were the actual political conditions in Germany. People who knew their Germany only as it presented itself to a foreign visitor, even twenty-five years ago, have been baffled and puzzled at the meek and subservient people and legislature of this present war time, evidently trained now to believe implicitly that the state can do no wrong; its newspapers applauding the Lusitania infamy and filling their columns with imaginary versions of the "Zeppelin raids," of the Belgian tyranny, and of the "submarine blockade"; its proletariat absorbing contentedly every pleasing fiction dictated by the War Office regarding Germany's military set-backs; its professors, scientists, and theologians repeating with wearisome iteration their story of a magnanimous Germany, driven to war to save the world from Slav domination or English tyranny, and using Belgium as a means to that disinterested end. OUT the recent course of events, both Central Powers, has raised the question whether it is possible for this attitude to continue. Every one is familiar with Bishop Butler's famous query— Has Why may not nations go mad German as well as individuals?-and Opinion Changed? his opinion that nothing else, as he saw it, could account for many of the events of history, and the world has not failed to apply the inference in its attempt to explain the Germany of this war. Yet nations, even more than individuals, recover in time from such fits of aberration (whether classified as insanity or not), and the recovery, in a multitude of cases, has been marked by reversion to the opposite extreme of hot indignation at the leaders who had misled them. The debates in the Reichstag during May, with the open prediction of a German republic (by Socialists, to be sure, but nevertheless by deputies who refused to be silenced), the admitted political insecurity of the present Chancellor between the reactionary Junker party and the Radical opposition, his hasty pledges of electoral reform after the war, and his bewildered handling of the Russian situation, have at least suggested a very different state of things from that of a year ago. The German people might be reconciled to the policy of submarine assassination; but a people who had seen the United States, followed by nearly all the neutral powers of Central and South America and Asia, forced to an open breach with Germany, with even Holland, Spain, and Norway denouncing the German practices to the extreme of diplomatic censure in short, the whole world, outside of the Central Allies, virtu(Continued on page 62) Your Insurance Premiums are many times invested in KANSAS AND OKLAHOMA FARM MORTGAGES and you know your policy will be paid in full when the company is called upon to do so. Life Insurance Companies are the largest investors in FARM MORTGAGES and they demand SAFETY AND INCOME Profit by the example set by these large investors and invest your savings or surplus funds in some of our first mortgage 5%% and 6% farm loans. Our booklet, "Safety and Profit in Central Kansas Farm Mortgages," explains our methods fully and is free for the asking. Write today-learn what a simple form of Investment the farm mortgage loan really is. THE FARM MORTGAGECO. (Continued from page 61) ally repudiating Germany as a government whose acts had brought it beyond the pale of civilized relationships-would belie all history if their point of view regarding their own government, whose policies had undeniably brought on all these things, should remain precisely what it had been before. The position into which Germany has fallen in the eyes of all other nations, neutral or belligerent, is in fact something quite beyond precedent in the world's history. Since the attitude of those other nations has been made clear by public and diplomatic action, the Berlin Foreign Office cannot conceal it from the German people. It has occurred at the moment when Germany's armies were at least known to be retreating in the west; when their losses were enormous, and when shortage of food was pressing on the people. Furthermore, this series of events, which has unmistakably aroused the activities of the Socialist Opposition in Germany, has also and for another reason deeply stirred the feelings of a very different class-the commercial magnates and the captains of industry. DESPATCHES from Berlin were lately full of hints at Germany's preparations for intensive activity in foreign commerce after the war. This is far from being borne out by the personal utterances of responsible men of affairs. Albert Ballin, director-general of the Ham- Effect on Germany's burg-American line, warned the Trade After German people in a public the War interview, as