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Show The European Situation Wellesley Hills, Mass. September Sep-tember 14, 1923: "What would a new European war do to business?" . The question was put to Eoger W. Babson as he was reading a mass of telegrams tele-grams and cables coming in from all parts of the world, asking' what effect another European war would have on ' business. "It seems inconceivable that Europe will permit herself to get entangled in another war at this time," he replied. "Yet conditions are far more favorable favor-able for a conflict today than they were in 191-4. Moreover, the wisest students of international interna-tional affairs have been predicting pre-dicting for some time that another an-other war is sure to come and that it will again begin in the Balkans. Doubtless the Greeks killed the Italian Commission in cold blood. Probably it was no accident. Greece feels :very bitter toward the rest of Europe. The Greeks believed that they were a great factor in helping the Allies whip Germany Ger-many and that the Allies later 'double-crossed' Greece in favor fa-vor of Turkey because Turkey has oil and Greece has no oil! The Greeks felt that there is nothing more they could lose and that perhaps they might gain back something out of another an-other struggle, at least they would have their revenge. . This was the situation. Italy's self respect compelled her to take some action, but I hope this affair will quickly be set-- set-- : tied and .forgotten. "How much further trouble will develop, only time can tell. The trouble between Italy and Greece is not the only Europ ean tangle which must be straightened out. If another real war should soon develop, it now looks as if Germany would line up with Greece and Uussia, and that France would back up Italy with the help of Turkey. Were it not for Egypt and India, In-dia, England would keep out of it this time; but with her great interests in the East, no one can predict what England will do. It looks now as if Germany Ger-many might be the winner in such a conflict, at leant, it would take France's mind off 'Reparations, for a while, and , perhaps make the League of Nations a greater force for good. Now that the Allies have given in to Turkey and returned to her ho much that they had taken away, it is a great temptation for some of the other nations like Kunsia, Germany, arid Bulgaria to try the name game. "As to the effect on business! in the United States: Of course the temporary result of another European War would .be up-setting to business in many lines. Any shock is unsettling un-settling and disturbing. This explains the action of the commodity com-modity market and the stock market during the past weeks. For six months following tin; dclaration of war July .'!0, 1914, Commodity prices and stock prices declined, and business, in general was very bad. Before Be-fore the close of the yar 1914, however, orders began to cnimi from Europe in large quantities, quanti-ties, our mills were workinjr full time, and our wage workers work-ers soon again had money ( upend. By ,'l"4Lof' i;,ir'-l htoe.kH were VWy, Vholesah-. prices were vuriY'iiy,; and th-1,'nited th-1,'nited Stati-s wan becoming. I very prosperous. v - : - "But Europe then had money mon-ey with which to buy, and a fine credit," continued Mr. Babson. "Today conditions are entirely different. Europe now has very little gold she can send us. We do not want hei securities except at a great discount. dis-count. Can she send us good-i with which to pay for our own goods? She can do this during dur-ing times of peace, but can she do it during a time of war i This is the great question, and only the future can answer it. If Europe cannot send us goods to pay for war supplies, then she cannot send in goods to compete wth our own factories. This Mould at least relieve some of the foreign competi tive pressure which threatens us today. This especially applies ap-plies to the wheat growers of the United States. Another European war could send the price of wheat up to two or three dollars a bushel. "What Europe needs," con eluded Mr. Babson, "is some 'honest ,to goodness' religion! We shall see no real and lasting prosperity until Europe gets headed in the right direction Some real religion will lead to a real League of Nations; and when such real religion is evident, evi-dent, Europe will find all parties par-ties in this country ready to help form such a League. Europe Eu-rope today is a hot-bed of jealousy, jeal-ousy, selfishness, and political intrigue. Only as the hearts of both the people and the leaders lead-ers of Europe are softened, will the tangle be straightened out. It may take another war with all its gruesomeness and suffer ing to bring Europe to her knees. We all hope it will not; but in addition to hoping, let us pray, not only for Europe but for ourselves, that we may be honest and unselfish., remembering that we have re sponsibilities as well as opportunities oppor-tunities and that no country can permanently prosper thru the misfortunes of another." The Babsonchart shows general gen-eral business at 10 j-r cent be low normal no change from last week. |