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BUY LIBERTY BONDS
At this writing, April 23, the Third Liberty Bond campaign has eleven more days to run. Americans have eleven more days in which to show how thoroughly they are determined to back up their brothers and sons who are fighting at the western front to free the world from German slavery. The bravery of our American soldiers needs no advertisement or emphasis. They have just fought their first big battle, the Battle of Seicheprey. Up to this time our troops had been engaged in small raiding parties and in trench warfare. The fight at Seicheprey was described thus in a few brief but pregnant lines by the Associated Press :
An entire German regiment, reinforced by strong troops, attacked the sector held by American troops near Seicheprey on Saturday, April 20, when General Pershing's men fought the most serious engagement they have yet experienced. There was hand-to-hand fighting. The Germans at first took the village, but were afterwards driven out.
The complete details have not yet been made public by our Government, but it is clear that our soldiers were not only brave but efficient, and their fighting qualities won the complete approval and applause of their allies. It is apparent that the Germans intended to break through to terrify and wipe out the American sector. In this purpose they made a hopeless failure. A staff correspondent of the New York “ Times says of this fight: “For the first time the Germans have met the Americans in serious fighting, and, as the French say, they have broken their noses. It is a good augury for America.'
No matter how many bonds you have bought, go out and buy some more-at least one Baby Bond of $50 in honor of Seicheprey. Our American soldiers are small in number on the western front, but they have shown that they can fight. The $50 Baby Bond is small in size, but it can fight too, if given a chance. If on the last day of the drive here at home ten million Americans would step to the nearest bank or booth and buy a $50 Baby Bond, the total amount would be half a billion dollars. Let us give the Prussians a barrage fire of Baby Bonds on the last day.
subscribers, and very large sums in small bonds were thrown over, not through need, but through fright because of ignorance about a new and untried investment. Unscrupulous persons paid $35 and $40 for $50 bonds, $75 and $80 for $100 bonds. Of course this is fraud of the vilest kind.
The Liberty Bond prices in $1,000 pieces may fluctuate below par for a time, but there is no remote fear at any time that they will ever fall to prices such as the poor small subscriber, through fright, ignorance, stress, or coercion, has had to accept for his small single bond extorted from him by harpies.
Therefore I emphasize that the Baby Bond must be stabilized on the basis of the $1,000 bond. The small subscriber must get the wealthy man's price. Let it be known that the Baby Bond holder can look in his paper and know that the $1,000 price is his price. With the written approval of the Treasury Department I adopted this principle in June of last year and maintain it.
The small subscriber must equip himself with knowledge about his bonds. It is concisely set forth in the free pamphlet “Your Liberty Bond,” distributed by the Third Liberty Loan Committee and others. The public press should disseminate the infor'mation to the utmost. It will forestall fraud.
Thus will solidly be built a foundation of confidence amongst the new millions of bondholders of the Nation through the knowledge of the fact that the small investor gets fair and equal terms and treatment with the great.
What Mr. Muir points out can be illustrated by percentages. At this writing the Second Liberty Loan 4 per cent bonds are quoted in the market at 96.70; that is to say, a $1,000 bond of the second issue sells to-day for $967, or three and three-tenths per cent below
At this rate a $50 bond of the second 4 per cent issue should bring in the market $48.35. Holders of $50 bonds or of bonds of any other denominations should, however, refrain from selling them at any price if they "can possibly do so. They are absolutely sure, and they will be paid in full on the date which is printed on the face of every bond.
There is no security in the world to-day of any Government, of any bank, of any railway, or of any industrial company that is so sound and so sure of being paid as the Liberty Bonds of the United States Government. Do not sell them unless you have to, and if you have to sell them because of some catastrophe or crisis in your own affairs, insist on getting the market price for them, which at present is not less than $18 for every $50 bond.
But, above all, buy more bonds.
THE VALUE OF THE BABY BOND
A well-known investment banker of New York, Mr. John Muir, calls our attention to some facts regarding the Baby Bond with which we think our readers should familiarize themselves :
There is one phase of all the Liberty Loans which should receive the most careful thought and attention. It is the participation and interest of small subscribers, wage-earners and people of very limited income.
For this great multitude the Treasury Department wisely determined to issue $50 and $100 denominations, commonly called “ Baby Bonds.” A year ago bonds, except to the well-to-do and wealthy classes, were comparatively unknown, and not fully understood when known. A year ago there were 300,000 bondholders in this country. To-day there are over 12,000,020, and to this Third Loan Mr. McAdoo expects to receive subscriptions from 20,000,000 people.
To obtain these large numbers of small subscribers every effort was and now is being put forth. Plans were adopted for easy payments for those who could not pay cash.
