Foreign News: Murky Magic?

Frenchmen spent the week in panicky expectation of whatever Finance Minister ("Wizard") Caillaux was about to produce from beneath the cloak of secrecy cast over even the least important of his doings.

Correspondents ruefully discovered that with the recent advent of M. Caillaux (TIME, July 5) the Finance Ministry could now be expected to deny at eve its morning statements to the press. Amid this aura of uneasiness and suspicion, the franc sought a new low, 36.88 to the dollar.

M. Caillaux was suspected chiefly of attempting to negotiate long term credits backed by...

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