davidaulloa/AmericanStories huggingface dataset:
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
SECT'Y LEVY
RETURNS MONEY
To CANDIDATES
PER CENT OF THE
ASSESSMENT ON COUNTY CAN
DIpATEs is RENTED TO THEM

Candidates for county offices in the
primary of last summer received
pleasant surprise yesterday when they
received checks amounting to % per
cent of the amount they had paid over
TO the committee last year as their
share of the assessment with which to
conduct the primaries.
Secretary Levy delivered many of
the checks and sent others out through
the mails. All candidates who paid
more than IS will be refunded p PER
cent of their assessment, the total thus
returned amounting to $3.50
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
OREDGE CAUCUS
TOGOON DOCKS
ATNEWORLEANS
AFTER OVERLAPPING SHE WILL
GO ON TO ST. JOE, WHERE SHE
WILL DREDGE CHANNEL TO
LEAVE AT NOON TODAY AND
WILL BE ON DockSARouT TWO
WEEKS.

The United States dredge Caucus
Captain Fernandez, which arrived at
Pensacola yesterday from st. Andrews,
where she has for some time been en-
gagged in dredging work, has taken on
coal and will leave at noon today for
New Orleans, where she will go on
the dry docks for a general overhaul
ing. She will be on the docks for
about two weeks.
When the Caucus is launched from
the drydocks she will go to St. Joe,
where she will remain for about six
months in dredging the channel at that
place.
The dredge work at st. Andrews has
not yet been completed and the eau
Gus will return there when the work
at st. Joe is finished
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
CHANGE MADE
IN ATTRACTION
THE ANIMATED INDIAN" HAS
SUCCEEDED THE MECHANICAL
DOLL" AT CLUTTER MUSIC
HOUSE.

The Animated Indian which is sue
ceeding the Mechanical DolT' of last
week in the display window of the
Clutter Music Co. proves, to be
greater attraction than ever. and the
eager crowds seem to grow larger
night by night, and the question Of
sewing the working OF the animated
dummy is one of the questions that is
4 puzzle TO the great crowds that con-
gregate in front of the display window
each afternoon at $50 O'Clock. on
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13

Continued From First Page.)
naent bill for the city Of Pensacola.
Notwithstanding the fact that he had
pledged himself to work increasingly in
the interests of the proposed charter
when it came up before the senate.
After the bill had been taken from
the calendar on second reading, upon
request Of Senator Finlayson. OF Jeffer-
son county, 22nd district, it was re-
ferred to the judiciary committee.
stokes said that ne had been asked to
agree to this. but that he could not do
SO and would object to 1t. He added,
however, that the bill had heen per-
eonally Objectionable to him at home
and was still objectionable and that
he hoped 1t would be defeated by the
xenate when it came up.
This latter remark 90 the senator
from Pensacola caused considerable
surprise among those who knew that
he had told the supporters of the bill
thaz he would exert every effort to put
the ntll through at the first oppor-
Eunity.
It was well known that Stokes had
opposed the commission government
charter when it was submitted to the
voters In his home city and that he
had taken the stump against it. but
after the charter was adopted and he
lad been defeated in his efforts TO pre-
vent its adoption. he stated positively
ana Internationally that he would sup
port the bin and do his utmost to see
that It was adopted early in the ses-
sion.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13

next Friday evening az s o'clock all
will know exactly how the dummy is
operated, as same will be exposed at
that hour. The above attraction is
operated in conjunction with the great
manufacturers clearance sale of pianos
at the Clutter Music House.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
WOULD INVESTIGATE THE
WEST VIRGINIA STRIKE

washington, April 12-Senator
Kern today introduced a resolution
calling for a federal investigation Of
the coal strike in West Virginia. An
other bill he introduced is to COM
pensate employees Of the United States
who suffer injury or acquire occupa-
tional diseases in the course OF their
work
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13

