The Washington times., 1923-02-09
RUHR'S SEIZURE
FEARED BLOW
To EXPORTS
Wheat Will BE Barometer
Soon, International Bankers
Say-Farmers Victims.
By-AIERRYLE 5. RUKEYsER.

By~MERRYLE >. RUhEYSkfAt.
copyrighted. 1929, by Star Compeny.
and Distributed by cosmopolitan News
Service.9 ia
NEW YORK, Feb. s.-Great Bri-
tain's acceptance of the tentative
terms of debt payment suggested by
the American debt funding coIhmis-
sion is OF far-reaching Significance
in strengthening the established or
der in world finance.
President Harding's plea tosg0on-
gress to approve the suggested debt
agreement with Great Britain met q
responsive reception in the finaneiaI
district.
The message had no percenaIble
influence on immediate quotations,
as the stock market was subject to
pressure of profit-talxing by speeula-
tors, who anticipated the fav0KRble
development. KS
international bankers, tIoughgas-
sorting that the program of paying
will involve rigorous economies in
England, are unanimously of the
opinion that the policy will rebound
enormously to the financial credit
and prestige of the country
Britain loaned to its war allies as
much as it borrowed from the Treas
ury at Washington, but its debtprs
are not yet ready or able TO begin
substantially to discharge the ohlfga-
tions.
Britain's Money Stronger.
This broad consideration Was 4
factor in the decision of the AdFain-
istration here, no doubt, to accept
less interest than the going open
market rate on the British obIlga
tons.
The disposition of Britain to pay
is reflected in the great Disparity
between the pound sterling Onions
hand and the exchange OF ALI the
other European belligerents onrthe
other. s3.-r
I was discussing the interactioia Of
Europes foibles and enterprises: on
American business with the partner
of one of the leading internatlonal
banking houses of America. Ala
I'VE are watching Europe, and es-
pecially the Ruhr district of Ger
many, closely" he remarked, but
we take a certain amount of cheer
from the realization that conditions
there cannot get much worse.
Conditions may very likely I'M
prove.
'Poincare does not, in my. 3ad
ment, represent the true Frances ~
is in the seat of power. and thespeO-S
pie, adopting the my country, rIghI-
or wrong policy, are following H1In
Under his leadership, France 10 vac
cilating between a desire for u1cn1ey
from Germany and fear. I#u1n
think she will get money inthis
way"
Wheat Is Barometer.
Asked regarding the influence Of
the French occupation of the Ruhr
district on the probable course Of
American trade. the banker ex-
planned: sa
1.-THE business revival in this coun-
try has, in my opinion, sufficient
momentum to keep on for at least
three or four months, irrespective OF
the European situation, barring the
unlikely possibility of an outnEeak
of general warfare.
"But we cannot escape the effects
of continued unsettlement in EurOpe.
We are likely to feel it in our ex-
ports to Europe, particularly OF sucll
farm products as wheat and cotf0n
A barometer to the influence OF
European conditions on American
business will be wheat quotations
eff the farmer gets less, MS Gil
minished purchasing power VIII ret
act 'unfavorably on general domestic
trade. In 1922 exports to Europe
dropped to pre-war levels.