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??ifrben, President of Princeton Univers it^. SHOW HONOR MEDALS OF WARRING LANDS II II t!-.< enati.? tue American Numismatic '?c?a! exhibitiona relate tu current ?venta, ?i J quite naturally its present exhibition ?4 concerned with the ooin? ?ud medula of thoac Kuiopear nation ? *t war. i ?i containing these object? ??y be found in the man) exhibit ion room In the ociety museum at Broadway and jr>?jth .-t.. New York. In, m ; important operation of tit*- ??<> ?.trinan attack on 1- . ^nd ?inu'. capture, It ?a ei intereet to doI previ oui to apeleon, Liege wa* an independent bishopric ami coined i ta own money, rwenty-eight ce tting (rem 1&38 t< )7tVJ, are c ^!nl> The>e nre fallowed by the tun and, France, Gennany, A.uetria*llungery, Servia 4onteiie?rro, Etoaaiai Belgium Luxemburg und lapa'i, ai. : ma n coin I * l!? Envarar of Germany ha.- eviveu thi rob? o'. Fin? Aferrad it upon many ? fs ami eld ha i iiiahed benaaolvea In the war. the lr..n Cre . wa fu bj Frederick William m. King oi Prnaaia, in 1113, - n re > ar with Napoleon. ','. ?o.s?, of ti.f luim kno?n aa 'crt border ol silver, suKpendc; * ? black ribbon witQ I M 0 White at ripe.-, in tni .. .-pra?. of three oak leaves Lbo\r a crown *nd the initiale F. W., a'.d below ate, 1C18; thi revene waa blank. * bed by W illinra 1 fei Kranoo-Prusaian War, the only change bemtr the addition uf tl 1 initial VY. in the centre 1 rae, with .<? crewn abare and tue date, ii," ncluw, Iwo croaaca, one of each date, a>< >? th th? m the decoration "ru-iian Or de I of the Ked Kucif I Her. ii preb .? litary daceratien nio*n ot mare bighl) regarded tlian the V instituted Ii ????1 for "> bravery ei deve ?ion t- ? i-ie^rnre of the enemy." ng in ihc centre M ClOW;i . >croll the word? \ froni a bat >nd ribbon, red Foi Ihe army and blue fe 1 rai rnent i? -n ?rav< J ei thi reverae <?( the bar and th. . ' ich awarded on thi ? of th' en v Ja navy cio.*-. an libifc Whn Dana doe? anything great I 1 ?t Legion ? Honoi Phi ordei wm founded '?? - ? ? p toward (Ik- bol lern. O? i ? nally eagle, the cenl re arm pu ' i:- the lu:.I. ? and the - o low? 'n the centre h p i an anged to Legion of Honor, bul I ? . ? Neuii Will, who IV for 1 nd ci decoi ' Darin . ? i ? ? Cons j!. u..?k th Hen j IV, hi, . ? ept uu' ?ng a very fei Ubpended fron IVit? appeared, lo i plac? o bj ? ? ic Frai give >vii> to ? offici ' ? .Mill . ind ha !? tu thi ent time. . tpecimen of the U ? !>? eph b) the prea enl i " ' i ? it in all clas*e<. Luxembu Order i ? :' ety. Sen i m..i h. | hi ('un r ol I ? ? m. unin ? m of v<''-.:ni Independence, and Darned after a, ??' l'en- the -< rb look up ,ii m.- m [Sib. 1 n<ro be.!,K no mi er ol Montenegro i' civil ordei <?! Danilo tiie r'ir?l i exhibited. i hi - ? rdei .. in Pi incc l??ntl<? l, in 116?. Japan co ic I >rd< : of thi i - " i I Ml ni. HI \ M MM MINI binat ".i of ?.ii'. j It the top ?' powei ful leu , and in dow il ia a aeriea the re WAR'S HARD BLOW AT EUROPE'S SCHOOL Pressent HMeno, Prlnceion Teils rf ?g*. * ^^^JlnZ^ Max Be Permanent, in Famous Institutions ot ni^ner uu Continent-Oxford and Cambridge Less A Heded, While A mer 1 kan Colleges Will Even Reap Advantage. I L I N < oir.iuoii ?mi everything > ??e abroi ? ? I Buropoan universities "ill ?uffer *-rci I ?y H a result of the present war," ss Df, Jolm (Jricr llibben, ptosideiit l'rinceton 1 nivt-rsity, to a repr?sentative of T Tribune. Dr. Hibben was interviewed in his stui ut Proapwt, the home of Princeton's prcsidenl Although lir bad been nt home tur only a fc .)h>>, be bad found time to install a large map the war MM M " table ut the side of the rooi Oa thia bo traces the course ai the varietal armic ? i eoniiiioii with nil other thinking men, he is ii tensely tatarata? in Ihr detail:- of the great vi v hull i-> devastating Europe. "Hie account uf Dtp trip from St. Morns to Loi du", h hieb appaarad ta The Tribune MU Septcnib( I," >tiil Dr. llibbtn, "whs an excellent one an described m> experiences accurately. In ?pite < all that lia.