ou- development of its resources :i:ul business possibililie.s during the nex; few years,"
PRIilSIDeNT OF CE¬ DAR CREST COLLEGE TO SPEAK HERE
president William F, Curtis, of Cedar Crest College will addre,ss th<-' Nazareth Womans Club on Monday, September 9th, at the Nazareth High School, giving an lllu.strated talk on "Photographs from an Am- ateurs Garden'.
PRES    WILLIA.M   F    CURTIS
SCHOENECK TO OBSERVE FESTIVAL THIS SUNDAY
PICNIC  O.N  S.VrURDAY
A picr.ic will be held at the Bush¬ kill Center Drove, on Sauuti.iy, spon,sored by the King.s Daughtcr.s and llie^ Usher-' Association ot the Scho<'neck Mora\i.in Church, Gamoi will tje played dunng the afternoon Music will be furnislied by the "Accordian Twins' and the "Jolly Bluejays", Everyone is invited. Bring your suppers. Don't miss this "double-header".
The married People's Festival will be celebrated on Sunday, The trombone choir will announce the day from the church steeple at 9 a, m. Rev, O, F, Weinland, pastor of the Hopedale Moravian Churcii at Newfoundland. Pa,, wlll preach the sermon during the morning service at 10:30 The lovefeast will be lield in the afternoon at 3 o'clock. Special music will be furnished by the choir. The congregation from Newfoundland expects to attend in a body and will be special guests. The pastor will bring the niessag.' for the occasion. The public is Invited to attend
SPEEDSTER PAY        I IN GASOLINE, OIL
—^— I
H.u'ri.^burg.—A series of te.,ts re-' eeir.ly   conducted   by    the     Unitod States bureau of standard.'-, the De- | pai-tmeiu of Revenue officials loday pointed  out. shows that driving at ¦ exces>ivf  .speed   consumes  twice  as | much gasoline  and  seven times as j much   oil  as  does   traveling   al    a mf)fierate  rale   over  the  same di.s- tance.   Speeding also places a great strain on a vehicle and materially -hortens Its life.
Approximately 50 per cent of the accidents reported due to a viola¬ tion or law infraction are the re¬ sult of exce.s.sive  speed
These pictures show what can be done with a very limited financial expenditure of money. The gay color.5, the great variety of lire planLs, and the vivid hues of the bird and animal life shown, all make lhe lecture one of the mo>t popular as shown b-'fore the Easton Wo¬ man's Club, the Abinglon Civic Club, and thousands of spectaioio.
The Woman's Club will meet at 7 p ni in the Ma-lc room at tiie high sciiool and there will be a flower siiow a- weli as the lecture.
HECKTOWN PARISH ACTIVITIES FOR FALL SEASON ANNOUNCED
Rev. .1. A. Klitk, Pastoi
H.%RVEST HO.ME J^ERVICes
AT ARNDT'ii CHIRCH
The Harvest Home service will be held at Arndfs Church, the Rev, Oeorge 8, Kleckner. Lutheran pa.s¬ tor, on Sunday. September 8, at 10:13 a, m Tliere will be special music, beautiful decorations and an appropriate   sermon
l..%rB.%C-H FAMILV REINION
REINION OP THE DE.MV- DE.MMV-DEMEV-DEHMEV- D.%.MEY FAMILV TO BE HELD
Sanday. S«pt. Bth. at EliMbethtown
The Demy Family Reunion will be held at Ellzabethtown, Sunday, September Sth, with a program starting at 10:30 a m, sharp. There will be a basket lunch from 11:45 to 12:45, The afternoon program will start at 2 o'clock.
Members of the Demy Family of this entire state have been notified and the bigge.st turnout in years Is expected at this reunion.
Tile Laubach Family will meet In a reunion at Sl Jolin's Union Chureh, Howcrtown, near North¬ ampton, Saturday, September 7th, Tlie committee has arranged at si)leiulicl program to start promptly at '2 p. m Coflee will b«^ supplied, other refreshments and light lunch win be sold by the Ladies Aid of the Howcrtown Church, Tables will be supplied for picnic purpost\s.
I Tli:' pa,sior announces the lullow- ¦' ing schedule of .services for tlic l.ill ! se.ison: Harvest festival al Heek- I town. September 8, at 10:15 a m„ ' and 7:30 p, m All donations will I be turned o\ei lo :!ie Good Shep'nerd ' Home at Allentown. I Harvest fesMvai at Farmersville, at 10:30 a, m, and 7:30 p  m
On October 5 at 7 30 p. m, the Catechetical cia.ss under in.struction at Hecktown, will be examined and confirmed. This is tlie largest class the pastor ever had and lhe largest in the congregation since 1887. Tlie cla.ss numbers 48 The Holy Com¬ munion will be admlni.st*'red on Sunday, October 6 at 10 a, m, and 7:30 p  m.