It is well known that immediately the bonds were issued the price began to decline. This created doubt in the minds of small
AMERICAN SOLDIERS IN BATTLE
The Battle of Seicheprey, to which we have referred above, and in which American soldiers were victorious, occurred in the Toul sector and south of the great St. Mihiel salient of the German line. It took place on April 20. The objective of the German attack was the town of Seicheprey. The violence and extent of the attack are shown by the fact that it extended over a front of more than two miles, and that the reports from both sides indicate that the American loss in killed, wounded, and captured was about two hundred. On the other hand, despite the usual German claim that their losses were slight, it appears practically certain that those losses, in fact, exceeded considerably the losses on our side. It has been stated that three hwred German dead were left on the field and that the retreating Germans carried away many woundecl.
As usual with such prepared attacks, made after concentra
tion, the attacking party drove the defenders back in the first What is happening to Blücher? What has become of the impetus of the assault. The town of Seicheprey was taken by a reserves ?” German advance which followed the sending over of large General Maurice did not necessarily mean to complain of quantities of poison gas and a terrific bombardment. The any lack of activity by General Foch, but by many readers the Americans, however, launched a counter-attack a few hours utterance was so understood, and when a day or two later it later, drove the Germans out of Seicheprey and the neighboring was announced that General Maurice had been transferred to wooded positions, and in the end reoccupied their own original a command at the front, it was inferred that this was a result positions.
of his remarks. It is said, however, that General Maurice's The accuracy and effectiveness of American artillery barrage transferral had been planned for some time. No one can doubt are praised by all observers. A peculiar feature of this battle that General Foch will employ the great powers now in his was the reported use by special detachments of Americans of hands as they should be used by a general distinguished for guns corresponding to the sawed-off, double-barreled shotguns his knowledge of strategy as well as for the suddenness of his of the type used in the old days by the stage-drivers in the Far attacks. West. It is said that about ten thousand of these weapons were called for by General Pershing some time ago. They seem to have been effective as weapons of defense, for the correspond- ENGLAND'S FIGHTING SPIRIT ents say that the spray of widely scattered buckshot was
England's back is to the wall, as Sir Douglas Haig has demoralizing to the advancing German line.
said ; but that does not mean that Englishmen are despairing. It is evident that in the power of sustaining a serious and On the contrary, there is every evidence that with increased terrible attack, and still more in the power of turning the tide difficulties has come to England a spirit of increased resolution. of battle and driving the temporary victors off the field, our American forces are soldiers of the first order and the equal of feeble in the war. They do not put it just this way. When they
Of course Englishmen are disappointed that America is still their Allied comrades all along the line. That they are taking a
speak of it, they couple it with a tribute to America. This is larger and larger part each day is shown by the growing list of
what Lloyd George did in his speech of April 9. It is worth losses inevitable to full participation. Up to April 23, 511
while quoting what he said. Referring to the material and Americans are reported as having been killed in action and 103
dramatic assistance rendered by President Wilson in this have died of woands, while the total number of men wounded
emergency,” in agreeing to let American soldiers be brigaded is 1,975, of whom only 410 were severely wounded.
with the British and the French, Lloyd George said:
In America there is a very considerable number of men in IN PICARDY AND FLANDERS
the course of training, and the Allies looked forward to having In the week ending April 23 there was no decisive or widely
a large American army in France in the spring. It has taken
longer than was anticipated to turn those soldiers into the necesextended action on the part of either of the great contending sary divisional organizations. If America waited to complete armies facing one another on the two fighting fronts which have these divisional organizations, it would not be possible for these resulted from the two separate attempts of the German armies fine troops in any large numbers to take part in this battle in to break through to the Channel. But there has been evidence this campaign, although it might be very well the decisive battle of the stiffening and strengthening of the British and French
of the war. power of resistance. In the minor actions here and there in This was, of course, one of the most serious disappointments which the two armies have been feeling out each other's strength
from which the Allies had suffered. It is no use pretending it and purpose, both the French and the British have been more
was not one of our chief causes of anxiety. We depended upon successful than their enemies. Thus, while in Flanders, as noted
it largely to make up the defection of Russia. last week, the Germans were able to occupy a large part of the The British Premier, like a true gentleman, then paid his Messines Ridge, and were gradually creeping around it from tribute to the American decision on behalf of unity. But of the south and west, they have been held firmly from any notable course we Americans know, or ought to know, that the actual farther advance. The British have repelled attack after attack power exerted by American forces, even when brigaded with on Mount Kimmel, a commanding elevation which, if not actu- the French and British, is comparatively small, because the ally a part of the Messines Ridge, is adjacent to it. The same numbers are not large. So England must make deeper sacrigeneral truth holds regarding the lines in the great salient in fices and new efforts. She is planning, therefore (think of it, Picardy, but on April 23 the British attacked on the Somme Americans !), to increase her conscription age to fifty, and in north of Albert, with some gains.
