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•i AIRSHIP PEACE FACTOR PERIL TO DREADNOUGHTS Britain, However, Likely to Build Eight Great Warships. if-r«<".al by Fr»r.'h CaMf to The Tribunal London. April 10.— Party strife'and passion for armaments arc not attuned to Easter anthems I'ivalhins peace on earth. The excitable patriots vn<l _ bentirg the drum for an Anglo-German war t.iv tJetormincd to have eight Dreadnoughts In place of four, and will probably succeed in carrying the^r i.oint when the votes for new con struction come up in July. Orders for making srmor plate, i m an I turrets will be Issued In the autumn, and work on the bulls will b<- a;* cclrrst«o. This is confidently expected by the Admiralty offiemls *nd Liberal politicians. The pressure for Dreadnoughts is so great that David Llmd-George and Winston Churchill may be forced to assent to measures which they have s-toutly resisted. Even a man of peace like Robertson XteoH. editor of a powerful Noncon formist British weekly, cries aloud for a great navai loan :*r>d lament* a lack of courage in the Prime Minister: yet the experiments of the Wrights and Z"j.pe!in arc exposing Dread noughts to a terrible menace of a rain cf dyna mite from the sky. in addition to the ordinary risks of bcinp blown up by submarine mines and torpedoes. Fxpcrts predict that aeroplanes -^ 111 soon be flying at the rate of sixty miles an hour with a load of 1.500 pounds, and assert that a thousand at least can be turned out for what one Dread nought will cost When the» d>r.am:te scat ten-rs suarni in t:;e air the dangers cf naval <.p*-raiions will be absolutely appalling, and the nations w iil be compelled to form a league if peace for common defence. Meanwhile Dread lioupln* are demanded, tight at on. c. even if they arc likel> to become obsolete in five or ten > oars and ra-mv has to be borrowed to pay -for th mil Land reformers as well as economists are played with. - ■ • taxatioi t land ■ ■ • I romis< ha? -•■••• • ■ • rtltut ■ • - ght rd Lane ■ " n to I igh 1 ear, so thai . ■ - INF ART AND PERSONAL \OTES Tribute* to /•'. Marion ('rare ford - General Booth's Birthday. (fptctai by Fr»n-h_Cat>> to Tiie Trtbune.l London. April ]<>.— The spring art shows have opened at th«- N-w Gali< ry. where a subscrip tion basis lias b< en adopted for exhibitors The Arciibishop of Canterbury Is among the Eusfr pr^-su-hers. ami Canon Hensr.n will oc cupy Ft. Margaret's pulpit twice to-morrow be fore sailing for America on a protracted visit. General Booth, who is celebrating- his eightieth birthday to-day, is overwhelmed with congratu lations upon his unimpaired health. The biographical notices of F. Marion Crawford are most sympathetic. His American education ■Wiif at Cambridge, where h<« maoo liiVlong friends, and many Englishmen have born entertained at his Sorrento house. The first intimations of Algernon Charles Swinburne's critical il!n»-s.-= were received in this morning's pain-re. He had lived at The Pines, a! Putney, in seclusion for many years with his intimate friend. Theodore Watts-Dun t»r:. who If also a victim of influenza and pneu monia. na; wit • - Sicily and ■I N F SEEK ARGENTINE SHIP CONTRACT Representatives of American Firms Ready to Support Their Tenders. London. Aj-ril Z.— Representatives of the rreat shipbuilding companies of the world re gathered In London to Bupport Th«-ir tend^ts for the con struction of the two modera battleships and some smaller v«=s.«=e!s which < he Argentine government if about to bund. Tht-sc tenders, including four fr->r.i America, are hemp considered by a commis sion cf naval experts sent here by the Argentine govenanenti The Americans who ar* h*re to appear before tlie (i. !r.m':*s\r>v.. if ca r h-d ur>on to civo further partlcu ana cf tl.Mr t«-r.i!« r«. sr^ Re:tr Admiral Bowles. pre«:dent or the For* River Shipbiilding Company; Hcurj K. <jro\ .-. prvffident of tin Cramp company: De Courcey Mn>. of t).«» New York Shipbuilding' Company, and Mr. <;av!nt!et, of the Newport News Shipbuilding Company. Archibald Johnston. vl« president of tii* Bc-thklirm Steel Company, a also > *-'< ;-;:id takes a k*« ti int^r**! in th^ competition frr the •work, his company l>ein» indirectly inter <*•»•- cs a fjpri:'*'" of armor plate MINISTER PUGSLEY NOT TO RESIGN. at John. N. R. April 10.— William '••:-■ Min ister of Fi:b'.ie Works In Sir Wilfrid Lauritr's Cab inet, who is at h.x home hr-re for the '•.--.'•• lioli daje. Kayt. that t.-!