The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-02-15
WALL STREET SHOCKED
Recent Resistance Has Proved
Its S0undness, Says CleWs.

New York, Feb. 15.-Clews & Co.'S
Financial Review says:
Wall street has proved its sOundnesS
by the stout resistance offered to a
quick succession of severe shocks, the
like of which have not been previously
experienced The outbreak of war, the
Baltimore fire, and the collapse in cot
ton speculation, to say nothing Of
heavy new railroad borrowings, com
bined to put a strain upon the none
tary situation that would have wrought
disaster had the financial fabric dis
closed any weak points of Importance
The fact, however, that our market
yielded only couple of points under
such an avalanche of unfavorable
news, and quickly reacted afterwards,
is highly reassuring; and demonstrates
anew the beneficial effect of our heavy
liquidation in 1903. Had these adverse
elements happened a year ago they
would have precipitated a panic;
whereas now they have but a transient
effect and have afforded a most salts
factory test.
shadows all other influences. Japanese
early victories encourage hopes of a
short war as we'll as check to Rus
sian encroachments, which latter are
civilization. In view of general sym
pathy with the cause Of Japan both at
home and abroad Japanese victories
are likely to have a stimulating effect
upon the STOCK markets, While Russian
success might, on the contrary, exert
depressing influences. Thus far none
of the worlds money markets have
seriously felt the war, the worst effect
falling upon Paris. where Russian
bonds are largely held. 1t has been
estimated that France holds not less
than 81 1000 600, 900 of Russian bonds; so
that Russia's chances of increasing her
borrowings from her best friend on
good terms are not very brilliant
I.afQr Prussia 10
show of resistance, but the superior
alertness of the japanese has already
won them important advantages.
The Baltimore fire, a calamity which
has brought her plucky citizens album
dant sympathy and consideration, will
not be a serious stock market influence
The best estimates are that the losses
to insurance companies will fall below
$50,000,000, considerable portion of
which must be paid by foreign COM
panies. These losses will moreover be
paid gradually; in many cases out of
surplus funds or by temporary loans;
so that no great amount of securities
will be forced for sale to pay losses
which fall chiefly upon strong com
panies able to meet all these obliga-
lions without difficulty. The most SER
ious consequences to Baltimore will be
the arrangement and loss of trade re-
sulting from such a calamity. These
losses cannot be made good; but Balti-
more will be rebuilt better and more
beautiful city; and her business men
are to be admired for the courageous
and resolute spirit in which they are
conquering adversely. Some interests
will benefit by the disaster; for labor.
steel and building materials will be in
large demand for months to come. Yet
war and fire destroy real wealth, and
while they may create new activities,
they are in no sense bull arguments.
Another disturbing feature was the
long feared collapse of the speculation
in cotton The government report on
cotton ginned, issued on Tuesday