- bien printed about it, it is hard tt Americans lo realise the state of chao> into whic Continental Europe has been plunged by the va i hero is not a Held of human activity in whic normal conditions (ir.rvail. Universities, bein one of the highe.-.t manifestations of modern civil i ation, arc naturally hit very hard. THt SORBONNE AND OTHER FRENCH l M VERSITIES NOT LIKELY TO OPEN. .V the Sorbonne and other French universitie tiiere aoftna to be little thought o? opening fu the full term. Many of the students were mem ben of regiments and joined the colora as soo? ? war broke out. Those who were nut eoinpeller to take tin. >'<p have for the most part volun taarad. The only persona left to attend the Sor bonne are the few foreign students still in Paris "he enthusiasm la o great that many ol these men have joined the French forcea. 1 linderstund that a considerable number of tbf American student* attending universities and at' ?cnools in Fans have joined the Foreign Legion. Should tlie regular courses be offered, hardly a nnin would appear to take them. But there Is an? other reason why the universities will not M opened. Except lor the oldest men, practically every professor and instructor is at the front. "This is un example of the Complet?, grip whu'.: the wur has on the country. In the wars of the past many classes of society have felt only the indirect, effect of ?be lighting. During our own ( ivil War. sreat ai it whs, most of the universi? ties of the North remained open and ?ere fairly v ell attended. Much as men were needed, it was not necce?ary to take the boys of college age or the finely trained men of the faculty. Of course. many of the students volunteered, but there ?? a I -impulsion about it. In the South it wua dif? f?rent, and several colleges ended thfir distin? guished career? because every one connected wit' had jrone t the war. operations in Europe arc oi 10 gigantic a nature I to make all military campaign? of t'u past look alm>st trivial. This mean? that an i-nor mo . number of nun must take the field, and taal there *re im classe- which can be spared. Ai.\ one able to carry and tire a rifle can Bdd his .'mall part to the streng of an ar"i>, and his previous <!:,Mon in life is matter of no consequence. Thus ?here is no such thing M exemption except in the ease of the physically unfit. Recently France lias ordered ? now inspection of all such per-ons In the hope that many of them will be found capal of lighting. Not only will university education ?t m standstill in France, but practically achoola will be clofsd. Convent .schools at pou remote from the scenes of lighting may contin their work, hut these will be about the only ins tutions in operation. % "Naturally, condition? arc even worse in Hi giuni. That unfortunate country has been stippl Ing r.ioit of the battlellelds of the war, and a go part of its area ?h almost like a desert. The WOf blow huH been struck at institutions of learnii a? Louvain. In the course of destroying that ben ti ful city the Germans wrecked the 1'niversity Louvain, and according to some reports killed number of priests who were members of the fa tilty. I truit that thin latter statement will pro to be a mistake; however, the fact remains thi the univeraity ha? been wiped out. It eu M o? tho moat important Catholic institutions t Europe, and many of the prominent members < tlte Catholic clergy in this country have studit there. I>E8TRICT10N 01' THE PRICELESS MAM SCRIPTS IN UNIVERSITY 01 LOUVAIN. ?'Merely aa an act of wanton destruction to * recking of the University of Louvain WUI bn enough, but there was another thing which mad it an actual blow at culture and education. Tli library there contained a priceless collection o manuscripts and old book?. Because they cun aisted largely of 'source bookf' they were of spc eial importance to advanced scholars;. I'robabl all of these have been destroyed. If so the los 1.4 irreparable and may mean thai this historl univeraity will never reopen. Buildings can b replaced, but Mich a library cannot he, and < library is the heart of a university. "As far as can be ascertained from the di* patches and from what I heard before leavin) Europe the o^her universities of Belgium havi not suffered s-i severely, but of course practicall; every Une of educational activity will be su? pended In Belgium as long as the war lants. A! doit no American students attend Belgian col leges, so that .their closing will not be dir?C.'