«*r«> is no truth in the reports ths* he Intends to resign his position because of the ■JtiC« of a commission which Imfstigated tjie «JTairy of the Central Railway. Specials for Monday and Tuesday. ROUGH PONGEE SILK, very bright and silky, medium weight, in a complete MM line of «prinj; c hades; value 59c. per yard, at TaT^V^ YARD WiDE BLACK SATIN', Directoire, pure silk, in medium and heavy QQp v.c:ght; regular value $1.25 per yard, at . «/O v. BASEMENT SPECIALS. IMPORTED CHINA CUPS AND SAUCERS, neat pink, rose decorations; Q^ value 15c. each v V- Set of 6 Cups i"id Saucers, 50c. IMPORTED CEREAL JARS, blue and white, stenciled sugar, flour, tea, -fl Q^ coffee, &c; regular value 25c. each Jl«/I^ Sets of 6 Jars. $1.00. Sale of I:r.perial Rlue Mottled Enameled Ware. This rare is triple coated, white inside, perfectly pure, and al! have enameled covers. 2 tjtiart Coffee Pots, 3 tjuart Coffee Pots. 2 "' Tea Pots. [ 10 " Preserving Kettles, 10 " Dish Pan?, '. 14 " Dish Pans, 4 *' Berlin Saucepans. I 10 " Water Pails, 4 ** Berlin Sauce Kettles 0 " Berlin Kettles, Value 69c; Choice 39c. j Value B9c ; Choice 49c. 8 cuart Berlin Saucepans, ' Value 98c, { 2 quart Rice Boiler-;, 8 " Berlin Kettles, S t<* 59c - '( 3 " Rice Boilers, West 125 th Street, 7th and Bth Avenues. the trTbTTnT'.s foreign news. NAVAL ALARM IN FRANCE. Four Dreadnoughts Seeded, Oiling to Austria's Action. [Special by French C«*l« to Th» Tribune] Paris, April 10.— Austria-Hungary's tour pro jected Dreadnoughts cause serious reflections In French naval circlrs in consequence of the Anglo-French understandloaj. It was tacitly conceded that the supremacy of naval strength 5n the MeditPrrancan should be left to France, thereby enabling England to reduce her Mediter ranean force to n minimum, concentrate her best shijs in the Channel and beep her squadrons of bip cruisers in the Far East on a more formid able basis In view of the present inadequate strength and efficiency of the French navy, which has fallen from the second to the fourth, and per baps fifth, rank among nations, it is deemed Imperative that at least four French Dread noughts Bhoald be begun, or. falling this, that England be called upon to Increase her Medi terranean fieet In corresponding proportion. Meanwhile the French radical newspapers dwell upon the menace which Austria's naval devel opment means to Italy. '' L B EASTER OF THE NATIONS. * Gift of the Powers to Austria— A Moroccan Flare. [fipeei.l b, French Cable to Th« Tribunal London. April 10-What Is Beh^ Continental correspondent as Baron n thars Easter sift to Emperor Francs Joeepr, Is the ass^t of the powers to a perfected title to Bosnia and Herzegovina. It involves the abro gation of an Important article of the Treaty of Berll:, and ha, been brought about by the close understanding between Germany and Austria- Hungary without the formalities of a European conference Now that England has recognized the annexation as valid the consent of the re maining power, is a matter of detail. Russia Is likely to obtain a supplemental gift of a sim ilar kind through the. co-operation of the For eipn Offices at Berlin and Vienna, which are seeking to detach her from the alliance with France and the entente with England. A l"ss seasonable gift is the mining conces sion obtained by the German Consul at Fez in violation of the recent agreement with France. It may be explained away by later dispatches, and may be prematurely described by excitable journals here as a fresh proof of German du plicity. When everything is going the German Emperor's way he is not likely to reopen Pan dora's box in Morocco. 1. N. F. MANY EASTER WEDDINGS. Lord Rosehenfs House Party After Lord Dalmemfs Marriage. [Special t-v Frmch Cahi« to •.:<• Tribune. ' London. April 10.— Easter marriages are in ere&tinc: smart society more closely than the holiday recreations of rpyalty. Scores of fash ionable weddings are arranged for the next three ■^ef-lis. Many are military shows, one has an unusual muster of eleven bridesmaids and an other will be staged in Hvnry Vll's Chapel. The most important one will be Lord Dalmeny's, at St. Pauls. Knightsbridge. the bride being Lord Henry Orosvenor's daughter. Their rela tives make a peerage list by themselves, and p r pSPIIi«p SPII i« are coming in by hundreds from royal ties and nearly all the great house?. Lord Rose bery will have a week-end party at Th« Dur dans after the wedding and the American Am bassador and Mrs. Reid, who are now at Wrest Park, will be among the guests. It was at Lord Rosebery's bouse that the ambassador, when hf- was taking his own wedding journey, first met Gladstone. . 1 '.. K. AMERICANS IN PARIS [Special by • rench <"abi<» to ThP Tribune. 1 Paris. April 1". — Among the Americans in Paris are Mrs. J. P. Kernochan and her son-in law, Herbert Pell: Miss I. Blgelow. Miss Kate Lawrencs Mrs. F. Drlscoll, Mr. and Mrs. P. P. Robertson, Cornelius Vanderbilt Mr. and Mrs. H. Green. Mrs. M. H. Billings, Charles Lanier. Mr and Mrs. .