Continued from First Page)
another amendment by Representative
Broussard proposing to extend the
period Of gra &c before sugar should be-
come free, from three years as pro-
posed by the committee 10 four years.
Representative Hardwick then pre-
cipitafed the real free sugar fight by
bringing up his amendment to make
sugar free at once.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
Merchants Want Fare Re
fund Plan Twice Each Year

CONTINUED from First Page.)
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
Caucus Downs Sugar
Tariff Amendments

CONTINUED from First Page)
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13

Use The Journals Want
Ad. Way"
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-13
Stokes Denies Charge That
He Is Opposing Charter Bill

Continued From First Pags.)
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

St.50 Water Pail at 9SC.
12-qulrt all white. triple coated
seamless body water pail; regular
$l.50 Tomorrow at ........3SC
Three arm Towel Bars at Zoe
Nickel plated or wood three-arm
towel racks Tomorrow at Zoe
Sc Coat Hanger at for 25c.
Heavy wire coat hangers with off
set for coat, regular &c, Tomor-
row Tor ....,.. ,..''...,,......2 Zoe
$3.50 Smoking Sets at soc.
A 2S-inch all brass smoking set,
with holder for ashes and matches
and three cigar rests; regular
$3.50 Ton orrow at .,..... soc
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

Sl5O Ironing Board at 9Sc.
Well-made family size Ironing
board fastened 10 stand; can be
folded up when not In use. Regu-
lar $50. Tomorrow al Csc.
salt Boxes at 10c.
Square shape made OF seasoned
white wood with tight fitting COW
er. Special tomorrow at 1OC,
2JC Dust Cloth at Ice.
Large size chemically thrcshed
dustcs5 dust cloth. Regular 25c;
tomorrow at lBC.
BARRIERS Wisk Broom at 25c.
Large size, n inches long, Barbers'
Wlsk Broom, made Of selected
broom corn; double sewed and wir,
bound neck. Special for tomor.
row at 25C.
81 Electric Iron at S2.0S.
The siX-pound large family size
Universal" Electric Iron, Ruaran-
tced in every way Regular $4. To-
morrow at S2.0S.
25c Crumb Tray and Scrapcr AT zoe
Nicely engraved and nicAcl-plated
Crumb Trays and Scrapers. Good
25c values, Tomorrow the set at
1Oc
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
Mrs. Iilah ID. Lindsay of Tulsa Was
Reelected a. State VICE
President

