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Show and Its Effects on Stock Market Not Fully Realized, Says Babson IWELLESLEY HTLLS. Mass.. Oct. H. Renders should no' bt IlirprlMd according to Ro(tr v. Babson ctuw of the recent action of the stock market. When Interviewed " Welles-ley Welles-ley regarding the matter, Mr Bebeon today said the seriousness of the. European Eur-opean situation Is TMter Uian people realize. 'ft ! really surprising that the stock .market has hold up so well dur-l dur-l n jr the past two weeks. Of OOUrse, fhe brak was duo to the gravity of th Turkish situation which Wi derstood only by th Mg bankers In SVw York. The n:n facts ore that France Is today In quite a similar position po-sition as that held by Germany in I . 1914. "The ree1 seriousness of the rtank'T has some how bcn hidden. The r has come swiftly. A few weeks ago England wm in the Middle. At conference con-ference she was the dictator She did the talking ami Fr.m. 1 ' -rorrvlng. Toda jrthe situation Is Just fl the reverse. England Is now in a hole. France deliberately put her there. "England alone of all Burop an nations has stood for law ;ind order She alone has stood for the payment of debts, and the fulfillment of obll-j agtlons. Germany and Austria are) bankrupt. Chaos reigns In TX 1 Italy Is on the verge of bankruptcy ' Franco is compromising England '3 the only country who )ku. told U tn it she will pay her debts with lnt RFXIED OS KNGLAXD. "England's policy with Germany has been in opposition to that of France. England has wanted to get for France a much out of Germany as possible-without possible-without killing the gOOee that laid the golden eggs. Francs was for killing fl the gocc. but still for detandlng the eggs. Bngland was Euro I brother and upon her the financial 1 world has relied. "Today Eng'nnd 1 fared with flc-ht-i log Europe because she stands prac- tlcally iiione. The npw government of Greece is not with her. Germany j clone. In case of war. Is her only possible ally. The ccrMimy ol I -1 I Is not on friendly terms with the Turkey of today. Should, howei r. Germany go In with England, there would ha' i to he an entirely new tn-terpretatlon tn-terpretatlon placed n many European I relationships and the problems of those relationships. There is the mat-ter mat-ter of reparations, for instance. All j international finances wouid he upset. i:i.LND STANDS '.M "Yes, England stands practically alone. Italy will back Turkey. P.us-1 sia will back Turkey, f.nd, of course, j IM Franc will back Turkey Hence It must !? kept clear thai the real issuo is not between Great Britain and Tur-t key. but between fireat Eritaln and France. Franco has been backing Turkey. England has been backing Greece. Turkey and Greece, however, ha been but pawns on the chess-, board. "When the last war was on, P.us- sla was promised Constantinople. Ilus-sla Ilus-sla withdrew. Then, It was decided 1 to keep Constantinople free, out of j the power of either France or Eng-land. Eng-land. England slowly got a bit of the upper hand This hurl the pride rf France, who patiently awut.-d her opport unit v. Lilt month it Then Franco played her cards In a few hours the entire European sltua- j 1111111 tlon changed. Today France holds tho trumps. BOER WAR RECALLED "Tt Is not merely a war on puper. remember. Turkey is fortifying herself her-self by putting guns and troops it; strategic points Frankly. England !s : in a hole and this Is what caused the stock market to break Mtid foreign bOfrdfl to tumble. Her own people -re ugulnst war. There Is the memory! of thb recent bloodshed. There ts etill j t ne warning mark of great sorrow . An , F:ngllshmBn. too cannot .s. e bll ll roPi gto Turkey to fight. When ;:--many thundered In Europe right -it ' England's door, the English Tommy vas on fire to fight. But today It is' different. The Englishman remembers sadly what happened at Galllpo.ll II" remembers the, fearful cost i" con-; uuerlng the few Hoers in South Afri- . He knows that there arc over LOO. 000, 000 Mohammedans at Turkey's Tur-key's back door. "Even the Englishman, who hasn't a son that is already lost or a son to lose, has taxes to pay. England. ' with her intention of paying her d bl Is the only European country that! really taxed her people leverely. The ordinary English tradesman Is up to his chin In taxes (England has the highest tax rate ir the world. Re IS not nagrr for more, the weight of which would almost brr.ik lilm. Thlsi Is the proposition with Which Enclaii.l If faced. She has either got to fight thd Turks at a tremendous cost of men and money, without th f-il! CO-1 operation of her own pespli . or eUo - (she has to Ins elndia. Egypt, Persia, and the Holy Land. Do you wonder the stock markets broke 7 BUSIVESS s Mir;D. "What will happen" I do not know: but Whatever happens, there will n check on business. The farmer will ! be helped by higher prices for wheat. , Manufacturing and shipping will be-I be-I come more active. The cost of 1 1 ?n (will go up. Money will be firmer and scarcer. People will sell t'.eir foreign securities. The stock market, however, will not permanently Uff r. When the financial history of 1 922 is written, this will -be chronicled only as a break in a bull market." Moreover, More-over, the writers will add: "Considering "Consid-ering the great seriousness of the Turkish situation. It Is most surprising surpris-ing that the stock market has behaved so well. Only the fact that buslh M was not inflated but vas still six points below normal saved the situation. situa-tion. Had the nation In li'22 been enjoying a period of real prosperity, there would have been witnessed a real old-fashioned panic." oo |