•: P. Bacon, Mr. and Mrs. Alex ander Shives. Mr. and Mrs. J. A. Montant. Mr. and Mis. Herbert Johnston. Mr and Mr-. Rod man "Jriscom. Mr. and Mrs Francis Merriam, Mr? J. F. Cullman, Henry Sloan and daughter, David Sears. R. H. Rice, Mrs. K. F. Hinkley, Miss J. R. Thompson, Mrs. Charles S. Ward and Ralph Stewart. C. I. B. MRS. CATT HAD SUCCESSFUL TRIP Four Additional Countries To Be Represented at Suffrage Convention. London. April I.— Mrs. Carrie Chapman Catt, president of the International Suffrage Alliance! has returned from a tour of four weeks through Southeastern Europe 'and reports a hard, but sue- BSSi trip. Four more countries have been added to the sixteen which will s^nd representatives to the aps!roa?hing international convention In I/on <l->n. namely. Austria. I<flKl\:m. Bohemia ana France. A pood deleKation Is promised from Germany. Mrs. Catt is pleased with the movement In South eastern Europe, and reports the work (o be pro pre<«i;.; rapidly. She spent fifteen days In Hungary, vi«lted nine different towns and spoke ten even ing*. PAPER CRITICISES ITALIAN NAVY. Rome. April 10.- A local newspaper has published a fensfttlor.al article criticising severely ihe con dition of the Italian navy. It says that the new warship NapoM cannot make more than six knots h?i hour, ani that the Roma can <)•> littl»> better than this. The paper fillef-es also that grave de feats have been discovered in the machinery of the new 10,000-ton cruiser. NEW-YORK DAILY TRIBUNE. SU^DAY^APRILJI^IOOO FfiEJSCfI LABOR CRISIS NEW CABINET PROBLEM. Employes Demand Share in Control of Departments. I Special by French Cable to Th« Tribune. 1 Paris, April 10.-The problem which confronts the Clemenceau Cabinet by the amalgamation of the associations of government employes with the General Confederation of Labor becomes each day more complicated and more difficult The latest obstacle comes in the shape of the claims made yesterday by the most conservative and most enlightened of the associations of civil servants, known as the Comite d'Etude of state officials which by the voice of its president, M. De Martial, Insists upon the right of civil ser vants to be not merely the employes of the gov ernment, but actual partners in the control and management of the respective departments. The effect of this would be to destroy the authority of the ministers by making them re sponsible to the association of employes Instead of to parliament It should be noted that the Comite d'Etude, which has arrived at this de cision by a unanimous vote of its members, does not claim the right to strike, and explicitly de nounces any act which would deprive the public of the use of the various administrative depart ments as a misdemeanor. Meanwhile there is renewed agitation, • : • entlon in office of the unpopular M Simyan. The Kaster holidays are regarded as the calm which precedes the storm. Citisten Emile Pataud— "King" Pataud. as hi is face tiously nicknamed !<-■ busy with Becrei com es and wire pulling, bui exactly v hat h< . aboul no one seems to know. The reactionary organs, like the "Gaulois" and the "Soleil," twii the government with fearing to apply the drastic • measures to Citizen Pataud which they applied not long ago to the disaf ■ . clergy, and say that if Pataud had I n c priest he would long ap> have been arrested and kept in i>ri«"n It is needless to say that the extreme Catholic ecclesiastical groups and those of the royalists and imperii -• ight in adding embarrass ment to a situation which they too hastily de- Bcribe as the bankruptcy of th entary regime, and confldeni pred I that M Cle njfnvau will soon be compelled to maki his choice between reaction and revolution must be taken with a wholesome pinch of salt C. T B THE LONDON THEATRES. "As You L%e It" at the Court Mr. Tret 's Revival. - . London. April 1" The theatres are making attractive bids for th< holidai business. Terry's bas be- :i reopened with Arthur Law's eoi "The Artful Miss Dearing." which is well en s a mirthful entertainmeni with far cical ' Fa^- Davis and Gerald Lawrence ■ a six weeks' Shak< s| ■ ■ itre In "As You Like It." ntho P.tunn returns to the theatric) ell as a , nd James Bernard Fagan as ;• favorite dramatist Tl c first i>e •'The l . with Norman Mi Kinnel as M ss As! supporter. Beerbohm Tree's revival of "The School Cor Scandal" Is now running smoothly, be::!<» taken :: it was on ':■ opening night it [s one of the finest achievements of a His M: j( sty's v ! r h i ostumes and scenery of the highest order and a remark • ■ ast. with r : :;•;: artors. its novel feat ures ere Mari< I Ladj- Teaz and Mr Tree hims - a middle ,\s.f\. well bred E n place of th< illy seen. Mile. Leonora is making a fine Impressi i a dancer In "Psyche" at it-.