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THE SUN,. MONDAY, JtJJiY. 22, 1918,
Iu J&tm AND NBW TORK PRESS. MONDAY, JULY 22. 1018. MEMDECn OF TUB ASSOCIATED PRESS. , Ths Associated Prsss U taelustvsly an iltlsd to ths usa for republication of all nswa dtspatehsa crsdilsd to It or not othsrwlsa crsditsd In thl pspar and also ths local ntwi published hsreln. All rlthti of republication of special dispatches herein ara alto reserved. Entered at Ida Foit OBIca at New York aa Second Class Mall Matter; Bvbecriptloas by Stall. Postpaid. On Six One . xfnwiltt fnnth. tVMVT A SUNDAY DAILY only SUNDAY only S9.Sa 9.ta V-? 1.00 xaJO Uatks l.CO .SO ClHUUK DAIUY SUNDAY.. DAILY only SUNDAY only FolIlO.S DAILY SUNDAY.. 'DAILY only SUNDAY only flO.OU S.00 fl.00 J.30 .60 X.00 .SO 7.UU , S.04 Rates. Iti.OO llt.OO IJ.H 1R.0O 0.30 140 . 0.00 M .IS r 'THE EVENINO BUN. Per Month W.M THE EVENING SUN, Per Year ...... . . TUB EVENINO BUN(Forelfn),Per Mo. 1.50 All chicks, money ordere, Ac., to Ibe made payable to Tni 8dk. , PublUhed dally. Includlnr Sunday. br the Bun Printing and Publishing; ASjwIatlon. ,H0 Naaiau St., Borough of Manhattan. N. Y. , ,, president. Frank A. Muneey. ISO Nassau St.. Vice-President. Ervln Wardman; Seoretary, R. H. Tltherlnfton: Treae., Wm. T. Dewart, all of 150 Nassau Street. London office. 40-4 Fleet street. Paris offlcs. 8 Rue de la Mlchodlere. off mu du Quatre Reptembre, - Wsthlnilon otnce. Munsey Building. Brooklyn olBce, Room SOi. Esgle Build ing, JOS Wsthlnilon street. our frltnii ro favor telle nanu- rrlsf ami l(rol(oin or publication wit l-io aire rejtetei articles returned y me , m oil cases tend stamps lor that purpose. TELEPHONE. BEEKMAN 1200. The Inevitable. ., Something is In the war news that ' cannot be expressed In tho figures or the calm phrases of the official rc r, ports. It Is Intangible and lmponder--ablo. but It Is tbere. Beside It the number of prisoners taken, the miles of land recaptured, are trifles. It Is the feeling, grateful to the "nation that have been In the flght for our years and grateful to a na tion that lingered, only to make long '(Strides at the last, that the Prussian ''spirit, the Prussian arms, are going down. To say that It Is the moral effect of our own millions, pouring across the ten, that Is accomplishing .:the much desired would be selfish, triae Americans bring youth, strength, courage and the ambition to avenge t wrongs; but docs not half their Jn !t itplratlon come from the gallantry of 'the peoples that hare stood unflinch ingly through the weary years? ' However and wheuever the wor Is won, there will be no division of the ' glory with decimal points, but only one figure, the 100 per cent, that Ger 'iViauy Is beaten. And Germany's de i.fcnt, the single thought and hope of ""Civilization, seems nearer and nearer , i as the world peers through the smoke tibovo the wreckage north of the fateful Manic. "Germany Still Sinking Spain's Ships. 'u A Spanish ship, on which Lore: de Vcoa, Spanish Minister, was re M,turnlng to Spain from Greece, was - sunk tj. few days ago, according to an Official announcement from Madrid, -,,by a German submarine. The ship -rflew the Minister's flag and Spain had notified the German Government a , week In advance of the Minister's de- parture. The utter disregard of this notice and of the diplomatic flag seem an open affront to Spain and a studied effort to humiliate her. Spain's shipping has suffered se 'Yerely from German submarines. A ..recent Instance was the sinking of one of the largest vessels of the " Spanish merchant marine. A Madrid paper referred to the act as extremely easy of accomplishment, qs the sub marine had only to slip out from Its base on the Spanish coast, tire a tor pedo and return to Its former secure shelter. A cartoon that has had a wide circulation In Spain and thnt has made a strong appeal to the peo ple pictures a German submarine cap tain viewing a sinking ship which he had attacked and nonchalantly rc x marking: "Nothing, only n Spanish ship." From early In the war the German propagandists have been active In Spain. They have directed their ef forts, though, less at winning the peo ple than In gaining the support of the strong Conservative party. There Is unquestionably u pronounced German r-gen t linoiit In Spain, but It Is doubtful if It Is the prevailing .sentiment of , the nation. The King Is geucrnlly believed to be pro-Ally, the Allied 'cause Inns many vigorous defenders In the country, and n census of the press would show more really Influ ential newspapers supporters of the Entente nations than of the Central Powers. The great difficulty of arriving at a true estimate of the situation In Spain arises from an Inherent quality In Spanish politics. For years there has been no statesman powerful (, enouglr to lead the whole Spanish people, mid there has been no great dominant national Idea. The prov inces have become Interested lu the affairs of their own region ; they have become "Islanded one from the other." As n result there arise, as one politi cal writer described the situation, a lack of consciousness of kinship with the rest of Kin-ope anil an Inability to combine upon a national policy. The war has In a marked degree .changed this attitude. The last up- 1 hcaval In tho Government showed an Interest In European affairs that had c not been manifested In Spain for years. There arc two factors that enter Into the situation. Ono Is a j sullen opposition of the people to see. 1 Ing 'the nation's ships ruthlessly nnd unnecessarily destroyed and the fact 5 that Spain's condition could not be - worse even If she were n lielllgcrcnt J Another Is the fact that Spain Is look J lug ahead to nfter war economic con i ditlons, to