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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View This Issue
PORTLAND, OREGON, SUNDAY MORNING, JANUARY
PRICE FIVE CENTS.
Denver Road Will Tra
HE PROCLAIMS HIS PURPOSE
Invasion of His Coai Fields
WANTS OREGON TIMBER
Man Who Built Itio Grande lload
and Overcame Opposition to AVcst
crn Extension Will Press
Onward to Portland.
DENVER, Colo., Jan. G. (Special.) "I
Intend to extend the Denver, Northwest
crn & Pacific to Portland, Oregon.
want to got tip in that section for tho
timber, as well as for an outlet on the
Pacific Ocean. I will begin this extension
when T am through to Utah," aid David
H. Moffat today.
Mr. Moffat's statement proves one of
the big railroad surprises of the day. It
officially shows that Mr. Moffat has no
Intention of stopping his road at Salt
The construction of the Moffat road
through to Portland will begin as soon
as the road Is finished to Salt Lake. It is
the intention of Mr. Moffat to have en
gineers begin running the line before the
road is through to the .capital of Utah,
so that there will be no unnecessary dc
.lays In pushing the road through to the
Tictaliallon on Competitors.
"The construction of railroads down to
coal fields that are a part of the terri
tory of tho Moffat road makes It impera
tive that we push our road to their tim
ber," said Mr. Moffat. "They are build
ing down Into my territory, and therefore
1 shall build into their territory.. They
are after my coal and I will go after tholr
"1 have always intendod that I should
have an outlet at Salt Lake for the
Moffat road. 1 have never intended to
be sewed up."'
Mr. Moffat has gone ahead with the
construction of the road despite tho in
irigulng of Wall street and of other rail
road interests that have attempted in a
score of ways to block its construction.
Vain Attempts to Block Road.
The last big movo to block the road
,. was at Gore Canyon. The Government
was inveigled Into this scheme, under tho
guise of constructing a reservoir for the
storage of water to Irrigate parts of Ari
zona and California. Mr. Moffat per
sonally went Bast on this matter, and
was successful In having the Government
abandon any such scheme, and also to
dismiss Its suits against him for posses
sion of the canyon. The canyon is now
his, and Orman & Crook are now building
the Moffat road through it.
Efforts have been made almost contin
ually to prevent Mr. Moffat from secur
ing money to carry on construction and
he has put up several millions of dollars
of his own money in his determination to
put his road through.
"I have all the money I want to build
the road," said Mr. Moffat. "The ques
tion of money is no longer worrying me.
There are some people who would like to
know how I got the money, but they will
never know. The slmplo truth is that I
have all the money I want to carry out
my railroad plans."
It Is now apparent that the enemies of
the Moffat road have taken a new tack
and propose, building down into Colorado
and through Utah, traversing tho terri
tory through which it will pass in an
effort to head off the Moffat road. Mr.
Moffat is not caught napping by theso
maneuvers. Engineers in the field sum-eying
lines in direct competition with his
road have not balked his plans.
"I am going right ahead with the road,
regardless of all others," declared Mr.
Bombshell in Enemy's Camp.
The official declaration of Mr. Moffat
this morning that he wou)d build through
to Portland will 'prove a bombshell In
certain railroad camps. Gould Is pushing
the Rio Grande, known as the Western
Pacific, through to San Francisco, and
has engineers sun-eying for a line to
Portland. The Harrlman lines already
extend from Salt Lake and Denver to
Portland. The Burlington, a Hill road, is
building down into Colorado, and plans
an extension to Seattle and probably to
Mr. Moffat stated today that the pro
posed route of his road to Portland had
not been considered as to detail as yet,
but that the subject had been gone over
and that several available routes at easy
grades could be found. The line will
probably be direct from Salt Lake, as
Moffat's policy has been to go direct,
overcoming mountain ranges with tun
nels and surmounting obstacles in rail
road construction that have heretofore
been considered Insurmountable. It was
stated when he first proposed going over
to Steamboat Springs that he could not
do it, but he has done It. Moreover, he
is drillinsr a tunnel tht-nnrV, vA .i
h1 Rocky Mountain range, so that there Is
nothing between Salt Lake and Portland
that will deter him.