- Alhambra, and Maude Allan is i losing an engagement I I NEW FRENCH HOOKS. Paris. April 2. "Le Talion' ("Retaliation") Is a Parisian novel by Victor Margueritte. issued by the Llbralrle Fas <]ue!lc\ dealing with lt:e situation created by a woman who fails to marry the ma she loves, who becomes. nevertheless, the father of one of her two children, her husband being the father of the other child. The problem arises whether li is better to tell the husband of the true star- of af fairs or allow him to continue Is life of fancied happiness. The erring wife, especially as she ceases to love the man whom she ought to have miirrier], decides on the latter course, and as •:.- children are fond of each other, and as tin husband's paternal affections seem equally divided between them, the family life runs smoothly in spite of the tempest that at one moment threatened to over whelm it. "Nitaoukrit" i.« a romance of ancient Egypt, by Charles San) brought out by the Übrairie as . quelle The hero is the ruler of Egypt for whom the third pyramid was built, and the heroine is the queen called bj- the Greeks the •■Divine Xl tocrie." The reconstruction of Egypt la baaed on the latest researches, and the novel in this respect resembles the works of Dr. Georg Boers In "L'Une et I'Autre'' Mine. J. Marnl ikes an ultra-modern type of girl, Marie-Therms*, n| .. does not hesitate to say to her mother: The edu cation that your parents gave you was simply de testable, your individuality was crushed and you became irrevocably bigoted and narrow minded.** The mother is, however, a charming woman of forty-five, who disdains "femlniniums" and "suf fragettes." The young architect who marries rherese finally falls in love with his mother in-law. Jt is rivalry between a mother much too young for her age an.; ■ daughter much too old for hers. The thesis Is by no means so interesting as the novel, which is one of ••.. best which .Mine. liarni has written. ■ • I^t Cathedrale Notre I»ame de Paris." by M. of the Na tional Library, Issued by the Libralrle Lonj the most practical most handy description "f n Wch haa yet appear* ■:. it is . g ■ its and -i plan Adm • cathedra i i Petltea gTapbiea dea 'Jr.,;..!- ; M Prance," 1 under the supervision of M. Eugene l.e tevbre-Pontalls, is brought out In separata volumes I,it,r..nie Renouard. The two moaoi that are pub laj deal with tht Cathedra ,iif> i.; M !'■ Be M< : . ■' .- nd tb« ■ .., by M Buajene Lefebvre-Pontalia Bach work ts illustrated b adeq v . md by near f : r> engravings. •\, f{'M; lU !l lie \-.:T.- ' 1 •- •■ .-■! !!,. LJbl lirle fiMWMfiMi. la a description of architectural and Paris b] M Paul Fournler, wt:>> has ac compllsh«d i ;*■ tart ■■ I ■ iid <f ant documents and Information supplied him by the lat. Victorien Sardou, the dramatist, wiiri c f.f Lhe most remarluibk ar. ha - I i me. '".!!; HARVARD TO GET FOREIGN STATUES. Munich, April 10.— The Prince Regent of Bavaria lins deride..] to present to ii- Qermann museum of Harvard University a cast of the oldest equestrian statue by .1 German sculptor, that of Kmperor Conrad 111. ii dates from the thirteenth century and Is at present In the Bombers Cathedral Pro festtor Kmio Francis*, of Harvard, who is spending a vacation here, has been Informed thai the Swiss government Intend!- to Mend to lira .Harvard mu seum a reproduction of one of the most Important monuments of Uurgundlan art, .1 group of ntutuev ea tlis tomb of Lasurruz, near XeuchateL ALL HOLLAND EXPECT AST An Heir to Throne Anxiously Awaited— Humble Gifts. Londot April 10.-Eastertide hopes are m »t fervent la patriotic Holland, where the _*hole nation Is awaiting the coming of W beh-tO the throne. It is a family affair in which ever,. body in city or province Is Intimately inter est ci The humblest fishermen and peasants carved toys or painted windmills for the expected heir to the House of Orange, cities and corporations have entered Into rivalry for the largest subscription lists, and the nursery is al ready a storehouse of cradles, baby clothes, em broideriea, toilet sets and toys, presented with out reference to court etiquette and solely be cause the Queen's subjects love her. Thou sands of good Catholics are praying in the churches for the safe deliverance of this remote ri.ir of the historic champion of Protestantism who fought the long battle with Spain. Everybody In the Netherlands Is awaiting anxiously the booming of guns and flourish of trumpets which will proclaim the fulfilment of the nation's hopes, and when the signal is re ceived the streets of The Hague and Amsterdam will b<- crowded with jubilant throngs waving .'id dancing for joy. There Is ample rea son for the anticipations of the Dutch people, (pressed with charming simplicity and naivete. of an Kaster gift. Without the birth of this child the succession to the Dutch throne has led toward Berlin direct. An h*lr of rhe House of Orange will appeal to the spirit of nation ality, revive patriotic memories and strenßtlu-n the prejudice against foreign intrigues and an nexation schemes. Holland, with the succession no longer dependent upon German heirs, will be left to work out her own destiny with the old time traditions of neutral trade and abstention from activity in foreign affairs. I X F ■ . - The Hag le. Aprjl 10.