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.