A' "a i'.--'''.' .' '"' '''
~ the past year were Ie-'Iell'u'
among those who We're CHOSEN TO con- con-
+ tnle IN their DIS. haIse oI duly De!hs
dTs. Apole hIlrI .t" OF 2dP u'pa'
president, MIS-. L|.ah d. LINDSAY
Tulsa. Nice-pr"- .d'Hi MIS- cora j.
HaWmrtt Oklahoma lliy' recording
secretary, Mrs. Kate McNethE cum
r.e. treasurer.
a feature u inc program "hlch
was of especial interest was the au-
dress on the relation gt temperance
20 missions. illustrated WIN plaC
cards hy Mrs. b. j.. IIckldtF OF
Oklahoma city
Next month Mrs HulrrInan VIII
60 10 Brooklyn N'W , "Ik WHeIe
she w.ll represent the W. Z. j. u. oI
Oklahoma at the word conventions
-o-O~-OoO~-o-~.~~~~
Mackenzie and pro. Nrtd the HBhN
which he handed i' Guy
Paul Sanger, pharmacist SAID ne
he'd known Joe Baker for three years.
On Monday morning May g, 1872, Joe
was In he drug store al FIRST ana
Boston. Tulsa, reading % paper Which
gave an account OF the Reuter- KILL
Ing.
"If had $500 7 would bet II that
Guy Mackenzie did not murder Char-
hg Reuter- Joe said, according 10
Sangers story on the witness stand,
"for ] was at the rain saturday and
saw Guy leave flr SkIatoNk.'
That same afternoon witness tesu-
fled. Baker came into the place ana
paid 81 drug bill that ho had owed
for three months He rendered tho
drug-ls. $40 n paper money Joe
also told the druggist that be had
been I'm Sapu'pa The night Of the kill
ing having left about II o'clock i'm
car with Bud Ea.I.w and did not re-
-urn until the u,2t morning
Frank Phillips farmer living near
-kiauot. trs flied that on sunday
Nav b. late In the evening, Bellew
drove mo To- his place iu an autOmo-
NH. arf That the cor was not work
frr good d.. said Eallpw had been
frtrFfrg and DO lpt him stay al HIS
house tho rest ~ the u.sht Rellev
.t.ri him na had started for siatook
r.f.r.z morning Hellew fixed The car
.ra turned around and returned to
-..ra.
tf.r. p.rr-rr.~. Crock Indian
..rr and .#-..r-Ir-fsu of EcTIaw sW0rr
f..r..r .... sunday iu April 1912. she
e.,- r...r Fr.y.rg Gur Nack.uzi.'s
near a.... |.''4
r... #r .r. r.r..r..r - Rr,Ean Ar
rr rrr H.r.w and ~raHa Nac-
r.rs.. v..-. In th. front seat while
C.. and soma woman she dll not
l.,..-. g..r.. seated ir he rear
crrr.ef William NfrCulluugh Of
T.r.a county took the stand and re-
r.,as "a ,fzr he mad. 10 the Reuter-
home .tF. Sunday afternoon after the
murder lie found Mrs. Reuter- and
pare4a-a there.
raet,s5 Mrs Reuter- 20 talk TO me"
said ne sheriff "but she repled that
III. wac busy getting the children
r..dv ss .be wanted to catch a train
for Peoria nj Rarusdale then told
ts- mar vas the sheriff and she
Isd be.ter ter me what she knew
che thap safd. well several pcople
-.o a.. man run out Of the house
It.,s ygro and they'll never get him"
ca. s9id no vas large man. about
,b,. s,za ~ Rsmsdale whom she point
ed to AS man ~ the same build"
-, ,-tss D., ,tft,l ~, ,,,,, fiogb
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
DETECTIVES FOIL
PLOT OF GUhNEN


..... -r.. ..ut. and some
.-.r. M .r.un uu the
r... -. tt. spot .asrr Ea.,w
... ..ar burned The latter IS
.... ... .r.-r- 20 -.. murder TIL,
....... ....s.. .. articles he
~
..... rr....rs . farmer boy said
.r ~ that sm.,-.d
.-.-... 20 ..... ...t IN t.. road that
..... .. ....r Travelled tr, NIGHT
..-. ....
...-. r..-..-.--t. ...,8 "a who
t.-.. ,...- 'rrf-. -.tl fr
..... ...s. To-. ,t.. s.,.... ..r..- ,yhu.
...g.
.... ...... ..-..,. ,r.. .r.s a. tho larry
. ....-g-. ..r.a Attorney
....... 10. ..,..a.....,r,r.-., ,re VII
.-r
..s .4.. r..-g9~
.. r.. ,.,.. }..
-.... .-a ta ,rsg..r.5 .
,,, I,rL I,t.r
,,o, him.
,l .-......,- ~
N....
-..- -
40
..,...,.-.t f..,gi,. .ss
-..a ..-", a- ..,'...-g.' .ls.. '9s
....5
~
-' I..' p. ~
n'p ~
'' .'- -''.i .7.'..'
'... 1-'..i '.t ."|' 1.a' va
H.. 7." was a. ,.- ''t. h''. @'' H'''.
"I"H S.,.ld aS"'u h'I ''
pony h.I ID 'h" E'"iri nome
'I she a.d mere sAr mot -IIS
Dew,
A.- l.....I I..l IN'. i''t 'u 'N,
...t. .'. vas D" "
'." .a. ana la' sun brt. a'"I
..N '..H. -h '"r bars 'he SaII
nag r.E'l H'i a"F'I To see u
could a.' have t.d removed l'
H.tr lh IAr ltH We t.h.o
'." "la lH me g'Hfs. Oh
.i"..n H'H'..hed to-" ii.i
...' '.. attorneys l'f IHe o'I'l 7
..' "f. '.H ". stating mat II I..|
.." money FL. uF" o'i..N." WITH
A along Mu.h I'Dh' I.
'. N.'.r said .a answer to this
' fa. .."E.rs He.t,d amy money
... taf u.Ii.H. tH'} should lHN'
r. t. N.r. r.. st.4 .." would t'-
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
Galyanilcd Wash Tubs at l7c.

