New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Japan sRed
Letter Day
in Finance
Blu ADACHI KINNOSUKE'

In the city Of Tokyo. on the 18th Of
September, 1916. an event Of eonsidera-
BILE magnitude came to pass.
1t was financial. The subscriptions
to the new Russian loan Of 10000 600
yen (about sS5 900 ,O0o) were closed that
night at 10 o'clock.
The American public did not read the
detailed account Of the thing over the
breakfast coffee the following morn
ing. Cable tolls are expensive; so Is
the newspaper space. They are cheap.
Of course, scandalously cheap. when a
member of a rich American family
marries a japanese lady Of no partic-
lar distinction either within or with
out. or when few half-starved somno-
lent Chinese mercenaries out there on
the Mongolian border shoot de-
fenceless beggar Of Japanese trader
in the back Just to show the superior
ity of the Chinese braves over the
over-vaunted Japanese fighting force.
But, of course, that 10 quite another
story.
No enterprising newspaper forgets it
self to the extent of spending money
on really important piece OF news
| like this affair Of the Russian loan
Just foated. IL was not the amount
that make it notable; 100000 yen
is not such a tremendous lot Of
money anv more, even in Japan.
Neither was it the number OF under
writing banks or their standing which
put a special plume on this event.
A Notable Transaction
The one thing which marked it apart
from all the myriad financial dealings
ever transacted in the ancient Empire
of Nippon was the manner in which it
was subscribed; it was the character
of the subscribers. This was the first
foreign loan ever offered to the invest
ing public of Nippon mean TO every
olive-sknned Tom, Dick and Harry
indeed, in the money history OF the
Far East. This was not the first for
eign loan ever foated in the Japanese
market. In fact. this is the second
Russian loan foated there. But the
first Russian loan for 100000 yen
was subscribed entirely by the under
writing banks. The public was not
even invited to take part in H.
Historically. my contention Is accu-
rate; since Emperor Jimmu assembled
the throne of Yamato and founded the
oldest unbroken dynasty existent to-
day. that Russian loan of the 18th Of
September was the first foreign loan
that ever tempted the strong boxes Of
private capitalists. And the under
writing banks were by no means as
sanguine of its success as they blufed
about in newspaper interviews and
financial editorials. They approached
the loan in "a state of mind" They
showed it in the list CT participating
banks. It is Formidable mean the
list-as imposing as can we'll be got
together in Japan.
OF course, it was headed by the Yoko-
hama Specie Bank and the Mitsui. Nit
subishi. Jugo, Daihyaku. Dai-ichi. va
ruda, Dai-san, tho Chosen. the Kogyo,
the Taiwan followed-eleven in num-
Der, all Of the Tokyo group. and out
Ct the Osaka group there were seven Of
the strongest institutions situated In
that Chicago Of Japan. including the
Sumitomo, the Konoike and the Naniwa
banks. Perhaps all this array simply
meant that Mr.. Inouye, the head of
the Yokohama Specie Bank (who spent
some years in New York. by the bye. as
tho New York representative Of the
Bank OF japan and who has many
friends here) is a very popular man.
and, being wise. he was impartial in
the distribution Of the marks of his
friendship. | may be all wrong about
my guess. but that is not important.
anyway.