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In view of the Russian Premier's present attitude toward the peasants. this rare photograph, taken two years ago, is

particularly interesting. Its publication in Russia caused the arrest of the photographer


On the last day of 1907 the trial was In order to get a douma "capable of concluded, and 167 of the signers of the productive legislative work" and willing Viborg manifesto


to “coöperate with the The

convicted and sentenced to Sentence

Russian government, the electoral three months' imprison


law was changed so as to ment. The sentence carries with it the give the conservative classes of voters a Joss of all political rights. Two of the preponderant voice in the third elections. signers were acquitted on the ground that At the end of two months we find, howthey signed under misapprehension. Un ever, that no important bills have been less an appeal is taken, the sentence goes passed. Though the first two doumas sat into effect January 20. It is a little less than three months they were accused remarkable that meanwhile the deputies of working too slowly and were therefore are permitted to remain at large without dissolved. On the other count the third bail. It is believed that the prominence douma has shown less subservience than of the accused persons has occasioned was expected. Already one of the leaders leniency on the part of the government. of the conservative Octoberist party has Men who have been foremost as liberal demanded the extension of the Budget leaders for several years past, are thus rights of the douma and has advocated withdrawn from public participation in the exercising of a genuine control over Russian politics, but they will undoubt the spending of the people's money. In edly still be influential in directing the his speech before the assembly this Occourse of events. The Russian bureau toberist spoke of the “uneconomic” cracy has not yet found a way to silence methods of public finance now practiced, such men, or prevent the people from which must be changed. As the Octolooking to them as leaders.

berist center is directing the course of

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the douma's activity, this attitude toward the Budget question is most significant. If the opposition can muster only a third of the votes of the assembly, yet the majority has now definitely declared itself for genuine constitutionalism. The reactionary parties have but little support even among the propertied classes. The revolutionary organizations are showing no signs of activity either in or outside the douma. The reform movement

seems to be progressing, recovering the ground it had lost when reactionary influences

predominated at the court and the second douma was dissolved.

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The inevitable has happened in Germany. Only a Editor Harden few weeks and the

ago the radCamarilla ical editor Harden was acquitted of libel in his exposure of the scandals existing in high military and official circles. At that time suit was brought against

against him by General Kuno von Moltke. His acquittal was a serious blow to the prestige of the army and of the court. Immediately another suit was brought against the editor by the state's attorney at the request of Prince Eulenburg. In the new case Harden's witnesses seem have modified their former testimony, and the reports of the opinions of the great Bismarck were not allowed to weigh in the editor's favor. Ile was found guilty and sentenced to four months' imprisonment. Whether this conviction will help the camarilla, or inner circle about the Kaiser, may




"trticle on page 205


well be doubted. It rather seems as if it would make Harden a martyr and increase his influence as well as the people's suspicion of the military bureaucracy of the empire.

The new constitutional rights of the Persians have been endangered by the

Civil machinations of those who Disturbances were in power during the in Persia

despotic régime. These persons succeeded in getting the ear of the young Shah and impressing him with the idea that the constitution was the cause of the nation's troubles. The reactionaries in league with the Shah's soldiers attacked innocent people and made hostile demonstrations. Explanations were demanded by Parliament and the cabinet resigned. The premier and the minister of the interior were imprisoned by the Shah, who planned to expel_the Constitutionalist leaders and dissolve Parliament. By the intervention of the British minister at Teheran, the ministers, however, were released, the premier at once leaving for Europe as an exile. The two parties prepared for an armed conflict, and the Parliament issued a mani. festo to all the foreign representatives,

BARON KOGORO TAKAHIRA informing them that the Shah had vio

The new Japanese ambassador to the l'nited States lated his covenant with the people and appealing for support in the maintenance of constitutional rights for Persia. Great signifying his fidelity to the constitution. Britain and Russia decided upon joint Ile accepted the conditions laid down by action to settle the differences involved. Parliament, including the punishment of Finally, however, on December 22, the the ringleaders in the recent riots and the Shah yielded and signed a declaration dissolution of the court clique.

The Nation

There have been few sensations in the Great Western has also been put in the financial world during the past month. hands of a receiver, although as its presiThe

Mr. F. A. Heinze has, it is dent, Mr. Stickney, insists, for the interAftermath true, been placed under ests of the road. The Great Western has of the Panic indictment for misconduct always been something of an anomaly in in connection with his bank, but since railroad financiering. It has no bonds, October Mr. Heinze has been no factor in but has millions in short-term notes. Its the financial world. Far more important president has claimed that such an has been the placing of the Seaboard Air arrangement made it impossible for it to Line in the hands of a receiver. All lovers be thrown into the hands of a receiver. of fair play hope that this means that Investigation has, however, shown that the justice will in some way be given Mr. railroad to all appearances is heavily overWilliams, who made the line what it is pitalized, that it can not possibly meet and saw it snatched from his control by its notes as they come due and that its Mr. Ryan of New York. The Chicago receipts are declining. An issue of bonds

now seems assured. It remains to be seen ought to have added good harvests and whether it can be floated on the basis of general agricultural prosperity. the road's present capitalization.

