Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-25

BY the Associated Press.

J by JHo ASSOClaJeO fTeSS.
outlook for maintenance of Ameri-
can export trade at its present high
levels is excellent, in the opinion of
DR.. Julius Klein, new Assistant Sec
rotary of Commerce, who accepted
President Hoover's appointment to the
post last week Immediately upon con-
cluSion Of long European tour. AS a
bureau chief of the department he
called into conference nearly all the
Governments trade representatives in
the European zone for discussion of the
business and official situation.
Commerce and trade around the
Mediterranean and through Central
Europe show very considerable advance
over the situation in 1927, when I last
CHANGED to inspect foreign trade GEN.
terS," DR.. Klein said. II look to see
a reparations settlement attained, with
an immediate stimulus to production
and distribution in all European fields
In spite of all the difficulties, the ex-
perts, gathered to discuss that problem
in behalf Of the allied powers and
Germany. can be expected to find a
solution for the winding up of the war
accounts. It is too important for all
concerned to be allowed to run into an
impaSse."
European business leaders and finan-
cial people were found by DR.. Klein to
be concerned with a phase of current
high interest rates in the United States
that has also preoccupied the Federal
Reserve Board in its criticism of specu-
lation to which the high rates are at
tributed. During 1928 American in
vestments abroad in publicly offered
securities reached the total of $1,48S,-
100000, and in 1927 the amount was
larger. Since last July the flow of
American funds abroad has been shut
ting down, as money rates have risen
here, and the stoppage is presenting
some problems to foreigners seeking to
finance purchases in this country.
Concern over the interest levels
struck me, In conversation with bust
ness people in the Levant, and through
Central Europe" DR.. Klein said, though
there is a general expectation that the
condition will be but temporary. It's
persistence so far has caused some
peculiar trade turns. I found time
sales Of American automobiles being
financed in Hungary by loans OF French
money, and it is my understanding that
q good deal of the installment selling
of American products is being arranged
with funds provided by foreign money
markets"
None Of the fears as to the effect Of
high interest rates is as yet being
brought to realization. American ex-
ports for the first quarter of 1929, which
total $1,416,471 900. as compared with
$1,2o2843,O 900 for the same period last
year, have set new record as to trade
balance, and are officially classified as
indicating the largest actual volume OF
commodities going abroad ever recorded.
"There will be no railroad legisla-
ton at this session of Congress-" it was
declared positively by j. D. Stafford,
Chairman of the Railroad Owners AS
ISOLATION, after survey of the situation.
at will be November at least before
there is any serious dealing in Washing
ton with the bills to facilitate railroad
consolidation, or any other important
question of legislative policy toward the
carriers. Senators and Representatives
feel that the tariff and the farm relief
bill will engage all their attention"