The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-11
Two Kaisers Cut Off
Credit and Play Up
Turkeys Animosity
Toward Minor Ally
By F. CUNLIFFE-OWEN.

acute may DE gathered from the TACT tnat
the Swiss banks have within the last month
stopped the credit of King Ferdinand's
Government
For the last two years the leading finan-
eial institutions in Switzerland have been
making periodical advances TO the national
treasury at Sofia on the strength of ar
rangements guaranteed by the AustrO-
Hungarian, and more especially by the
German, Government The guarantees
have taken the shape for the most part
of treasury bonds of the three monarchies
concerned.
OF course, there is very natural re-
luctance on the part of the Swiss banks to
increase their balance against the three
Central Powers, which has reached stag
gering proportions. But it Is doubtful
whether the banks in question would have
shut down so suddenly and so hard on
Bulgaria were it not that both Berlin and
Vienna have come to the conclusion that
King Ferdinand has ceased to be entitled
to any more pecuniary assistance from
them, harassed as they are by their own
monetary difficulties The result of this
has been that the Bulgarian Government
has found itself unable to repay certain
loans within the specified time and has
been subjected to the indignity of being
hammered on the money markets Of the
world as a defaulter.
German Press Menaeins in Tone.
That the tone of the German press,
especially that portion known to receive
official inspiration, has become distinctly
menaeing in its attitude toward Bulgaria
is not without significance. She is warned
in unvarnished language that any change
in her foreign policy would bring about
"the most disastrous consequences to her
people. 1t is pointed out that her troubles
with Turkey and the disturbed condition
within her kingdom have been largely
brought about by her territorial greed and
impotence.
Whatever advantage Germany may
have expected from this criticism at Con-
stantinople has been frustrated by the
admission in print that she was on the
whole disposed to look upon the terri
torial pretensions of King Ferdinands
Government with favorable eye. The
result of this is that Sofia and STEAMBOAT,
while on the brink of war with one an
other, are equally embttered against Ber-
lin, and in a minor degree against Vienna.
The fact of the matter is that there Is
a very pronounced disposition in Ger
many and in the Dual Empire to let Bull
CARA and Turkey aght the matter out.
The two Kaisers and their principal
statesmen have sought in vain to recon-
cile the differences between the Sublime
Porte and Bulgaria, even going to the
length of visiting Sofia and STEAMBOAT in
the hopes of arriving at some solution OF
the issue.
Paid Too High for Their Aid.
1t is felt by Germany and by the Dual
Empire that valuable as the help Of King
Ferdinand and of the Ottoman Empire
NAV have been in the past, they have paid
very heavily indeed for it, and that to
continue to bear the financial burdens of
Turkey and Bulgaria would, in view of
their own monetary outlook, be wholly
indefensible. In fact, the flow of pecun-
larry supplies from Berlin and from
Vienna, via Switzerland and through
other channels, to Sofa and CONSTANT
nople may be said to have stopped for
good and all.
One of the consequences of this condl-
ton of affairs, at any rate as far as Tur-
key is concerned, is the detection of En-
yer Pasha. The latter, insanely ambi-
tious and united to the reigning house of
the Ottoman Empire by marriage to
niece of the Sultan, had been given to
understand by the Kaiser that in the
sxopf IF tho defeat of the Entente the