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Annual Sale of

Table Linens
As usual during January we shall offer a very attractive collection of Table Cloths
and Napkins at reduced prices. These are goods of our regular standard quality,
consisting of broken lots and patterns we are discontinuing. Many of the designs
are as good as anything in our stock to-day and are exceptionally good value at the
prices offered.

Napkins (per dozen)
Breakfast size, at $2.25, 2.50, 2.75, 3.00, 3.50, 4.00, 4.75, 5.50.
Dinner size, at $3.00, 3.50, 3.75, 4.50, 5.25, 6.00, 6.25, 6.50, 7.25, 8.00, 10.00, 12.75.

Table Cloths
2 x 2 yds., $2.25, 2.50, 2.75, 3.00, 3.50, 3.75, 4.25, 5.00, 6.00, 9.50.
2 x 212 yds., $2.75, 3.00, 3.25, 3.75, 4.00, 4.75, 5.75, 6.25, 7.50, 8.50.

x^3yds., $3.75, 4.00, 4.50, 5.50, 6.25, 7.00, 8.50, 9.50, 10.00, 14.50.
2 x 4 yds., $6.50, 7.25, 7.50, 8.00, 9.50, 12.75.
24 x 294 yds., $3.50, 3.75, 4.25, 4.75, 5.00, 6.00, 6.50, 8.25, 9.25, 10.00, 11.50.
272 x 272 yds., $4.40, 5.25, 5.75, 6.00, 6.75, 7.25, 8.50, 9.75, 12.50, 13.50, 14.25.
272 x 3 yds., $5.25, 6.25, 7.50, S.25, 9.00, 11.75, 12.50, 13.00, 17.50.

We also offer at this sale a very attractive collection of Towels and
Towelings, Blankets, Bedspreads and Quilts, French and American
Lingerie and Corsets, Ladies' Outer Garments, Hosiery, Neckwear, etc.



James McCutcheon & Co.

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Short Term Investments

Investment bonds and notes issued to mature in from one to five years are favored by many investors as yielding a somewhat better income than long time obligations. In addition, such securities, particularly of the larger issues, usually command a ready market and are less subject to wide fluctuations in price.

We have prepared a booklet
giving brief descriptions of the
principal issues of such securi-
ties, which we will be pleased
to furnish on request.

Ask for booklet S-617
Guaranty Trust Company

of New York

28 Nassau Street Fifth Avenue Branch,

London Office, 5th Ave. & 430 St.

33 Lombard St., E. C. Capital and Surplus

$23,000,000 Deposits

How About Your Savings?

Are they absolutely safe? Can you get them quickly in case of need ?

Are They Earning 5%? Are the earnings paid regularly?

If you can answer these four questions in the affirmative you have an excellent investment - the kind our depositors enjoy.

Our assets are over $2,500,000; our surplus and apportioned pronts $190,000. Our business is conducted under the supervision of the New York Banking Department. Our depositors can with draw their money upon short notice with full earnings to date of withdrawal.

We have paid 5% every

year for over 19 years.
Send for our booklet giving full par-
Industrial Savings and Loan Co.

10 Times Bldg.,
Broadway & 420 St., New York


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LYMAN ABBOTT, Editor-in-Chief


Contributing Editor

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A dramatic event at Nan- ing comparative order within their jurisdicking and two important tions than because of any strong leanings

events at Peking made last toward republican principles. In the second week a stirring one for China. The Nan- place, outside of the eighteen provinces which king event was the unanimous election by constitute China proper, there are the provdelegates from the revolted provinces of the inces of Manchuria, Mongolia, Eastern Turbest known of all the republican leaders, kestan, and Tibet, constituting two-thirds of Dr. Sun Yat-sen, as “ President of the Pro- the Empire's area, and the opinion in those visional Government of the United Provinces great outlying dependencies is, in general, of China.” The question arises, How will monarchical. this affect the fortunes of General Li Yuanhung, who has led the revolutionists from