tin" share that she will hove In the Allied trade rehabilita tion If she continues her present pol- l Icy of neutrality. One of bcr states' men professes to see In tho sinking of the ship bearing a Spanish Minis ter cnuso for "severnnce of relations and war." It Is a question, however, If the present Government will take this view. It Is more likely that It will accept Germany's apologies as In tho past and contlnuo to appease tho nation by attempting to minimize the effect of (ho continued outrages from which Spain has suffered at the hands of Germany. A Reputation Easily Acquired. Mr. Hooves, our Food Administra tor, Is In England laying plans for feeding all of us nest year. He has been received with unusual honors, which aro his by right of what he has accomplished. He likewise listens to many complimentary things said about his fellow Americans and what they are doing fo win the war. These pleasant words of'pralso are not less agreeable to us than they are to anybody else, but we hope our Eng lish friends won't get nn exaggerated notion of what we have done to re leaso food for their use and the use of other of our cobelllgerent friends. The fact is, we nro not entitled to the crown of martyrdom. We have saved a great deal of food In this country In the last two months, but nobody went hungry to do It nnd nobody suffered In the process. At times some of us were not able to get the kind of bread or the cut of meat we particularly fancied. Bread has taken on a darker hue, and a few fine souls do not find it as attractive as the fine white loaf &ur fathers' sons and daughters ate not long ago; but our Instructors In substitution have taught the bakers and the cooks how to prepore bread not only nourishing and edllble but most palatable. Now mixtures of grains formerly neg lected lwive turned out to be excel lent, nnd many of them will remnln In 'Use when pence has bound up the wounds caused by war and we nre allowed to buy what we want with out regard to Mr. Hoovcn's orders. The bakers who do great whole sale businesses have displayed re markable ingenuity in providing new biscuits nnd crackers that meet nil the requirements of tile public. In many enses nobody not especially qualified to detect the difference would suspect that these products of necessity were not the deliberate choices of the master bakers. In the case of meats we have been called on to give up some kinds, and this has entailed n certain amount of Inconvenience; nobody thnt we have heard of has gone hungry, however, nnd many householders have discov ered the virtues of meat dishes that were entirely unknown to them be fore. There have been Instances of Irritation because Individuals had to niter their way of living, but these have been conspicuously few In num ber. If our British friends want to speak kindly of us and we know they do they may appropriately con gratulate us on the disclosure of nn unsuspected fund of good nature; but we have not suffered physically. Naturally many business men have suffered heavy losses, and trade rela tions that required years to establish have been destroyed by the regula tions, in tins there nnve oeen rem hardships. These we do not under rate; but they have been borne with extraordinary patience nnd good feel ing, In which has been manifested the spirit thnt possesses ' all Ameri cans, who are determined to win the war, no matter what the cost. The Position of Tea and Coffee In the Dietary. The new scheme of the British Food Ministry for distributing tea and cof fee to the wholesale and retnll trade went Into operation on July 14 and has raised an Interesting debate on the position of these two articles in the dietary. It is n remarkable fact that there are two different views on this question: the medical and the legal or official. It may be that there Is a third view. James Long, for ex umple, In his excellent war time book, "Food nnd Fltnesi," gives tea and coffee very qualified praise. He seems Inclined to ban them both as caffeine Inden stimulants. The defective logic of this statement may be seen from n comparison of the medical and olll clal definitions of tea nnd coffee. The main discussion hus turned upon the value of tea and Its nutri tive qualities. In the unsettled state of this discussion It has not been de cided whether or not tea shall be ra tioned to the consumer; but the al lotment to the retailers will be made on a basis of two ounces for each registered person, including children. To the public an allowance of two uunces a week for each person seems Insufficient, from which It Is reason able to supiose that the people, In tills case Indifferent to scientific nnd legal definitions, regard tea ns a food. But although tea and coffee aro uni versally accepted ns articles of nour ishment In the popular mind, they are looked on differently by officials. This Is shown In n remarkable deci sion in n case of tea hoarding which was given In the- Klng'a Bench divi sion Inst week. The court held that tea was not a food within the food hoarding order of 1017. Mr. Justice Dam.ino In giving Judgment defined tea as follows : "Moat persona who rend the definition of the order would understand that food meant that which was eaten. The Kood Controller had not mentioned 'drink' and he had not Interfered with the accumu lation of wine, although many kinds of wine were highly nutritive. What the appellant acquired was tea leaves. No body ate such tilings. Nor did any one drink them, but the water which poased through them the Infusion which wan known aa tea." Justice Avory and Mr. Justice I Siieasman concurred, the former re marking that: "Tea was not taken Into the system for nourishment, but aa a stimulant, and on that (round he