acted, being influenced by the desire of many traders to keep out of the market until the tenor of President Wilson's note to Germany was known.

But despite the many physical manifestations of unusual activity, officers and Directors of the companies mentioned as those on which Germany had set her eyes were uniformly non-committal when they did not positively deny that there was truth in the story.

William J. Bruff, who is President of the Union Metallic Cartridge Company and a Director of the Remington Arms and Ammunition Company, said:

"I don't think there is any truth in it. Yes, I am certain that no offer of any kind has been made by Germany to buy the two companies. I would know if such offers had been made and I haven't heard of them, except such reports as I have read in the newspapers."

Henry Bronner, a Director of the Bethlehem Steel Company, said:

"I have not heard that Germany or any one else has offered to buy the Bethlehem Steel Company. If such an offer were made, Charles M. Schwab would be the man who would know it."

THE NEW YORK TIMES of June 10, 1915, included this report of Charles M. Schwab's purposes with respect to the control of the Bethlehem Steel Company:

There is not the least danger of German interests getting control of the Bethlehem Steel Company and breaking the concern's contracts with the British for arms and ammunition, it was made known yesterday from an authoritative source. This same authority had no information that, as alleged by The Chicago Herald and The Providence Journal, and quoted in THE NEW YORK TIMES yesterday, the same interests were seeking to obtain control of other companies

What blocks the attempts of the German agents, in the case of the Bethlehem Steel Company, for one thing, is that the majority of the stock of the concern is not in the market. Contrary to rumors that have lately been floating about hotel corridors and into and out of the brokers' offices adjacent to them, Charles M. Schwab still owns the

majority of stock. This much Mr. Schwab emphatically confirmed to a TIMES reporter yesterday at the St. Regis. That he had no intention of selling he asserted just as emphatically. At the same time the information is authoritative that agents representing the German Government or German interests have approached Mr. Schwab, not once, but several times, since the beginning of the war, asking that negotiations be opened. It has been intimated that interests, private or Governmental, were willing to pay any price that Mr. Schwab would name for his controlling interest.

Figures running into scores of millions have been named in offers, it being the understanding that the prospective owners simply wished to buy the big plant-the only one in the world that now compares with that of the Krupps, with the possible exception of that of the Schneiders at Creusot-and shut it up, in order to stop the vast sales of munitions of war to the Allies, and the filling of contracts so big that their delivery has hardly begun. Mr. Schwab, it is understood, could get today $100,000,000 or more for his stock in the Bethlehem Company.

It was established yesterday that more or less directly the visit of Mr. Schwab to England last Fall, on the Olympic, was due to the activity of German agents in this country in their efforts to buy the Bethlehem Steel Company.

Word of the attempts of the German agents to obtain control of the Bethlehem Company soon found its way to England, and the result was that Mr. Schwab was invited to London for a special conference with the War Office. He renewed his acquaintance with Lord Kitchener, and his previously formed intention not to sell out was fortified with a guarantee of orders large enough to keep the big plant at Bethlehem going steadily for eighteen months or more.

When rumors were prevalent about New York that the visit of Sir Trevor Dawson, head of a great English steel concern, had as its object an attempt to obtain control of the Bethlehem Company so as to insure that it would con

tinue turning out supplies for the Allies, the German agents here were making a strong bid for the control of the concern, and their efforts have since continued.

as

to

A TIMES reporter put to Mr. Schwab yesterday the direct question whether he was in actual control of the Bethlehem Steel Company.

"Absolutely," he said. "The only way anybody else could obtain control would be to get my interest. I would never sell my interest without making for the men who stood by me with their support when I was struggling to put the Bethlehem Company where it is today the same terms that would be offered for my share. As a matter of fact, my interest in the Bethlehem Company is not for sale. Indeed, I could not sell. I have contracts that I cannot break."