3o Question About Extension.
"There Is no question about being able
to "build through to Portland. There is
nothing te prevent It," said Mr. Moffat,
confidently, which shows that, there are'
no construction obstacles in his way that
he can see. f
The construction of, tho Moffat road to
Portland would put -Denver on a direct
Pacific Coast-Gulf of Mexico line, and the
distance, it is estimated,; would be re
duced SOD miles. By tho Union Pacific
it is 1412 miles from Denver to Portland,
and by tho Rio Grande it is 1323 miles.
The distance from Salt Lake to Portland
Is "St miles by the Union Pacific, the only
"The only thing that will prevent me
from building to Portland," said Mr. Mof
fat, "would be such traffic agrccmonts
as would lot mo Into the Pacific Coast
country and at tho same tlmo protect
MOFFAT'S ADVANCE TO COAST
Business Genius or Denver Has Ovcsr
come Strong Opposition.
I'our years ago. when David II. Moffat
announced his determination to build a
railroad connecting- Denver and Salt Lake
by a route shorter than any existing line
by more than 100 miles, and soma 250 miles
shorter than the longest lino between the
Colorado and Utah capitals, there was re
joicing in Colorado not unlike that in
Oregon consequent upon the recent an
nouncements of extensive railroad con
struction in this stale. In Northwestern
Colorado, embraced within the two coun
ties of Routt and Rio Blanca. and in
cluding a portion of the rich Ulntah-Uic
reservation of Eastern Utah and a por
tion of Southwestern Wyoming, is a re
gion without a mllo of railroad that is
larger than the State of Pennsylvania and
almost its prototype In form, extending
from the Continental Divide of the Colo
rado Rockies to the Uncompahgre group
of Utah, and between the Denver & Rio
Grande Gould line, following down the
Grand River, on the south, to tho Union
Pacific on the north. Thousands of squaro
miles of- fertile land adapted to agricul
tural purposes remain there, as In East
ern Oregon, utilized only as groat stock
ranches, because of the lack of transpor
tation, and other great natural resources
wholly undeveloped that insure heavy
His Struggle Across Jtoeklcs.
The route had been practically decided
upon when the official announcement was
made that the road would be built. It
was to the summit of the front or oastem
range of tho Rockies, at a point about 100
miles northwest of Denver; thence down
Into Middle Park, where the Grand River,
the source of tho Colorado, rises; down
the course of that stream, through this
vast mountaln-wallcd valley to Its west
ern border; thence ascending again, across
the Gore Range to Routt County, near
Steamboat Springs; then across tho north
western plateau of Colorado, from Bear
to White River, and crossing the, Uncom
pahgre Mountains in almost a direct line
to Salt Lake.
Such confidence had the people of Colo
rado in the assurance of David H. Moffat
"that an Immediate influx of settlers into
the new country to' be developed was
started. Mr. Moffat has been character
ized as an "emplro-bulldcr" by admiring
friends and Is entitled to a place among
the men of the West who have clone
things. He was president of the Denver
& Rio Grande during a crucial period of
its existence and won admiration and sin
gular distinction among railroad men for
the splendid manner In which he conduct
ed that property, then an independent link
in transcontinental chains. It Is said that
he put tho property in such excellent
physical condition and so well supplied
Its material, yards and equipment that his
successor made a record for economy as
a result. BuJ the railroad presidency was
only an incident in the busy life of the
banker, mining magnate and railroad
builder of Colorado. He is the wealthiest
citizen of that state, president of the First
National Bank of Denver, president of tho
International Trust Company, director of
the Equitable Life Assurance Society and
of many other great corporations. His
banking Interests extend to the principal
cities of the state, and his Denver bank
nlone carries deposits of about $20,OD0,OM.