At the evening service the class will partake of their flr.st commun¬ ion, Spt>cial music is being arrang¬ ed for all these services
The Holy Communion will be admimsiered in the Farmer.sville Church on October 13 at 10:15 a, m, and 7:30 p   m
The service preparatory to these rommunlons will be iield in connec¬ tion with the conimunion ,services.
.VMERIC AN LEGION AIXILL^RY TO HOLD MEETINCi
TOMORROW EVENING
ENJOV Ot'TINO
The following enjoyed an outing held at Bushkill Park, on Satur¬ day: Mr, and Mrs. Stewart Eyer and daughter. Lorraine, and son Jimmy, Mlss Llllle Trine, Mr, and Mrs, C}eorge Trine and daughters, Doris and Lois, of town.
The regular monthly meeting of the American Legion Auxiliary will be held tomorrow evening at eight o'clock instead of next Friday eve-
' ning.
I This meeting is called for the purpose of making .special arrange¬ ments and all members are urged to
I attend
JOE BOLEY'S ANTHRACITE
MINERS TO PLA Y HERE SUN.
Joe Boley, Athletic star of two World S.'ries. and his Anthracite MiiM'rs   wlll    |>lav   a   b«'iient   game
here on the S<hinidt Field, Sunday.; this Kamt
ed « broken foot In the last league appreciation of his support by play¬ game with Easton last Sunday Ls ing ilil.s b^-nefil game here Sunday going   to  (tet   the   gate   receipts   of   Holey'.s  Miners  will ajipear on   the
Septeml)*! 8th, starting promptly at at 3 p   m i
field  In  their mining  togs,  torrhe.s
"Kenny" like all the other mem- and   all      The   lads   In   these   blui'
bers of the team, has played .some overalls   nre   all   profe.sslonals   and
Keiiiie;ii  P.iul.  the     Inral    club's : real  ball  this  .'.onsoii  and  his  eol- will make this game very  Interest-
raieh'T and (nitlielder, who receiv- | leagues   are   going   to   show   tlvir tne
The Long, Long Trail-
by A. B. Chapin
W. KORTZ TO BE ORDAINED SUNDAY NIGHT
CIVIL SERVICE EXA.MINATIO.NS FOR FIREMAN-LABORER
EDWIN  W   KORTZ
In the Moravian Church next Sunday at 7:30 P, M, Mr, Edwin \V. Kortz, ,son of Mr. and .Mrs Wil¬ liam Kortz, will be ordained a dea¬ con of the Moravian Church by the I'.:. . Reveiend E. S, Cros.^land, D. U . .Ve'.v I»rp S I, N. Y. Bishop J of 'll" Mora'.ian Churuch.
T::' siinion Wlll be delivered by the Bi,ihop as well as the charge. Ml Kortz Ls a gr:iduate of the Mor- ,ivian College and Theological St'ni- inary of Bethlehem, class of 1934, .md has been active as a supply ;;asto: and in Dally Vacation Bible School Vn tlie past summer in Wt.i-
;;ii-Sal ni. N   C     He has received .111 appointment  in North Carolina
inder tlv Southern Province of the .Moravian  Church    and   will    take
•harge of that appointment linnie- diately after hi.-^ ordination, Edwin lias been a member of the Nazaieth Moravian Congregation here and the congregation is happy to have the privilege of his ordination here The public is cordially invited
Tiit U S Civil Ser\ice Commis- ,sion announces an open comP'-titive examination for Fireman-Laborer at $1260 a year. A vacancy in this position in the Custodial Service of the Post Office Department, Naza¬ reth, Pa , and future vacancies re- ciuirmg similar qualifications in the same locality will be filled from this examination unless it is found in the interest of the .service to fill any vacancy by reinstatement, transfer, or promotion. The .s.ilary named above is subject to a deduc¬ tion of three and one-half per cent toward a retirement annuity, Ap- plication.s nvjst be on file wilh the Manager, Third U S Civil S-rMce District, Old Post Offlce Buiidmg, Philadelphia, Pa., not later than September 7, 1935,
The nece>,sarv forms m.tv be ob¬ tained from Miss Marion Hangen, Secretary Board of U S Cf.il Ser¬ vice Examiners, Post Offic-' .Naza¬ reth, or from t!ie Man.i:^er, Third U. S. Civil S«'rvice District, Old Post Office  Building,  Philadelp:,. i.   Pa
LEOSUTURE'S POWERS SHOULD
BE COMPACT IN NEW CONSTITUTION
   — ¦	
.Xiithority Should Be Limited or Extended Definitely harvest home servici at to Eliminate Present Cumbersome .Methods bishkill tuntrk m e
C HI R(H   SI N.. SEPT. 8
Needed   To   Malie   Amendment;
AUTHORITY OF THE LEGISLATURE
In considering the power of the legislature, one must al¬ ways keep in mind two fund.Tinental principles. The rule of interpretation for state constitutions gives the legislature all power not specifically denied it or reserved to the people. In contrast to that, is the second principle, that all powers which have, by prior constitutions or judicial decision, been declared beyond the realm of legislative authority shall continue to be denied to the legislature unless the new constitution, recogniz¬ ing   these   accumulated   llmitation,s  ¦    —
