On November 26, M. Pachitch, the Serbian premier, received a personal telegram from the Russian emperor, in which the latter promised the early appearance in Bulgaria of Russian troops and the Italian government also promised the Serbians to send to their aid an expeditionary force of 40,000 men.  It was believed possible that the Russian forces might seek to advance through Rumania, instead of forcing a landing on the Black Sea coast of Bulgaria—­in which case the crossing of Rumanian territory by Russian troops would bring Rumania into a serious situation both economically and politically, and render it difficult if not impossible for her to preserve her neutrality.  At this time Russia had concentrated a great army near the Rumanian frontier, and it was understood that a large number of heavy guns had arrived at Odessa for its use.  The direction in which this Russian 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