To friends he announced that the Den
ver. Isorthwostern & Pacific was to be
the climax of his business career and
that he expected to leave it as the great
est monument to- his achievements. It is
not strange, then, that It was immr-
(Concluded on page S.)
REVIEWS GOVERNMENT FINANCE IN 1905
FRANK A. YANDKKL1P. EX-ASSISTANT
LI OE MISSOUD
REFUSES TO GIVE EVIDENCE
Attempts at Humor at -Law
FLARES UP AGAINST ARTIST
Threat to Expel Lawyer Who Inter
rupts Mokes Scene at Standard
Oil Hearing Little Infor
mation Is Extracted.
NEW YORK, Jan. 6. (Special.)
Honry H. Rogers, of the Standard Oil
Company, was a defiant witness today
before Commissioner Sanborn, who is
taking- testimony in the case of the
State of Missouri against tho Standard
Oil Company of Indiana and four other
oil companies which Attorney-General
Had ley of Missouri alleges aro really
owned, "boots and breeches." by the
Standard Oil Company. Mr. Hadley
wanted Mr. Rogers to show him the
details and inner workings of the oil
trust, but tho oil magnate declined to
glvo any information as to the busl
ness of tho company, although he did
demonstrate that he possesses a keen
sense of humor. Mr. Rogers was tho
personification of case and composure
in the face of a tonse situation, when
Mr. Sanborn orderod W. V. Rowc.
counsel for Mr. Rogers, to loavc the
room for interrupting- cross-question
ing-, and Mr. Rowe declined to obey
the order. Mr. Rogers abated tho sit
uation by cheerfully remarking-: "I
would like to be in Mr. Rowe's place."
All the questions Mr. Rogers refused
toiapswer will bo certified to the Su
preme Court for decision.
A nasty complication was avoided
by a sudden move to adjourn made by
John D. Johnson, of Chicago, one of
the counsel for the respondent compa
nies. This was the only dramatic In
cident of tho day, and, other than a
few witticisms by Mr. Rogers, not
onough information about tho Stand
ard Oil and Its subsidiary companies
was brought out to fill a postal card.
Mr. Rogers summed up his tostimony
to the -public press aflor tho hearing,
when he was Informed that a larger
room would be provided on Monday,
"Woll, 1 have not got onough infor
mation to fill a room."
Cnntunkcrous Mr. Howe.
The splrltod wordy scrap between
"cantankerous" Mr. Rowe and Mr.
Sanborn occurred shortly after Mr.
Rogers had taken the witness chair
and solemnly declared that he was
"Henry H. Rogers; that he lived in
Now York, and he was In the oil busi
ness." Mr. Rowe advised Mr. Rogers
not to answer several questions that
followed, and Mr. Sanborn told Mr.
Rowe that he did not represent a
party to the action; that he had no
rights, and that his objections would
not be noted on the reoord.
Storm signals were set flying by
this time, and the storm broke when
Mr. Hadley asked Mr. Rogers what
person or persons hold a majority of
SECRETARY OF THE TREASURY,
the stock of the Standard Oil Com
pany. Mr. Rowc was on his feet In an
instant. He Instructed Mr. Rogers not
to answer. Mr. Sanborn hotly ex
claimed "Mr. Rowe, I will have to ask you
to leave the room if you say another
"Mr. Rowc knows his .rights and
will continue to instruct the witness,"
snapped Mr. Rowe.
"Mr. Rowe. I will have to ask you to
leave the room." answered Mr. Sanborn.
Mr. Rowe declined.
Laugh Prevents Crisis.
"The proceeding will not go on unless
you leave the room."
Mr. !anborn looked daggers at Mr.
Rowe. who looked angrily at the Com
missioner. No one moved, and in the
pause Mr. Rogers was quite forgotten,
The tension was at the breaking point,
when Mr. Rogers broke In with the re
mark that ho would like to be In Mr.
Rowe's place. That was good for
laugh, and In a minute Mr. Johamn came
to the rescuo with a motion to adlourn
which was agreed upon. During the re
cess it was agreed that Mr. Rowe would
be permitted to sit beside Mr. Rogers
and advise him.
