davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1918-08-10
Many Candidates Wait Till Last Minute to
 File Expense Accounts

Montgomery, August g. U (Specia,.A Many candidates fof federal and state offices waited until the last minute to file their prediction expense ac- counts with the secretary of state. Thursdays mail brought in more than dozen accounts, many of which were sworn to on August 5, but were held over for some reason until the last day for filing. The four candidates for secretary of state filed accounts Thurs day. William P. Cobb is shown to have lead the list of the four candidates, he having spent $1O5s.81. For gas, oil and repairs to his automobile Mr. Cobb spent $S6O, this being the largest sin gle item of expense.
 low:
 Henry c. West. secretary of state, s3S9; Henry D. Jones, for solicitor Elev- $SSs; Henry P. Jones, for solitor Flew enth circuit. s5; w. P. Fonville, secre- tary of state. s5sl.s1; John Moffatt S74l.b1, $110 of which was contributed by two friends; J. F Thompson, solici- tor Fourth circuit, $25.21: William R. Brassell. solicitor of Fifteenth circuit, amended account, $38.50; George w. Ellis, state treasurer. $1292.10: M. C. AIlgood, commissioner of agriculture and industries, $7sS.05: F. Lolyd Tate. attorney general. $25792: John R. sample, solicitor Eighth circuit, $s66.01.
 K. Percy Roach. Congress from the First district. $1052.10: John.L. Burnett. Congress from Seventh district. $10s2- 44;s Ben G. Perry, deputy solicitor of Jenerson county. Bessemer division. $l5; Joseph R. Tate. solicitor of Tenth circuit, $5os.SO. $467 of which was do- mated; Clark Williams. solicitor of Tenth district. $962.35; J. A. Wilkinson. commissioner of agriculture and indus tries
The Birmingham age-herald., 1918-08-10

Merchants Had a Big Days Trade
 With Displays Good on All Stands
By BRIGGS
Ny JOHN c. MOSES

C. MOSES Eat Yearlings-7GSc. Medium Yearlings-697c. Nealers-9Ql0c. Hogs: Choice to Corn Fed Hoss, 165 and up-- 17Q1Sc. Choice Corn Fed Hogs, 15 to l65-- 16a-17c Choice Corn Fed Hogs, 90 to 135-140J16c. Light Pigs, 90 pounds down--l2dDl3c. Best Heavy Rough Hogs-16Ql Half Fat Rough Hogs-14c. Soft and Oily Hogs from lc to 2c per pound less than above prices.
 Hides and TaIlow Green Salt Hides--15Q16c. Half Cured Hides-14Q15c. Green Hides-19a13c. Dry F1in. Hides-26Q27c. Dry Salt Hides-24QJ25c. Damaged Hides half price. Sheep Skins Wool-$1. 25Ql.5O, Lamb Skins-75c1$1.O0 Horse Hides--s1. 00@500. Ginseng. Wild-s700 00QS.00 Colt Skins-25Q50c. :. Shearling Skins-25Q76c. Goat Skins-75@S5c. Hog Skins--25a50c. Beecwax-33G35c. Tallow-12114c < Washed Wool-75GS0c. Clear Unwashed Wool-55I6oc. Bury Grease Wool-35Q37c
 Cotton Good middling ................ 2S Strict middling ................ 27A MlddllnB ......................... 27 7t2 Strict low middling ..s.......... 27
 Pig Iron
 (Under Government Basis) CoKe Iron NO. .....-s..........,......S33 GO
The Birmingham age-herald., 1918-08-10
CORN GOES DOWN AS WEATHER IMPROVES Oats and Provisions Follow Corn, and Both Close
 Very Weak

Chicago, August 9-Corn eased down in price today, owing largely to i'm provement in the weather an6 to the gratifying character of the war news. The close was unsettled, Is to 1Kc net lower with September s1. 61 5s. to sI614 and October $1.6 .6S1s to s1.6SS. Oats finished lsc to 1s down and provisions off 1Ic to soc.
 The smallness of receipts led to a lit- tie demand at one time. but was more than offset later by bulletins telling of the great success of the latest drive against the Germans. Partial recov- cries that took place after midday had no better basis apparent than an ef- fort by shorts to secure profits
 Oats ranged lower with corn. Liberal arrivals of oats added to the selling pressure.
 Weakness of provisions was attribu- ted in some degree to the federal trade commissions report advising control of packing industries. Talk was current also that cool weather and the high prices at the yards would cause the hog movement to increase.
The Birmingham age-herald., 1918-08-10
Britain to Resume
 Former Sugar Policy

