THE MORNING AFTER

Only with the election on April 10th, when the German electorate will make its final choice between the stability for which President von. Hindenburg stands and the aggressive opportunism of Adolf Hitler, will the rest of the world take its eyes from the German political horizon. Although the other nations whose fortunes are so closely bound up with the rise or fall of the German Republic will assure themselves that Hitler "has shot his bolt," conviction will only come with an unassailable Hindenburg victory.

The astonishing success of the Nazi party in yesterday's election seems likely to be the peak of their fortune. Although they will inherit the votes of the Hugenburg nationalists these will be insufficient to offset the Communist votes which will go to the President, or which will at least remain inactive. A direct trial of strength, without the diverting issues of the other parties should almost inevitably lead to Hindenburg's reelection.

With the world skating on the thin ice of international finance as it has recently, however, everything threatens to be possible. Should Germany and Central Europe fail to maintain their credit and admit collapse, Hitler might well ride the wave to victory. For that which destroyed the old order would set him in its place.

The name of Hindenburg is at present almost synonymous with that of the German Republic. If he wins in the final election, as he probably will, the forces of change will have to wait for political disaster to bring them their opportunity.