long ago as last December, that they must not look for return of prosperous foreign trade after the war. Walter Rathenau, head of the great Allgemeine Electric Company and formerly a member of one of the Prussian war commissions, published recently a pamphlet advising Germany to make up her mind that the war will probably have lost her all her foreign trade except with her present allies, that all her capital will have to be reserved for home uses, that raw material of foreign production will have to be used most sparingly, and that every citizen must work his hardest to rebuild the national wealth in the face of an after-war taxation nearly double what it was when the war began. How the attitude of the outside world toward Germany in response to her government's savage submarine policy will affect the future, commercial observers are beginning to reckon up. China-whose recent break with Germany not only expressed her people's view of recent events, but also their remembrance of the Kaiser's advice of 1900 to his military expedition to China, that they repeat the achievements of the Huns and leave the memory of their 1914 one of the richest fields of German commercial exploitation. German investors, the London Economist lately reckoned up, are shareholders in seven of the twenty-six railway or other loans to China, made since 1894. They own the $13,500,000 Shantung Railway. In 1913 they stood fourth on the list of foreign countries doing business in China, maintained five lines of steamers running to it, supported a German-Asiatic bank with six branches at the Chinese commercial centres, had property interests worth $50,000,000 in Kiaow-Chow, and exchanged with China $63,000,000 worth of goods each year. And China is only one of the lost commercial prizes. With the Central and South American states which have broken or are breaking relationships with Berlin, and some of which are declaring formal war, Germany had secured a seemingly permanent financial hold. In 1913 her ocean trade with them ran beyond $337,000,000. Her actual colonial possessions, with an area of a million square miles and a population of 12,000,000, are virtually all in the enemy's hands, and the British Colonial Secretary, lately addressing a London audience, declared in behalf of England's own fighting colonies: "Let no man think that those struggles have been fought in vain; let no man think that these territories shall ever return to German rule." If, indeed, it were to be assumed (as many even of the Germans seem to imagine) that the insolence and atrocities of Germany in this war will have made impossible commercial reconciliation under her present government with the world outside of her present allies, there would be left to her, on the basis of the 1913 figures, only $536,000,000 out of the $5,350,000,000 foreign trade which she then enjoyed. In all reasonable probability, it would hardly come to this. Even now, there remain such contiguous neutral states as Holland, Switzerland, and Scandinavia. But events move with startling rapidity in these days, and their recent movement gives no assurance that the brutalities of the German submarine will not presently have alienated these neighbors also. The larger question is, what the attitude of the German people as a whole will be when they at last come to realize exactly what has happened, and why. LL such considerations found reflection A New Plan by Old Interests" 1000 WOODEN SHIPS requiring more than 1,000,000,000 Feet OF LUMBER -and this is but a tithe of the extra demand for lumber which is pressing NOW. Add to this the normal demand and the enormous extra demand which will come with the close of the war and you can see that the lumber industry is in a position more favorable than for many years. LACEY Profit-Sharing Bonds (1st Mortgage) are based on growing timber. The name of Lacey has been standard in the timber field for many years. Timber values are constantly rising and now will rise faster than ever. Lacey Bonds will carry large profits. Experienced investors wisely see in the present world-situation reasons for conserving their principal by SAFE as well as profitable investments. Lacey ProfitSharing Bonds (1st mortgage) are ideal for this purpose on account of their profit feature in addition to 6% and absolute safety. Convenient denominations of $100, $500, $1000 YOU ARE INVITED TO READ THE HIGHLY INTERESTING BOOKLET T-208 WHICH EXPLAINS THE EXCEPTIONAL CONDITIONS ON WHICH THE BONDS ARE BASED. WE SUGGEST PROMPT APPLICATION. LACEY TIMBER CO. 332 S. Michigan Ave., Chicago For 37 years the name of Lacey has INVESTMENT LITERATURE Directly from our advertisers or through our