The large size No. 2 heavy Galyan-
izcd wash Tub. Special for tomor-
row at 17C.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

Match Boxes at sc.
VIII hold an ordinary box of
matches; they are priced at sc
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

Fruit Cans at 19c the Dozen.
Onc-quart tin Fruit Cans. Rcgu-
lar 43ci tomorrow the dozen at 19c.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
GaIvanizcd Foot Tubs at CSC.

SiXteen-inch galvanized Foot Tub.
heavy wire top and stationary ham
dies. Tomorrow at 25C.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
nd NodN Don. nt SI.25

17-inch doll; best quality kid body;
legs fully jointed, sleeping eyes;
eyelashes and hand sewed wig.
Priced at ................S1.25
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
NnlL HnAr- nt 1Nr.

white wood with tight fitting COW
eT. Special tomorrow ut lOC.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
Quld Prfo Quo!

q Mister Mormon Pruiett
We've watched YOU as you do II:
Watched YOU closely as you stack
Away tobacco by the sack:
Seems 90 easy TO YOU, too
Double handful FOR a chew;
Gives YOU 90 much pleasure.
Commensurate with measure.
That we very often rue
That We cannot do II too.
o Mister Norman" Pruiett
Please tell us how you chew H.
Mrs. Reuter- read the "clever" verse
and laughed along with the others
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
St25 Rubber Mats at 69c.

Scyentecn-inch round corrugated
Rubber mats; useful for many diff
ferent purposes. Regular SIPS:
tomorrow at 89C.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28
csc Towel Rod ut Zoe.

Eighteon-inch Towel Rod, nickel
plated and antitrust. Regular 25c.
tomorrow at 10C.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

NHT7 "IIVI ~ - NJ w
Medium weight white cups and
saucers in the straight shape; reg
ular 10c; to be closed out at the
cup and saucer for .......... sc
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

Strong frame; metal rubbing sur
face; small size Wash Board;
handy for fancy work, laces, etc,
Priced at 15C.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

Large size chemically threshed
dustless dust cloth. Regular 25c,
tomorrow at l6C.
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-09-28

soc Nickel Plated Coffee Pots csc.
The two-quart size Coffee Pot,
nickel plated body and wood or
metal knob. Regular soc; tomor-
rom at 25C.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26
Force of Ait.

AN attache at the statehouse has a
nose which slightly turns to the left,
and when asked why, replies it turns
that way from force of habit.
Habit" some one asked one day,
"how can nose have a habit?"
The nose didn't" was the reply,
but did. When was a boy my nose
naturally turned to the right. 1t en-
barrassed me aid was guyed about 1t
so much that decided l would pull 1t
straight. So l began to draw my left
hand across it In the hope | could
straighten it. The motion became a
habit. / did 1t when In school. in
church, and my mother said | did 1t
when asleep. Before l could stop the
habit I had the END of my nose pulled
over 10 the other side, and decided to
let it stay that way. -Indianapoiis
f,ews.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26
CHAPTER u.
HambIeton Of lynn.