Mr. Rogers is the prototype of a mill
tary officer. A well-formed head Is
crowned with snow-white hair parted In
the middle and brushed back; a white
mustache covers a firm and severe mouth,
while tho faco tells of great strength and
perseverance Sometimes when the oil
magnate was in good humor and the At-
( Concluded on page 2.)
CONTENTS TODAY'S PAPER
i no i mwai h MMimnm temperature.
ursrro; minimum temperature, -II decrees
TODAY'S Fair weather, variable winds.
Ituulan Dournn called to meet March 3,
America may h arbiter In Morocco confer
ence; cancer or France-German frlctien
Civil war In Ecuador, race 3.
Annie laura Miller describe triumphant re-
iuid oi ujinu. l ace 5.
tariff bill debated
More evidence to be taken In Smest case.
Hermann now bound en way te Washington.
Trial of hazers at Annapolis. Pace II.
Gorernor of Ohio te be Inaugurated In glass
Cummins defeats standpatters In Iowa
rage J 5.
Fitzslmmona and wife reconciled and hus
uana celebrates, i'age 3.
Fire men killed by explosion near Chicago.
u. it. Jtocers recuse te nnrwr auMtinrt
ana maKca joke or hearing. Page 1.
Jiottat announce he will extend read ta
Norton, who ran grocery aa Christ would.
soes oanarupi. rage z.
.Representative Hull explains quarrel -with
Three killed and 20 Injured In Pennsylvania.
irajawrccx. l'age 15.
New evidence that Edwards was murdered.
' age a.
i-rank a. anderllo reviews Gavrmmnt
nuance in iwi. .age 1.
Indoor athletes active. Page 17.
Outlook bright for autemoblles. Page Jfi.
Neer wins battery medal fer marksmanship.
I 'age Jti.
Many baseball players are drafted by East
ern leagues. Pace 16.
Whitman athletes deny they were offered In
ducements. Page ltl.
Fortune won on turf through "rlncers."
Northern Pacific gets Government eats con
tracts by use or dummy bidder. Page 4.
Yamhill County declares war on the San Jese
scaie. i-age 5.
Detectives on Steunenberg murder case say
"j nave ucuaue ciews. .rage .
Hood River merchants and frultmen hold a
banquet oi gooQieiiowship. Page IS.
Mother or Truman C Etdrtdge goes Insane
ana dies searching for son. Page A.
Tacoma librarian turns the other rhv-
when angry man smites him. Page 4.
Commercial and Marine.
Hop shipments to date 67.000 bales. Page 33.
California cured fruit market advancing.
General selling weakens wheat at Chicago.
' age w.
"Wall street stands test of tnrlnc week.
New York bank statement dlsapnelntlnc.
Schooner Hugh Hogan brings report of
terrific storm oft the coast. Page 11.
Sailors In mutiny en French bark Bretagne.'
Portland and Vicinity.
Dr. Wlc goes Into details of his reasons fer
not going to Temple Emanu-EI. New
York. Page 1.
Entries to the poultry show ceme frem far
and near, rage 36.
Chinese fantan players shut off tb lights
ana jock fcneriti word in room. Page 31.
Realty transfers show demand fer choice
residence property. Page 31.
Police fear war of tongs. Page 9.
Murder the charge against "Ulney" Rass
man and "Tattoo' Kelly. Fage H.
City use Joe Day's money te bring back
fugitives. Page P.
State Dairy and Food Commissioner makes
his report. Page 15.
Larce crowd will make excursion trip to
California. Page 11.
Belasco Theater closes tonight; property will
be sold. Page 21.
Police raid Richards Hotel and arrest two
men and two women while other occu
pants escape through windows. Page 14.
Franchise of Gas Company, a relic of terri
torial days. Is a cinch. Page 10.
Greased air gas has a 25 pr cent penalty
graft. Page 10.
Fumes from burned gas overcome two wom
en, who have narrow escape from death.
Featam aad Department.
Editorial. Page 6.
