Show TRADE SCANS FALLING FAILING Oil Scandal No Factor In Stock Market arket Conditions BY STUART TU I P WF- WF WEST T I SI- SI I Corre- Corre 1934 bv by The Consoli Consoli- Consolidated Consolidated dated pre s Pre s Association NEW lORK March Noth 8 S 8 Noth Nothing ing tag that has happened during durine the tho past week reek In the tir fi orld approaches in t t the In in the French franc Much I li l been eltten on the tho th subject md much more w will III bo be written out of at the th DIS masi of at those thee the tho dominating tact Is the Iho refusal I until very cry ery Iely to face tace the Cae facts The official French attitude nil uit along has been thit It was as that was as 39 pressing the tho franc German as od l manipulation was as as French financial ne took toole this position In one or J so did P for forthe forthe the press pres s 80 so many did dido or 0 oer er here ho vho ho Il lit kt t sentiment for tor France get iret the tetter teller of oC solid Judgment 1 or 12 months after the RObe occupation the th French gO gOCI go CI n mont met maintained the th fiction of an 01 e budget which wms w to be bo balanced by Ger Gee German man Then It tame lama I Iman out more Into taco tho the open and ad- ad admitted ad admitted that reparations po ments were ere something tha that t were ere no longer to bo be depended upon and andI I French credit before beloro the orld mould could not be bo re re until the e I was ace ns e e- ex excluded with the tho bud t and an equation struck truck between en and Income taking the th t 0 together The Th next step was os the new fiscal program Ing an Increase on the tho tb credit of at 7 francs franca annually This lIll lIllI I as passed b by the of oC oCI deputies a 0 week eel ago teo It Is not to tobe tobe tobe I be doubted that It will reecho e the al al o oAh th I ench senate U SAIT J EXPERT HI The question I Is whether this will be a sufficient measure of oC ro- ro relict re relict lief a and nd the answer to this q quits quits- Ue tion Il lies lie s largely largel In whit the tho Do Dames es commute committee reports regard regard- regardIng regard inc tag Ing the tir amount of ot indemnity Cerman Is able to ply y B 3 Itself the th 20 pc pet pel cent t tat tn increase plus pius the retrenchment or expendi expendi- expenditures expenditures expenditures tures In the d devastated d regions region I I tili not be enough It will aill III have havo to be supplemented b by aO a ty O ey y geil- geil gen generous erous item teem of ot I If It the tho I 1 0 J i each budget Is actually t tm to be and the paper CUrl ency stabilized stabilize The forecasts of oC the thc of o of the committees ot of the tile espert Investigators halo o all agreed that the proposal will isili b be for or the next lIet three sears lears ears to ha hae ha e I what hat she cin n mit In iii goods goodo instead of at cash It will take tale all the reoUl ces of ot the G G 1 go supposing it secures I an international loan on the rail rall- rail loads loads oads to ite it Its own on citi citizens zens for tor or the th ll co-ll and other oth r con con- COT modules making up these thes pa pa- pa pay payments mOats ments In kind I here will Je be little left lett In the III aa of oC a 0 a gold eold surplus to bo be turned Oer O'er r to the allies een the tho Gel nn pa ments In and the lie Increased I 1 rench taxes will III there thre be enough added to the credit side sido to mika tn t tie the e budget balance International financial opinion ii h plainly skeptical on this point and this Is the th prin principal cipal I ellSon for tor the decline In Inthe inthe the franc trane The second reason Is IsI I the thc large lare degree of at Inflation which I has baa entered Into the tho French finan finan- financial financial cial structure partly 0 o Ing to the I piling up of at Internal lonn loans and partly to the r lon of at atI atthe I the paper note Issue isue since the tho middle of at last December As At the tho PO power poser er of ot the franc goes lon don and prices s go BO up the de- de de demand mand for paper currency auto auto- automatically I increases Each Increase contributes tom toward to ard diminution of at 1 salue nl c Hence there thero Is establIshed a 11 vicious circle v which It Is bard to to break brenk except by doing what Austria did a yea yeal ego aco and Ger Ger- Ger- Ger Germany Germany many proposes Obes to 10 do now name name- ll I l mo internal properties In iii change c tor for an outside loan The principal Interest in the tle stock mo movement ement oC of the week lay In the tho further disproof ot of the Idea Ideo that the lh Investigations at Washington teer eer weakening con con- confidence con can confidence In the tho market At no time I as there an serious notation that actual holders holder of at stocks would be alarmed Into selling ceiling because ot of the oil all scandal or any of ot Its rami- rami rami ramifications fI Tho rho c a ole ole- element ele element ment which took tho the mater ti- ti ha has COI not madO mon money y by It Its operations on the th short side and probably las has lost t lotIn lostIn lotIn In Wall Vali all streets street's street view le ie this aholo holo business at nt Washington has Into a 0 game fame of politics Is getting exceedingly tiresome ome and Is not worthy of consideration as ns a a mar mar- market mar market ket Jet factor MARIn MARKET STATIONARY E ha o ha 0 borne out time the analysis of ot a 11 pi Ice lee movement not Inclined to go 10 far in either direction direction tion Tho The rise ris from ft-cm the tho th last o of October to the tho th end of 1 0 as more than nt to Ie fleet ie-fleet e fleet the th Improvement In business A reaction re whIch corrected the th excesses Then tho th marl market et down to a waiting period 1 huo 1 a as no reason for tor it t to reno renew renea the main aneo ad and thole thele was nO reason for tor It to hae ha haft e a ft further slump Therefore the logical se- se sequel sequel tc-quel tc quel war aas what hat hiat has hns ha been seen duro dur- during ID dur-ID log ing the th past post 10 das dan namely no general swing either way ay but merely a of ot mO e ments corresponding corres to the tho th pool pool- position tion in Individual Industries It 1 STI Jn trade conditions condition ale aie ai orl out along alone th the Sine Hint e petted there 1 here Is I no ho ot of goods on hand hence there th r is I no rush rUh to buy at nt rising prices the tho th way there thero 0 was 12 months ago ato On OnI Orth I the other hand the th of ot con I Is iq unusually largo large o to the high of at i ment and the th high hl h wo sage scales scale The tact fact that there I is so little I IThe for ard and that the th producers producer of ot the th country v are con con- continuing con I conI their policy of at o purchasing for immediate requirements requirement only Is one of oC th the tho e strongest trong st In Inthe inthe It the th situation Next to this th the tha 1 cc- cc credit position em cm- cm by the th tact fact that despite the trade trado trad expansion which has and the Ity on the tho th stock exchange rediscount rediscounts at th tile federal tedra e banki bank have hay fallen to the tho th lowest ot of the tho th oar ear Bolivia la offers offer an r e volcano volano for tor aal sale ale or I sent lent enl It li ii and ao which It I li is claimed d will furnish t 1 sufficient team steam to a a great amount of et electricity el |