The Washington times., 1921-05-12

Se~sSs~~s
| accept the allies rsparatiou terms IL
Of colossal importance. While uncer /.
tainty prevailed Europe could not
settle down with peace Of mind to
Overcome her many and COMPLEX OBJ
| stacles.
Nor would our own international
nnaneiers and our own Industrial en-
| terprises Of international scope 70
ahead assrsssivsly and eenAdsntiy
with fAr-reaehing plans. dependent
upon the assured stability OF Europe.
The immediate sentimental effect
10, therefore. very great Tangible
results. however, will manifest
themselves more slowiy.
The pen Of the German chancellor
when used to apply Germans sigma
ture will not Of itself constitute the
waving of any fairy's wand guaran-
teeing the banishment Of all financial
and commercial clouds and the sud
den swelling Of the world with bust
ness sunshine.
Frankly, there is danger that Ger
many's enforced signing will raise
false hopese, and that when these
hopes are blasted we may suffer from
a renewed spasm of pessimism.
NAY SELL GERMAN BONDS HERE.
Apparently, the program contem-
plates the selling Of billions Of
German bonds in the United States.
Bonds bearing only Germanys sig
nature would stand very little
chance OF finding . broad market
here at any price resalable by the
sellers.
l do not believe American bank
ers would underwrite any billions
of German s per cent bonds At
more than 80 cents on the dollar.
Even ut such a price to the UNDER
writer's 1t IL doubtful whether any
gigantic quantity of the bonds could
be disposed of here at this time or
in the near future.
Let Britain, France. and other
allied nations guarantee the bonds
and then the prospect OF marketing
them here would be infinitely bright
ened.i
Even then, however, the task Of
distributing any enormous amount
would not be easy. for American in
vestors already have choice Of .
wide variety of gilt-edged securities
yielding very generous income re-
turns.
Moreover. most American inves-
tors, especially those Of moderate
means, have not yet become accus-
toned to putting their funds into
foreign securities of any kind what
soever.
| Europe will still command a lot of
attention from the financial and bust
ness community. and will doubtless
from time to time occasion no little
concern.
| Although they have not shouted IL
from the. housetops. most of our
leading men Of affairs attach great
Importance to President Hardings
decision to have American represen-
tatives sit in with the Allied Powers
in their deliberations over matters of
magnitude arising from the war and
itH aftermath.
cles has been that the Job was too big
for che Allies, without the co-opera-
ton of the United States. More hope
is now entertained that greater prog
ress viii hereafter be made IN reach
ing workable solutions of major prob
lens.
The sensible view to take Of the
signing OF the indemnity agreement
and other recent International devel-
opments. is that Roadway Ia being
made. but that there 10 stih q rather
Icing and very rocky road to travel
before anything approaching normal
conditions can be attained In Europe.
Let US feel reasonably optimistic. but
not blindiy optimistic, so that we may
Re prepared for the untoward devei-
opments which are almost certain to
occur here and there before Europe
csn regain her composure.
AT home the trend 10 distinctly Bet
ter than II generally appreciated
sossguAshk. 1ssa. ~ n C. xssssal