Evening star., 1933-01-15
Gains in Employment Also
Noted-SeCurities Are
in Fair Demand.
GERMAN HOME MARKET
FOR STEEL IS IMPROVED
Industrial Leaders Sponsor Hitler.
Won Papsn Meeting to Iron
Out Political Difficulties.
Special Dispa tch to The Star.


NEW YORK, January 14.-Cables
and wireless dispatches to the Business
Week give the following survey of busi-
ness abroad for the week ending to-
day:
London.-Industrial and the bank
ers are watching with some satisfaction
the steadily growing strength of the
pound during the week due to demand
both from Paris and New York. Sterling
touched the best price yet reached on
the current upturn. After passing $3.35
controlled selling eased the price. Weak
ness of the dollar was attributed to
Borah's speech; franc weakness was due
to the continued discussions in Paris
of the French budget, with its rather
alarming deficit.
Securities were in fair demand all
week, and prices remained firm. Indus
tries, in the main, report continuing
improvement. Employment is gaining.
Drug Company Sale.
Woolworth, Ltd, is considered to have
made handsome profits for 1882. A
dividend declaration of 10 per cent is
therefore regarded with disappointment
by the investment market, which had
expected 90 per cent. However, the
OSClSIOll O4 tLlC management w
forward f3.500,000 has gratified
thoughtful shareholders.
Tremendous interest was stirred this
week by the announcement that Louis
K. Liggett, chairman of Drug, Inc.
(American), had sold his controlling
interest in Boots Pure Drug Co.. Ltd,
Britain's biggest chain of drug stores,
to a British syndicate. Sale price Is
estimated as high as S35,000,000 Che Is
supposed to have paid $10000,000 for
the controlling interest in 1920, and,
as was expected difficulties developed
In transferring this large sum through
foreign exchange channels. In Lon
don the sale Is believed to be part
of a carefully considered plan to enable
the Liggett Co. to get out from under
some expensive lease obligations.
Various British industries are meet
ing Japanese competition both at home
and abroad with increasing difficulty.
The pound sterling, at current quota
tions, has deprecated slightly more
than 81 per cent. The japanese yen,
at current quotations, Is worth only
about AZ per cent of what It was at
par.
Competition in the British market OF
Japanese rayon, selling at the extremely
deprecated values, caused British rayon
manufacturers this week to petition
for higher tariffs London expects that
the tariff commission will grant their
request.
Berlin.-Germany's political respite Is
coming to end. This week, Industrial
lists in Western Germany sponsored
get-together at Cologne between Hitler
and Won Papen, recent chancellor. Fol-
lowing the meeting, Won Papen tele-
phoned Immediately to Chancellor, Won
Schleicher at Berlin. Later the chan
cellor and ex-chancellor talked at some
length in the capital.
Reason for the conversations is ap-
parent to all Germans. Won Schleicher
maintains his position at the head OF
the government by common consent,
not because he controls any political
majority. He has the backing of Ger
many's great industrialists who see in
dustry generally reviving if given a
chance. The Reichstag is due to meet
again January "a. Won Schleicher will
have to read his message before the
reassembled members.
"SteeI Optimism"
"Steel optimism" has dominated both
the industrial markets and the Boerse
this week. The year-end report for the
steel trust showed remarkable improve
ment during the fourth quarter of 1882.
Domestic consumption increased IL per
cent. exports, per cent. The i'm
provement in the home market was the
great surprise, caused real burst of
optimism. Total orders on hand at the
end of the year were only 10 per cent
below the figure for a year ago.
moderate dose of imitation seems
unavoidable, although the word itself
may still be taboo. 1t appears that
this can be risked without much danger,
since up to now revival of business has
been financed not by extension of
credit, but by mobilization of stocks,
ref1uX Of boarded notes and return of
"homesick" capital from abroad.