Classified advertisement. Pages 10-23.
Society. Pages 23-27.
Dramatic. Pages 25-29. '
Society woman fights for pure milk.
Real estate review. Page 31. ,
Music Page 32.
Churches. Page 32.
Cartoonists hall the new year. Page 33.
Tea thousand-mile voyage of dry dock. Page
Newell Dwight Wilis sermon. Page 37.
Disasters take 32.058 lives. Page 35.
Madonnas of faraway lands. Page 33.
la the automobile the swiftest thing in the
world? Page 40.
Farmer's life allures George Ada. Page 41.
Fashions. Pages 42-43.
Traveler sees strange things la Ceyloa.
Imitation Jewels rival the real. Page 45.
The Roosevelt Bears. Page 46.
Tenth's page. Page 47.
AMee Reesevelt tke 11th "Walts Haute bride.
CREATES II STIR
Trustees of New York
Church Deny Call.
PORTLAND RABBI ANSWERS
Negotiations Broken Off When
He Announced. His Stand.
"FREEDOM" ONLY ISSUE
Committee of Inquiry Called Upon
3IIm to Ascertain His Terms.
His Jlcply Was "An
NEW YORK TRUSTEES ANSWER
DENIAIf FROM NEW YORK TRUS
TEES M. H. Moses, president, and
l.ouls Marshall, secretary, of the
boird of trustees of Temple Emanu-EI.
of New York, stated to The Orcgc
Btan's correspondent In that city yes
terday rbat Rabbi Wise's announce
ment that he had received a call to
the pulpit of Templo Emanu-EI was
absolutely untrue. Secretary Marshall
further declared that no letter such
a Dr. Rabbi W! claims to have sent
te Temple Etmanu-EI declining the call
te lt pulpit had ever been received;
that there was no occasion calling for
such a letter since no call, conditional
or otherwise, had ever been extended
to the Portland rabbi by the board of
trustees or by the congregation of
RABBI WISE'S REJOINDER I
never said that I had received a call.
What I have written, and now restate.
Is that a majority- of the board of
trustees called upon me. and after de
claring that It was the purpose ot tho
board unanimously to recommend to
the congregation my election as rabbi,
nuked me uaon what terms I would
accept a call. I replied that I bad no
terms, exceot that I was to be free
and the pulpit not to be muzzled. But
I deeline to enter Into a personal
controversy with Mr. Marshall or
into the discussion of a quibble which
Mr. Marshall attempts to make the
auestlon at stake. I stand today In
a free pulpit and I will occupy a free
pulpit ajt long as I rreach.
OTHER MINISTERS APPROVE
Every minister of the Uoep In Port
land Interviewed on the nubject yes
terday stands with Rabbi Wise In his
fight for the Independence of the pul
pit. Though among the Protestant
denominations there Is a wide differ
ence In forms ot church government,
apparently there Is not a pastor of
any one of these denominations who
dees net believe In an unmuzzled pul
pit and the right of the leader of a
congregation to express bis own views
on all subjecta proper to be discussed
from the pulpit, freely and untram
meled by the governing board of bU
NEW YORK. Jan. 6. (Special.) The
reported announcement by Dr. S. S.
Wise, rabbi of Temple Beth Israel.
Portland, Or., that he had received a
call to the Temple Emanu-EI. New York,
which he would accept If the trustees
would withdraw their stipulation that
the pulpit shall ahvay be under the
control of the board of trustees, was
said today by Dr. Joseph Silverman.
the rabbi of the temple; M. If. Moses.
president of the board of trustees, and
Impute Marshall, secretary of the board
STANDS FOR AN UNMUZZLED PULPIT
RABBI STKPHJSX S. WISE.
to be absolutely untrue. Dr. Silverman
"No call has been extended to Dr.
"There Is no truth in the statement,"
President Moses said. "Wc have ex
tended no call to Dr. Wise. We have
had no meeting yet and a meeting of
the congregation is necessary before
anj thing at all can be done."