— The hirth of an heir I throne of Holland is confidently expected in me coming week, and, :f ail K" f> s well, ilie outi ■ enthusiasm will be such as has >eMorn been witnessed among the placid Dutch. There has been no royal birth in the Netherlands .since that of Queen \\ lihehnina herself, twenty-seven years ,<k- Thrice before, since the marriage of ■■l,iui. Wilhelmlna," as the Hollanders affection ate]} call the Queen, have the hopes of tbe conn ■■ ■; raised, • I • c,t<t down. The con 'ear at the Dutch has been that the House of Orange would <li» out with a childless sovereign and ma: Holland would become a German vassal state. Demonstrations on a giganti< stale have been • •}, and processions, concerts and festivals ■ held all ovei ihe country. The school chil dren have a week's holiday, and amnesty will be proclaimed for certain classes of prisoners. Ouna »:■•■ in position on the parade ground Ik-ih for the s.ilute on ih-- announcement of the birth, one rounds will be Rred for the hij-th of a prince and flfty-one for a princes- U< accompanied bj ti stumes of the six - • . • Ivei ters of the 1 iiy. The health of the Queen has been excellent. Dr. X 1 ■.«..•. an eminent gynecologist, in addition to the Queen's regular physicians, is in constant at tendance. The Queen's apartments at*> at the back of the palace, overlooking a quiet. Old World gar den. A suite of six rooms has been prepared for the infant by the Queen herself, and i:: these have been installed some ancient cradles of the House of Nassau, of wonderful workmanship. All, bow ever, have been discarded In favor of a homely wooden Dutch cradle, which will be used ordi-. narlly, while on state occasions the baby will oc cupy a beautiful cradle of Louis Seize style, made at the Hague School of [>acework. where two score gvomen instructors and pupils worked many months In producing the lace for it. Two rooms are filled with presents which have been sent for the royal baby from even City and ban in the Netherlands. STRIKERS WRECK FOL'R FACTORIES. Buttonmakers of Meru, Fraiice. Riot After Harangues by Agitators. Meru. France. April 10 The strike of the makers of Meru h.is entere.i upon h critical phase. All the departmental 1 rltles are hurrying in here, and reinforcements of cavalry and gendarmes mlng by every train. Many arrests have been m: :• I further trouble : « expected 'lhe ast night • a revolution. 11. c flown from Paris ami harangued th< mob, after which the strikers stormed and wrecked four button factories an<l practically destroyed the houses of their employers Tr ... from a reduction of 38 per ( . e . . h . h. employers say they will close stal Ishments rather than g<-. back to the old iiit«. THE LAPLAND ON FIRST TRIP HERE. verp, April 10 The new Red Star Line ■ • . I left l port a; J o'< lock this • maiden voyage to New york ■ liner that over sailed from Ant- I ■ , rowd gave her an crn : - GERMANY TO SEE ENGLISH PLAYS. Wiesbaden, v-rii 10 A permanent compai production In Germany of English p! ... under the 1 ■ t of Mmc M.t.i IIHIIK. will open ;u the Royal Theatre here on May 17. "Mr. Hopklnson." by R. C. «'arton. and "Can dida," by Bernard Shaw, will be among t 1 pro !m • - ' will visit Ihe minor Germany and then appear ■:■: ler Imperial 1 STATUE OF JOAN OF ARC MOVED. Paris. April l" Following an order Issuej hy M. Doumergue. Minister of Public Instruction, th* of Joan of Arc, I". Paul Dubois, the L toi fifteen years, was removed secretly onThursda) morning, an-1 ia no* 1 ) ■ . Pantheon Significance attachea to 1 on account <>t the recent violent tUmon , ns of royalist students ;.t 'he Sorboiine against Professor Thalmas, the author of a book R that tii- nistory of Joan of Arc v>u< larajelj rrythli ■ AUSTRALIA PLANS NUCLEUS OF NAVY. Victoria] R. <".. April 10.— Advices have been re r eeetv»d by th« steamer Aorangi that the Australian government hn« started th« nucleus of an Aus tralian navy by ordering three torpedo boat de stroyers. Two are to be built in Scotland at .i cost of J427.500 each. JAPANESE SQUADRON GOES TO H I LO. Honolulu. April 10.— The Japan training squad ron, consisting of the cruisers Abo and Soyo, sailed to-day for i [iio hem they are scheduled to de part or San Francisco next Wednesday. Hear Admiral IjichJ, commanding the squadron, ex pressed his gratification at the hospitable enter tainment anl the hearty welcome accorded to the Officers and men of the cruisers during- their stuy heie. DUKE OF THE ABRUZZI AT BOMBAY. Bombay, April li>.— The. Duke of the Abiuzzi ar rived I--:.