Evening star., 1933-06-18
PARLEY HOPES DIM
BUT EUROPE SEES
BETTER BUSINESS
Berlin, Paris and London
All Gloomy on Trend
at Conference.
MORE THAN 100000
BACK IN REICH JOBS
French Unemployment Also De-
cllnes and Tone of British In
dustry Continues to Improve.
Special Dispatch to The Star

GpcSA@' DlSpdiCn 10 Inc star.
NEW YORK, June 17.-CabIes and
wireless dispatches to The Business
! Week give the following survey of bust
ness ABROAD Tor the week ending today:
BERLIN.-Sentiment in Germany re-
gardlng the London Conference is pes
Slm1stlc. Dominated by Nal philoso-
phy, Germany foreseeS economic recov-
cry only after each country has first
consolidated its efforts at home.
Actually, domestic business is more
cheerful at the end of the week. En-
ployment is increasing Since the Win
ter peak, more than 100000 men have
been re-abSOrbed in industry. Car
loadlngs are now 5 per cent above last
years level. For consecutive weeks
there have been advances in wholesale
prices. Originally, this was limited to
the group of agricultural products, but
within the last two weeks it has been
spreading to finished goods. Consumer
industries, notably cotton textiles and
shoes, have registered gains this week
resentment abroad over the proposed
transfer moratorium has caused some
worry to Germans. 1t seems likely now
that the Dawes and Young loans will
be exempted from the mora torium and
that preferential treatment will be made
where the attachment by the debtors
OF property or of export proceeds is
possible. This would apply especially
TO the shipping and potash loans.
French Firm for Gold.
PARIS.-Naturally no business devel-
opment in France was sufficiently i'm
portant this week to eclipse interest in
the London Conference. and the French
attitude OF gloom concerning the con-
ference not having altered after the
opening sessions, the outlook has
changed little during the week. The
French are convinced that the outcome
OF the conference will be either an utter
fiasco or that it will be buried in a
meaningless diplomatic communiCue de-
clarlng for more international good
viii and hope that the depression will
be out9roWn in genuine spirit of in
ternational cooperation
France stands firmly for a return to
the. gold standard and sound, If old
1ashloned, economy. To the average
Paris executive the present boom in
Wall Street is but another furry as
unsound as 1927. Talk Of imitation falls
on dead ears here.
The index of wholesale prices has de-
clined per cent since December. The
retail index is off per cent-in the
same period. unemployment, however.
has declined more than per cent in
the last five weeks.
LONDON Business has been sub
ordinated all week to the big events in
London. Despite the gloomy predic-
tions for the conference outcome. and
in spite Of the crop of rumors bound
to come along with sharp bargaining in
the next few weeks, the tone of British
business is good.
Disguised With Dollar.
Disgust was general in London when
the dollar continued to f1uctuate vio-
lently all week. Washington was ac-
cused of deliberately manipulating for
elgn exchange so as to gain an advan-
tage at the conference. London con-
siders the pound at anything above 81
unnatural, and still expects that any
de facto stabiliZatiCn will be at some
thing under 81. Not all the uncer-
tainty, however, killed hope that the
little group of international bankers
working at the Bank of England might
arrive at some agreement. It is argued
that this problem-which of the Sc
nations at the conference can handle
can be settled The sterling group Of
nations will follow the dictation of
Britain: the remaining gold nations
will follow France; not a small group
VIII 1oIlOW the leaC OF Washington.
CONSERVATION over the recent Ger
man transfer moratorium is as great
this week as last. A strong committee
has been formed to protect holders of
German long-term bonds.
Included in the membership of the
committee are representatives of insur-
ance companies, investment trusts and
the OLD and respected Council of For
eiPn Bondholde-S.
Not a little has been said and written
denouncing the apathy Of the Bank of
England in the whole matter, the
stockholders taking the point of view
that the bank. having helped to float
some Of the German issues, should now
do more to aid the stricken public.
And other bankers are denounced for
betraying their investors in order to
save their own "standstill" bills. Nego-
tiattons with DR.. Schacht already are
under way.