The New York herald., 1922-09-25
.BOURSE STIMULATED
BY TURKISH CRISIS.
Paris Foresees Development
of Anatolia on Unpreee-
dented Scale.

Special Gable TO THE NEw York HERALD.
Copyright, 1893, by THE NEW YORK HERALD.
New York Herald Bureau.
Paris, Sept. "a.
While the rest OF Europe was tremb
ling last week before the prospect of
another war in the Near East, the
French Bourse. especially in the Turkish
division. maintained complacency that
should have sufficed to convince the poll
ticians that France had the situation
we'll In hand, and was able TO control
Kemallst passions absolutely TIL the
promise was obtained that Turkish ma
tional aspirations would be granted In
almost every detail.
Only for few hours was any emotion
shown. with a slight drop in Turkish
quotations; but in open trading during
the last two days virtually all losses
were regained and 1t Is certain that ac-
tivity In the Turkish division this week
will start out upon basis not known
since the summer of 1914.
This being tho case, 1t may be well
to give American readers some gossip
concerning Turkish securities. which
are bound to influence the trading dur
ing the next few months First of all.
1t must be realized that after victory
the Turks will be compelled to spond
considerable sums healing their wounds
i'm other words, effectinE internal rep
aration---rather than bothering about
the payment of coupons, whether on ma
tional obligations or individual indus
trial issues. During the new period of
transition, therefore, II Is more than
likely that the Turkish nationalists will
seek greater confidence and collabora-
ton OF the international debt commits
sion, as amidst the nations big prob
Ions the helpful advice of foreign capi-
tai must be ono of the most vital fac
tors.
1t is also worth remembering that
renovated Turkey will by no means rep
resent a revolutionary character-that
there Is no danger of Bolshevism--for
the traditions and habits of the people
are unalterably opposed to the Soviet,
conception of property rights. There
fore it is inevitable ihat all the old con-
cessions in Turkey will be maintained,
such as the Ottoman Tobacco Company
and the railways. The oriental carpet
works, hke the Orosdi, probably will
| feel the result of the Smyrna disaster,
but recovery is inevitable and it Is to
| be foreseen that the Turks Will insist
upon reparation by the Greeks for dam
age incurred during their retreat, with
the reopening OF hostilities as an alter
native. But the Greeks. in the present
state OF their finances, are not likely to
choose that
One of the most favorable reports
from Smyrna is that, although most Of
the French and Turkish banks were
destroyed, the strong rooms have not
been touched, and it is believed that
consequently the monetary loss will be
remarkably low, thereby permitting the
rapid resumption of intercontinental
finance. The Balia-Karaidin mines and
wells and Heraclea coal fields also are
reported to have escaped damage by
enemy troops, and they are expected
to resume operations soon, which will
be a signal for the development Of in
diIstrial affairs throughout Asiatic Tur-
key on a scale undreamed before the
great war.
The commercial exploitation depar-
ment of the Angora Government has
had two years to develop a plan for a
great industrial nation with its work
ing capital at Kaisariyeh. and II is
waiting only for the signing of peace
| TO make 1t effective. In short, every
thiux--pnints- to the Turkish division
warranting the closest attention, both
from the speculative side and in sub
stantial assurance of steady incomes.
II is only natural that a quieter Near
East will bring its long awaited roper
cussion upon the business relations of
Europe.