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Show SEC. MELLON DENIES DEBT AGREEMENT New Course Determined Upon After Visit to White House ' CAILLAUX SLATED TQ SAIL SOON" ( WASHINGTON. Oct.. 1. if (UP) A t oni jxirii ry set t leincn t of the French debt was reached j here todny between French and j j Amerienn debt funding cotmnis- sions. It provides (ha: Frame j shall make certain payments for I the next five years when the French capacity to pay will j again he discussed by t lie two j I countries. I WASHINGTON, Oct., 1. (IT) A new set of American proposals for funding the $ 1.2l(.(lll,(Hl() French debt to the 1'nitcd iStntes were submitted to the French debt commission today wheu the two , debt bodies resumed negotiations in joint session. With only 24" hours left in which to effect a settlement if Finance Minister Caillaux ndheres to his plans to depart for France tomorrow, tomor-row, the French commissioners took the new propositions which were described hv a hiirli official of the American commission as "a complete change from former French proposals" under consideration. considera-tion. The proposals were handed to the French at a ten minute joint men-ing men-ing of the two commissions this morning and a reply is expected from them fit another joint meeting scheduled at three p. m. today. This eleventh hour development followed a visit by Secretary of the Treasury Mellon and other members of the American commission to tho White House and the issuance of a senstierial statement by Mellon, repudiating 'authorized statements fron the French side that a tentative tenta-tive agreement on terms and the security clause had ben reached by sub-cmomittees of the two commissions commis-sions last night. The French were completely silent sil-ent concerning the rebuff and following fol-lowing the debt meeting retired be- ! hind the doors of the French em-' bassy from which they refused to be drawn for comment. Several purported explanations of ; Mellon's ' actions were current around the capital immediately following fol-lowing his announcement, none of 1 which could be harmonized with the words of his statement, but which nevertheless, found supporters. So comprehensive was Mellon's ; statement in blocking off all avenues ave-nues of speculation along these lines, however, that there was littlo , more than confusion concerning the incident. |