San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-03-17
BELIEVE RISE
. Of FRANC WILL
!. IMPROVE TRADE
Effect on American Bust
ness, However, Is
Psychological.
DOUBT STILL EXISTS
v. S. Exports During Last
Year Show Gain of
$336,000,000.
DOUBT STILL EXISTS
BY j. c. ROYLE,

Copyright by The san Antonio Light.
New York, March 1s.-The appar
ent raid of the "bears on the franc
and the recovery of French exchange
undoubtedly has promoted bettel
feeling i'm business circles concerned
with foreign trade. The effect OF
American business, however. has beer
largely psychological since dealings
with France. since the recent uncer
tain state of French exchange, have
been largely in terms of pounds ant
dollars. American business men sim
ply followed the same course they pur
sued in the case of Russia. Germany
and other countries, the currencies Of
which became subject to wide and sud
den fluctuations. and conducted nego
tations in dollars.
There still exists some doubt in
financial circles here as to whether
the franc situation has finally beer
stabilized by the arrangement of large
credits here and in London. but this is
not expected vitality to affect exports oil
imports.
The satisfactory state of foreign
trade is shown by the fact that in the
last twelve months American exports
amounted to $4,1G7 ,9i6,000, gain Of
1896. 100000 over the trade of 1922
In the same time imports increased
$6T9. 100000 to S3,191 .93S, 900. This
export increase is accounted FOR more
by the better demand for manufac
tured products than for raw materials
The wheat movement. for example, has
been small and the export of food and
breadstuffs in the last year has
amounted to only 6 per cent of the
whole as compared with II per cent
for the previous year. Cotton exports
however. have been exceedingly heavy
CurrencysNot Important.
The lack of influence of the fluc'
tuations of the franc on foreign trade
has not been an isolated case in the
situation. Argentina's currency is in q
repreciatcd position. yet exports to
that country from the United States
have improved by at least 100000
600 in the last year. The goods shipped
to Germany in the last year also have
bulked large in comparison with other
annual periods, in spite of the wild
furry of the mark last autumn.
Clearly foreign trade of this coun'
try is affected to a large extent by
other influences and consideration
than currency fluctuations and export
ers and importers declared today that
it will continue throughout the yeaI
rega rlless of such disturbances. Much
greater satisfaction is expressed in
manufacturing circles over the fact
that Secretary of Commerce Hoover
had found but ten minor commodi-
ties. the price of which is controlled
by foreign influences, than over the
fact that he advocated legislative meas
ures to enable the American consum-
ers TO fight such control. The com
modities listed by the secretary as in
control of foreign combinations in
cludes sisal. nitrates, Niodine. potash.
rubber. quinine, tin, mercury, coffee
and quebracho.
With regard to sisal, Irvine manu-
facturers point out that the situation
has been more seriously affected by
the revolutionary disturbances and the
Communistic tendencies in Iucatan
than by governmental monopoly. No
sisal has been offered for export for
the last six weeks, although it is ex-
pected that normal conditions will re-
turn with the occupation of Yucatan
by government troops.
Control Iodine and Nitrates.
Nitrates. iodine and potash undoubt-
edly are under control of foreign IN
fluences, but the fact remains that fer
tilizer plants in this country are not
finding demand sufficient to enable
them to run full time even il they were
able to overcome this foreign influence
on prices.
Government investigation under
taken following an urgent demand by
Harvey Firestone, tire manufacturer.
indicated no immediate possibility of
recapturing the crude rubber market
from the hands of the British and
Dutch planters in the Orient, but the
price of the material now is well be-
low the high points of 1923.
Steel men insist that tin is affected
far more by the demands of the Ameri-
can Gamers than by foreign monopoly
of production and the Importance of
quicksilver has declined materially AS
a result of improvement in the meth
DDS of treating ores and minerals.
Quebracho for tanning purposes is
under foreign control. but American
tanners now have on hand terrific
stocks of leather which they are striv-
ing with every effort to move into dis
tribution with only partial success.
Quinine monopoly is not large factor
in the foreign trade Of this country
and the extent to which the govern
ment of Brazil can control coffee
prices is limited. according to i'm
portcrs. by the condition of the cropl
and facility with which the South |
American government can secure for
eign loans.