The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-10-19
A PROPHET OF PEACE.

Speculation regarding the coming of
peace. from this time forward. is GER
tain to occupy a large place in the
public mind. The overtures from the
central powers and the continuing sue
cesses of the allied armies make this
inevitable. 1t is useless to advise the
people not to think or talk of peace.
They will think even If they refrain
from giving expression to their
thoughts. This situation makes in
teresting the views of w. j. Wollman
& Co.. members of the New York
Stock Exchange. Their financial re-
view issued October IL says:
Military experts may differ as to the
duration of the war. Diplomats and
| statesmen may propose and reject
peace proposals.
But one hitherto infallible prophet
| says we are surely-if gradually
drawing toward the close of the war.
That is the ticker. The stock markets
of the world have begun to discount
the coming of peace, eucn In it's own
way.
On the bourses of Berlin, Vienna
| and Budapest the panicky collapse in
prices says that it will not be strong
| German peace" In those rapidly
falling quotations appears the hand
writing on the wall that foretells the
doom Of the war lords OF the central
powers.
On the New York stock exchange
| there has been a movement, not so
violent, nor does it tell the same story.
There has been an orderly, but at the
same time a persistent decline in is
sues listed as war" stocks. The faith
in the future of the country under
peaceful conditions has been mani
tested in the gradual hardening of Sc
curities undeniably identified with
peaceful endeavor.
There has been no collapse-no
panic-only a foresighted shifting OF
interest. The faith in the country is
there. Confidence in the future stands
| out clearly. as investors transfer their
holdings from one group to another.
General liquidation. showing desire
to get out of the market, has never
| been in evidence.
The ticker is d prophet that never
lies. The lay public often refuses to
accept its forecast. In this respect
the ticker is the Cassandra of modern
business: 1t always tells the truth, but
it is seldom believed.
| This has been shown by many a
historic precedent. In 1907 the coun-
| try had all the outward signs of pros
| perity. Out of a clear sky came the
silent panic" of March, 1907. The
| ticker announced then that we would
have a business recession. The buoy
ant west, eXulting in the prospect OF
big crops scoffed at the message OF
| the tape. All thru the summer of that
year the ticker sounded its unheeded
warning.
In October came the collapse ir
stock prices. The shock was felt thru
out the whole country. Banks every
where refused to pay out currency ex-
cept in small amounts. Business was
bad and the west was so sure of it thai
1t rather resented the voice of the tick.
err which soon announced in a series
of rising quotations, that the wors
was over.
There is nothing supernatural about
the ticker. Those who listen to it:
message respectfully are not super.
stitious persons. They are hard
headed business men. The ticker
merely reflects the composite, con-
centrated money sense of the modern
world.
1t speaks far in advance of the &C
tual development that all are able tt
see later. 1t should have on its coat o.
arms as its sole inscription in Latin
"Speculo." CT see ahead.")
The ticker says peace is coming.
does not announce the date. 1t MAJ
be months-many months in coming
1t also says it will not be German
Il peace.