The Hambletons of Lynn had not
distinguished themselves. in late gen.
erations at least. by remarkable deeds.
though their department was such
as to imply that they could If they
would. They frankly regarded them
selves as the elect of earth, IL not
of Heaven. always. however, with a
becoming modesty Since 1886 the
family had pieced out it's existence in
the New World. tenaciously clinging
to many of its old-country habits. It
had kept the 3D. in the family name.
for instance: it had kept the name
itself out of trade, and 1t had In
dulged it's love OF country life ct the
expense of more than one Hambleton
fortune
A daughter-in law was once reported
as saying that it would have been
a good thing If some Hambleton had
embarked in trade, since in that case
they might have been saved from de-
voting themselves exclusively to an
illustration of polite poverty. She
was never forgiven, and died without
being reconciled to the family. AS
to the spelling of the name. the fam
fly claimed ancestral authority as far
back as King Fergus the First Mrs.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26

Compound and I purchased q bottla
Before it was gone the bloating left NJ.
and was not so sore. continued tai
ing it until had taken twelve bOttIe,
Now / am stronger than have been n,
years and can do all my work, even ths
washing. Your medicine is worth it,
weight in gold. / cannot praise !.
enough. If more women would tsks
your medicine there would be more
healthy women. You may use this LEI.
ter for the good of others. Mrs n
HI. BROWN, 300 N. Walnut ST., lola Kan
Change of Life is one of the most
critical periods of a woman's existence
Women everywhere should remember
that there is no other remedy known to
so successfully carry women through
this trying period as Lydia E. Pinkham's
Vegetable Compound.
III you want special advice write to
Lydia e. Pinkham Medicine Co. (cOna.
dentiaD Lynn, Mass. Your letter will
be opened, read and answered BY q
woman and held In strict confidence.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26
AS TO FAVOUR.
Found Her FavaTite Again.

A bright young lady tells how she
came to be acutely sensitive as TO the
taste of coffee:
my health had been very poor lot
several years." she says. 1 loVeu
coffee and drank it for breakfast ou'
only learned by accident, as II "e'e
chat it was the cause Of the constant
dreadful headaches from which sur
fered every day, and of the nervous
ness that drove sleep from my pllioT
and so deranged my stomach ing
everything / ate gave me acute pam
(Tea is just as injurious, because y
contains caffeine, the same drug lOun'
liz coffee.)
MY condition finally got so seflOu0
that was advised by my doctor 10 ~
TO a hospital There they gave lnT
what supposed was coffee anu
thought it was the best / ever orahA'
but / have since learned 1t wa
Postum. l gained rapidly ana caiH'
home in four weeks. =,
Somehow the coffee we useu
home didn't taste right when 81.
hack. tried various kinds, but noua
tasted as good as that / drank II NV
hospital. and all brought BACK ~ ~
dreadful headaches and the 'sicksT
over feeling. .rm
zone day got a package OF Possu'Ii
and the first taste of it looA' N
said that's the good coffee we n@ srar
the hospital / have drank II ~
since and eat Grape-Nuts for ~
breakfast. Ihave no more headaen.'@
and feel better than 1 have for yea, ~.
Name given upon request. Reaq rar.
famous little book, "The Road u
Vile" in pkgs. "There's a reas .sn,oo
Postum now comeS in conce n~.+nr.
powder form, called instant Pos' .sa.
It is prepared by stirring ief9 adins
spoonful in a cup of hot water, an TO
sugar to taste, and enocsh cI0"
bring the color to golden brown. u,ont:
Instant Postum is convent j.
there's no waste; and the favour Is
WAYS Uniform. Sold by groce[ fin
to 5O-cent tin 80 cts, 80 to 1OO-cup
so cts. orocers
name and 2-cent stamp for pp crssL
Postum Cereal Co.. Ltd. Ba''i0
J Mich ADV
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26

lore ltook your medl
icine | could MOI
bear the weight \
my clothes and wa,
6loated very badIy]
ldoctored withthres
doctors but they al
me no good. Thsgl
said nature musI
have its way. Nv
sister advised me n
take Lydia E. Pink
hams Varo+oLi
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26
impossible.

