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The Pall Mall Gazette of Friday evening published a telegram

from Berlin which, if correct, may be of serious importance. It announces that the Russian Government is endeavouring, with the aid of some Dutch bankers, to place a loan in Holland. Russia, in any emergency, usually appeals to Holland for money, and this loan may be the prelude to inter- vention. The Turks are said to believe that intervention is sure to arrive, and to expect that the Russians, instead of crossing Roumania, will invade Turkish Armenia and move along the southern shore of the Black Sea. Anything like a serious campaign would, however, be preceded by the abdication of the Czar, who has recently assured his officers that he was always

anxious for the honour of Russia, a sign that they think it in peril, but he does not.

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