removes them by definitely granting ! constitution   should   be   read    and those powers to the legislature, understood    by the    average    man
A concrete example will illustrate:   ^'>o *'" ^^ '^^'^'^^ '« ^'^°'P^ ''  a"^ The courts have held thai a graded income tax was beyond tlie power of
Hnrve.st Home ser'.ices will be ob¬ served in the Bushkii; M E Church on Sunday, September Sth, with ser¬ vice   in  the   morning  and   evening.
Sunday School at 9:30; sermon al 10:30 by the pastor, Re\    Oa.skel
At 7:45 a musical prog: am will be rendered under the direction of Rev, Oaskell coiisisiing of vocal and in- strumeir.al music. Marjorie Smith, popular radio star from Fullerton will sing several selections
All services on Daylight Saving Time
the legislature under the constitu¬ tion. If the new constitution does not sijecifically grant to the legls- alure the power to levy .such tax, the old rule would continue
It IS also well to bear in mind ha: tlie efficacy of some of the recommended changes largely de¬ pends upon the prompt action of the legi,->latun' in enacting the nec¬ e.ssary laws to put into operation a particular constitutional  direction.
In the same manner, it is entirely de.sirable that those things over which we do not want the legisla¬ ture to exercise authority should be definitely prohlbit«'d
Authortty Sralterrd !
At present, the constitutional au¬ thority of the legislature i,< scattered throughout the document under a nuniber of difTerent cla.ssincatlons and under a number of dilTerent headings.
It Is proposed that any new con- ,stltution to be adopted should, with regard to the legislature and its au¬ thority, adhere to these principled when draftiHi:
111 All the .sections relating to legl.slatlve authority should be itathered together In one article where they might be more re.idily -een In relation to earh other and A here the Krant,s or denlal.s of lUtlmrlty might be set forth with larity    nnd    simpllrlty     A    good
lue under it There is no need in •he drafting of the contsitution for the niceties of technical dis¬ tinction which so delight the law¬ ver or Judge who revels in ab- -1 actions or the abstru.so difTer- enees between •Tweedledum" and Tweedledee. 1^1 The article on legislative aulhority should be drawn with die recognition to the three clas- .silieations within that  field:
(ai The field of prohibited legislative action or authority. This group would include all those things that the lek,i,>iature shall not do Together with the bill of rights. It would with cer- t,unty define the limit.s bevond which the leifislature could not c), ThLs group of item.s might b.i known as t'.io "Prohibited Group ¦
ib> The field of legi.-laiive au¬ thority where the people believe action to be impe;ati\e in cer¬ t.iin fields in whkli they In the k'onstitutlon laid down the gen¬ eral principle withmit pre.scrib- ing in detail the method of car- rving the principle into efTect This would Include all the things which the constitution directed that the legislature shall do II would be the li.st of mandatory direct ions and would include all of tho,so things iu which the leaislature ha.s no tContlnued on Last P.age)
Mr and Mr.s Donald Heckman and cLi.ighter Janemary. of .Mlen¬ town. visited relatives m town on Mondav
16 PROJECTS TO PUT 3,800 "WHITE-COLLAR"WORK- ERS TO WORK SHORTLY
Clerks, Accountants, Attorneys, Engineers, Sta¬ tisticians, Architects, and Many Others Included When Projects Are Approved
Harrisburg, Sept 5 —Sixteen pro¬ jects designed to employ about 3,800 ••white collar' workers will be sub¬ mitted till! week by Secretary of Labor and Industry Ralph M Bash¬ ore to Workl Progress Administra¬ tion, Edward N, Jones
Clerks, accountants, attorney.?. engineers, statisticians, architects, and many o|icrs will be included in the list when the projects are ap¬ proved
"I know of no single group of projects that will place so many inf'n and women of the professijiul .:.:i so-called white collar cla&ses at work that is designed to benefit Pennsylvania labor," said Secretary Bashore, ••We believe the results will prove of tremendous benefit to the workers and indu,stries of the ,-.tate.'