Louis Marshall, secretary of the
board of trustees of Temple Emanu-EI
"No such letter as Rabbi YVIse Is said
to have sont to the Temple Emanu-EI
has been received. It would be most
extraordinary If such a communication
should come, since there Is no occa
sion calling for It.
Xo Call Extended.
"No call whatsoever, conditional or
otherwise, has been extended to Dr.
Wise by the board of trustees or by the
congregation of Temple Emanu-EI. It is
true that he ha3 recently preached from
Its pulpit by Invitation but It Is equally
true that for several years past it has
been the policy of tho board of trus
tees to invite rabbis from all parts of
the country to occupy the pulpit, for
the religious instruction and spiritual
elevation of the congregation. No less
than 15 gentlemen have thus been
called upon to preach and all of them
have found admirers among tholr hear
ers. "In every instance the Invitation was
one of courtesy and was accompanied
by the payment of an honorary eum. It
is therefore a matter of great surprise
that Dr. Wise should have taken the
liberty of making a statement of the
character attributed to him which un
der the most favorable view refers to
a privato and unofficial conversation,
tentative In character and csscntlally
conndontial In Its nature. It can be
stated without qualification that noth
ing has ever occurred which warrants
the sensational utterance which has
been thus thrust' upon the public at
tention, and a feeling of delicacy prevents-
me from making any further
DR. AVISE STANDS FIRM.
Says He Broke Off Negotiations by
Insisting Upon Freedom of Speech.
Wnen shown the New York dispatch
yesterday afternoon Rabbi Wise ex
pressed no particular surprise or con
cern. but declared emphatically that
me tacts were in every respect as
stated by The Oregonlan yestcrday
morning. Letter he gave out for pub
Hcatlon the following written state
mcnt In reply to the Interview given
by the officers of the Now York board
"I never said that I received a call to
the pulpit of Emanu-EI. What I have
written in the open letter addressed to
the members of Emanu-EI, and now re
state. Is that a committee of fiv rnnstf
tutlng a majority of the board of trustees
and by them officially delegated, called
upon me and. after declaring that It was
the purpose of the board of trustees unan
imously to recommend to the consrreKa
tlon my election as rabbi, asked me upon
wnat terms I would accept a call.
"In reply, I stipulated: 'If I am to ac
ceptacall to the pulpit of Emanu-EI, I do
so with the understanding that I am to
be free and thA ntilnlt l nnt r ho mn.
2led. To this, my only stipulation. Mr.
Marshall, of the committee, replied: The
pulpit of Emanu-Ei has always been sub
ject to and under the control of the board
"This position was restated bv Mr. Mnr-
snaii in a subsequent written communi
cation, which Mr. Marshall evidently does
not know was printed in today's Orego-
nmn. oy me siae or my open letter.
tnis communication stated: Tho com
mittee waited upon you for the purpose
or ascertaining whether or not. In the
event that It should be concluded by the
board of trustees and the congregation to
extend to you a call to occupy our pulpit
in conjunction witn tne present Incum
Dent, such call would be accepted. The
closing paragraph of Mr. Marshall's let
ter refers to the belief of the committee
that whatever understanding is reached
between rabbi and board of trusts
should be perpetuated by some form of
"In this communication it was again
said: The pulpit shall always be subject
to and under the control of the board of
trustees, and It was added: The logical
consequence of a conflict of Irreconcilable
views between the rabbi and the board of
trustees la that one or the other must
give way. .Naturally. It must be the rabbi
It goes without saying, therefore, that at
sucn a juncture he should have the prlvl
lege of resigning. His failure to exercise
ina.. upuon necessarily implies an ac
quiescence by him In the views of -the
board of trustees.
"Upon receipt of this letter I replied to
nr. juarsnau as follows:
Mr. Louis Marshall. Chairman of
Committee of the Board of Trustees. Tem
ple Emanu-EI Dear Sir: If your letter
or Ljcccmber l be expressive of the
thought of the board of trustees of Tem
ple Emanu-EI. I beg to say that no self-
respecting minister or reiunon. in mv
opinion, could consider a call to a pulpit
(Concluded on page 3.)