held that It rraa not a food." Medical authorities, commenting on this opinion, point out that tea can not be Judged according to its chemi cal composition. Its valae In the dietary depends upon its quality and tho way 'It Is made. Although the public Is bound to ac cept the court's decision, something must be said for the careful experi ments made to test tho question medi cally. From theso experiments It Is established that tea and coffee occupy a high and Important It not essential place In the dietary. In addition they ore valuablo means of taking such food ns sugar and milk. To put them out of the class of foods Is one of the anomalies thnt the law sometimes makes, but It should be removed. The fact that tea nnd coffee contain caf feine Is frequently misstated und mis understood. In both beverages, If properly prepared In pure water, caf feine exists In combination with other substances which modify and weaken Its effects. Tho quantity Is small ; In good tea It Is from lVj to 2 per cent, which soothes nnd stimulates without loss of food value. The crucial question, ns these ex periments show, Is Just this: that cof fee and tea contain mild stimulating substnnccs which help the healthy di gestion, nnd thus these beverages act both directly nnd Indirectly ns foods. The result of Investigation Is In har mony with medical science nnd hu man needs. Full Tay for Captured Soldiers. The Treasury Department has ruled that full pay and allowances, Includ ing allotments to' dependents, shall be allowed to all soldiers taken cap tive by the enemy, whether they be officers or enlisted men. This coun try hns not been able to reach an agreement with Germany In the mat ter of officers' pay, and the ruling" promises relief In a number of cases In which the stoppage of allotments might hnvc caused distress. Up to the present no ruling hns been made with regard to the pay and allowances of men nnd officers reported missing. The Government should ndopt townrd them a generous attitude. It Is of course possible that Its generosity would he abused In some cases ; n few worthless fellows, who can no more be excluded from the army than they can be from other organizations, might desert, anil their dependents get their pay. But the number df Instances In which this would occur would lie negligible, nnd the Imposture could not be long sus tained. To be swindled out of n few dollars, or n great tunny dollars, would not be. so bad as to deprive of support the families of brnve men suffering misadventure. in fighting for Justice and liberty the I'nlted States can afford any ex penditure of money, but It cannot nf ford to he petty and mean. Nor can It nfford by any act of parsimony to cheek the wonderful anil Inspiring spirit of nationalism that now mil mates the people. The Standardisation of the Dhlnc Afflatus. A correspondent lu Lucerne Informs us that: "Arrangements for the celebration of peace at the end of the present war are comfilete. "It Is going to take place on top of the historic ltueUI, where three Swiss patriots snore that their descendants should always be free and Independent. "Peter, Halteh, a famous poet, has Just finished a drama for the occasion. "He will only havo to till In the names of the victors and the vanquished in their proper places. "The play w;lll be staged In the open on top of the Huetll, and the United Singers of Swltzeil'and will furnish the music." We have never heard of a more In genious nnd Ingenuous scheme for n literary, dramatic, nnd musical Jubi lee than this; wo refer specifically to I'etkii Hai.tkr'm ilram'a, with the nnmes of the victors and vanquished left blank, and to he filled In Imme diately nfter Germany is licked. But why does tho author wait? If he Is a true poet, he must foresee the outcome of the conflict. He must un derstand that It can hao but one termination. Does not Prrrit Hai.tkii with the eye of Inspiration see the noose draw ing tight about tleniiauy's neck. The despatches from Hussla leave little doubt that Nicholas Romanoff was executed. The Bol.iheviki have been careful to kill the caged rabbit and to spare tho wolf at the door. Commissioner Hayes's statement about the threatened shortage of wuter Is not pleasant reading. Unless waste, and particularly thnt whirh comes from leaks, is stopped New York will have to resort to pumping. That would mean the consumption of a great denl of coal which the city will need next winter for heating purposes. While America wonders why I.u tiENboitrF has taken Vo.v HiNDENnt'Ko's place Iit.'DKNnoRrr worries about what I'"ocit is golns to do next. Perhaps the great Indian school belongs nearer tho setting sun, hut Carlisle will miss its football heroes. When (lormanla dies "Murne" will be found written on her heart, if she has one. There la more uncertainty at Sara toga than at Solssons, Brief I.yrlr. The crops are on th hump. The army's on the hump, The Hunt are on the Jump. BURIAN'S PRETENCES. The Falseness of Hit Words on Aui tfl&'i Situation Exposed. To Tin Editor or .Tim Bun Bin Baron Burlan does not apeak for the nationalities of Austria and Hungary. He may represent hla weak master. ICarl von Hapsburg-, by whose grace he holds office and draws a fat salary, and perhaps a minority of the Germans of Austria and the Magyars of Hungary. I say a minority because the majority of the Austrian Germans are wor shippers of the Potsdam gang; and look to a unification with Germany, and the majority of the Hungarians dream of a complete Independence for Hungary with privileges to continue the present oppression of the non-Magyar races of Hungary. Baron Burlan represents the yellow and black striped mentality (yellow and black are the Austrian national colors) of the