- to-day from Marseilles. He at once ptitrvd northward on Iris Himalayan expedition GENERAL WOOD REACHES SAN JUAN. San Juan, P. R.. April to -Major General Leonard Wood, commander of the Department of the Bast, arrived here to-day from New York to make a tour of Inspection of lit- Island He will attend the nvtnnpuvr a of the Porto Ricati retfiment. Lieu-: tenunt Colonel Howie will commund ih. reuiment In a aerlea of sban battles and marches, to last for three weeks. J. G. BENNETT'S YACHT DAMAGED. Baleen, Cochin cuina, April in.— The American steam yacht I.yslstrata. owned by James GoiOon Fionnett. New York Yacht Club, lias put in here to repair damages amis Inert a* a result of the »'iii>- Vlii£ of one at her ciaats NAVAL RIVALS Dreadnoughts and Risks of War Be tween England and Germany. London. March 31. Will Germany and England drift Into war in the course of a decade? This question has been seriously discussed by reflecting men rather than panic makers since Sir Edward Grey's masterly speech in the Commons. He brought the bread lama of an ultimate conflict of sea power definitely before the nation while depre cating; the exaggerated alarms of the moment. This was the situation which would be produced by the completion of the German naval pro gramme. There would be sooner or later a fleet of thirty-three Dreadnoughts under the German flag— the most powerful sea force the world has ever seen. Not one of them has yet been com missioned, but the resources for building ami arming them rapidly have been acquired; and the necessity Is imposed upon England of matching them with a superior force of Dread noughts and of rebuilding the whole of the fleet at a vast cost.. The work of constructing a navy more formidable than any fleet now afloat !s already cut out for the British Admiralty, and the only debatable points are the time required for this colossal undertaking and the margin of power sufficient for accelerating shipbuilding and gun mounting under pressure of emergency. As Sir Edward Grey explains the situation it is only a question of time when these two for midable fleets will be massed for national de fence on the North Sea. Is the rivalry between the two powers so intense that a war will be inevitable when the fleets are ready for action? This momentous question is discussed by Sir Edward Grey in a more philosophical spirit than the panic mongers have displayed. They have asserted that England ought to declare war on Germany without delay and to destroy the rival navy before it is reinforced with the new Dread noughts. They choose to consider the German naval programme as a hostile net dlrecU-d against British supremacy on the high seas, and urge an immediate campaign — the only effective measure of safety. They do not per ceive the wanton immorality of a declaration of war based upon German activity in shipbuild- Ing Sir Edward Grey knows that public opin ion in England would not sustain a govern ment which struck a rival poWer In a bullying and provocative spirit. He la prepared to admit that it is a legitimate ambition for a country which has a growing commerce to have a pow erful navy, and that it would be a -rim- against civilization to make war upon her simply be cause she was building ships rapidly and scien tifically. He goes further and declares that it will be possible for both countries to get on peaceably together when they have built their rival fleets and are ready for a decisive combat for sea power. This conclusion will be shared by all reflecting minds. The two fl*-.>ts when completed will have oat so much in taxation and sacrifice that neither rival will be eager to take the risks of a supreme conflict of sea power Each navy will be a costly policy of in surance against war. Sir Edward Grey does not present the that way. He shows -how two extreme may produce a conflict and bow wide a margin of Intermediate space there la where both na* tk>ns can keep the peace The extrem< domination and isolation, which wll S pntm.>nt and attack If either power attempts to Isolate the other from all.. , r to dictate the policj of (he Continent without coi - er a trial of si on the high seas will bi Inevitable. That is a forecast by a greai statesman which la worth remembering. T recent years about the solai rf Ger and it has pn - iani sovereign's ardor for naval armamei theatrical strokes like the one which haa denly broughi peace to the Balkana tl pressure upon Russia and Austria Then la to be as much foolish discuss i German domination on Mm the coalition ol armies In the triple alliance has been shown to hav< cohesion to the coalition of amlabititiea and complimenta triple entente. Genuine peacemakers 111 King and Hi- Edward Grey do noi sistance '■•■ repeating mischievous « about a rival power's isolation or | iss ition. They avoid estn i a and endeavor »o convince friend and fo course to annamenta is ■ cat foi tha world and that there is n wide Held for a spirit of neighborly accommodation. . i-.. thing :har ivlly agaii - . ilous scrutiny of naval armaments conducted In London and Berlin Germany i.