The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-30
Austria Asks @. s. to Partici,
pate in Loan.
This Country Is Fast Proving
Financial Worth.
THIRD TIL
YEAR.
Short Time Loan to German.
Brings in Business.
Charles Finney Cox, Expert at
Figures, Is Dead.

New York Jan. 3O-It is a unique in
cident of the international money mar
kets that, since Jan. American capital
has been invited to absorb some portion
of the new Austrian loan Except, prob
ably, to three or four of our bankers,
the proposition was unexpected. That
American capital should be asked to
participate in a new loan made by the
imperial German government and the
kingdom of Prussia was expected In
dications are strong that a consider
able proportion of these new Prussian
or German loans will be absorbed by
American capital, the transaction diff
fering from the one of last summer
Upon that earlier occasion American
bankers discounted short time finance
bills or notes issued by German bank
ers in order that funds might be Sc
cured with which to relieve the tenn
porary financial embarrassment occa-
stoned by the diplomatic emergencies
which followed the demonstrations
made by Germany in north Africa.
The recent investments are of Amer
lean capital in national obligations
which have a long time to run In the
former case the financing was tenn
porary; in the latter it represented
actual investment. One was a banking
operation; the other is of investment
character. Both illustrate the changed
relation of the United States so far as
international financing transactions are
concerned. 1t is only within a COM
paratively short time that the United
States has been able to participate
with the great money-lending nations
of Europe-Great Britain, France, Ger
many and Holland-in international
financial undertakings.
Recently our bankers received strong
intimations that the United States
would have opportunity to participate
in a loan which the city of Paris con-
templates making in the early spring,
for possibly as much as eighty million
dollars. Furthermore, American bank
ticipate in this loan the transaction
will probably lead to a considerable
export of gold to Paris. An expectation
of that kind would be looked upon with
equanimity, possibly with some pleas
ure, by American bankers.
Our bankers have also been told that
the United States will be asked to par
ticipate in national loan which Italy
contemplates. But not until within
few days has it been known that offer
ings of some part of the new Austrian
loan would be made to American CAPT.
tai. The loan. relatively speaking, is
not a very large one-only forty mil
lions But if it should be learned that
a moiety or a little less of this loan
were taken in the United States, then
year-June 80, next-American capital
would be able to say it had participant
ed in loans made to Paris, to imperial
Germany and The kingdom of Prussia,
to Austria and to Italy.
There can be no gainsaying the
of transactions of this kind
They prove that the United States has
become the financial equal, relatively
speaking. of France and England. and
furthermore, they will prove that in the
early part of the year 1912 the United
States was chief lender of money to the
world. Should our exports be increased
in manner proportionate to the recent
increase of them, there can be no doubt
that in due time the United States will
become a paramount money power OF
the world. The time, however, depends
to some extent upon the ability of the
American people to learn the lesson Of
economy which the French peasantry
teach and which is admirably taught
by the people of Holland. Economy,
however, is not parsimony, but is re-
garded by both the thinkers and bank
ers and business men who have studied
the subject as based upon the proven
ton or utilization of waste. That ap-
plies to business methods, state and
federal administration, to agriculture
and also to the manag cement of the
household.
Coincident with this investment of
American capital in a loan to foreign
nations has been observed a disposition
since the first of the year, at least
to make investment in American bonds |
Some curious paradOxeS, or 1ncOn- |
sistencies, are discovered in our men-
atary condition and in the movements
IF capital toward permanent. long time |
1r temporary investment But those /
who have been studying these condi- |
ions are inclined to think that they |
will pass away after the presidential |
election and as soon as business and |
politics find a common ground upon |
which they can meet and stand in per- |
'ect harmony
Fame But Not Notoriety.
The career of Charles F'inney Cox. |
whose funeral took place on Saturday |
afternoon last week, furnishes one of the |
most impressive proofs of the fact that a |
nan may obtain real fame. or, at least, |
very high reputation, without gaining /
he slightest notoriety, his name, in fact,
icing meaningless to the great majority
IF the people
Among the railway managers of the
United States Mr. Cox had long been
recognized as an accountant of very high
alent possessing almost phenomenal
yifts Of intellect. He seemed to be able
o read the meaning behind vast masses
II figures by a mere intention of the
I'VE upon these statistics. He had, with
/ group of statistics, a faculty similar to
hat possessed by Theodore Roosevelt
md. at an earlier day Lord Macaulay, OF
akinsr in the whole meaning of a page of
book by single glance at it; a faculty
which explains the vast scope and
,readth of the reading which Colonel
Roosevelt has done
his gift for accounts was intuftive. and
.Ir Cox hardly understood it himself. He
vas for many years the treasurer of that
portion of the Vanderbilt railroad sys-
ems which are west of the city of Buff
aIo- Mr. Cox, some thirty years ago.
vas one of the group of Ohio ffnanciers
Who undertook to establish with the Wa
lash and the Canada Southern line a new
through trunk line from the Mississippi
liver to the Great Lakes.
As a Man of Science.
There was another side to Charles Fin
lev Cox. He gained among men of
cience a very high reputation To him,
l.. Il - Z