Austro-Huncarlan Government employees. They are creatures without soul, character and true morality. They have sold their all to the Government to climb higher the ladder of officialdom for high salaries, decorations, titles and official honors. Their manners are very polite. The faculties of their mind are limited. The Importance tft their ofTtce Is measured by their ability to He and lie, to break promises, to master the arts of hypocrisy and Intrigue. Baron Burlan Is for the moment their master. He represents only those jellow-black officials. His last speech Is nothing but a web of lies. The only true passages are those referring to America and' the Allies' Moral and Just aim. We are glad that at least he Is able to under stand It. How contemptible In Baron Burlan whn he asserts: These States with their various nation alities are no accidental etructure, but a product of historical and ethnographical necessity which carry in themselves the fundamental principle of life aDd race. Certainly they are not nn accidental structure, but a historical enslave ment of different races by the sword and fire of conquest, by plunder and Intrigue and by those famous Imperial marriages expressed In the motto : "Tu fellx Austria nubo'" (You Auetrla fortu nate by marriages). Has Baron Burlan forgotten the revolutionary years of 16(8, 1843 and 1867, that the Austrian constitution camouflaged by the notorious paragraph 14 was given to the people after lost wars and revolutions? Does ho not know that the policies of Vienna and Budapest are hated and cursed by the great majority of the people every hour of every day; that since 1S4S all na tionalities of Austria flght and struggle for release from the Austro-Hungarlan terrible prison to national freedom. In dependence and unity with the national fragments on the frontiers of Austria Hungary? Has Baron Burlan forgotten the reso lutions of all Poles for Independence In May. 1D17, In Cracow? Is he deaf to the Incessant clamorous claims of all Czechs, Jugoslavs, Italta'ns and Ru manians and others for separation from Austria-Hungary? He keeps them down only by brute force of arms, op pression of every kind, executions by the tens of thousands, and when In need or cowardly flight from the battlefield appeals to the Ho'.icnzollcrn hangman for help to perpctuato that despicable t) ranny. How shameless to call such condi tions "fundamental principle of life and race." "As has alwajs been the case for centuries past, the states and racea of the monarchy villi nettle their In ternal problems in agreement with their tuler." You must be blind, deaf and dumb, Baron Burlan. We all are in this flght to make a centuries old op pression Impossible. Your master, a weakling and servant of tho Kaiser, the son of an unworthy father and a mem ber of a family of stupid tyrants, may hao to choose between a life with the present fortunes of Nicholas II. of Hussla or something worse. Neither you nor your kind will settle the affairs of the oppressed nationalities of Austria-Hungary. It will be done by their chosen representatives at the peace conference. The great majority of the subjects of Austria-Hungary hope, believe and trust to hear the answer of the great American republic and because of her interference the answer of the Allies to Baron Burian's arrogant peace feelers as follows : We are In this war for Justice and freedom and Independence of every na tionality Imprisoned in the state of Austria-Hungary Nothing Is by human and moral Tight Austrian but the German provlncew of Austria, nothing Hungarian but the land Inhabited by tho 8,000.000 Magyars. That may be free and Independent, The German Austria may exist as a free state or unite with German. The Czechs. Slovaks and Moravians will form a frco Bohemia. The Poles belong to a free united Polnnd. The Serbs, meaning tho Slovenes, Croats and Serbs, will form a fiec Greater Serbia. The Italians, Rumanians and ltuthcnlans will be at tached to their respective mother coun tries. We do not annex, we simply are resolved to return the stolen liberties, the stolen Independence to their rightful owneis. the people, In accord with the laws of God and man. It Is our le solve, our pledge. No compromise Is possible. It is the aim of our supreme sacrifices, the only foundation and guar antee of a Just and lasting peace. Julius H u pert, si. 1). New Britain, Conn., July lit. A Curd From Mrs. Jack London. To the Editor ok The Sc.v Sir: This Is to thank ou most earnestly for your cooperation with me In spreading Jack London's denial of authorship of the l"nntl-mllltary" canard. I am much gratified by the ample spice which you I accorded my protest. "Hereafter," he said one day not long before his death, I "I am not going to Ignore slander. I ntn going to knock off Its ugly head when ever it shows Itself." ClIAKMIAN K. IXJNDON. Glen Kllen, Cnl., July 13. v A Den for the Growler. To the KniTon op The Sun sir: 1 wonder if Governor Whitman realizes the Injury that has come to hundieds of families) prohibiting the sale of pints of beer after 8 V. M. I am the mother of Ave children. Be fore, this law went into effect my hus band was ratlsflcd with a pint of beer before retiring. Now there Is not a night that he doesn't come home In toxicated. 