The Ontario Argus. (Ontario, Or.) 1???-1947, 1922-10-19
THE STOCK MARKET SITUATION


prised-according to Roger w. Bah
son-because of the recent action of
the stock market When inter-
viewed in Wellesley regarding the
matter, Mr.. Babson today said the
seriousness of the European stu
alton is greater than most people
realize:
''It is really surprising that the
stock market has held up so we'll
during the past two weeks. OF
course the break was due to the
gravity of the Turkish situation
which was understood only by the
big bankers in New York. The real
facts are that France is today in
quite similar position as that held
by Germany in 1914.
"The real seriousness Of the dan
ger has somehow been hidden. The
change has come swiftly. A few
weeks ago Engand was in the saddle.
At conferences she was the dictator.
the worrying. Today the situation
| is just the reverse. England is now
in hole. France deliberately put
her there.
England alone of all European
nations has stood for law and order.
She alone has stood for the payment
of debts, and the fulfillment of OBJ
legations. Germany and Austria area
bankrupt. Chaos reigns in Russia.
Italy is on the verge of bankruptcy.
France Is compromising. Eng
land is the only country who has
told us that she will pay her debts
with interest.
"England's policy with Germany
has been in opposition to that of
France. England has wanted to
get for France as much out of Ger
many as possible without killing the
goose that laid the golden eggs.
England was Europe's big brother,
and upon her the financial world
has relied.
To-day England is faced with
fighting Europe because she stands
practically alone. The new govern
ment of Greece is not with her.
Germany, alone, in case of war, is
her possible ally. The Germany of
today is not on friendly terms with
the Turkey of today. Should, how
ever, Germany go in with England,
there would have to be an entirely
new Interpretation placed on many
European relationships and the
problems of those relationships.
! There is the matter Of reparations,
! for instance. All international fin
ances would be upset.
Eyes, England stands practically
alone. Italy will back Turkey.
Russia will back Turkey. And, Of
course, France will back Turkey.
Hence it must be kept clear that the
real issue is not between Great Brit
ian and Turkey, but between Great
Britain and France. France has
been backing Turkey. England has
been backing Greece. Turkey and
Greece, however, have been but
pawns on the chessboard.
when the last war was on Rus
sia was promised Constantinople.
Russia withdrew. Then 1t was de-
cided to keep Constantinople free,
out of the power of either France or
England. England slowly got bit
of the upper hand. This hurt the
pride of France who patiently await
ed her opportunity. Last month
il came. Then France played her
cards. In a few hours the entire
European situation changed. Today
France hold the trumps.
''It is not merely war on paper,
remember. Turkey is fortifying
herself by putting guns and troops
land. is in a hole and this Is what
Icaused the stock market to break
and foreign bonds to tumble. Hei
own people are against war. There
Is the memory Of the recent blood
shed. There is still the warning
mark of great sorrow. An English
man, too cannot see himself goine
to Turkey to fight. When Germany
thundered in Europe right at Eng
lands door, the English Tommy wa'
on fire to fight. But today 1t II
different. The Englishman remem
bers sadly what happened at Call
poll. He remembers the fearful
cost of conquering few Beers II
South Africa He knows that there
are over 200, 100000 Mohammedani
at Turkeys back door.
"Even the Englishman. who has
MT a son that is already lost or
son to lose, has taxes to pay. Eng
Land with har intentiOn of Dayinf