It is time that credit be given the rank General industrial conditions have and file of dealers in bonds and other inmeasurably improved with the opening Unnoticed vestments. They have

of the new year, and many Factors of consistently and persistSigns of establishments which had

Prosperity ently urged their clients Better Times

shut down in December to invest in securities which just now are are now working on full or part time. The low. The bond houses are thus among banks have practically canceled their the conservative influences which are tid. clearing-house certificates, and have re- ing over the present situation. The same sumed payment in currency. There have must be said for such great corporations been a considerable number of commercial as the United States Steel Company. In failures, but on the whole it would seem the midst of the criticism which properly as if the country was adjusting itself to has fallen on the methods of financiering new conditions. There are those who in- of some of the great corporations, simple sist that the house-cleaning to which the justice demands recognition of the fact banks have been subjected will be fol- that the United States Steel Company has lowed by similarly severe treatment in kept the steel market from demoralizacommercial circles. There are, however, tion. So far from being, as in previous no indications of such a process at the time periods of financial stringeney, a menace of writing, but on the contrary, indica- to commercial stability, steel has been one tions of a renewal of business activity. of the potent forces preventing a general The country is to be congratulated that, collapse of prices. although it faces a presidential campaign, there is no indication of any such radical- A rather interesting situation has grown ism as terrified the commercial world in up at Goldfield, Nevada. Goldfield, as 1896. The farmers are growing conserva

Shall the everybody knows, is a mintive, except where the trusts are con- Soldier Become ing town, which, in an imcerned, and the banks have shown them- a Policeman? possible region, has sprung selves masters of their situation.

into prominence because of the discoveries

of gold in the neighboring mountains. The administration had its innings has already been the site of one fierce regarding the financial situation when struggle between organized labor and the Secretary Taft Secretary Taft spoke in mine owners. When another strike was on the Finan- Boston before the Mer- in operation Governor Sparks of Nevada

cial Situation chants' Association. His became apprehensive and called on the address was worthy both of the speaker's President for troops. This appeal was, past and of his very probable future. It however, not justified by any act of viowas, on the one side, a mustering of the lence committed, but was due to what facts which characterize the financial seemed to the Governor and the mining world at large, and on the other hand, a corporations the certainty that the United sensible prophecy as to the future. IIe States troops alone could prevent disargued that the causes of the recent panic turbance. The President yielded to the were the almost universal waste of loanable appeal, but found that the state was doing capital in war and in extravagance, as nothing on its part.

nothing on its part. The legislature was well as its absorption in great business not summoned to meet the situation, and expansion. He gave due credit to the local authorities had apparently done shock given confidence in financial opera- little to guarantee order. After the troops tions by the exposure of the methods of had been in Goldfield for a number of insurance and railroad companies, as well days President Roosevelt notified Goveras individual financiers. Grounds for his nor Sparks that they would be withdrawn belief that the country will recover are if he did not assemble the legislature and three: the gold standard, the generally take necessary steps to maintain order. At healthy conditions of railroad finance, the time of writing the legislature has not and the favorable balance of trade. He acted, but the country at large, if it gives


NORMAN W. HARRIS Mr. Harris is a leading representative of the men outside of official life and not associated with national banks who have done so much to maintain the financial equilibrium of the country during the present period of storm and stress. His advice, repeatedly sought, has been of utmost importance. Mr. Harris is a generous supporter to philanthropic and religious causes, although he has never permitted publicity to be given to his benefactions.

An article on " Bonds as Inrestments," from Mr, Harris, will be found on page 214

any thought to the affair, will sustain the full tilt into the traditions of the service. President in his action. We do not want In the interests of what seemed efficiency our army to be turned into policemen he appointed a medical officer to the comexcept as a last resort.

mand of the hospital ship“Relief.''

Rear Admiral Brownson, Chief of the For a good many years there has been Bureau of Navigation, opposed this apa pretty general belief that while our new pointment, and when his objection had

navy was developing rap- been oyerruled, resigned. This resignaThe Naval

idly, the administration Imbroglio

tion brought from the President a stingwas sadly hindered by ing letter of disapproval, which, with that bureaucratic methods. It is the aim of of Admiral Brownson, has been published. President Roosevelt to bring efficiency Admiral Brownson's contention that a into that department as well as into the hospital ship should be under the comarmy. In pursuing this ambition he ran mand of — not the navigation-of a naval

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