Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-02
BY JOHN ELLIOTT.

BERLIN.-German financial circles,
which at first were inclined to regard
the collapse of the stock market in
Wall Street as a blessing to The rest
OF the world, now see IN II a new men
ace to German industry. Even the
fear recently voiced by DR.. Siemens,
of the well known electric company,
that German concerns would eventually
fall into the hands of their American
rivals, has been driven into the back
ground by the specter of American
manufacturers driving Germany out Of
The markets OF the world.
Americans, who in their school days
were taught TO Look with awe on Ger
man exporters as masters Of the art
of catering TO the tastes and prejudices
of foreign customers, may perhaps be
forgiven a thrill Of pride on this sud-
den revelation of the respect enter
tanned for the prowsss of American
traders in Germany.
For when the news that President
Hoover was calling a conference Of
American economic leaders to Wash
Berlin newspapers blossomed forth with
alarmist headlines such as Americas
Export Offensive"
When stocks first began crumbling
IN New York, Germany breathed easier,
foreseeing the possibility OF floating
German municipal and commercial
securities once more in Wall Street
Financial circles in this country also
figured correctly that the end of
speculation in America spelled easier
money rates for business men at home
But they did not take into consid-
Grafton the possibility that the dimin-
ished buying power of the American
people. through the loss of savings in
the Stock Exchange crash, might COM
e. 81
trate on the building up OF their for
eign trade to recoup their losses in the
domestic field.
Sound Warning of Rivalry.
This possibility first dawned on the
Germans, apparently, when President
Hoover made his dramatic intervention
in the crisis. 1t is certainly tribute
10 the reputation that Mr.. Hoover has
made for himself in Germany by his
work as Secretary of Commerce that
observers here Immediately foresaw a
,eerious threat to German export trade.
One Of the first to sound the alarm
was DR.. Paul Silverberg, prominent
Rhineland industrialist, who, in ad-
dressing the Cologne Chamber Of Com
nerce, declared: Domestic purchas-
ing power in the United States has now
reached its high-water level, and we
must count Tie Ol AiOtA-
American markets by the production
of surplus from American quarters. So
much more serious for our own ex-
ports"
DR.. Silverberg expressed grave doubts
rs to whether German industry was in
q position to compete with her Ameri-
can rival. owing to wage conditions and
the tax system prevalent in the reich.
George Bernhard. editor Of the Vos-
Gische Zeitung, admits that Germany
will indirectly be hard hit by the de-
VeIopment OF Americas export business.
He believes the moral for Amernca in
the recent stock market tumble was the
v danger Of imitation produced by the
never-ending stream of foreign gold
flowing into the country from repair
atoms and the inter-allied debt pay
Ments.
Complaining that common sense
progresses very slowly in the United
states" this writer, who is reputed to
be unfriendly to Anglo-Saxon coun-
tries. asks whether the American people
will care to continue through these per-
petually recurring cycles made by spec
ulation followed by catastrophe losses,
or whether they will not prefer to ask
less In the way Of reparations and keep
what they possess more permanently
and quietly.
The Eerlinger Tagehlatt warns Ger