Investor's Service Bureau, readers of SCRIBNER'S MAGAZINE may obtain, without charge, authentic literature pertaining to any investment or financial subject. Readers may write direct to the following investment bankers at the addresses given, mentioning SCRIBNER'S MAGAZINE, or they may check the literature desired, sign the coupon below, and mail this page to the Investor's Service Bureau, SCRIBNER'S MAGAZINE, 597 Fifth Avenue, New York. The Liberty Loan: The National City Company, 55 Wall St., N. Y. C. Record and Analysis of United States and Foreign Government Bonds: C. F. Childs & Co., Chicago, Ill. The Will and the Way: Metropolitan Trust Co., 60 Wall St., N. Y. C. Exchange at the end of May a highly interesting movement; for it reflected the belief of Wall Street at any rate that, however obscure the European situation of the moment might be, our own country was assured of continuing financial and industrial prosperity. Investing Your Monthly Savings: Lloyd & Co., 135 Broadway, N. Y. C. New Circular Descriptive of Cities Service Preferred and Common: Henry L. Doherty & Co., 60 Wall St., N. Y. C. The Management of Your Estate: Union Trust Co., 80 Broadway, N. C. Y. Industrial Service: The National City Company, N. Y. C. Selected Investments: Peabody, Houghteling & Co., Chicago, Ill. Investing $100 to $10,000: Hambleton & Co., 43 Exchange Pl., N. Y. C. July Stock and Bond Investment Suggestions: Merrill, Lynch & Co., 7 Wall St., N. Y. C. Acid Tests of Investments in War Times: S. W. Straus & Co., 150 Broadway, N. Y. C. $100 Bonds John Muir & Co., Odd-Lot Investment S 61 Broadway, N. Y. C. Doherty News: Henry L. Doherty & Co., 60 Wall St., N. Y. C. 6% First Mortgage Bonds Secured by Seattle Property: Goodwin Real Estate Co., Seattle, Wash. How Investments May be Made Tax Exempt in New York State: National City Company, N. Y. C. Investment Suggestions: Sheldon, Morgan & Co., 42 Broadway, N. Y. C. Par Value of Stocks Listed on the New York Stock Exchange (when Par Varies from Usual $100): Lloyd & Co., 135 Broadway, N. Y. C. Sugar Stocks: Hartshorne & Battelle, 25 Broad St., N. Y. C. How to Invest in Standard Securities by the Partial Payment Chicago, Ill. Federal Farm Loan Act: Geo. M. Forman & Co., Chicago, Ill. July Investment List: S. W. Straus & Co., 150 Broadway, N. Y. C. Income Tax Record (for recording next year's taxes): Wm. R. Compton Co., St. Louis, Mo. Partial Payment Plan: Sheldon, Morgan & Co., 42 Broadway, N. Y. C. Making Money Work: McClave & Co., 67 Exchange Pl., N. Y. C. How Forman Farm Mortgages Are Made: Geo. M. Forman &Co., Chicago, Ill. Kansas Farm Mortgages: Perkins & Co., Lawrence, Kans. Lacey Profit-Sharing Bond: James D. Lacey Timber Co., 332 S. Michigan Ave., Chicago, Ill. Weekly Market Letter: McClave & Co., 67 Exchange Pl., N. Y. C. Partial Payment Plan: L. R. Latrobe & Co., 111 Broadway, N. Y. C. Street Improvement Bonds: Oakland Street Improvement Bond Co., Oakland, Cal. The Premier Investment: Wm. R. Compton Co., St. Louis, Mo. City. State.. "The South and Southern Municipal Bonds": Stacy & Braun, Toledo, Ohio. "Ah, Mr. Rooster, it's a futurist portrait of you!" Overworked muscles from a vigorous game of golf or tennis- wrenched tendons and ligaments, soreness and lameness from any sport or severe physical exertion are quickly relieved. with Absorbine, Jr. It takes the kinks from stiff muscles and joints, stops pain and inflammation, and prevents second-day soreness. A few drops of this clean, fragrant, refreshing liniment, well rubbed in, will do the work effectively and leave no greasy residue. Absorbine.J THE ANTISEPTIC LINIMENT The first game, the first lap around the cinder track, the first of the season's out-of-door sports, does not claim its toll of sore limbs when the muscles are rubbed down with Absorbine, Jr. Absorbine, Jr., is more than a liniment-it is a positive antiseptic and germicide. This doubles its efficiency and its uses. When applied to cuts, bruises, sores and wounds, it kills the germs, makes the wound aseptic and promotes rapid healing. Acts promptly in allaying pain and reducing sprains, wrenches, swellings, enlarged veins and glands. Absorbine, Jr., is made of herbs and is non-poisonous -safe to use anywhere. Used as a Rub-down after violent exercise, it puts vim and $1.00 a bottle at most druggists or delivered. A LIBERAL TRIAL BOTTLE will be sent postpaid upon receipt of 10c in stamps. W. F. YOUNG, P.D.F. 255 Temple Street SPRINGFIELD, MASS. SC. 7-'17 W. F. YOUNG, P.D.F. 255 Temple Street Springfield, Mass. Enclosed find roc in stamps, for which send me postpaid Trial Bottle Absorbine, Jr., pamphlet and laboratory reports. Name.. Address. My druggist is. |