London. August s-Great Britain has given six months motive to the sigma tories Of the Brussels sugar convention that she intends to resume complete lib- erty faction in respect to her policy re- garding sugar.
 Great Britain when she wlthdrew from the Brussels convention agreed not to give preference In the markets Of the United Kingdom to suear from the Brit ish colonies without giving six months. notiee ef her intention.
The Birmingham age-herald., 1918-08-10

q As . whole, yesterdays trading was very good, especially among the retailers. Displays are good for midsummer. w. M. Cosby Flour and Grain company make changes in corn, oats and pea green alfalfa. Local cotton holds firm with small shipments. Quotations were as follows:
 Poultry Fryers-l to 11a pounds. 35Q3Sc h.; lbs.. 35Q3sc lb. Guienas-50c each. Roosters-16c lb. Turkeys-Live. 271sQSoc lb. Ducks--20c lb. Hens-26@27c. Eggs--Wnolesale, 4oD42c. Tggs-Retail. 4504Sc.
 Irish nerch-10c. Salt Water Trout-15c. Red Snapper-Headless and drawn, 81 i9c- Gray snapper-Headless and drawn. f1hc. Mullet-- -9@1oc. Virginia Red Fin crokers--1oc
 Meal and Feedstuff Hen Feed-s4 per 100-lb. sack. Mixed Horse and Cattle Feed-$59169. c. $. Meal, per cent-$55. Peanut Meal-S5S. Kiddo Feed Meal-$42. Old Style Hulls-$S0. Lintless Hulls-$20. Corn. 10. Corn Chops-N Wheat Shorts-$3S. Ne. White Oats-$1 per bu. Choice Pea Green Alfalfa-$35 per ton. Southern Aifalfa-x2. No. Timothy-p4. Clover and Timothy-$30. Shucks-S12
 Fruits and Produce Sweet Potatoes--s3 hamper. Oranges-Califoruia, s. Limes---Imported $l.50Q1.75 Snap Beans-s s1. 50Q$2 Lemons-$8.50
 Live Stock
 (Union Stock Yards) Feed Steers: Good to Choice--1l0l1c Medium to Good--S@9c. Common to Medium--7GSc Grass cattle, according to weight, quail ity and flesh: Steers-Sdt10c Fat Cows-8@9c. Medium Cows-7QSc. Cutters-v6@6 Canners--5@6c. Heavy Bulls-71xG811c. Light Bulls-6G7hc. Oxen--70Sc.
The Birmingham age-herald., 1918-08-10
Dry Goods Market

prices named by the government were circulated today in the trade, but busi- ness at the new levels started slowly. Yarns ruled quiet. Silks at higher prices did not appeal to the trade. Allotments of wools for civilian purposes will be very small this year.
The Birmingham age-herald., 1918-08-10
Middleton Appointed

Clanton, August 9.-lSpecial) )-Hon J. Osmond Middleton has been appointed district chairman for the next Y M C.
 A. war fund drive. This district Is com posed of the counties of Chiffon and Shell by. The selection of Mir Middleton as district chairman Is very happy one. as he is 100 per cent American and one of the most patriotic men in the country.
The Birmingham age-herald., 1918-08-10
Weekly Liverpool Cotton

Liverpool, August 9.-Weekly cotton statistics: Total forwarded omills, 4i,0oD stock, 237000 American, 109 000O; imports. 50,000 American, 49,OO0; exports none.
The Birmingham age-herald., 1918-08-10
Liverpool Cotton

Liverpool. August S.-Cc.ton, spot quiet; prices easy. Good middling, 22.09d; mia \ ding. 2o94d: good ordinary, 19.94d ord.- nary, 19.41d. Sales, 1000. including SOU American; receipts 1900. all American. Futures closed feverish; August, 22 l6d. September, 21 sod: October. 21. .65d; Novem Der. 2l44d; December, 21.32d
The Birmingham age-herald., 1918-08-10
Hubbard Bros & Co.

