ITALY'S NEW STAND.

In spite of the vigor of the German attack, the complete success over the Italians which at first seemed assured has not materialized. Cadorna, by a skillful retreat has extricated his Third Army from its almost hopeless situation beyond the Isonzo, has reestablished his front and has taken up a strong defensive position behind the Tagliamento River. Viewed from a purely strategic point, completely discounting the political element, Italy now occupies a better position than before the attack, surer in defence, and offering more favorable opportunities in some future offensive to make full use of her superiority in men. Henceforth the Allies will make sure that Italy is supplied with the requisite iron and coal, materials without which she cannot fight, for the immeasurable consequences of complete German success in Lombardy or even the coast provinces have been only too clearly realized.

The great battle of the Tagliamento is now in full progress, testing whether the Italians can offer effective opposition to the enemy on nearly equal terms. If the Teutons are stopped at this point the net result of the past two weeks will not be too unfavorable, for although the Germans will be encouraged, yet the Italians for their honor and prestige will be stimulated to yet greater efforts. They are now occupying stronger strategic positions, and can count firmly upon all necessary aid from their Allies.