The projects, prepared by the Bu¬ reau of Research and Information under the direction of Ten.-ard De- Wolf, are designed not only to as¬ sist the Federal eflorts to move •white collar" workers from relief rolls to payrolls but also to Increase the service of the Department
The largest individual project, a .state-wide >urvey of all employ-.Ts, will require approximately 1 700 men and women Thii group will com¬ pile a li^t of employers aflected by the unemployment compensation plan in the Federal Social Security .Act in order to prepare thu State to secure all possible future bene¬ fits, to study working conditions, to determine how labor and wage stan¬ dards can be raised, and to secure definite information on unemploy¬ ment and payrolls so tha: employ¬ ers and labor will have accurate knowledge of conditions through¬ out the alate,
.AiiTl-.er p:-o;-ct rail? for tie   e:n-
ployment of 500 persons to tJ^ooA up tlie adjustment of compensatioa right.s
Allied will be a project proposed by llie Workmen's Compensation Board calling for a detailed study of .serious industrial accidents, seeking the causes and cooperating with employers and employees In efforts to avoid sucli accidents in the fu¬ ture This will employ about S50 persons
One project proposes additional workers to cooperate with the Med- iation Bureau in compiling and an¬ alyzing data on strikes This worH will lay the groundwork for re¬ quired collective bargaining legis¬ lation in the future.
Another group is to secure Infor¬ mation on unemployment not only to aid in .securing for Pennsylvania all po,^.5iblf benefit from the Pederal Social Security Act but to prepare tlie way for future state unemploy¬ ment insurance legislation.
One project is designed to elimin¬ ate present difficulties in placlnf workers. On.; hundred and fifty persons will be a.ssigned to a study of employment in Pennsylvania, sec¬ uring information as to the require¬ ments of every job that can be fill¬ ed Thu.^, should an employer call for a worker the employment offlce wil; know at once the type needed and will send the proper man to the job, Thi> work is especially neces¬ sary because of the varied indus¬ tries of the state and the difTerent needs and standards of various lo¬ calities.
The other projects are of a cleri¬ cal nature designed to improve the activities of the Department a.s well as put men    and women    of    the
"whit,   f .liar'   clas-  lo work
LEfilON HOME TO IJE DEDICATED HERE NEXT H EEK
FIELD CROPS WILL BE ABOVE AVERAGE
Tliri-e   l*a\     I'ruKr.un     Vriarined
Gossip About The Town St. Corner
By GUS
Arcordms! to gossip, the nien wh • served overseas during 1917 and 1918 aro somewhat alarmed a.s to the ef¬ fects of the recent contract of the Standard OU Company and the Ethiopia situation. An industrial war al thus time would probably not flnd thousands of volunteers 2ls were found during 1917.
Much is ijeing said tod.»v ab^ut farm crop control Although the statisicians figures do not he, nei¬ ther do they control the production of crops Man cannot control the eliments with figures has been pro\en ihi- year in a Wheat short¬ age Next year. It ts predicted, more wheat will be allowed plant¬ ing in the soil, but who knows what they are talking about. Tliey say it Us not a ca,^ of b>iok knowledge, but common horse .sen^c.