12. n. Brooklyn, July 20, The Language of War, To the l'JUTOR ok The Hun Sir; The Huns have learned to their sorrow that the Americans have put the "hell" In shell and the "rage" In barrage. And the time Is not far distant when they'll put the "feat" lu defeat. Yankee. New York, July 20. THE WELKIN OF SUMMER. It It All Ut Vp by Vega, A returns and Company. To thij Editor or Til Bun Sir: Once more tho dog days ara almost here. Once more the suns and constellations of mid summer evenings are sparkling and scintillating above us. Blue and beauti ful Vega Is glittering not far from the zenith, and grand and gigantic Arcturus la glowing toward the west. Weird and ruddy Antares li gleaming brightly In the south, and white and remote Splca Is about to set In .the west. Once more the great Dipper of Ursa Major shines in the northwest as the clocks are an nouncing the hour of 10. Again at that hour the well known starry outlines of Cassiopeia's Chair are to be seen In the northeast, and the five starred out line of the Northern 'Cross Is visible Just eastward of Vega. Once more the dog days are almost here, and onco again the suns and constellations of summer are shining bright and beauti ful upon our northern world. Charles Nkvers Holmes. Newton, Mosa, July 20. SOLDIERS' MAIL. X Parent Tells of Grlevons Delays In Transmission. To the Editor or Tub scj Sir: Will you not take up the question of the highly unsatisfactory mall service to and from tho men abroad, and hammer at It until relief Is obtained? I have one son, n officer In France, who went over In May. A cable and a letter are all I havo had, and his custom la a weekly letter; evidently my letters fall to reach him. Another son, en listed with the Canadians, now In train ing In England, has never heard from me since his arrival there In April, ex cept ono letter forwarded from the camp he had left at Toronto. I have had several letters from him, which proves the troublo la with tho United States handling of the malls. If It Is true that tho terminals are congested with mall matter going abroad, why not have a few days of clearing up? It sounds ridiculous for parents and sons, Ac, to be urged to write each other when neither end receives the letters. Every family represented over seas would be most grateful to you If the letters that keep them In touch could only como and go regularly. E. W. LiKDssr. East Hampton, July 20. U ff ENVELOPED LETTERS. An Knsy AVay to Conserve the Supply of Paper. To the Editor or the Sun Sir On Monday the publisher?, news dealers and newspaper readers besan to experience the Incom enlence caused by- the new regulations concerning the return of unsold copies. This regulation Is said to be necessary because of the need of the conservation unhappy word of paper. If this is so, why not let the rest of us do our bit? Let me offer a suggestion. To-day I ran across a letter written by n frugal New England lady In 1 S34. This letter had no envelope, yet It travelled by mall from Wlnslow, Vt to New Bedford, Mass., and was for warded from there to Maine, proof enough that the lack of an envelope did not bar It from the malls. The single sheet of paper is so folded that no writing except the nddress Is seen on the outside ami It Is sealed so that it cannot be opened without detection. Since wp must consene paper and since the making of an envelope re quires almost as much paper ns the sheet it is to contain, why not do with out envelopes, at least for the less Im portant matter? The thrifty French have done this for years. Later on we may rind the old fathlojied pepper pot filled with black sand on our desks used to dry wet Ink that the paper pulp that now goes into blotters may be saved New York, July 20. T p. BLOOD PRESSURE. The Headings Mutt lie Tuken and Judged With Care. To the Editor or The Sun Sir: There is nothing extraordinary In the experi ence of the nrend of the dentist Dr. Hlller aa to blood pressure tC3ts by physical means. 1 know of a man of middle age, a personage In thH country, going almost frantic because a. stiff necked medical man said ho had high blood pressure. Three other Instru ments the same day said normallt. Tho underllng psychology of this matter Is that the people like showy, tfpcctacular things, nnd this new method of approach to diagnosis Immediately became a fad. Blood pressures can come from nerve tension conditions due to fright or nervous prostrntlon, entirely Independent of arteriosclerosis. Consistent, conscientious and well bal anced medical men writing lnlhi re views of medicine for the ear have noted the danger of overuse of this diag nostic means It In alwas well to keep In mind that the art of medicine Is more important than its science, for the art Ir the application of what Is knnn or la supposed to be known. Ixi the ilen t.st and his friend cheer up. New York, July 20. l'it.i. ia.v. HIGH SPEED STEEL. No German Tutors Are Needed by American Metal Workrrs. To the Kutor or The Sun Sir - The popers speak of "high speed steel," in their repents of the taking oer of tho Becker jil.int, as a valuable Invention, "the secret of which now passes to America," High speed tteel wim Invented by Fred W. Taylor and first shown In Europe ut the Paris exhibition of 1900. There are numerous Europcnn Imita tions, but none better than the original American. Robert Grimbhaw, Consulting Engineer. New York, July 20, (.'ortrd Itetinrdt. Says lh bearded wheat In the tummer heat: "I am growing like the deuce, Knr I want tn fleht unil with all my mlrht Do I long to be ot use. I rhall hold the field till the foe shell yield, Till the ll'in to earth I beat. It would I- enough for my ttruccle touzh If he dubbed me Devil Wheal." Sds the taaiellrd corn In the summer morn I "I Am growing tall and quick; And I takn no rett on my shooting quett, For the lluu I want to lick, In the blme of day, In the moon's white ray, I have Uborrd linn! und well, And I earn fur this It would be pure blltt Would lie rail me Corn from Hl' " SULusbtisuH Wilson, QUICK STOCK MARKET RESPONSE TO THE FAVORABLE WAR DEVELOPMENTS. Sharp Upward Reaction Due to the Successes Achieved by the Allied Forces Striking Influences at , Work in a Market Which