The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-23

The Ioliowino is the third OF series
| Of reekiy articles on the economic SIDE OF
| the trar especially tcritteH for TIE SUN
| bv Roger w. BdbSon. the ioeH kno'r" s'dt-
| isficinn Mr. Bobson discusses tho proc
| able isngth OF the trdr as dcdHcod from
Developments IN EWopc'S capitals rom
| Ueok 10 rcek.
The great event of the past week was
the fiotation OF the huge English loan OF
Sl.12j. 100000. just think Of it, nearly
| ;hree times the cost Of the Panama
Cana. And yet. according TO the state
ments of high officials of the English
! Government, this will pay the expenses
Of the war. OF IN. present footing. !or
less than pcdrl
When one considers that England to-
day has ouly a few hundred thousand
men I'm the field. and has not yet sent
to the Continent any OF the 100000
recruits which she IS now drilling, II
can be seen that this great loan Will
serve only a short time at best. But
this is not all. English statesmen are
telling their people that Just az soon as
the / .oO0,0 900 raw recruits so to the CON
tinent an additional million must be
drilled to take their places what does
this mean II To support navy ana
A few hundred Thousand men costs from
81. 500 900 to 100000 day II does
not take = statistician to hgure what IL
will cost to support a navy. great trans
port ~ stem and nearly 100000 men
As readers know. | am not "A pacifist
nor do ! preach disarmament, but am
sure that IN the present conflict the ruI-
ers of all these nations have absolutely
lost their heads. The great rate war
here in the United states a generation
ago. which wrecked most OF our rail-
roads and brought on the terrible panic OF
lS93-97 was the tnercst Child's play, COM
pared to what has already taken place
IN Europe, from a financial and indus
trial point of view. Vet. according 10
their own statements. they have not YET
got under way
Let me give just one illustration Of
what | have In mind. Last week | met
the publisher Of a well known machinery
journal. who has Just completed his
rounds among certain mills Of tho East
, To my great surprise he told mo tnat
he had actual knowledge OF sSu,00OUOO
worth OF Russian contracts that have
just been placed in this country for
shrapnel by using few statistics
relative TO these orders ! hud that each
shell will cost about $50 ltnd.s. in Rus
sia and that they are discharged per
gun at the rate of sin minute or, say,
| .NNN per tnfte NOulS. II u bhlNFlN VI
twcnty-four guns was AZ work this would
mean cost OF about 100000 just for
IN. shell in a three hours engagement
When we first hear of sucl an $4,000 600
contract we think that such should keep
the RUSSIAN army supplied with shrapuel
for the rest of the war. When we take
pencil and paper TO figure the cost W. find
that the $50. 0OO, 0O0 can he used up in a
very short time with 'No sections Of
the army engaged IN u three hour battle
twice "A dav this $4,000 600 would last
only forty days
care not hoN much Oh" statesmen Of
the various nations talk about "a lon- Nal,
can say authnritatiVcly that the bankers
of these nations know that the war cannot
hc long During the past week. ! have
not only 'alked with "A well known Eng
Iish banker. but last Friday morning had
breakfast with director ot one Of the
great banks OF Berlin who has jusi AZ
rived I'm this country. Although b" :
sure that Germany Will not be defeated,
and declares hat American readers are
being grossly mi~led is to the cou,es and
conduct OF the war. yet he insists thi' u
must hc short. I'm fact AS | Iut""N. cWud
bankers OF all ndtiuualtic, in Ncw York
the past week. I found them agreed that
che attempt OF either side to hsht this
war to finish means financial bank