Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-29
FOREIGN ECONOMIC
CONDITIONS WAIVER
DURING PAST WEEK
Recent Steady UpSWing Dis
plays Signs of Reversal
in Trend.
lRREGULARITY RESUMES
IN COMMODITY MARKETS
Sharp Recession in Non-F Ferrous
Metals Proves an Unset
ting Factor.
Special Dispatch to The Star.


NEW YORK, March 2s.-Cable dis
patches to the Business Week give the
following survey of business abroad for
the week ending March 49,
EurOpe.-The steady upward trend of
the last eight weeks has begun to wayer
Considerable irregularity has developed
in commodity markets, attended bv a
sharp midweek break in non-ferrous
prices. Still, there are no indications
OF a reversal Of the underlying trend
rather period OF consolidation appears
TO nave been reached. Notwithstanding
monentary uncertainty, conditions un-
questionably are stronger than at the
end OF the year, and long-term prospects
remain favorable.
FINANCIAL improvement is particularly
marked. Exchanges have steadied
Money stringency has appreciablv re-
Taxed. Capital redistribution has begun
on the stock and bond markets, sup
ported by an investment response for
new issues, which has broadened con-
siderably.
Capital Limitation.
Industrial revival, 50 far, Is limited
+ almost entirely to the consumer indus
tries. Greater financial activity. noted
above, Is, however, among the pre-
requisites to revival of the heavy In
dustries suffering now from capital lirri-
tations and lack Of investment interest.
RUBBER prices broke when the Dutch
refused to cooperate In restriction.
Three developments during the week
were unfavorable, contributed to new
uncertainty. Europe's general tariff
truce Is being abandoned What are
the consequences to be? Will countries
which up to now have advocated free
trade policies swing around to tariffs?
WIN Great Britain fall In with the pro-
tectionist trend? The answers, pro and
con, will remove business uncertainty.
though results cannot be disposed of so
readily.
Three other moves In the financial
world are affecting business sentiment
faYorably. The Greek national loan OF
"a millions, second installment in a
large public works financing program.
has been negotiated, Is likely soon Ia
be issued in six European countries
| Another tnStaiment Of 10 millions TO be
issued in the United States Is expected
TO follow shortly. France, unfortunate
~. Is not participating in the European
issue, the Greek government Withdraw
ing the offer because of matters not
germsne to operations introduced in the
negotiations"
LOndOn-A shadow hangs over the
market. Nearly 100000 men are in
volVed in wage disputes which this week
nave become more serious. Miners.
railway men. builders, engineers and
electricians are involved The spread
over plan in the mines ends in March.
may open the way for fresh strike,
The threatening attitude OF railway
men has led to some fear Of an inter-
L OF ran traffic before Easter,
put the decision of locomotive engineers
ana nremen to accept reduced pay has
stlTTeo nope that the other railway
unions VIII adopt a similar attitude.
The business tone, otherwise, con-
tlnues TO improve. Iron and steel and
textiles are more active, but there
is slight lull in cotton.
faris-Current reports of the iron and
Steel and textile association are the
nrst indication that possible seasonal
Improvement is working against the
general depression trend Mill and shelf
STOCKS are reported reduced, and better
demand is incipient.
Unemployment Gains.
On the other hand, registered nm
employed gained another 6 per cent
on the week, despite the fact S times
as many foreign laborers left the coun-
Try as entered 1t. According to govern
ment survey, on February ], total en-
pioyed in the larger establishments was
down per cent from last year, Full
Time employment was of "a per cent
negotiations to avert a coal strike
nave come to nothing. Labor has re-
voted to strike March 80, unless wage
cuts are dropped.
Compared with January. February
revenues and foreign trade returns both
improved. Larger tax revenues. how
ever, are due to direct tax returns and
so are no index of business conditions
Berlin-Business is uneentful, but
slowly improving, though more on the
capital than the production side. In
terest just now is absorbed in the Gus
toms union with Austria as the most
1ar-reaching issue in postwar CONNER
cial policy.
Current vents point to the steady
groWsh OF confidence, manifested in
lower rates Tor short-term dollar cred
It's and contamination of the Berlin in
TERM credit in anticipation of the Be-
Wag (Berlin Electric Power Station)
deal. The Stock Exchange is Quiet after
a short relapse. Present conditions are
considered salutary to checking prerna-
lure speculative optimism. Basic in
dustrles, including steel and machinery
snow the first moderate signs of i'm
provement supported by trade union
employment statistics.
In the Reichstag, Finance Minister
Dletrlch has made a reaSsuring state
ment regarding cover for the deficit
on the fiscal year expiring March Al
despite the falling of of tax revenus
by 180,0o0,oo0.
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