Discloses Real Investment Buying. By The outbreak of speculative en thusiasm with which the security mar kets last week greeted the news of the 'brilliant successes achieved by the nl llul forces In their counter offericlvo and the splendid showing mivdo by the American troops gave some Idea of the Eousatlonal response which mlgf t bo expected later on w'un a thorough going victory -was announced, Tho quick advances reflected a general be lle; that prevailing pn 'c wero very much btlpw the level of pcnc3 markets anl tl.at many scasoncl secuvit'ea were selling much lesR than they were worth judged by the earning power of the great protertIes affected. This showed that our markets concurred In the London view that the develop ments of the last few days In tho war area constituted the most hopeful news that had been received from tho Euro pean battle fronts for a year pa?t. The partial reaction which the mar ket sustained later was to have been expected after sudh spoctacular gains. Conflicting Factors. The whole demonstration was sug gestive of the potential buying power of a market thnt has been held down by war uncertainties during a perlo.t when much has happened to advance prices. War has been the overshadow ing Influence so long that tho markets havo largely Ignored the reassuring de velopments In the crop situation and general business conditions. At times thero has been quiet accumulation of securities by shrewd Investors who be lieved that intrinsic conditions were sound and that much higher prices would prevail after hostilities ceased. But the public as a whole has kept out of tho market for months past and until a few dayB ngo general investorj had shown no Inclination to resume operations on tho buying side. Thin renewed absorption of high grade secu rities represents, therefore, a changed attitude and may mark the beginning; of a period when war news will be constructively helpful to the market Instead of disturbing. Changed Sentiment. It Is possible, therefore, that the markets have entered upon a new era of war excitement In which the trend of prices will be upward instead of downward, livery setback for the Ger man offensive will make it more dlin cult for tho General Staff to square accounts with the people nnd keep its huge military machine In motion. This was probably tho feeling of those buy ers who last week resumed operations on a limited scale, with the Idea of testing the market to see whether there was a large floating supply of securities or whether the In vestment position was ns btrong as it appeared to be. This question was answered by the markets of Thursday to the satisfaction of those who ha"c taken a cautiously optimistic view of the future. It would be foolish to sup pose that tho Kntente Allies will con tinue their victories without Interrup tion, or that tho American forces will not encounter setbacks. Hut so far as the military campaign has been a fac tor at nil. It may be said thnt the out look as the week opcu3 Is In various ways more reassuring than invest ment experts have conceived It to be for a year past. Four Years Ago. In this week four years ngo the markets of Kurope were panic stricken at the possible consequence of the Austrian ultimatum to Serbia. Wall Street was loath to believe that n world conflict was Impending, or thnt the constant selling here repre sented anything more than the trad ing operations of a bear clique. Tho Government July crop re;iort had given promise of nn extraordinary wheat yield and everything pointed to continued prosperity with n re markable showing by the agricultural States. It was not until the following week, however, that tho seriousness of the situation was appreciated, and even then some of the most powerful finan ciers refused to believe that the great nations of Kurope would lly at one an other's throats. The events which fol lowed in quick succession showed how imperfectly the best known interna tional bnnkers had Interpreted the situ ation and how foolish It was to suppose that the possibility of "financial ex haustion" would Ui a controlling factor in ending the war within three months. Strengthening America's Position. These Incidents nre worth recalling in an anniversary week when pre vailing conditions offer such a strik ing contrast to the unrest, confusion and demoralization which nearly wrecked the International credit sys tem In this week of 1914. Tho'Anierl can people were still laboring with a banking system thai was about as well fitted to weather the tltm .o.al storms of a world conflict as would be a horse car lino to cope with the problems of an Important trunk roll road. Tho Federal reserve act had been placed upon the statute books, but the new system was not Installed until four months nfter the Kurupenn IN THE ARMY HOSPITAL. A Letter From the Mother of a Sick Soldier. To the r.niTOit of Tint Si's -Sir. The enclosed letter from n New York woman seems to mo of sulllclent interest to be given t" the public through your columns. Tlie nun who nre mentioned In this letter should, perhaps ou will agree. desere publicly to be clttd In your col umns for their work. Just a.s much as aie our men abroad who are doing tuch wonderful service for their coun trj. J. P. YoDEii. Captain. S. C, N. A. Washinoton, July 20. A Mother's Letter. Deak Qenkkal GortdAS : Colonel Will lams spoke so lovingly to me of his "chief" and I feel that the "chief" of us nil, the One who has been so wonderful to me ami mine, wants me to pass It on, and do my "bit' lu the way of giatltude and Justice to others, And so it has been a great pleasure to come heie to Washington and tell jou of the reverence In which you are held, and I'm sure you will be glad to WILLIAM JUSTUS BOI