Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1904-01-23
MONEY FOR WAR IS LACKING
IF RUSSIA AND JAPAN DECIDE a.,
PASSAGE AT ARMS.
Cash Tied Up Here-France viii A..
Loan Money, Nor Will German RarL
ers-RothschiIds Are CoId-crs..
Millionaires Said to Have rak.n
Hostile Stand Against Cars Matte,

Millionaires Said to Have Take,
Hostile Stand Against Cars Nation
New York, Jan. 19.-Knowledg tho.
both Russia and Japan have been can
vassing the bankers in Europe ana
here with regard to the possib;Ii,-
of floating bonds, and semi-official con
firmation that Russia has been turned
down by France, her best friend. in tba
matter of raising funds, while tba
chance of Russia getting anything !,
Berlin is also considered very small
directs attention to the internal ro'
sources of both Russia and Japan for
furnishing sinews of war. 1t is thought
likely that Japan can borrow soma
money-though not much-in London
but Japan will have to look to her own
treasury and to her own people. just
as Russia will have to do.
N. Raffalovitcn, a Russian bankir.
expert, is quoted as saying that coun.
try has 500,000,000 roubles in gold or
upwards of $250,OO0,0OO, to draw ON
for emergency. Russia's mainstay in
the Bank of Russia, which has been
fortifying itself for some years. Rms.
sia's gold at bank and in treasury in
November last amounted to 1914. 69S..
900, silver $33,775,000, while the cir.
culating notes outstanding were 5000.
10000.
The Bank of Japan, at the same
date, according to the report of the
secretary of the finance department,
at Toxic, had gold holdings valued
at $57834,47S, with outstanding circu-
lation of $101 ,423,396, expressed in dol.
lars. 1t is interesting to note that since
1898 the gold supply in the Bank of
Japan has increased more than $685.
100000, while the Bark Of Russia's
stock of the yellow metal has decreas-
ed, presumably in connection with the
debt refunding operations.
Will Affect Home Industries.
Japan's preparations to turn the TO.
bacco and other industries over to the
government as a war measure for the
purpose of providing more revenue
points out the possibility that the bur-
den of war expenses in both countries
will fall heavily on home industries,
in which case Russia will have a de-
cided advantage, because of her great
er wealth and resources. Some Of
Japan's chief products for export ara
silk, cotton and textile articles, in
manufactured form; rice, tea and fax.
seed. Russia exports chiefly grain,
oils, dairy products, timber, sugar and
flax. State control of the railroads
and of the spirits trade would no doubt
be made to yield much larger results.
France Deeply Interested.
Perhaps more deeply interested in
war between Russia and Japan than
any other nation, outside of the tive
contestants, would be France, because
of the enormous number of Russian
securities held today by the French
people, by some estimated at 81, $780,
100000, par value. This explains why
the French government has been do
ing its best to head off war. War
means depreciation of outstanding Sc
curities of any nation engaged in 1t,
as Wall street views it. The presump-
ton is that more securities will be
turned out by the government in ques-
ton, which tends not only to reduce
the market value of those of the coun-
try in question, but of other govern
ments in whose countries a market is
sought. This is explained on the
broad principle of imitation and it is
also due to the habit of capitalists and
others to shift from one security into
another yielding a larger return on
the investment, assuming that the Sc
curity of the investment is somewhat
similar in both cases.
Can't Raise Money in America.
The power welded by Hebrew bank
ing interests is strikingly illustrated
by the part they are said to have as
sumed in the negotiations by Russia
for loans in Paris and Berlin. 1t has
been stated here, and not denied, that
the Rothschilds had taken a hostile
stand against Russia, for reasons read
lily imagined, in view of certain demon
STATIONS in Russia.
Death of E Doe