Elgin, for| honoring to FINANCIAL MARKETS ARE GREATLY CONFUSED Sensational German Coup Brings Widespread Confusion In Foreign Exchange Dealings. NEW YORK, March 12 (AP)-Germany's sensational coup m Austria, a complete surprise to the financial world, brought in 1 its wake confusion in foreign exchange dealings, mixed changes in the commodity markets and little effect on securities. Trading in the various European currencies was exceptionally heavy in London where the, French franc rose, surprisingly bankers said, in view of the Paris cabinet crisis, against the pound sterling. On the other hand there was what was described as a "panic" flight of Swiss capital into French francs, dollars and sterling, and currencies of other countries likely to be affected by sudden developments, such as the Netherlands and Belgium, were depressed. The New York market, contrarily, was rather quiet, with the rates quoted being based largely on London transactions. Foreign exchange dealers, however, watched developments closelv. Bankers said they did not expect any heavy flow of funds to this country unless actual hostilities should develop, explaining that Europe had been "bearish" on America during the recent recession, and that once things got straightened about they thought London would again become the refuge for Europe's "hot" money. In New York all European units were down in terms of the dollar, with the pound sterling off more than a cent, Nether-| lands guilders almost .15 of a cent lower and the Swiss franc depressed about .13 of a cent. French francs held well, losing only around .02 of a cent. Some thought there was considerable repatriation of French short term balances in a time of national crisis.