It was said yesterday that the Germans had been trying to conduct their negotiations for the Bethlehem Company in much the same fashion as they recently had employed in their diplomatic negotiations, and that if they had been successful in getting the Bethlehem Company they would have found themselves with contracts on their hands which they would have had to carry out. The mere closing of the plant and the refusal to continue the further manufacture and delivery of munitions of war already contracted for would not save them from a situation which would be the equivalent of jumping from the frying pan into the fire.

Not only the courts would be promptly

invoked to see that legal contracts were carried out, but, if necessary, the Federal Government could step in and insist that the manufacture and delivery of supplies contracted for be continued, in order to prevent a breach of neutrality. Then would be presented the spectacle of German interests turning out vast quanties of guns, shells, and shrapnel to be sent to Europe to be used in fighting their own troops.

According to the authority already mentioned, the Bethlehem Steel Company is the only plant in the United States that can turn out shrapnel shell complete. Most of the contracts that have been given here have been taken for various parts of the ammunition by different firms. One thing necessary for the turning out of shrapnel and shells is a twelvemile proving ground, and the only privately owned range of the kind in this country is that of the Bethlehem Company.

Mr. Schwab has insisted to his friends who have questioned him about the rise in Bethlehem stock that the only valid reason, aside from whatever might be the intrinsic value of the property, is the tremendous war orders that have been obtained. On this account, as well as on account of his knowledge that the majority of the stock was safe in his possession, he was able to enjoy his trip to the Pacific Coast regardless of rumors at one time prevalent that a big market operator, who was supposed to retain an ancient grudge against him, was trying to wrest from him the control of the company he had built up.

fessional peace-at-any-price men, who during the last five years have been so active, who have pushed the mischievous all-arbitration treaties at Washington, who have condoned our criminal inactivity as regards Mexico and, above all, as regards the questions raised by the great world war now raging, and who have applauded our abject failure to live up to the obligations imposed upon us as a signatory power of The Hague Convention, are, at best, an unlovely body of men, and taken as a whole are probably the most undesirable citizens that this country contains.

But it is less shocking to see such sentiments developed among old men than among young men. The college students who organize or join these peace-at-any-price leagues are engaged, according to their feeble abilities, in cultivating a standard of manhood which, if logically applied, would make them desire to" arbitrate" with any tough individual who slapped the sister or sweetheart of one of them in the face.

Well-meaning people, as we all know, sometimes advocate a course of action which is infamous; and, as was proved by the great Copperhead Party fifty years ago, there are always some brave men to be found condoning or advocating deeds of national cowardice. But the fact remains that the advocates of pacifism who have been most prominent in our country during the past five years have been preaching poltroonery.

Such preaching, if persevered in long enough, softens the fibre of any nation, and, above all, of those preaching it; and if it is reduced to practice it is ruinous to national character. These men have been doing their best to make us the China of the Occident, and the college students, such as those of whom you speak, have already reached a level considerably below that to which the higher type of Chinaman has now struggled on his upward path.

On the whole, for the nation as for the individual, the most contemptible of all sins is the sin of cowardice; and while there are other sins as base there are none baser. The prime duty for this na

tion is to prepare itself so that it can protect itself-and this is the duty that you are preaching in your admirable volume. It is only when this duty has been accomplished that we shall be able to perform the further duty of helping the cause of the world righteousness by backing the cause of the international peace of justice (the only kind of peace worth having) not merely by words but by deeds.

A peace conference such as that which some of our countrymen propose at the moment to hold is purely noxious, until as a preliminary we put ourselves in such shape that what we say will excite the respect and not the derision of foreign nations; and, furthermore, until we have by practical action shown that we are heartily ashamed of ourselves for our craven abandonment of duty in not daring to say a word when The Hague Conventions were ruthlessly violated before our eyes.

Righteousness must be put before peace, and peace must be recognized as of value only when it is the hand-maiden of justice. The doctrine of national or individual neutrality between right and wrong is an ignoble doctrine, unworthy the support of any brave or honorable man. It is wicked to be neutral between right and wrong, and this statement can be successfully refuted only by men who are prepared to hold up Pontius Pilate, the arch-typical neutral of all time, as worthy of our admiration.