* ,:••%. lopina her naval re» thoroughness the processes are s< rei and are constantly undergoing change; construction Is accelerated and contractors are encouraj imjip.v c their plants by " .. tonnage of battleships is increas< d, th< ■ are strengthened and the turbine engines and other mechanism are steaJßi impr ■ : Sus picion is excited by these pera rts to create a Brst Une of battleships which will i>e a more effective striking force than the main British Beet. Official statements are not cred ited, the right of the German government to Interpret its own law la questioned, and there is a growing conviction that armaments which are clearly In advance of the defensive requirements of the merchant marine are levelled against England. On the other hand, every detail of the construction work in England is closely watched in Germany, and the panics. agitations and faction feuds are followed with compla cency and satisfaction. The struggle for supe riority In armaments may easily promote hos tility between two jealous nations. The compe tition Is already so strenuous that a danger period ha? opened in the relations of the two countries. An agreement imposing limitations of armaments is clearly impracticable. Ar. ex change ••:' Information between the two ad miralties which would enable the experts to know what was going on would he equally futile. The naval armaments themselves which are draining the financial resources of the two most progressive countries In Europe, may have a pacific tendency. These fleets of Dreadnoughts are at once so formidable in their long range, concentrated gunfire and so vulnerable from the number and complexity of the engli s encased in heavy armor thai the admiralties shudder at the thought of war waged scientifically by a first class power. A nation with a powerful first line capable of making a sudden attack with overwhelming force commands respect abroad. The British Admiralty would probably welcome an opportunity for smashing the Ger man navy to-day. If It could be done with an adequate cause of war and without taint of morality. It will be leas anxious to have a con flirt three years hence, when there are thirteen or more Dreadnoughts under the German flag The multiplication of battleships on the other coast of the North Sen will tend to diminish year by year the ardor here for a big naval war, and th** more closely the balance of Dread nought power is adjusted between the two na lions and the larger the investment In them measured by millions the stronger will be tii. probabilities of peace. Without doubt the coat of this method of Insuring against naval war fare is becoming Intolerably, high an«i oppres sive, but the effectiveness of the system cannot be ouesUoneal 1. N. F. The Financial World. Security market changes for the week V* with virtual uniformity changes for th© better. Though the professional talent of the Stock Ex change vigorously contested every mnv» toward improvement, there came into the record rot merely the exhibit of quotation advances, but evidences abundant showed that the mark-* In •ts betterment was proceeding beynnrt r»w,t narrow manipulative bounds— th* puWic U aeri ally reappearing in Wall Street. Almost t: -a-^ !• ainanial 1 ' ' ■ *o be re-sown is assured b ■ An inspiriting element in the situation !3 t.at European financial sentiment begins to appr^ ciate'the wholesome change here— indicated s'jt nincantly by tin purchases of our standar 1 Stock* as noted in this review a week ago- Kaltimore. and Ohio and Reading, particularly. having been taken within the past fortnight !n large volume for th* account of London an<i Berlin. It Is quite within reason, of course, to Tie* these European purchases as to some extent In fluenced by speculative interests— sellers of op tion contracts .rights to call for the delivery ef blocks in the future, having obligated them selves to deliver tremendous amounts of cer tain American shares within the next 60 da>». It is conservatives computed that English spec ulators have committed themselves to contracts of this sort that aggregate hundreds of thou sands of shares. Reading has been e.pecxa^.y a bear favorite abroad-and all the rest of tn ; American coal stocks in. lesser degree. It has been arsued abroad-just as it. has been vocu erou-.lv proclaimed hore-that Reading was bound' to so to smash, that the United States Supreme Court would crush It-thto revetotton r-ot co-nine just now., but months d?" am oe,d r^ .tock ,as .old Short th-n and option upon its future were sold then, w.th the ««£W«i freedoms-Reading stock th»n a dozen or t.-?n.