The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-01-24
Begins 1920 With Greater Conf.
dence Than 1t Did
the Last.
DUE To DEFEAT OF RADICALS
Elections Stabilize Internal Condi.
tons, Though Fall of Franc Is Still
Serious ProbIem-Study
Financial Policy.

Parls.-France began the new wear
with far greater confidence than the
last. This is in spite of formidable
handicaps, such as the balance of
trade running against her at the rate
of about 1,500OOO,OOO francs n month.
about 90 per cent depreciation of the
exchange value Of the franc and the
consequent difficulty of procuring raw
materials and machines urgently
needed for reconstruction.
frances renewed confidence is de-
rived directly from the result of the
recent elections. These are regarded
here as having definitely stabilized in
ternal politics, ended all danger of
revolutionary agitation for some time
to come and brought about better at
titude by capital and labor toward the
immense effort before France.
Money is forthcoming for invest
ments in anything that promises stabil-
ity. While the investments in short
term treasury bonds are continuing at
the rate of nearly 2.OOO,O0O,OOO francs
month, there is plenty of money for
industrial and commercial enterprises
and long-term loans. The 100000, 600
franc loan to provide immediate
resources for indemnifying victims Of
the invasion was Oversubscribed before
the official opening of the subscrip-
tions. Important banks and indus
trial companies have lately increased
their capital to an aggregate of nearly
500, 900, 100000 francs.
Big Trade on Bourse.
Transactions on the Paris bourse,
which still are confined to cash deals.
have exceeded on certain days records
| of pre-war trading. when futures en-
tered largely into the totals. The up
ward movement of all industrials
which began before the signature of
the treaty at Versailles, has been I'M
checked by successive liquidations.
This is regarded by keen observers
here as a sure sign of economic re-
covery.
Employers say the labor situation is
improved and that the last strikes de-
velOped signs that the workers them
selves. were becoming weary of long
continued disturbances of business, in
dustry and transportation. They see
a tendency against frivolous strikes
and an indication that only real griev-
ances will induce the wage earners to
quit work hereafter.
| Decentralization of capital and In
dustry is seen in the establishing in
Normandy of textile Industries to re
place those in the occupied territory
destroyed by the war. This movement
has been greatly extended by develop
ment of water power in the region OF
the Alps and the center and south OF
France. Industrial leaders say that
no particular region of France here
after will mopopolize any industry. and
declare thai this scattering will prove
beneficial and result In more
eQuahle recovery of all parts of the
country.
To Transfer Industries.
Powerful financial groups are AZ the
head of the movement to transfer i'm
portant Industries from the coal re-
gion to southwestern France. where
water power soon will be available
Other groups are being formed to de-
velop manufacturing centers near the
coast so as to reduce the cost OF
Transporting raw materials. Indus