an army would move
depended entirely upon the policy adopted by the Rumanian government.

AMERICAN LOAN TO THE ALLIES.

On September 28, formal announcement was made in New York of the
terms of an American loan to Great Britain and France, arranged by a
commission of British and French financial authorities after conferences
with American bankers; a bond issue of $500,000,000 was soon floated,
drawing 5 per cent interest and issued to the syndicate at 96; the
money to remain in the United States and to be used only in payment for
commodities.

Late in November the French people were called upon to subscribe to a
"loan of victory." The response from the people of Paris alone in one
day amounted to $5,000,000,000, thus exceeding the records of all former
popular war loans, including British and German issues, and typifying
the patriotic ardor of the French people and their determination to
continue the war to an issue successful to allied arms.

THE WESTERN CAMPAIGN.

After a week's heavy bombardment of the German lines, an important
offensive movement was undertaken on September 25 by the French and
British against the German lines on the western front. The forward
movement occurred simultaneously in the Champagne district, between
Rheims and Verdun, by the French and in the Artois district, between
Ypres and Arras, by combined British and French forces. While the Allies
did not succeed in gaining much ground, and both sides suffered heavy
losses, it was claimed by the French war office on September 29 that
as a result of the four days' assaults of the Anglo-French forces the
Germans suffered losses amounting to the effective strength of 120,
men, while 23,000 men and 120 cannon were captured from the Teutonic
enemy. This constituted the result of what was described as the great
Anglo-French drive of the autumn, and the situation on the western
front then settled down once more into a state of siege. The first-line
trenches of the opposing forces along a wide-flung front were within a
short distance of each other. A new method of warfare had been developed
and the world began to realize that all historic conditions of war had
been revolutionized by the use of scientific weapons of destruction like
the machine gun, which mowed down men like hay, and the high explosive
shell that destroyed protective works as if they were made of cardboard
and filled the trenches with dead and dying bodies. Such was the
situation on