war began. Europo had Immense holdings of American securities which It proceeded to sell at whatever price our demoralized markets would bid. London and Paris were calling upon New York for large shipments of gold nnd lmmcnso consignments had to bo sent In settlement of a matur ing Indebtedness which could not bo financed through tho foreign ex changes. Although this nation did not Join tho list of belligerents until three ycara later, our markets were exposed to a variety of unsettling In fluences which would have caused complete demoralization had not the Stock Exchange ceased trading. Constructive Derelopments. N6 nation can contemplate the changes of the past four years with as great satisfaction as the United States Is able to do notwithstanding the stupendous financial burdens incident to this Government's active participa tion In the world -war. Wo have bought back the securities of American municipalities and corporations which Europe formerly owned, we havo be come a creditor nation Instead of a debtor nation, we havo received on balance more than one billion dollars of foreign gold, we have built up an Immense trade with nations which never before purchased American products, and we have readjusted our business to a war basis. The produc tion of immense crops has given us a vast amount of new wealth at a time of worldwide demand for grain and foodstuffs. Prevailing conditions of fer such a striking contrast, therefore, to the situation of four years ago as to provide grounds for taking a hope ful view of the benefits that are likely to accrue to this country during the restoration period after peace has been declared. Rise in Foreign Bonds. The broader Inquiry In this market for foreign Government bonds and the Issues of French municipalities Indi cated tho quick response of the bond market to the favorable developments In tho war situation. Nearly all the foreign Issues were helped by this movement, and the steady absorption of the better known foreign Issues had a beneficial Influence upon war loans. This Improved Inquiry for high grade foreign bonds was natural In view of the fact that many of theso Issues were selling at prices returning from 6 to 7 per cent, on tho Investment. Since the United States entered the war there has not been any large foreign loan floated In this country. But large aggregate loans, represent ing tho issues placed here during the first threo years of the war, are being constantly traded In on the Stock Ex change and over the counter. Heavy accumulations of these bonds have been made by Important investment interests, which base their operations on the theory thnt foreign issues oi this class will enjoy a sharp advance In prices as soon as pence Is in sight. New Federal Taxation. Action by various corporations In arranging to set aside a very large fund to cover new Federal taxation shows that these appropriations will havo nn Important influence on cor poration finance for some time to come. The financial community has accepted the situation philosophically, however, and individual taxpayers as well as large corporations are acting rn the theory that the neyv schedules will disclose sensational advances in taxation upon Incomes, excess profits and war profits. In this way the large moneyed Interests nre preparing months ahead to meet the burdens of the new llscnl year, and the probabil ity Is that there will be a surplus left over nfter tho appropriations have been made. Agitation ot these bur dens hns been effective in forcing economies which neither corporations nor Individuals would have Introduced had not necessity arisen. Banking Caution. It is probable that the rise in stock market prices would have gone a good deal further had it not been for the continual conservatism of bankers about Increasing their advances upon Stock Exchange collateral. The heavy payments for the Third Liberty Loan Instalment und the further purchases of Treasury certificates of indebted ness made it inexpedient for the banks I to extend their line of call nnd time loans. The huso payments of the week weio financed without difllrulty, 1 nnd except for the meagre offerings of time money and the firmness of call i loan rates around 6 per cent, there was I nothing in the movement of nvmey I rates to HiigKest disturbance. The lunkers have excused a commendable l caution and 1 refusing to enlarge their investments in Wall Street loans they have protected the bank position i nt a time when unprecedented Gov ernment horiowlngs were in progress. ' Buying Short Term Notes. i The broadening demand for high grade corporation note, issues was re I fleeted In the continued absorption of know how liaid and well your helpers aro working. It made me happy to have General Noble tell me 1 wasn't a "bother," when I thought perhais 1 was knowing how busy everybody is. As I said to him, I Know of course the same would be done for every lad that was done for mine, and yet. Gen eral Gnrg.iH, thero was a something nbout It, so full of pathos, and love and rieotlon that made It vct beautiful. Kvnrjbody In that whole hospital was splendid. A soli choked my sick boy when he tried to tell me. ".Mamma, Colonel Williams has been like a father to nie " I in sutc he loved Carleton, for he said such nice things of him and couldn't seem to do enouch for him. He was very delighted when the child re turned from the "borderland" where he slacd to many hours. Several times Colonel Williams gave great credit, praise and honor to the nurses who did their "duty," It might be tailed, but "devotion" would be a better name. They almost succumbed themsolve.s as did Captain Conn, who the first days tiled so hard to save him. Tho Colonel gave mo the opportunity to thank them, but, oh ! 