Indeed, in Mongolia the victory to victory, and who some time

monarchical opinion is so since proclaimed himself President of the strong that its princes have refused to recogChinese Republic. In Peking, surmount- nize China's sovereignty over their country ing enormous difficulties, Yuan Shi-kai, the if the future Chinese Government is to be Chinese Prime Minister, has finally obtained republican in form. A month ago they the consent of a majority of the chiefs decided that if the Manchu dynasty were of the Manchu reigning family to a vote overthrown, there being no other to take its in a national convention, soon to be sum- place, they would declare their independence. moned, as to whether China should be gov- This suited Russia exactly. It has long erned by a constitutional monarchy or by been evident that one of the first advantages a republic. The Outlook believes that the to be sought by Russians from any Chinese first is the only practicable governmental unrest would be in Mongolia. Not only is method for China, and that at the present Mongolia Siberia's next-door neighbor, but stage of the development of the Chinese Russia has also an immediate pretext in her people the establishment of a republic would desire to hasten the construction of a railway be premature and, in the end, would fail. from Siberia across Mongolia to Peking, thus But that would not be all. Such a failure bringing Europe by three or four days nearer would make possible a successful reactionary to the Chinese capital than at present. movement. Thus the last state of China Accordingly, following the expulsion by the would be worse than the first. Nor would Mongols of Chinese officials from the provthis be all. Foreign intervention would be ince, the Russian representative at Peking necessary, and that might mean what has requested that China should promptly reasbeen so often feared—the partition of China sume control of Mongolia. He received the ainong the Powers. As to the vote in a na- rather pathetic reply that at present China tional convention, no one can now say whether was unable to comply. Thus this inability it will favor a republic or a constitutional opens the for a distinct extension of Rusmonarchy even if the delegates to the con- sian influence in that dependency, and also vention are honestly and fairly chosen-men for the possibility of the ultimate annexation who, in the Premier's words, " enjoy the con- of a sparsely settled province, with a popufidence of the people.” Two reasons lead to lation of several million, very nomadic in this conclusion: First, as the Prime Minister character. Should Russia prevail in Monpoints out, many of the old officials who have golia, it is expected that a like fate would taken office under the revolutionist leaders befall Eastern Turkestan, which adjoins Monhave done so rather with the desire of maintain- golia to the west, and with regard to which






Russian covetousness has been quite as British Foreign Office has aroused wide. evident. The difficulty with all this is that spread criticism in England. This criti. when, as now, partition was threatened a cism has come largely from Liberals, but dozen years ago, Secretary Hay put Russia it has also been given expression to by and the rest of the Powers on record as Lord Curzon in the House of Lords. Lord maintaining the integrity of the Chinese Curzon is a long-time student of Eastern Empire. If Russia disregards this, will not affairs, an authority on Persia, and a former the Powers protest? Will not our Viceroy of India. He is naturally deeply Government, having obtained the consent interested in anything which concerns Great of the Powers to the preservation of China, Britain's position in India and the Near East. be the first to protest? As to any effect, Criticism is directed against the Persian however, verbal protests, unsupported by policy of Sir Edward Grey, the British Secresomething more forcible, hardly count for tary of State for Foreign Affairs, on two much among the Orientals—and in this case, grounds—the one altruistic, the other selfish. as in some others, Russia may be regarded It is declared that for Great Britain to remain as a semi-Oriental Power.

inactive while Russia oppresses Persia is for &

Great Britain to be false to its traditional Much of the news from attitude toward weaker peoples—an attitude

Persia is confused and of sympathy and helpfulness and not of obscure, but its general tenor is not re- aggression--and false to its specific responsiassuring to those who are concerned for bility to the l'ersian people. In the AngloPersia's future as an independent and Russian Convention of 1907 both Russia self-governing nation. Mr. Shuster, the and Great Britain agreed to respect the American Treasurer-General, some of whose indeperdence and integrity of Persia ; and acts afforded Russia the pretext for active shortly thereafter the British Government interference in Persian affairs, has been dis- gave an even more explicit pledge to Persia missed. He is only awaiting the appoint- that nothing would be done to violate her ment of his successor to leave the country. integrity and independence. A leading There have apparently been bloody conflicts organ of Liberal opinion in England declares between Persians and Russians in the north- that one of the conditions which Persia has ern part of the country, but it is not easy at been obliged to accept from Russia without this distance to determine on which side the protest from Great Britain is “a gross fault lies. Russia, however, asserts that the infringement of Persian sovereignty.” A aggression was all on the Persian side, and, second ground of criticism of the policy is having the power, will doubtless be able to that it is bad from the point of view of British make good that point of view by force of interests. Lord Curzon has pointed out the