some cases to fifty-five. It is true that few men over forty-two Evidence accumulated all through the week ending on April will go into actual combatant service, and that men of fifty-tive 23 that General Foch's first effort has been to fill in whatever will be selected only because of some special qualification ; but weak places there may be in the British lines with French the men that England needs she is going to take, and she has reinforcements. Not until those lines are so strong that they may' to go to men of that age because we are not ready yet. be depended upon to check new German assaults, which may be And England is more ready than we to make changes in directed toward Amiens in the southern offensive and in the administration whenever necessary for improvement. While we northern offensive toward Hazebrouck, does he propose to risk hold on to men who have continued to make mistakes, England a decisive attack with his reserves. At the end of the week has changed. Perhaps the most significant of recent appointmilitary opinion seemed to incline strongly to the conviction ments is the selection of Lord Milner, who might be called the that the most probable new move by the German armies would maker of South Africa, to be Secretary of State for War. He be in a turning operation in the neighborhood of Arras, and it succeeds Lord Derby, who goes to Paris as Ambassador. New is reported that great masses of German troops are being con- vigor in the administration of the British War Department is centrated for that purpose. The feeling seems to be growing expected by the accession of Lord Milner. among military observers that the Germans' position is such that Another change not so easy to understand is the appointment they must either stake all on a new final offensive within a of Austen Chamberlain as a member of the War Cabinet. Mr. short time or must withdraw and admit failure. Unless they Chamberlain is perhaps best known as the son of his father, can extend their lines to the north and south they will, as one Joseph Chamberlain, though he has made some reputation in correspondent says, “ find themselves bottled up in a narrow public life, having held, for example, the office of Chancellor stretch of country in such a manner that they can for the time of the Exchequer. His appointment at a time when England's being neither go forward nor properly provision themselves back is to the wall is not greeted by unanimous acclaim. Lord where they are.
Northclifte, in his newspapers, declares. it to be “ cynical Not a little comment was caused by a statement from Major-, trifling.” Nevertheless, there are very few men in American General Maurice, of the British War Office, in which he likened public life in corresponding positions of authority who have the present position to that of the British at Waterloo, and wider experience or greater ability than Mr. Chamberlain. Engsaid: “It is unpleasant business standing the hammering, but lish standards for such an office seem to be higher than ours. so long as we can stand it the only question to be asked is : Furthermore, England's resolution to pursue the fight with
greater vigor is shown in the new Budget. By the bill that was of war in 1914, Lichnowsky, with the despairing pessimism of introduced by the Government into Parliament it is proposed a man who has seen his just ambitions to secure peace for the to raise the immense sum of more than fourteen billion dollars. world thwarted, speaks with astonishing frankness. This pas Of this sum about four billion dollars are to be raised by taxa- sage is so complete in its condemnation of Germany's policy tion. In other words, the United Kingdom, with a population and action that it is likely to become historic. We quote it in considerably less than half that of the United States, plans to full : secure by taxes in the coming year as much as the United
As appears from all official publications, without the facts States secured this past twelvemonth.
being controverted by our own White Book, which, owing to its Such an example as England is setting is a worthy one for poverty and gaps, constitutes a grave self-accusation : us to emulate. We Americans will find in this example a new 1. We encouraged Count Berchtold to attack Serbia, although stimulus to our own spirit of resolution and courage.
no German interest was involved, and the danger of a world war must have been known to us-whether we knew the text of the
ultimatum is a question of complete indifference. THE LICHNOWSKY REVELATIONS
2. In the days between July 23 and July 30, 1914, when In the court of international opinion, Germany is now
M. Sazonoff emphatically declared that Russia could not tolerate condemned out of the mouth of her own witness. The publica
an attack upon Serbia, we rejected the British proposals of medi
ation, although Serbia, under Russian and British pressure, had tion in this country of the full text of the Lichnowsky memo accepted almost the whole ultimatum, and although an agreerandum, to which we briefly referred last week, has enabled ment about the two points in question could easily have been Americans to judge for themselves of its immense importance reached, and Count Berchtold was even ready to satisfy himself and seriousness. We are indebted to the New York “Times” with the Serbian reply. also for the publication, side by side with the memorandum
3. On July 30, when Count Berchtold wanted to give way, we, as it first appeared in the Stockholm Socialist newspaper
without Austria having been attacked, replied to Russia’s mere " Politiken,” of long extracts from the complete memorandum,
mobilization by sending an ultimatum to St. Petersburg, and on
July 31 we declared war on the Russians, although the Czar had which did not appear in the Stockholm paper, but which the Berlin “ Vorwärts” has had the courage to print. These
pledged his word that as long as negotiations continued not a
man should march—so that we deliberately destroyed the possilatter extracts deal in more detail with the earnest attempts bility of a peaceful settlement. made by Sir Edward Grey in England in 1912 to bring In view of these indisputable facts, it is not surprising that about a reasonable understanding between the Great Powers in the whole civilized world outside Germany attributes to us the regard to disputed questions and his equally earnest attempts to sole guilt for the world war. prevent war in 1914, and also throw new light on the history of the Balkan situation, and especially the Serbian question.