\ felt .-\ thid country. "The great r4erman universities are the most fa mous in this eountry, and a large number ot American studvntu at them will be affected by the \?ar. Mosl of them have c ?me home or are trying to do sp. ?Several of the more prominent Universities afe practically in the wet zvne. Among the.se ate Heidelberg, fiocttingen and Bon: . /II work has b'een suspended at thOM place-, and there is little likelihood that any work will be done during the coming acad?mie year." Dr. Hibben then vent on to ay that the 'COaditiona prevailed at universities i'i more it'? ll U part, of Germany, and that it is very doubt? ful if -i tingle one of the higher institution? ol learning in the empire doe.s any work during th< y?ar. This, he went on to -how, \vould endangei the existence of many of them. In this country a college or univcrsit} of the better class might suspend work for an entire year, and at the end of that time start in atiev In ne.irly as good shape as before. This is due 10 the fact that our college.- have a complete equip. ment of ground and building x-"( only are lectun lialU and laboratories provided, but doi mitories or fraternity houses or both fumiah th students a place to live at the college itself. Tin is responsible in large part for the college spin peculiar to America. This very feeling of homo geneity would do much to put M American Col lege on its fool should it bo eloood for a year. In Germany conditions arc entirely different The students live MljrWUOrO about the town tha they happen te Sad quartern. There are n< classes, and tiny often change their univcrsit} once it year. I he buildings are ol a different typ? from tkoaO found here, and are used only foi lectures and laboratories. These and other con? ditions tend to the easy breaking up of the stu? dent body. Many of tin- native itudOUtS will be killed or injured in battle, and many will be too much Impoverished by the industrial ruin to con? tinue their studios. The many Indents from the hostile countries will hardly earl tc return to Germany soon aftei the cessation of hostilities, and it will probably be many years before the number of American students reaches anything like its former ligure. In addition to all this, many faculty members will also be killed. INSTITUTIONS vYBICH DBPDfD ON GBANTfl I ROM THE GOVERNMENT. V the close of the war Ur. Hibben believes that most of the German universities will be in a ? rate condition. Not only will they have lo^t through one cause or another most of their stu? dents and many of their faculty members, but they will alee be in m bad way financially. Grants from the government are depended on in order to keep going, and a government that la practically bankrupt, as it seems likely that Germany will be after the war, has no momy to jrive to univer litles. Even if Germany should win, the univer? sities will be ni a very bad way, hut as she seems almost certain to los^' things will be even Worse. "I should not be surprised," declared Dr. Hib? ben? "to we -omc of the oldest and most famou German nniversitiei permanently close their door' as a result of the war. In Austria the same will probably be true. I am not familiar with condi? tions concerning universities in Russia, but it leeme highly probable that the war will have :t evil effect there, although probably in a less de? gree. It is hard to realize the numerous wus.