LAND & WATER 
Vol. LXXI. No. 2942. U^^] THURSDAY, SEPTEMBER 26, 1 91 8 [rTE^v^fp^M ?KfcT?^?8^r55Jfl 
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Copyright, 1918, U.S.A. 
CopyriglU, " Land & Water.' 
THE FAILURE OF THE PEACE OFFENSIVE 
The Kaiser : "They didn't take long to say NO." 