THE KAISER'S RESPONSIBILITY Supplementing and confirming the memorandum is a statement by Dr. Mühlon, a former member of the Krupp Directorate. Prince Lichnowsky places the responsibility for the war This is also printed in the “Times.”
not merely on Germany, but also on the military party. Dr. There seems to be no question whatever of the authenticity Mühlon goes further by indicating the responsibility of the of Prince Lichnowsky's remarkable statement. It is idle to Kaiser. He gives testimony concerning a confidential conversaattempt to wave aside this exposure of Germany's methods on tion between Dr. Helfferich, later Vice-Chancellor, and the the theory that Prince Lichnowsky is a man of no consequence. Kaiser, in which the Kaiser said that he would declare war A man who was in turn German Ambassador in Vienna and immediately if Russia mobilized ” and repeatedly insisted“ that London is not to be dismissed in this fashion. Moreover, the this time nobody would be able to accuse him of indecision.” memorandum was not written for argumentative purposes, nor It is evident, from the Lichnowsky and Mühlon memoranda, was its publication intended by its author. He has himself that there is a party in the upper classes of German society stated that it got into circulation “ through an indiscretion," who hold the Kaiser and the military party responsible for the and has expressed his extreme regret at the fact. If, then, war. Strong indications of this have already appeared in the the document was intended to influence German rather than famous book “ J'Accuse” and in the articles by Prince Hohenforeign opinion, its value as a historic document is all the lohe to which we have heretofore referred. How far this feeling greater.
has spread in Germany it is hard to tell ; but the fact that the Prince Lichnowsky traces the development in Germany, for memoranda of Prince Lichnowsky and Dr. Müblon have been years before the critical situation in 1914, of two trends of made subjects of discussion in the Reichstag indicates that the opinion and purpose. Personally, he then believed that inter- feeling has spread too far for the Hohenzollerns completely to national difficulties could be solved without war, but the con
suppress it. trolling powers in Berlin were simply determined not to allow What would happen if the opinions expressed in these memosuch a settlement. Thus, after the first Balkan War he would randa and the book and the articles to which we have referred have left the settlement to the Balkan peoples themselves. The should spread among the people may well be the subject of other course was for Germany to give up the rôle of mediator anxiety to Germany's rulers. The doctrine that might makes in the East and support Austria without reserve. He comments: right has pervaded the German people and given a quasi-moral “I urged the former course from the beginning, but the Ger- authority to the military party. The people are not merely in man Foreign Office very much preferred the latter.” This was abject submission to the power of that party, but also to some in keeping with the action of Germany in the Moroccan matter, extent in moral subjection to its authority. If its power is deas to which an Austrian diplomat said to the Prince: “ The stroyed, its moral authority will be at least weakened. If at the French had begun to forget la revanche. You have regularly same time the people, or any considerable proportion of them, reminded them of it by trampling on their toes.”. When Sir are persuaded that the Kaiser and his party are responsible for Edward Grey was urging conciliation in the Albanian matter, the terrible tragedy inflicted on the nation, the authority of the says Prince Lichnowsky, he “hardly ever took the French Kaiser and his party will be overthrown altogether, and somepoint of view. On the contrary, he nearly always took our part thing of the hatred now felt for the English as the authors of in order to give no pretext for war,” and he * conducted the the war will be transferred to the Kaiser as the author. In that negotiations with care, calm, and tact.” But here, as at other case, the Hohenzollern Government might collapse as the Govtimes, says the Prince, “ instead of adopting the English point ernment of the Czar collapsed in Russia, and we should have to of view, we accepted that dictated to us by Vienna.
deal not with the German Government, but with a people parFor Germany, he thinks, this was one more of many wretched tially at least disillusioned. mistakes: “ We had always backed horses which it was evident The military rulers of Germany themselves, we believe, forewould lose, such as Kruger, Abdul Aziz, Abdul Hamid, Wil- see this possibility, and therefore are undertaking to anticipate helm of Wied, and finally-and this was the most miserable it by their present military offensive on the western front. They mistake of all–Count Berchtold” (the Austrian Foreign Min- are hastening to smash the Allies before their own power is ister who forced war on Serbia).
smashed or their own authority is weakened at home. They When it comes to the actual circumstances of the outbreak believe that if they can succeed now they will save themselves.