-j in which war strikes nt civilisation." Here l)r. Hibben paused anil glanced out acrosi the beautiful lawn which stretches from the low windo? of Iim library to the edge of the Prince? ton campus. The warm September sunlight iprinkled down through the trees on a troop ef migrating robin? which were h anting worms on the close clipped grass. I' did teem impeaaible ere - of thou anda of men were facing instant death in Europi Perhaps lomething <>f this was in Dr. Hibben'i mind. He turned to the inter", it "If you havi time before going back to York you reallj should co over and take a look at our new stadium." he Slid. "It's most remarkable the progress they have made with it. When I went away last June almost nothing had bi done, and the playing Held va- s heap of sano and rocks. Now the stands are nearly done, and the turf on ih<- field ii good enough to play on airead] " After ta< I promised U vk? .,.- v football field, and \ ?/ons for reaching it. th* ttt|k cameaae,! ?h?' war. regards universHaaj ?. nearly << acut? in England a. un the Cota?-. ding to Dr. IJibl a la bttj? a^ that any tightiiii; will fake placa in Uf^ 10 thai the recular c.jr . of affaira Will ?. interrupted in that way. !:? .;.-- thm, En^' relying er*.< r the rtcrtitr of her nrmy. Therme ma aha* etttg^ tion will be neei * I>r H;bkt* t* ?idara imprabnblc. As a result of tkl al comhtjai thm?* edaeatlonal Institution? in Creating ? ill not -iiitfer neai everely ai those* ^ ConUnant Oxford a- |g< expect tteto as usual. With a fairly ? i ;,:??. roll ?( SU fee iltiti present I . I fcaliag *f 4 public il that ?uch men i '< &\?% front, because they arf of too much value totk country. RTUDENT8 M OXFORD VXD I XMEli^ M08TL1 RHODE* W HOLAML J he students at Ox il ibridge vtUtr irally be much fewer than in normal time?, htfe the abadas scholars will n aki jp a ??'ft ?an, the attendance at Oxford. ''i.bers?* ill sssJt principal ones in .Scotland, ibsraofa|| tnt branch of th< Bi "'r-f-*nni. in mer cartips such a:- th r<>eentlik?, I i''ir college r:i?'n h I ?/ hat?Wr for a lonf time, and ti >?. tnglish tta?r. who ? line!*)? many of them can be i I tit otktnr: stand in lin for promotion from the rank? m m a- necessary. Naturally all thi mai *h? *, amps an ni in the arajr, ? am a large numbs , ::i;;tti The grow jiii?er?SA '??? in^ utilis d to hel| ?ring Im y A- tho tin.-' that 1 ?? :. vaj ii Lr don 21,000 troops, repn ? ?'oftkt?n ular army men, i r:.-t Cma Ci mbridge, while Trinit; \ hU he equipped as au army hosp; Liaed until thi i nd 11 I Aakcd ab.iut the ? ?'? i th'- country, Di " c . bu* ??? ' pr?b?k!j > nene;., i ' icellor BTo ? er>ity "bon questioi ed on < ?, with 'he head of Pi -'.'.ni to ht . cut down l instead of! probably d the fact 1 ?bct of ^ ? ",o < an afford eollege, but i-'ri ? || ' ? t,." ? ? ?>?? are unabU I v \. . Y:,i '. i reg ??! indicate *n increase in all dr-r ?ame 's true of Princeton. Gradua'' ' will F? ahly experience unusual!;. -. r H?c??m" hundreds of America' ?broad erory year for advanced work ? ? ? Btry, DEAN JOHNSON DEFENDS FOOD GAMBLERS MINY hard things have been said about, the operations of speculators in food ituffs. "There must be "Oinc way of getting the man who bets on how bndlj we want a ^i\cn item of food." moans the inter, as hr reads in the newspapers about jugai and wheat going up because of the war ?Whj ihould a be forced to support this follow who gains hi< living by his wits'.' Why shouldn't he earn his living just as we have to do? Whal good ?a he, anyhow? I am glad to see the govern? ment i- after him. The only trouble with the goven ment Is that it is too slow." Dean Joseph trench Johnson, of the School of Commerce, New \ vrk Univeraity, who knows th? leepl) hidden secreta of ?conomies and nnunce? h an wei for these questions. He doe.~ not agree with this plaint, but believes that the wit ot the .