An ignoble peace may be the worst crime against humanity, and righteous war may represent the greatest service a nation can at a given moment render to itself and to mankind.

Our people also need to come to their senses about the manufacture and sale of arms and ammunition. Of course, the same moral law applies here between nations as between individuals within a nation. There is not the slightest difference between selling ammunition in time of war and in time of peace, because when sold in time of peace it is only sold with a view to possibility or likelihood of war. It should never be sold to people who will make bad use of it, and it should

be freely sold at all times to those who will use it for a proper purpose.

It is absolutely essential that we should have stores where citizens of a nation can buy arms and ammunition. It is a service to good citizenship to sell a revolver to an honest householder for use against burglars or to a policeman for use against “ gunmen." It is an outrage against humanity knowingly to sell such a revolver to a burglar or a "gunman." The morality of the sale depends upon the purpose and the probable use. This is true among individuals. It is no less true among nations.

I am speaking of the moral right. Our legal right to sell ammunition to the Allies is, of course, perfect, just as Germany, the greatest trader in ammunition to other nations in the past, had an entire legal right to sell guns and ammunition to Turkey, for instance. But, in addition to our legal right to sell ammunition to those engaged in trying to restore Belgium to her own people, it is also our moral duty to do so, precisely as it is a moral duty to sell arms to policemen for use against "gunmen."

Wishing you all possible success, I am, faithfully yours,

THEODORE ROOSEVELT. Hudson Maxim, Esq., Lansing, N. J.

MR. MEYER'S SPEECH. The National Security League brought its two-day Peace and Preparation Conference to a close on June 15, 1915, with a luncheon in the Hotel Astor at which more than 1,000 men and women listened to George von L. Meyer, ex-Secretary of the Navy, as he announced that the navy of the United States was utterly unfit for war with any first-class nation. Mr. Meyer was interrupted many times by applause, and the loudest outburst came when he placed the blame for what he termed the present demoralized state of the navy squarely up to Secretary Josephus Daniels. He said, in part:

In calling attention to these defects I have not done so from a desire to criticise the present head of the navy, although I do believe that he is responsible for the demoralized condition of

the personnel and the decreased efficiency of the navy.

In advancing his argument for a greater navy Mr. Meyer contended that such a step would be the best safeguard against war. He asserted that we would have had no war with Spain in 1908 if we had had four more ships like the Oregon. With such a powerful fighting force, he argued, no nation at that time would have dared to meet us. Spain would have yielded without a fight, and this country would have saved $500,000,000. He continued:

The only attack we need consider is an attack from some great naval power, and for that reason we need an adequate navy because it tends toward peace, because it discourages attack and serves the best interests of the country, while an inadequate navy is a vast expense to the country and does not serve as a protection.

Of the thirty-five battleships that we have today only twenty-one are in commission and ready for emergency.

Of

those twenty-one, three have broken shafts, and the fourth is a turbine battleship which was put out of commission because it needs to be thoroughly overhauled. In addition to that, there are seventy fighting vessels which are not ready to be called upon for an emergency because they are out of commission and would require a long overhaulWe lack battle cruisers, scout ing. cruisers, aeroplanes, and armed airships. Our submarine fleet is in a critical condition. The complement of torpedo vessels has been reduced from 15 to 25 per cent. to get men to commission new boats. This reduction in personnel is a serious handicap, reduces the efficiency of the destroyers, affects contentment, and prevents the boats being kept in good condition. The Atlantic fleet needs 5,000 men, according to the evidence of the Commander in Chief of that fleet. The reserve fleet at Philadelphia was largely depleted in order to get a new crew for the Alabama when she was ordered to Hampton Roads to enforce neutrality; and the naval force of Hampton Roads was a pitifully weak one: One