The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-15
BANKERS AS PEACEMAKERs
Refusal Of Loan to Russia May Force
Her to Peace.

Her to Peace.
Paris, March 15.-The postponement
OF the Russian loan is definitely con-
6rmed:. This is likely to exert power
first time the French fnanciers have
| shown any indisposition to advance
funds while the uncertainties of war
continue.
The following details of the post
ponement are from an authoritative
source:
A committee representing the syndi-
cate of French underwriters went to St.
Petersburg to arrange the conditions
with the minister of finance, and con-
| tract was drawn up for a $12O,000,0 900
| loan, taking the form of treasury bonds
funnin gseven years at 5 per cent. The
contract was then brought back to Paris
for the approval Of all the under
1 writers. -, .........
L.? Disaster Spoiled Plan.
! In the meantime the disastrous events
In Manchuria naturally aroused doubts
on the part Of the fnanciers as to
pursue the war. -. -.
The influence of the financial ele-
i ments was almost unanimous for peace,
but Russia g Discrimination to consider
peace appears to have induced the de-
cision not to proceed with the contract.
| Accordingly OuO' VI ChO Soii
tract, which was expected yesterday.
has been postponed, also all the pending
negotiations.
According to the Russian view this
does not mean that the negotiations
have been broken off, but merely that
! thorities say the syndicate holds itself
bound towards Russia now as before.
However, the circumstances Of the adj
iournment, tend to show that the sYndl-
cate inclines ii wait for some definite
development Of peace before proceeding
any further.
! Rouvier's Hand Suspected.
It is authoritatively denied in the
highest Russian Quarters that the
French government exercised any pres
sure towards preventing the increase. of
French holdings of Russian securities.
Nevertheless it is probable that some
members of the government, acting in
dividually, voiced the prevailing view
that caution was desirable.
Since M. Rouvier has combined in
himself the presidency Of the, council
of ministers and the ministry Of finance,
the government has Indirectly exercised
strong influence on private financial
affairs. .-
:. It is significant that the postpone
ment Of the loan is coincident with a
l.. strong movement of the influential
French press in favor Of peace.
Russia Balks at Indemnity.
} The Matin prominently displays a
statement believed to reflect the views
of financial circles which declares that
if Japan is ready to adopt a generous
attitude by waving an indemnity or
imposing any humiliation upon Russia,
then Russia's policy of 'wav to the
/ T. hs{ r1y1I
It is noticeable that some Of the
Russian ocials speak approvingly of
the late propositions. They say peace
is impossible if an indemnity or any
hc.niliating conditions are asked, SO
that the elimination of these two points
will 90 far toward securing favorable
consideration of peace.
Reports are current here that Japan
will demand an indemnity of between
$5O0,000O00 and $750,000,000.
Prudence Frances Guide.
. London, March 15.-Lordt Roths-
! child regards the postponement of the
Russian loan as tantamount to re-
fusal on the part of the French syndi-
: cate to treat any further.
CATER all, - he said, cit cannot be a
matter for surprise. 1t is owing to the
force of circumstances, and not, /
9 think, to the result of pressure on the
q part Of the French government in the
interests of peace. Between $780,
: 100000 and $3,0O0,O 100000 Of French
money is invested in Russia. There is
l nothing more natural at the present
: time, with the affairs Of Russia in the
state that they are both at home and
8 abroad, than that it should become diff
!. ficult at last to find subscribers in
Z France to another Russian loan.
2 "The French know that to continue
4 the war means revolution in Russia
and to cease it now under the present
4 conditions means a revolution.
: Lord Rothschild thought it difficult
to say where Russia would find money
: to continue the war.