-.peculator thai is to aay, the on?; who ? . specialtj " ??lil that he .lay be coii sd an expert -are worth something to so ciety and that speculation is a useful function. Dean Johnson, having been engagea in journalism fteen ;. ear>. is not afraid to lean back in bis mail with his knees agamy, the desk top whet-. n< talk . When he discusse? the law of ?apply and demand its intricacies become so clear that otic . ? ? \ BOI MM I I. \\ BKA1 ' ROP INO I HI- PHH I BISKS?Bl I \\H\ : I ;?> explain why it wat-, when * ici ? bountiful supply of wheat and war broke tue price should go up, and what could b< dont to keep the prie? down when everybody \ut the produce! acting on hints fron ti.e Depaitmciu of Agriculture, toe middlemav and even the consumer following Joseph', e.\ ample anu atoring up grain and sugar while i va yet plentiful? By what means could pec lation be stopped? What were the noun rnment '-n .-ach * ca.-e. and to w'.at extent ;? allowable to tinker w it'u the law of supply id demand in order to keep for the COMUSera i. ..ml <>f bountiful liai\e.-ta the advantage o. i p i lition ? "Well. I am going to .-ay ome things tnat wi?? . tonishing to somt people," .aid Dean Joht: "Speculation is all right. It is a good tiling. It performs a useful service. You mua rcmem l'i thnl peculation It not confined to one side. Ahile i-oini .-peculator., hf buying, on the tleoi;. belou the true value m view o: Here are others who at thi an.. i omenl are ready to acll ?hat they do not \e'. hor',' to use the market term on the eorj that the condition do not warrant Mk. 1 rice which preval?a Speculation is a tv,o-edgeJ ?id II Cuta both wa>-. Between the nctivi? of the bulls ?lid bears the marke*, rate Is 1 i.ely to be brought to a level which appro:?! actual \aluc according to thl prevailing londltiona, oi those likely to control in the n?? n i "The ipeculatoi meri * I eipatea the opera t:on of the law of supply and demand. It ha been assumed that it *a> a bad thing for price to go up Don't you think it a good thing for the American producer to get a good part of what ! ? ? ???! our '? heat ? If ?*<? keep p nplj '?I- Ing the Euro , I ' ?' "To illustrate how a ?peculator may be equipped for successful speculation, let me refer to my pei aoual experience. I know .something about lUgnr. It was as an economical expert for the American Sugar L'om.iany that I appeared in the sugar ttus Ca-e. 1 have had nn opportunity, therefore., to learn something about the market conditions un? der which sugar is bought, and sold. I know that that company carries only a small supply of raw sugar, perhaps enough for a month, and that m July and August, probably owing to the demand for canning purpose?, that supply ia likely to be particularly low. It is probable that the sudden rise in the price of su^ar recently vu. p?rtl> dui to the fact that they ware caught, .hen the war broke out, with a lov supply. I knew, ao the] knew, that "hen the war opened England and i ranee, which depend upon Germany's beet sugar for their supplies, would be obliged to seek a sup ply of raw cane sugar in tuba, the supply upon Which we Ourselves lely in a large degree. This was to ? time to .peculate in sugar. I .? ms up on ni\ fa.ru in Dan. . Mas?., but down here m New York men were speculating on both .-ide->. Some, in other 'vords, using their '..?owlcdgu of conditions, were buying on the assumption i an 1 it was like betting on a : urc 'hing under the circumstance-; ? that the pries "uuld be bighci before it would be lower. Others, using their -pecial knowledge o Ihj -ugar business, "ere of the opinion that tin buyers, or balls, ? ere a little too optimistic, l hey t'.luugiit tha price " ould ..ooti fall otf to .-ouie e . tent because of certain His situation wbicb they hau observed So, though haunt :.o sugai to .