Evening star., 1934-07-15
Stock Markets Buoyant
Again, but Effects of
Crisis Remain.
PARIS MAKES PROGRESS
ON EXTERNAL PROBLEMS
BarthOus Frank Foreign Policy,
Including Concessions, Is Sur
prise to Every One.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July l4-Cables and
radio dispatches to Business Week
give the following survey Of business
abroad for the week ending today.
LONDON Just what the tense
situation in Germany in the last six
weeks has meant to business in Eu-
rope is typified in British reactions.
The number of jobleSs in June. when
the data was released. showed an in
crease though only 22O0) for the
first time since January The coal
and wooden industries were the great
est sufferers, for most major indus
tries still showed small individual
gains in the number of men at work.
Industrial output continues at a fairly
steady level but there has been no
gains for several weeks.
The hesitant tone is disappearing
again this week, however, indicating
that the public generally expects no
further immediate crisis in Germany
and thus lesSening tension in Eu-
rope. Stock markets again are buoy
ant. London generally looks on the
Berlin agreement to exchange clear
ingS to meet Young and Dawes in
terest charges favorably. Financial
London says frankly that the British
did nothing more than call Dr.
Schacht's bluff. Exporters are less
happy over the outcome, fearing that
the move will sometime react on
British foreign trade. Sole comfort
was the obvious effort on the part
of both the German and British ne
gotiators to increase trade in both
directions.
After the temporary Tightening of
the money market at the end of the
half year, money has again cheap
ened, and it is expected that there will
be swing back to the Springs gen.
eral expectation of 2la per cent rates
for gilt-edged securities. and that in
duStry will be able to finance its prog
ress on its own liquid resources
BarthOu Acts Quickly.
PARIS. IF, internally, France
still appears to be cropping, exter-
nally great progress has been made.
Foreign Minister Barthou has sur
prised every one, especially during his
late conversations in London. by
breaking away from the BRAND school
OF international diplomacy, which
consisted Of always signing some sort
of agreement whereby all adherents
could return to their respective coun-
tries and assure their countrymen
that they had won their cause. With
out mincing words, Barthou's straight
forward policy is based on the prin-
clpal that France is willing to COL
laoorate with all countries for main
tanning peace in Europe. even going
so far as to make substantial con-
ceSSlonS, but on one condition: That
Germany remain effectively hors de
combat. This carries with it the sig
niflcance that France means to have
peae at any price. Undoubtedly.
British induStrialists and political
leaders do not view kindly such
policy. but seemingly the English
masses are wholewheartedly with
France, since they are tired of the
recurring prospect of another war.
Opposition from Italy, if there is
any is expected to be mild
The treasury is brining out a So
year per cent loan at 95, redeem
able by annual drawings at l4O. the
loan total to run to 5000 00O. 900
francs. Main purpose is to meet
heaVy September maturities. 1t had
been expected that this loan would
not be tloated until Fall. but some
financial quarters declare it was a
noW-or-never issue. since by Fall Paul
Reynaud's speeches favoring devaua-
tion may have had time to win a
following
Reich Trade Suffers.
BERLIN, Politically, Germany is
quiet again. but business is suffering
now the aftermath of last weeks
crisis. Uncertainty and nervousness,
which have been developing for sew
eral weeks, are identified now by the
country'S increasing isolation. both
political and economic, and by the
dark agricultural outlook. To the
prospect Of short grain and fodder
crops, which has been evident for
some weeks. there was added this
week the acute shortage of potatoes
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