Despatches from St. Petersburg indi- movement which is unconsciously taking cate that punishment is to be inflicted in place toward the partition of Persia. The northern Persia relentlessly and cruelly. Anglo-Russian Convention provided

provided for Meanwhile, in spite of the complete sub- economic partition ; the present events are mission of the Persian Government to Russian leading directly to administrative partition, demands, no Russian troops have been with- from which the steps to political partition and drawn from Persian territory. Whether they thence to geographical partition are well-nigh will ever be withdrawn will remain for the inevitable. Such a division of Persia would, course of future events to show. There is in Lord Curzon's opinion, have serious dannothing in the history of Russian foreign gers by bringing the Russian frontier into policy to indicate that the Russian hand close contact with the British frontier. The which now presses heavily upon Persia will whole policy of buffer states would be done be lifted from any altruistic or humanitarian away with, and the defense of India from motive, or because of any consideration for possible Russian aggression would be the rights of the Persian people.

rendered infinitely more difficult. It is

also argued that it is foolish for Great So far as the public is in- Britain to pay for the support and friendformed, Great Britain has ship of Russia in European affairs the

not yet taken any diplo- price involved tacit consent to Russian matic steps to check or to modify Rus- aggression in Persia. And this not because sia's course in Persia. This policy of the the price is so high, but because there is the



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gravest danger that the thing bought would building of the British navy. Meanwhile the not be delivered if it should ever become to Brit'sh course in Persia is complicated by an Russia's advantage to repudiate the bargain. attack by tribesmen upon a British consular

officer and his escort. The officer was

wounded and several of his escort killed. But in estimating the weight England may find it necessary to interfere of these criticisms several herself in southern Persia to preserve her

things should be remem- legitimate interests there.
bered. First, Foreign Offices generally
know considerably more about the internal
conditions of a country like Persia, and

The existing famine in Rusgenerally have a much keener appreciation

sia is a striking proof of of the difficulties of preserving each his own

the fact that in a despotically country's interests there, than their critics can governed country the national revenue may have. Second, the first duty of the British be large and the national credit good while Government is to the British Empire ; and the economic status of the people who furthe British Foreign Minister who should fail nish the revenue and maintain the credit is to keep as the first and most sacred article of extremely low. According to the latest his creed the preservation of the integrity, report of the Russian Minister of Finance, prosperity, and prestige of the British Empire the revenues of the Empire are so largely in would be false to his trust. The British excess of the estimates that it is possible not Empire has been, and is, a tremendous force only to make a considerable reduction in the for the advancement of civilization through- national debt, but to set aside, as a “free out the world. Anything which should en- cash balance," a surplus of more than danger the British Empire would be a greater $200,000,000.

$200,000,000. At the same time, the taxblow to civilization than even the oppression payers whose earnings go to make up this by an unscrupulous Power of a weaker peo- superabundant revenue ple. Third, behind the dealings of diplomacy have so little reserve capital that they are still looms, even in this age of the world, the reduced by a single bad harvest to a condipossibility of war. The nation which would tion that may fairly be described as desperate. interfere with the activities of one of its col. On account chiefly of unfavorable climatic leagues must always be prepared to face the and meteorological conditions, there was a contingency of war. So long as there are complete or partial failure of the crops this bandits in the world, those who would inter- year in twenty Russian provinces, and the fere with their depredations and would make result is a widespread famine which affects them give up their booty must be prepared the health and well-being of twenty million to make good their interference by force of people, and which has already reduced more arms. If Great Britain is to rely, for the than eight million of them to a state of actual maintenance of her position in Europe, not starvation. Hundreds of thousands of peasupon the potentiality of her armed strength, ants in the provinces that border the Volga but upon her friendships among the nations or lie on the eastern and western slopes of of Europe, the British people must be ready the Urals are suffering for food, and tens of to pay the price of those friendships, even thousands of them have been able to keep if the price involves a loss of national self- themselves alive only by eating weeds, acorns, respect. In plain words, if Great Britain or the bark of trees. Epidemics of

scurvy is to reckon the friendship of Russia among and “hunger-typhus” are reported from the essential elements of her defense against scores of villages in the eastern part of Germany, she cannot be too critical of her European Russia, as well as from many provally's activities in other directions. Only inces in Siberia and the Caucasus, while the when her naval strength is sufficient so that state of affairs in Orenburg, Samara, and she is indifferent to any threat from Germany Saratof is said to be as bad as it was in the will England be safe in running the risk of great famine of 1891, when hundreds of millsacrificing the friendship of Russia in the ions of rubles were spent in the work of cause of justice to a weaker people. And yet famine relief, and when a ship-load of food some of those who are most severe in criti- was bought and sent to Russia by citizens of cising the present British policy in Persia are the United States. In a communication most strongly opposed to the adequate up- recently sent to the Duma, Dionysius, Bishop

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