S LENT i
Foreign Securities Are
Taken by Investors.
HEAVY PURCHASES OF BONDS
F. A. Vanderlip Reviews Gov
ernment Finance in 1905.
U. S. BONDS FLUCTUATE
Xationul Bank Circulation, Sow
$335,000,000, Has Doubled
Since Spanish - American ' .
War Was Concluded.
SAUKNT FEATUTCKS OV GOVERV-
MEXT FINANCE IN 1905.
The United States la becoming mart 4
or less Intimate with the government 4'
finances ot many nations'. t
The American public subscribed ev- J
eral times the total of three Japanese i
government loans. k
United States financiers will sen
take a position of importance In con- I
nectlon with the financial admlnls-
tratlon of several South American
Russian securities have fallen -0
per cent under the atresia of a losing- J
war and the development of Internal
Foreign sccuritletf held In the United
States have as a rule appreciated.
Americans have good reason to In
satisfied with their excursion into In-
United Stages Government securities f
have fluctuated widely. National
banks have been heavy buyers. I(
The National bank circulation Is f
now 9335,000.000. the highest reoord t
since the bank act. It has more I
than 'doubled since the Spanish-
American war. t
Philippine public works and lm- J
provement bonds to the valuo ei i
92.300.000, and City of Manila bonds
to the value of 91.000.000 have been
The enormous Increase In bank cir
culation Is conducive to an optlralstis
view of the financial situation In the.
BV FRANK A. VANDERLIP.
Formerly Assistant Secretary ot the Treas
ury, now Vice-President National City
Bank of New York.
NEW YORK, Jan. 6. (Special Corre
spondence.) Government finance has came
to have a much broader significance to
American financiers in the last few years.
A most substantial .advance was made
during the year 1D03 in still further widen
ing that interest.
We no longer think of United States
bonds alone when the subject of Govern
ment securities comes up, for we are be
ginning to be more or less Intimate with
the government finances of many nations.
Our relation to Japanese finance had
already assumed considerable proportions
at the beginning of the year. In 1003 three
more loans of the Japanese government
were successfully floated. The subscrip
tions from the American public in each
case aggregated several times tho total
that was offered. One-half of the 5150.-
000.000, first series, Vri per cent Japanese
loan was floated In March in this country.
One-third of the 5150,000,000 second series
per cent loan was successfully floated
here In July, and our proportion of the
5250.000,000 sterling loan of the Japanese
government was largely oversubscribed at
the end of November.
American Investors are now not only
largely Interested In Japanese. Mexican
and Cuban bonds, but they have some in
terest in Russian and German Imperials.
British consols and a considerable Interest
in German municipal issues.
South American Bonds Floated.
A significant tendency Illustrating th
growth of the Interest which we are show
ing In foreign government Issues Is noted
in the Increasing attention we aro paying
to South American government matters.
Contracts have already been made which
will bring an Issue of Costa Rlcan bonds
to this country, and financiers of the first
order are now studying with care th'j
financial position of nearly every South
The Germans and English have the lead
In South American national finance, but
with the growing disposition of our in
vesting public to become Interested In
government Issues, and with the clearer
understanding of the responsibilities which
must follow our declaration of the prin
ciples of the Monroe Doctrine, there seem
to be every reason to anticipate that we-
shall rapidly take a position of impor
tance in connection with the financial ad
ministration of several South American
It has been a year of extraordinary fluc
tuations in the market value of Govern
ment securities. Russian issues have nat
urally suffered the most, falling an aver
age of 20 per cent under the stress of a
losing war and the development of infer
The marvel has been that I ranee, with
more than 52.000.000.000 of Russian securi
ties has exhibited no outward sign of con
cern. Her markets have been without
panic and the decline has gone on from
month to month, following one disaster
after another to the Imperial house, with
less agitation on the Bourse than ea
would suppose possible.
On the other band, those foreign secitrl-
CCMclaaed ok pass 3.)