The Washington times., 1903-12-20
No Firm Found Willing
to Float Enormous
Bond Issue.
FLEETS READY FOR WAR
Japan Has Advantage on
Paper. and Might Gain
Early Victory.

LONDON, Dec. 19.-The British war
Office would not be surprised to receive
at any time now the news that HOSTILE
ties have actually broken out between
Japan and Russia.
The fleets of both nations in Far East
ern waters are practically stripped for
war and the match that will ignite the
powder is all ready for lighting. This
being the case. it is not at all sur
prising that the stock market Is IN a
panicl1y condition. and that financiers
are calling in all but the surest loans
It leaked out today that Russia has
been sounding leading financial interests
regarding the floating OF bond issue
aggregating s125. .cOo,00u
Money Wanted at Once.
The money Is asked for at once. but
so far none OF the men and firms that
are usually ripe for a speculation III
this sort has shown any desire 10
float the loan. This is not surp=iai,g. In
view of the fact that Russia is prac-
tically bankrupt. and has no means of
insuring repayment In fact. the car
a
necessary funds to carry on the war, as
French. British, and American inter
ests viii not furnish it. ara the Ger
man interests that might be expected to
come TO the front are not able to raise
the money.
So far as funds are concerned, Japan
is in much better shape shan Russia.
Not only is she not 1urdened with a
ruinous national debt. but she has
money available in the treasury. and
can raise all that VIII be neede1- No
matter what the outcome OF q i'm
pending conflict may he, the ,iwers
Will not permit Russia to gobOl6 ia }an.
therefore money lent the Mikado ~ sure
TO be repaid. as the country's natural
resources arc good.
Strength of Fleets.
Interesting at this time is a cOmparf-
son of the strength Of the two opp0s-
ing fleets in Far Eastern waters. Rus
sia has available for instant service
seyenty~four vessels. with total ton
mage OF 20s. $50 while Japan has in COM
mission ready for conflict a, similar
number Of craft but with a total ton
mage of 252. JIG.
Thus the advantage at the outset on
water will be with the weaker nation.
and il Japan gains the first victory 1t
will mean a protracted conflict. Should
Russia. however. be successful in the first
naval engagement, the war may be
quickly ended, as the powers would be
furnished with sufficient excuse TO in
terfere. Those acquainted with the
fierceness with which party warfare Is
conducted in Japan will recognize 1t as
remarkable change that the antaeo-
nists have come together on a common
platform OF patriotism.
Japan's Leaders Resentful.
There are, no doubt, wide and deem
differences between them on many de-
tails of domestic policy. but the respec-
tive leaders. Count Ikarto and the Mar
qGis Saionjib, are as one in passionately
resenting the discourtesy of the Russian
government in systematically ignoring
Japanese remonstrances and both states
men are highly incensed at the last note
of Russia. The islanders are proud
and patriotic. and TO their minds il ap-
pears clear that the St Petersburg
ministry desires TO lower the interna-
tional prestige OF Japan by treating the
Tokyo government as Ii would not dare
treat any other world power
The Japanese are no longer 10 be
blinded by shallow pretexts and voluni-
nous proposals. the acceptance OF which
would brand the Japanese ministry as
cowardly and inefficient. They can see
without the aid of a field glass that
Russia is daily strengthening her forces
I'm the Far East. Re-enforcements, both
Of ships and men, reach Admiral Alex
iST daily.
Japan has already lost the advantage
she had two months ago, while Europe
aas been iulIed to sleep by Russian
opiates and Russian promBies. But a
day of reckoning is at hand. and united
Japan is nearly ready to begin its task
80 ,ah,,kfps P.,ssiao o1orossfo,,