Some people are In the prime Of
life at so, but you can't make q WON
an Of 60 believe It.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26
HOW MRS. brown
SUFFERED
During Change of Life-Ho,
Lydia E. Pinkham's Vese.
table Compound Made
Her a Well Woman.

lola, Kansas. =" During the Cham,
Of Life / was sick for two wears 5
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26

It never makes a sin any whitef
to call it a mistake.
Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1913-02-26
Why He Is Known.

The class in ancient history was re
citing. Now, Harry, can you tell me
who NebuchadneZzar WASP" asked the
teacher. "Nebuchadnezzar," answered
the boy, right off the bat, was the
greatest of the Babylonian kings, and
for his connection With the Hebrew
he got write-up in the Bible"
Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-04-22
Get Rid Of That
Tired feeIirQ

That drowsv, tired, WORKOUT feel
ing which most of us have at the ap-
rroach Of warm weather comes from
the poisoned impurities in the blood
which generally lead to sickness or
poor health. At the first signs of
spring a good, blood-purifying tonic
should be taken by every member of
the family.
THE expense of making such a ton
ic will be small if one gets from the
drug store 1-2 pint alcohol and I
ounce kardene, then mix these with
IL cupful sugar, adding hot water. to
make a quart. A tablespoonful taken
before meals will soon clear the
blood of all impurities, Danish pimples
and salloWness and restore lost ap-
petite and energy. No known remedy
is so strengthening and energizing to
a tired, WORKOUT system as this old
fashioned body-regulator. 1t is one
of the best health-restorers known TO
medical SYSTEMATICALLY
Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-04-22

NEW YORK, April 21.-The con
trolling influence in the stock market
is the money situation. BY this IS
meant not SO much the lack OF or
binary loaning facilities, as serious
inroads upon the available supply of
capital. There Is plenty of what Is
technically known as money in the
country, but the demands for both
credit and capital have been extra
ordinary for several years. This is
"a worldwide phenomenon. lnterna-
tional trade has been running up>1'
an unprecedented scale. Industrial
development has progressed marvel
ously in all parts Of the world, and
the strain upon capital thus induced
was seriously aggravated by the loss.
es and hoardings of the Balkan war.
We have been turning capital, which.
comes from savings only, from fluid
into fixed forms with excessive rap
ia.ty; the result being temporary
scarcity and high rates. In the Unit
ed States the situation has been ag-
%gravated by home conditions. Trade
was very active, and there followed
a considerable expansion of credit.
The home requirements for capital
have been enormous. They have been
held in restraint somewhat by re-
cent high interest rates; the usual
warning against excess. 1t is we'll
known that many important issues
are still pending for industrial, rail-
road and municipal or state purposes.
These high rates forced a re-adjust-
ment of market values to new condi-
tons, and the low rates at which
some of the issues, notably St.
Paul and Baltimore & Ohio, have
been placed focused public atten-
ton upon the difficulties of the stu
alton.
How far this re-adjusting process
will CO., it is somewhat premature 70
say, but unless money becomes
cheaper it is possible that bonds may
sell at still lower prices. At the
moment it looks as if some relief
would come later or from Europe.
The monetary situation there has
eased considerably since the close Of
the Balkan war. The reduction of
the Bank Of England rate was an en-
couraging event, and pointed the way
toward easier conditions. 1t is prob.
able also that some relief will come
from the release of European hoard.
ings which accompanied the var In
fact any serious strain here should
invite relief from Europe in, a doa-
Bile form-first, in preventing excess
siye interest rates on this side, and.
second, in developing a better de-
mand abroad for American securities,
iGilt-edged bonds and stocks are now
selling at tempting rates to the con
servative investor. There is no
doubt that a very considerable per
centage of such is now being quietly
absorbed. Europe las the advantage
over us in taking a long distance
view of our affairs, and is showing
particular confidence in our future
Tariff revision downward has not
shaken foreign confidence in the
United States, but rather strengthen
ed it. Opinion seems somewhat d.
vided as to the duration of present
high rates. There will be no difficulty
in meeting legitimate trade require
ments during the next few months
and comparatively easy rates may be