> noli, * below where mm it sells. B««^^ have been savas- gentry sense!. -ss and \ulKar enough to knowledge of Crttaj States Snpreme Court determinations pinioned for thf-ir foolish affections. _ - If is a curio situation whe^. » n J°~*f4rf be mad- nervous over the possibility of an a-. vcr"e" judicial decision whose utmost effect would be th- distribution of a fat cash dividend to railroad stockholders. Baltimore and Ohio has b»en assailed ..n pretty much th- same lines as Renl^ig-^t. Snlike Reading, it has so far merely stood l soL - Iv firm. It may be that in this regard a changed been undertake without the approbationc«h« positive advice) of the foremost banking mi ■ ests here. t is. of ■ ■ • - of ricli • ■ - ■ ■ - - - • Meanwhile, the Hawley energies are by no mean- confined to the Chesapeake and Ohio en terprise--for .Mr. Haw ley's entrance Into th directory of the New York City traction situa tion is likely forthwith to b* productive of large results. Hawley and his associates have not. ventured suddenly into Interborough. hey have proceeded with quite their usual careful ness; and th.> ; . are making th- Investment of millions only after a series of expert inve»tiga : tions. covering months. They wont Into Tofed**. St. Louis and Western w hen that property where had a friend; they went into Alton wrntil :t was drsplsed utterly by everybody ;^an& -•'• upon :.. similar baste of minimums and d;som^^ and discredits, they ally!^themselves withjta terborough. Alton sold lower -than liH,-.N<r ough common does now. So ,::,. roieao. mi unless tlvrc be no virtue whatsoever in pre< * dent we are likely to see in thi* latest acquisi tion the same character of revolution which t:i the ear!i-r undertakings has established eretM and pyramided profits. Interborough ;jr-r--rr-. has been heavily sold short by Stock fcxehans traders who may any time be stampeded by «w discovery tiiat Mr. Hawley in Intertx^ro t-.i is not an ornamental director but a director •»> works-th.- director who with E»resldeßt Shonto how represents actual Interborough controL Shonts ana Hawley in Interborough are tM same Hawlev ana Sl^onts wh.. rejuvenated < w- - cago and Alton Wall Street bears, by the »T. are mistaken in postf-onlng the next AltTO divi dend till At:K''.st. They will get notice officially — and soon. Now York and Southern banking Interests are making progress in plans for the corporate con centration of the cottonseed oil industry. Th* dominance of the American Cotton « >H Company will bt accentuated in what is propped, though the l»sser outside producers will b<» als.< mucft advantaged. Preliminary to eomprehenshr* c«" solidatlon it is not Improbable that the Ameri can Cotton Oil dividend « ill be materially to creased—as warranted by the recent large «*" pa'nsion of n»t earnings. The buoyancy in Cot ton Oil stock this week is. Indeed, directly at tributed to the coming dividend Increase. ■ During the ensuing week will probablj witnessed the market revivification of Mexican railway Interests. Mexican Central c- rtinoates and th>; new issues of the National Railway '" >t Mexico will coincldently flscure. the former * a course of exchange f«r the letter. M-xico s raiJ uay situation has developed extraordinarily- When- there was aforetime rivalry full of r-v- , enue sacrifices there is now established a unified interest— a single propert> —and this propertj an i'ctuul g.tverninent property. Trarßc rates established «tay established; and thewa eswb- UsheJ rates ari- established with a full - mle ;" .staiidins of the right of corporation" tv ra reasonable proflta What, further; is consequential f.>r tu<- «^ lean railroads has to d.. with their safe Baaneau status— their future is underwritten— provision made In advance for thtir expansion itnd ,,. „" termenl by available funds aggregating miMon* of dollars per year for a series «>f years v* «>" 1 -- When Mr. Harriman recently .-aia so uti^i"' vocably that the future was bright for Moxic^ railways he did not sj.eak upon ar.y basM « ht -arsav — for the policy un<W which Mew* * railroads are now operated was adopted vag* Mr. Hanrlman's personal guidance. '"is not t ii hitherto announced. The fact is w portant. .w It may be that the extensive projects "^ a Mr. Harriman himself Is planning and «!ev* up ins in Mexico maj have close connection w'' th*- government's "system: but any such con junction would mean a c»»-operution f*n« .** \vho*«- surest results would make f*r th« U P^' building the National Railway of M«WS» And that this Is appreciated b> the \«*r> w« .' most t>: Am.ricaii financial interests ts } n<i '~ cated significantly by the Investment att.tuJ oj New York bankers ami capitalists hay»» Intimate Harrtman relationships. '''>* " wn . ,t,. lean railway sbare»j la virtnaHy to>*>pe»_a ■''V^l account— to become .1 tartnei •» th ** > *?5 1^