ing the next two days and the documents
found on prisoners and slain, it was proposed to attack El Kantara while
making a demonstration at El Ferdan, further south, and prevent
reinforcements at the first-named post. The demonstration at Ismailia
Ferry by the right wing of the Kataib-el-Kheil force which had been
partly refused till then in order to prevent a counter-attack from the
ferry, was designed to occupy the attention of the Ismailia garrison,
while the main attack was delivered between the Tussum post, eight miles
south of Ismailia, and the Serapeum post, some three miles further
south. Eshref Bey's highly irregular force in the meantime was to
demonstrate near Suez.

The selection of the Tussum and Serapeum section as the principal
objective was dictated both by the consideration that success here would
bring the Turks a few miles from Ismailia, and by the information
received from patrols that the west bank of the canal between the posts,
both of which may be described as bridgeheads, were unoccupied by our
troops. The west bank between the posts is steep and marked by a long,
narrow belt of trees. The east bank also falls steeply to the canal, but
behind it are numerous hollows, full of brushwood, which give good
cover. Here the enemy's advanced parties established themselves and
intrenched before the main attack was delivered.

A Full-Fledged Socialist State

While Germany's Trade and Credit Are Holding Their Breath

By J. Laurence Laughlin

[From THE NEW YORK TIMES, March 9, 1915.]

Professor Laughlin, who makes the following remarkable study
of the German financial emergency, was lecturer on political
economy in Berlin on the invitation of the Prussian Cultur
Ministerium in 1906, and since 1892 has been head of the
Department of Political Economy in the University of Chicago.
He is acknowledged to be one of the foremost American
economists and the views here expressed are based on wide
information.

In a great financial emergency conditions are immediately registered in
the monetary and credit mechanism. Although the German Government and
the Reichsbank had obviously been preparing for war long before, as soon
as mobilization was ordered there was a currency panic. The private
banks stopped payment in gold. Crowds then besieged the Reichsbank in
order to get its notes converted into gold. Then the Banking act was
suspended, so that the Reichsbank an