Cheraw chronicle. [volume] (Cheraw, S.C.) 1896-2005, 1915-08-19
GERMANY IN RUSSIA
New York Financiers Discount Value
of Her Successes


The failure of the Russians to hold
Warsaw or their original lines OF de-
fence was foreseen long ago, and ac-
cordinely planned for. Financial circles
in America were posted upon the stu;
alton, hence the little effect from the
fall Of Warsaw in American finance.
Present advices are that the new
Russian munition factories are getting
into order very rapidly, and no ad-
vamtages are expected to accrue to
Germany from her advance in Russia.
There has been some !talk about
foreign securities. One of the car man
ufacturing companies accepted a con-
tract from Russia after negotiating for
the sale Of the notes to be received In
payment. But Russian orders on this
basis very soon came to halt as the
market for foreign securities Is very
narrow In the United States.
1t is the first principle in the military
tactics Of Germany, as Of other coun-
tries, that there is no settlement OF
the issue until the armies Of the enemy
are captured or destroyed. The mere
entrance into this or that city means
nothing so long as the opposing armies
are in the field.
Until Germany can destroy the
armies of Russia she cannot carry on
any extensive aggressive campaign
elsewhere. 1t is not believed that Ger
many and Austria could break through
to Constantinople and an attempt to
do so might invite the Compromised
(union of all the Balkan States with
Greece I'm a defensive war. Bulgaria
was formerly bound to assist in the de-
fence Of Serbia, and both Bulgaria
and Roumania are loyal to Russia as
the founder Of their modern freedom.
1t Is not believed in financial circles
that Germany and Austria combined
could make any headway through the
mountains or along the seacost in an
effort to invade Italy.
If Germany could not break through
the French lines when she had 5000, ,OOO
men on the soil Of France, and the
English attacks on Won Kluck's right
wing had been reduced below 10000
what basis is there now for belief that
Germany could make any effective
warfare on the western border? Eng.
land today has three million men In
the war area and In training.
Germanys submarine warfare Is O
failure and the allies are in control OF
the air.
The calls for peace come louder and
louder fom Germany, but there is nc
reason to believe that Germany is YET
in a state where any terms Of the
allies would be acceptable. These
terms mean nothing less than Ger.
many'S disarmament and an indemnity
to Belgium.
Indeed, Germany can get no different
rms to-day than she will get after
many months Of fighting. Hence, from
the German point Of view, it is better
for her to fight on in the hope Of gain
ing some point Of vantage which the
retreat of the Russian armies does not
afford.
Bankers in q position to be well In
formed on international affairs have
no fears concerning international
credit or any trouble arising from low
exchange rates. All American con
tracts are made in terms Of dollars
payable on this side.
There is some talk on both sides OF
the water that the reconciliation OF
silver at the present time might be Q
good thing for England, especially ir
view of the absorption Of about $400,
100000 in gold by India in the past few
years.