Cotton Merchants. Hanover Square. N. Y. Members New York Cotton Ex. change. New Orleans Cotton Exchange. New York Produce Exchange. Associated Members Liverpool Cotton Association. sale of Cotton and Cotton Seed Oil for future delivery. Special attention and liberal terms given for consignments of ence invited.
The Birmingham age-herald., 1918-08-10

Mobile: Middling, assoc; receipts, ,; stock, l0214.
 Savannah: Middling, 2975c; receipts. 227s; exports, 15,n7; sales, IS; stock. 154,- coz
 Charleston: Middling, 29e; receipts, 1S; stock, 31.1l6.
 Wilmington: Stock, 39, 409
 Texas City: Exports, 227S; stock. 17,0lo. Norfolk: Middling, 3oSoc; receipts, 7s; sales, PTS; stock 63, 761.
 Baltimore: Stock, 16,00o.
 Boston: MiddIing. sl.15c; stock. 17,9h. Philadelphia Middling. 323oc; stock, 6621.
 New York: Middling. s2.o5c stock, 115, PAS.
 Minor ports: Receipts, 9l; stock, 20, 409. Total today: Receipts, 49SS; exports, IT, 995; stock, SSi,S47.
 Total for week: Receipts, 3355s; ex- ports. S4,30o
 Total for season: Receipts, 41.5oi; ex- ports, S,300.
The Birmingham age-herald., 1918-08-10
Cotton Seed Oil

New York; August 9.-Cotton seed oil, inactive; prime crude, 1750c; prime sum
 mer yellow, nominal.
The Birmingham age-herald., 1918-08-10
s. .R.Stewart&Co

i01-2 Woodward Bidg.s Birmingham. Ala. Cotton, stocks, bonds. grain, provisions and cotton seed oil New Orleans cor respondents Jno. F. Clark & Co Direct private wire. continuous quotations
 Phone Main 5U7 W. I. PnELTS, Mgr.
The Birmingham age-herald., 1918-08-10
Interior Movement

Houston: Midding, 29.25c; receipts, 21e9; shipments, 275f; sales. 2l42; stock. S7,364.
 Memphis: Middling. BOG; receipts, 29 shipments, 1876; sales, 1900; stock. 269.sS7
 Augusta: Mddling, BOG; receipts. &; shipments 60. sales 346; stock, 42,406 St Louis: Middling, 3o.50c; receipts, A; shipments, fl: stock, 12,535. Cincinnati: Receipts, 16S; shipments, 254: stock, 14435. Little Rock: Receipts. 444; shipments, 2o73; sales 2c73; stock. S2, ,7S2 Total today: Receipts, 2SS9; shipments. 5555; stock, 459, ,379
The Birmingham age-herald., 1918-08-10
Railroad Schedule

Corrected to May IF. 1918 |. ATT Arrival ano asporture9 9,. of passenger schedule figures published as informass tion. are not guaranteed. BIRMINGHAM TERMINAL STATTOw
 Southern Railway System
 (S0uthern Railway Col
The Birmingham age-herald., 1918-08-10
Chicago Futures
Produce Market

New York, August s.-Butter, firm; re- ceipts, 11,s10 tubs; creamery. higher than extras, 45A@4e1sc; extras, 92 score 451kc; firsts, 4slsa45Ac.
 Eggs. irregular; receipts, .3,320 cases; fresh gathered extras, 470r4Sc; fresh gath cred, regular packed extra firsts, 44a46c; do firsts. 39Q43c. ssss
 Cheese. firm; receipts. 34sS boxes; state whole milk flats, fresh specials, 25gM 26c; do average run, 25@251hc
 Poultry, alive, steady: chickens, broil- ers 31GS3c; fowls, 33c old roosters, 2oc; turkeys. 70soc; dressed. steady and un- changed.
 Chicago, August S.-Butter, unsettled; :; creamery. sS1xG44Ac.
 Eggs, unsettled; receipts, 9275 cases; firsts, TG3Sc; ordinary firsts, 35D361sc :: at mark, cases included. 36@371sc
 Potatoes, unsettled; receipts, 8 cars; Virginia, $475@4G; Minnesota early Ohios. bulk, F. 15@2.25 do sacked, s2 2s59 240; Illinois early Ohios, g 210@2. 15.
 Poultry, alive, unchanged K St. Louis. August s.-Poultry, higher: hens, 26c; spring, 275hc
 Butter. unchanged.
 Eggs, 35c.
The Birmingham age-herald., 1918-08-10

All printers among the Russian pris- oners in Germany are being kept busy on propaganda books in Russian, to popularixe the Kaiser and everything German.
The Birmingham age-herald., 1918-08-10
Rice Market

New Orleans. August 9.-Rough rice re- ceipts. 4Sl sacks; millers. 4S1. Sales: Hon. duras, 1041 sacks. Quote: Honduras. 7Q7.5Qc; others nominal Clean rice re. ceipts, none. No sales. no quotations.
The Birmingham age-herald., 1918-08-10
Port CnffonlL