1 wish It might be more than cold thanks. If possible, let It be, dear General, It would make Colonel Williams very ES. several Important Issues, one of which had been partially underwrit ten by the Wttr Finance Corporation, The Bethlehem Steel Corporation's $50,000,000 note issue was so quickly absorbed by the public as to Indicate the existence of a strong potential de mand for securities of this class. It U clear that a secured corporation note carrying a valuable conversion privi lege makes a, strong appeal, even In a market that Is bidding exceptionally high rates for temporary accommoda tlon. The Immense Investments made by the prominent banks often ex ceeding the quota fixed by tho Govern, ment In Treasury certificates of In debtedness paying only 4Vi per cent, show that there aro largo funds' awaiting Investment In easily market, able securities having only a few months to run and put out by a bor rower of high credit. A good deal of this financing remains to bo done, and In cases where the need is vital enough to merit the approval ot trm Federal Reserve Board the probability Is that the securities can be readily pieced. Various towns and munlci palltlcs will probably enter the market for funds If conditions In the war area continue favorable. The agitation of higher Federal taxes has given rise to a much broader demand for Ut exempt Issues put out by towns and municipalities which have not over borrowed tn the past. Mobilization of Labor. Under the new system of moblltilna; labor it is likely that surplus workers will be scientifically distributed In tho effort to promote the efficiency of the essential industries. The American people have long been negligent In parcelling out their labor supply, and the consequence has been that a serious shortage has often developed In sections of the country where it has been highly essential to Increase the industrial output. Under the new order of things these abuses will be remedied, and since skilled workers are In greater demand than ever before, the country stands to gain heavily hy this arrangement. There Is no possi bility of increasing tho supply of un skilled workers, since the Mexican source is Impracticable and the Influx of European immigrants has virtually ceased. But the country Is learning to utilize its man power more skilfully as the need becomes more ucute, and manufacturers everywhere are Intro ducing labor saving devices lu the effort to make the most of every worker In their employ. Far reaching reforms are likely to grow out of these changes, which havo already caused skilled Inventors to devise Ingenious devices that aro calculated to make up for the growing shortage of human workers. Reaching Little Investors. One of tho most slgnlflcant develop ments of the war markets has bern the successful efforts to reach small Investors. These have come about through the sales of United States Government bonds to perhaps sixteen million Investors, the great majority of whom nover knew what a bond looked like before the First Liberty Loan was issued fifteen months ngo. In conse quenco of these snles the United States has to-day the largest potential bond market In the world to appeal to since our Government Issues are held now by one in every 6U of the popu lation, whereas even Great Britain, which makes the next best showing has never succeeded In getting more than one In 8 VI of Its population to subscribe for a war bond. The best that Germany has done has been t" get one In every 10 of Its subjects t subscribe for a war bond. I'oor Au trla has received sub-ciiptlons from only one In 39 of her people. Financing the War. The war borrowings havo broadenel the American bond market, thereforn nnd given It Immense potential sup port. This will bo of material nsfu nnce In financing the restoration of peace If the great corporation borrow ers havo sense enough to conciliate the little Investor Just as the Federal Government hns done through Its iniet of "baby bonds" and Thrift Stamps UoKil four years ago none of the great railroads or Industrial corporntl'n except In rare Instances, thoucht nt , Issuing )100 bonds, ns such smni d 1 nominations were considered too 'inn J blesome for the bankers to l...n j But the war financing has chani-'ri a this, and the belligerent Government j have found thnt they cannot' flnai , the war without the help of the "hu I dred dollar Investors," whose aer- gate resources are so vastly In e of those represented by the million ' classes ns to make the partlcii'.i. of very rich men of little consci .r i. In comparison. The real prol .'rn' tho bond market, therefore, is i"' r to reach the millionaire tnves' '. ' how to get at the savings n Hons of men and women try who think In hundred i a! m thar In thousands. happy to know the lote he ' ns in, nnd that the boys he left behind v almost close to tears, each h.pn i r the choicn one to follow thel- i,h - 1 am very sincerely and gr.iti! ' happy and blessed tnnttur -' I' splendid bojs who want to h Gloiy I want General Gorpas to hi f.Tst, Colonel Williams, then i . . Colin and JS'urses Hemy .McGilp i William Arsencan, and plcise forget oung Henry Olrard I 1 ' lad for his klndnrfs nnd lo.ii' Dr Thompson (I forget I i- ' and the Lieutenant, the sp.-iia! i -Washington, who save the lust tlons, wouldn't gle up while a breath of life though Utile h ; said: "Mrs, Meeker. I uouhi ' any ono to stop trying for m- m 1 ' couldn't do less for otheis" Please may I add that M.ij r 1 and then Major Keene, In charse i who succeeded Colonel Williams most courteous and plenaant too Mrs. Maule Mle:. . Time Limit. Mrs KntcUtr Hat e you i p- -nist cook ? Mrf Hnrkr Vet, she !) r 1 stay tlti e cuuij get anu'aer.