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Show Major Lee Sees European Crisis , As Only Evil Market Condition I Major Alva Lee. manarer bond department, de-partment, J, A. Hofla a ca.. states as followi: ' "Apparently the stork market la i Influenced by no raws ax rem that which cornea from Europe, The death of President Harding; waa not notice-! able on the market action. The sen-! ttment of Wall street seems to be that in Mr, CoolMge we have a president presi-dent who la an honeet. clear thinking; and courageous man who has an excellent ex-cellent knowledge of economics end one who will In general carry out tha cotiaervatlve pollciee'of hla Illuatrloua predecessor, it la believed that ha will use his power and Influence to aaalst rather than hamper . bueineea. It may be safely assumed that ha will ba In direct opposition to radical legislation. Kor example, the belief la prevalent that he will appose leg-latatlon leg-latatlon tending to further handicap ths railroads, that he will oppose tha bonus and vetoe It If passed by ron-greea. ron-greea. and that be will advocate a reduction of surtaxes. "There is much speculation, but tittle definite Information, as to hta views regarding the ICuropean em-brogHto. em-brogHto. It haa been rumored thai ha favors tha plan first proposed by Mr. Hughea of submitting the amount of re para Hons to ba paid by Germany to aa Impartial tribunal for arbitrary decision. If such la the cans. It may be that the Influence of the United Hiatee'wlll ba uaed to effect a modification modi-fication of the French demands. Whether this comes to pass or not. It has now become plain that tha controversy between France and Oreal Britain 'la very serious. If the British Brit-ish policy prevails, derma ny will be showed to recover and become proa. 1 peroua end the maximum Indemnities will be collected. This would entail the evacuation of the Ruhr and a resumption of German trad, which has been dormant at nee the Huhr waa Invaded. If, on the other hand, the French policy la to prevail, the economic eco-nomic and political collapae of Uer-many Uer-many la certain, reparations will bo forgotten, trade with Germany will be Impossible for a long time, and the French will retain the Ruhr and the 8aar. This would enable France te dominate Europe economically find politically. Although the first effect would ba a heavy burden, eventually France would emerge tha moat powerful pow-erful nation la the world excepting tha United States "The lateet news from Europe Indicates In-dicates that the British, note to Franc to be delivered today will officially of-ficially pretest agalnat the occupation occupa-tion of the Ruhr aa a violation of the treaty of Verealllee, and further make It plain that under no clrcumatanras will a proposal that Oermany shoulder shoul-der the debt of tha allies and the United Slates be acceptable. "In this controversy, which la rapidly rap-idly reaching a critical at age, tha American people are Inclined to sine with Franca for reasons of sentiment. It Is, however, becoming snore avi- j dent that our own beat Interests coincide with those of Great Britain. This Is brought horns to us by ths recent drop In tha pries of cotton, copper and wheat since the decline in the foreign buying; after the occupation occu-pation of tha Ruhr. "All things considered. It aeema probable that aock prices will rally eight or tan points from present eta. Nevertheless. It seems equally probable that stocks rlll sell at lower prices next year. "Bond prices should remain firm or sdvancs slightly for the next year or two." j |