The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-10-29
WAR ROWS TO TRADE.

That commercial and financial con-
| siderations constitute the most potent
force in the preservation of the peace
of the world is again pointed out con-
| clusively by Henry Clews, the New
| York banker, in a discussion of the
| Balkan situation which appears in his
current weekly financial review. After
pointing out that there has been some
heavy European liquidation of Ameri-
can stocks. precipitated by the Balkan
war, Mr.. C1ews writes:
| For various reasons it would seem
as if the Balkan troubles had almost
exerted their full effect on this market
| There is no we'll grounded reason to
apprehend any grave disturbances be-
tween the great powers resulting from
| the Balkan outbreak. The recent re-
verses to Turkish arms have naturally
had a detrimental effect, inasmuch as
they weaken the latter's prestige and
tend to lengthen the war. Bat the
time is rapidly approaching when hos
tilities will have to be suspended owing
to the approach of winter. 1t would
not be surprising if peace were re-
stored by December, if not earlier,
largely on account of climatic consid-
erations. Moreover, financial Influences
are inevitably coming to be the con-
trolling factor in this war. In these
days war is chiefly a matter of finance,
and the allies opposing Turkey cannot
continue indefinitely a loss of a million
dollars per day, the present estimated
cost of the war. The Balkan states, it
should be carefully noted, have limit
ed credit. They cannot borrow extern
sively in the European markets for
war purposes, and their home re-
sources will be quickly exhausted. Two
weeks ago Servia's war chest held less
than $15.0OO,OOO, and this has already
been seriously depleted by the mobili
zation of 100000 men. Turkey, on
the other hand, has much better credit
than all the Balkan states combined.
In case of necessity she might be able
to float foreign loan. But there are
even more important considerations
than these affecting the war. The in
terests of Austria, Germany and Rus
STA are all on the side of peace. These !
countries are each actively engaged in
unusual industrial and commercial de- |
velopments, and their great banks are
fully occupied in financing such opera |
tions. Their funds could not be di- |
verted from the latter for war pur-
poses without precipitating grave (
financial and commercial disorder. !
FsURldnQ alSOt winch
controls the money bags of the world |
is unqualifiedly opposed to any seri-
Gus international disturbance. Her
great bankers could not be induced to
lend money to any great power for /
war purposes. Humanitarian consid- |
erations would have little influence
compared with the great commercial |
considerations which center in Lon
DON and are more emphatically
ranged against armed conflicts than at
any time in the worlds history. In
short, there is little prospect of a Eu
ropean war. Peace will be maintained
largely for commercial reasons; and
whatever the final outcome of the
struggle between the Balkan states
and Turkey there is no longer any
question but that the contest will be
strictly localized. Not improbably an
adjustment will be reached between
and her enemies in the form of
a compromise that will work out to-
ward an even more lasting peace in
that part of the world