Till' wonien folks are discussing the high cost of meat the.se days, as well a,s the farin< rs why raise (Continued on Page Plve)
Ded.ca^tiuli   ,^er'.ice.s   ol   Harold   V Knecht Post No. 415. American Le- ' gioii   Home   will   take   place   nex^ Thursday afternoon.   The arrange- ' ment   committee   has   arranged    a three-day program starting Thurs- ^ day,  September   12ih and  continu- , mg until the evening of September; Uth. I
The L«''?ion  Home us loca^.td   on , South   Mam   street,   has   been   im- i proved  and makes a good appear¬ ance.     The   entire   building   front will be  appropriately decorated for the aflair jiitd  on Community Day, ' & ptember  13th,  the public will  b^ mviied   tor   inspection   of   the   en¬ tire property     The three days will be crowded with activity with a big drawing taking place Saturday eve¬ ning,   September   14lh,
The   public   is   invited   to   attend all   the  ,ser'.;,-~
 O—   	
CORN    \M)   DOGGIE   RO\>»T
Hrtirusbuig —The acre yield of all important field cropa m Pennsyl- •¦ ania this year will be above the ti\e-year average, according to the latest estimates of the Federal-State Crop  Reporting Service,
There have b«'en few sea,sons In leceiH years more favorable for crop pj-oduction than the preaent rni, agricultural offlcials said Usu¬ ally a few of the crops are hit by adverse conditions in even the most favorable sea.»ons, so that some yields fall below the average  -¦ • ENJOVED  C L.VMBAKE
A .surpri.se corn and d rj.'H" roast was held on Thursday e^ ening on the lawn at the rear of the hom.; of Mr and Mrs. Oeorge Herzing on North Main street, in honor of the birthday anniversary of Mi-,s Cyn¬ thia Knauss and al.so a.s a fare-well party for Mi.Sb Naomi Herzing whJ left on Monday for Allentown where she enrolled in the Allentown Gen¬ eral Hosrltai for a course in nurs¬ ing Tlio.se present included Mis.- Renee Harper. Mis^j Naom; Herzing Mr and Mrs, Oeorge Herzing and the Mis.ses Cynthia Knauss, Kath¬ rvn Haldeman. Gladys Pleuchman, France.s Haldem.in, Evelyn Rudge and Diana Southerland
The following enjoyed a clambake held at th,. home of Mr and Mrs. Samuel Barrall al Bath on Sunday: Mr and Mr^ Clark Vogel and daughter Verna and sons Frank, Elwood and Dale, Mr and Mrs. Charles Bonser of town, Mr and Mrs Roland Peters, of Stockertown, Mr and Mrs Prank Vogel, of Beth¬ lehem, Mr and Mrs, Peler Skelly and daughter I.aRue, Miss Orace Reitz, of Allentown, Miss Vera Mur¬ phv of Conshohocken, Miss IJorothy Ritter, of Moorestown, Mr, and Mrs. Alfred Fatzinger, Jr and daughter, Nanc.\, and son Donald, Mr, and Mrs Alfred Smoyer and daughters, Betty. Rose and Marie and son Charles Mr and Mrs, Jame& Heck¬ man, and sons Walter and Allen, Miss Ida Graver, Miss DorU Hoover, Mr and .Mrs Samuel Barrall, MUs Irene Vogel, Miss Leah Vogel of Bath
 • •	
Forrest Noll and son Junior, of tjwn, William Kilpatrick, WillUim Oorman, of Daniel Slate Quarry and Roy Kilpatrick, of Ea.st Lawn, .spent Tuesday fishing at Twin Lakes. Pik« County,
Vlunicipal Bonds May Now Be Refunded At Lower Interest Rat«
m
HarrUburg.—Tax payers m ,core- of Pennsylvania municipalities where unmatured bonded indebted¬ ness exists will bt enabled \.j save hundreds of thousands of d ;'.lars in taxes in future years if the mun¬ icipalities can accept the proviiions of an act of the recent I^eguslatur" Secretary of Internal Affairs Thom¬ as A   Logue said today.
Numerous inquiries concerning the new law have reached the bond approval du ision of the Departmen: of Internal AfTalrs and indication.s are that many political subdivision? now in po.sition to meet the tequlre- menis ol the ccst will lake advan¬ tage of the measure In many case-, the enactment wlll result in local reduction for Interest and sinking lund charges,
Nrw  IsHnr^
The new att, SfTretar', Logue said, grant's powers to counties cities,   boroughs,   towns,   townfchlps,
.:h)j1 districts and    poor   districts i J redeem certain unmatured bonda a   d obligations by a new Issue   of bunds at a lesher  rate ot  Interest. He pointed out that the act permits communities which formerly  issued bonds   or   other    Intere.st   bearing evidences of  Indebtedness,   with  or ! without  Interest  coupons  attached, I and   which   bonds   or   obligations have not matured, the option to re¬ deem th" bond) or Interest baarlng '>bligationv   In   whola  or  iu   part, prior    to    malurlt)',     Redemptloa ! would have to be made al the tlma or sub«»<|u«»nt   to   any   date   when the issue or any part of such U«U« of   l)onds  or  obligations    Is  o»ll«d. Somx   bonds   however,   art   not callable and In such Instances Um ronsfiit of tlir  bund holders wvuld have to Itf w>cured before rodMBp* tion   Would   be  pr*sHlble.    Tbt  Ml ButlK>rl7i<-H    the    Issuanot    of (Oontlnued on