New orleans: Middling. 2S.75c: receirts. 976: sales. 476: stock. 26S, 158
 Galveston: Middling. 29.25c; receipts. l54l: sales. 100: stock, R1,s65.
The Birmingham age-herald., 1918-08-10
w. E. Campbell

Cotton Stocks. grain. provisions and cotton seed oil. Correspondents Shepard S Gluck New Orleans; p. w. Wagner 6 Co. New York and Chicago. COntinu- oLs quotations; private wires to all exchanges.
 810 and 617 woodward Bldg,
 Telephone Main Gt41
The Birmingham age-herald., 1918-08-10
Bonds
Money Market

NNew York, August 9.--Mercantile pa- nAr. four and six months 6 per cent; sterling 60-day bills, ..731A commercial dd-d day bills on banks. 472A commer- dial 60-day bills 4.72H; demand, 4.76; d&bles, ATT; bar silver, 99sc Time ll1ans, strong; sixty days. 90 days and NlK months, per cent bid. Call money. istrong; high, low and ruling rate, 6 Tkr cent; closed 55s per cent: last loan 6s.per cent.
 aIondon, August e.-Ear silver, 4S 13-16d per ounce; money, per cent; discount rates, short bills, 317-32 per cent three months bills, 17-32 per cCnt.
 NJ Live Stock
 Chicago, August 9.--Hogs: Receipts M O00: market generally steady; one s8ee at $2005, but others $19159I9.SO; akle at $20.05, but others $l9. 15@l9. 30; Hugh. $17.75 @1S.10; bulk of sales. $fS. 019.S5; pigs. choce, s1S@IS.50 Scattle: Receipts. 40c0: market. gem
 ally steady; beef cattle. choice. SIT
 S0; cohmon and medium. s10@17: tcher stock. cows and heifers, S7N 25; cannefs and cutters, SCOT; stock q and feeders. choice, s1011s: infer pr. common and medium, S7.50@10; Xai calves, choice, s16s5O@17. .25.
 EShecp: Receipts 10000: market, firm tN 10c higher: lambs choice, s17.S5D. 35; medium and good. s15.75W17e5; ql Ills. $12@14: ewes. choice. SIS 25@ 90. medium and good. :11.c5@
 35; culls. s4.5o@9.5o.
 St. Louis, August s-Hogs: Re- pts. coco; raket. 1sc hiwher; lights.
 .50@17.5o; pigs. 1S.25@1925: mixed Md butchers. $19.35@lS.75: good heavy.
 e.55 @a9.75; bulk. s13.45@19.1C.
 Rattle: Receipts: $500; market. badly; native beef steers. S1150D1s.25: arling steers and heifers, $9.5O@ $H 50: cows. $7.50G1o.5O; stockers and f2elers, $S 50@12; fair to prime south beef steers. sio@17.70: beef cows 2 d heifers s7,5o@l5: native calves, & 75 o 14
 ZSheep;, Receipts. 200; market steady: nbs. &4017; ewes, $l1@12; canners and e bppers, $ede.
 kansas c1ty. August g. s-Hogs: Receipts.
 D; strong 70 1oc higher; bulk. N25Q@ M sA '
The Birmingham age-herald., 1918-08-10

By JOHN With an amicable adjustment in sight over the dispute between the railroads and federal authorities, together with good war news, the stock list stiffened The impulse was even felt in the bond list. United States Steel went to lllss, closing at 111h Business dwindled in the early afternoon, but price levels were fully maintained with numerous addi- tions. Baldwin Locomotive was in. de mand at an advance of ? points and Great Northern Ore, Atlantic, Gun. Pittsburg and West Virginia and Wilson Packing were l to 15s points higher.
 Marines made their highest quotations in the final hour. but fractional recess sions were the rule elsewhere. The CLOS ing was strong. Final prices on Liberty Bonds were: 31ks, 100; first convertible 4s' e424: second As, 93,T6; first convertible 4As, s4se; Asecond convertible 4As, sS.14' third 4As, 95.20
The Birmingham age-herald., 1918-08-10
New Orleans Futures
Srnf Cattnn

New Orleans. August 9.-Spot cotton heavy and unchanged. Sales on the spo., 476 bales: to arrive, none. Low middling, 25c; middling. 2S.75c good middling, 30 75c; receipts, 976; stock, 268,l5S.
 New York. August s.-Cotton, spot steady; rniddling. 32.05c.
The Birmingham age-herald., 1918-08-10
Cash Grain

