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...item of darkening news was the March rate of industrial production. It dropped a point on the 1947-49 index to 165, and a point on the Federal Reserve Board's new index, from 110 to 109. But against this could be set another indicator suggesting a pickup in business. Reversing a downward spiral that started in early March, the average interest rate on the Treasury's issue of $1.1 billion in 91-day bills jumped by nearly a point to 3.622%, indicating that money is once again tightening up as business rolls forward...
Most conspicuous among the discontented were France's farmers, who find themselves in a painful economic squeeze caused by De Gaulle's abolition of the parity index linking farm and industrial prices. A month ago, a majority of France's Deputies demanded a special National Assembly session on the farm problem. De Gaulle flatly-and probably unconstitutionally-refused (TIME, March 28). Denied an outlet for their grievances through normal political channels, 400,000 peasants last week turned out across the length and breadth of France in protest demonstrations. In the Breton town of Quimper, farmers in clogs...
...London, which has traditionally been most sensitive to fluctuations in Wall Street, stocks dropped sharply. The industrial index, which reached an alltime high in January of 342.9. slid to 306.1, a loss of 10%, v. 13% for Wall Street at its low point. As U.S. stocks rallied and rose on four out of five days last week, shares rose even faster in London, recovered almost half the losses. Despite the timing of the drop, London traders thought that it had been caused less by Wall Street than by the British government's intention to tighten credit further to curb...
...down, but the reasons have little to do with Wall
Street. The confidence of investors was badly shaken by the resignation
of Finance Minister Antoine Pinay (TIME. Jan. 25), has been further
weakened by the slow progress in ending the Algerian crisis.
...Germany, the Frankfurt exchange retreated only momentarily from its all-time high of 386 on the industrial index, soon rallied to 380. German experts blamed the break chiefly on massive flotations of new stock by expanding German coal and steel firms, which temporarily flooded the market...