-ell, they offered sugar foi delivery .' a future date at the prevailing price, expecting to be able to buy it at a lower figure sometime be? fore they would be required to furnish real sugar. THE B88ENT.AI TWO WHO MAKE KM HANGE I'OSSIIILI.. "Too BMJ Lc Jie thai those holding .Ufa. would not be willing to ocll it until tiiey though they were getting for it all that they were likcl; to be able to realise before they ?ere forced to dispose of their holdings. It take, two to niaki a bargain, and both eidec of eour.-e. arc anxious to make ?r big u profit as the} can. There are always bears and bulls, \uu see. So one ca:. exchange a commodity ?here the law ui supplv and demand liai an opportunity to operate until an !" m semons on oppo of the bargain, one of '".hum thinks, that tin pries I about as low u. it v. ill be. the other believing that he can get no more at the inonn-m. Jut h ?vou as the price ri^es higher than ihc aupply ' arrant? th* holders of the ?upp'.ie. bring out their stock?. The price falls gradually a. the demand is .-.ati.iiied tu t.it point at which it be? comes poor and the price doe^ nut warrant the producer in selling, all the other condition? bernr favorable to holding thi ? stndei si suppl; In j to rage. ''It jU hannened that '? hen . ..gar n'g.n to iu up mj wife wai oui of sugar. I -aid to 'This i i a good ttm- to ateck up with -ugar,' for I knew what the conditions ere. ! asked bo? she usually got her sugar. SI I aid tioualh j;ot -3 centr' worth, or omet hing II that. I told her it would be better 'u get Worth. 1 ., ? Suppose I hau ?au |10,000 to invest ju.it then sugar. I ?hink that any one who bad the infor? mation which would help in determining v exactness the futui ? I th< market, what the value was sure to be under the operation of the law of supply and demand, would be entitled to ta'e advantage of his knowledge, and the g >v eminent would have no nght to interfere, of course, the government should step in when men with knowledge join tones and corner the mar The government should ?ee that the com? petition involved in the perfect operation of the !a.v of suppl) and demand -hould have free play." I Hi: CHANCES <>r SOLVING THE PROBLEMA ( REATEO B1 Uli: WAR. "But why should the price go up wht a lurplus of anythini i .cat ie beginning of the war?" "The trouble then was that u e could DOl .mi giain nor pay bills nor collect them abroad owing to the fracture of foreign exchange. But any one with any know . the exporting business would know that the chances were nine in ten. almost ninety-nine in a hundred, that in a month's time England would solve the shipping ,iiobleni and thai ? ?id soon lind an an 'mm to the foreign exchange question. Ever} man who realised thi fact ?ould knou that soon tood lupplW - would go up in price owing '?? thi mu umI demand, and thai Europe vas ginn* to gel heal somewhere ai - nay a good price for it. i think if I kue? ? l hau ?li>.<HHt to inveal rould invest it. D ?ne American govornmen . oi an) poison sentimental viewe o . i> II and lo ?ell B| at ?1 ? ?Who get America ? om - irg loo -peculator believi i operation sf* law of supply and ill contrast r know- that prices will go up eventually urn or Kurope is going to bid for grain. Withe i i -.? which their ipscal . I eated ihet sriB ?ess I should advise farmers hs*hsjshl 01 hand to bang on pHei *? ' higher. THE BPBCULATOI \ PHOPHbTf sTW !? SHADOWS PRIl H. "The o- eulater's service ( I fern i Ihe ?peculator in foodstufl risse??* , eoui * . regarding I '' **n ,,e **^ ' ella he i.- betting MHty ?* Jj knowledge. Ihe farn ..nd tas? to bang on to his pr d ? " ?"?? '*'*' ? ure '.i he US. to * upon the other clas-e". Hi will be a biffer*1 to the consumer trill gc" ,V)e f"*' prosperity. The speeulatoi ? ? propl!,t-fJ. the producer the hin! A''?t _' conditions an llkelj to I ? ?!n0 rr" " ??"': t0 * ' range ?? "Speculation ? sil es * ?nue form. Von can't Si ' ' '*"01 ". ' Df supply and d< ?""'Tf. the right I '" c0,) m sf? ' car contii u ' *?* f*^f We ai ' i,. h ay not feel! ''? . -- of W ^ . rather good. M '"'?n? enoui ' 'orthf,?V1 u . ha . ? -f/ne?:?>er of ?te M'e/?cJz G**tmt JhJ Ooss PiV?r&* ^ S&JxJz/qf ?he 2b?tle/?e& f?rZt?uw -?^?^rw .