Chicago, August 9.--Corn, No. yellow. nominal; No. 3 yellow, $1.76@1. 80; No. 4 yellow, $1.75.
 Oats No. 3 white. 9s@ssNc; standard, 
 Rye, No. 2, 5sc; barley. 90@1. .O2; timothy, $6. 00G9.00; clover, nominal.
 Pork, nominal; lard. s26.45; ribs, $2s7 @24.50.
 The close was unsettled with, Septem- Der, s1.61N@1. .6lA, and October, $1.6s1s0 I637s.
 St. Louis. August 9.-Cor1s. No. 2, $1.65; No white, N.s5; September. x.62M.
 Oats, No. ?, 61sc; No. white, ss,kc September, 7DAc.
The Birmingham age-herald., 1918-08-10

1850; heavy, s1s.4o01s.75; light, sis.Se@ 19 40 pigs, s16.00@17Oo O.
 Cattle: Receipts, 2ooo, including oc southerns: strong to 1oc higher prime fed steers. $17. .25@lS. 50; dressed beef steers, SIP 5o017 %; southern steers. Si.5Nd15.0o; cows. S. .ooQI11.50. heifers, N.50QB.5O; stockers, $7.5001650; calves, s6.5oQ11.oo.
 Sheep: Receipts. 15O0; strong; lambs, Si5 O0l17. 50: yearlings, $11.0od11.15; weth- CTS, $1oo0G14.50; ewes, $S.O@13.00; stock CTS, s6.oe@17.0o.
 Sugar Market
 Nsw York, August 9.-The market for raw sugar is unchanged at 4.9S5c for Ct.bas, cost and freight, equal to 60oSc Tor centrifugal. No announcement has been made in regard to the price for the new crop as yet but it was understood that conferences are being held between the United States food administration and the Cuban mission and that an early decision is expected The committee re- ported purchases of 29,0O0 bags of Cubas, 5000 Venezuelas. 500 San Domingoes, ana S1, 200 bags of Porto Ricos afloat and for August shipment
 Tn refine dt1..re has been moderate business going on, but considering the hot weather, the demand has not been up to expectations. Prices are unchanged at 7.5oc for fine granulated.
 Coffee Market
 New York, August e--There was considera ble switching from near to late months in the market for coftee futures today, but otherwise business was quiet and the trade seemed to be chiefly in the way of evening up com lnitments. The opening was points lower to point higher, and the mar ket closed net unchanged to points lower with September selling between 8. 35c to S.37c and May 9.07c and 9.0Sc; September, S.35c; October, 8.45c; De- cember, S.65c; January. S.73c; March, 8 .S9c; May, 9.05c; July, 9.19c. Naval Stores Savannah, August 9.-Turpentine, firm; 54c: sales, 21S: receipts, 174; shipments, 394 stock, 27, 490.
 Rosin, firm; sales. 121o; receipts, s92: shipments, 1245: stock, 1855. Quote: B. $1o.5@1o2o; D s1o.1o110D; E, s10.2o; F, s10.35; G, $1o471aa10.5o; H, slo5o: I, $1o.5o@1o.55 K, sl1.o5@11.2o; N, $11.55; we, $11.7o; wv, $11.SO.
The Birmingham age-herald., 1918-08-10

aI.ondon, August 9-Ear silver. IS 1s-16d per ounce; money, per cent; discount rates, short bills, 317-32 per cant; three months bills 17-32 per cCnt.
Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1918-07-04

mind.
"You see, SIR, shall take an early
boat tomorrow morning, about =
o'clock, so can get back here about
II. You know, sir, that the company
still owes us our wages, and would
you mind letting me have little
money, say so cents, to pay my way
over to Staten Island and back? I'll
be back here before noon, sure"
Grant had the money and was gone
before the attorney brought himself to
call up the United States Marine Hos
pital at Tompkinsville, Staten Island,
on the telephone.
Watson? Welch2 Kelly?" repeated
the official at the he oital, with ques.
ton mark after each name. "Oh, do
you mean the men supposed to have
been hurt in an accident on the Della
ware? No, we have no men by that
name here, but owe a dozen lawyers
have been calling for information
about them In the last twenty-four
hours"
Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1918-07-04
VALVE INVENTED WHILE ILL.
Brings Missouri Mechanic S175,ooO
as His First Royalties.

r. H. Collins of Springfield, Mo-,
inventor of rotary valve, the rights
Oh which he sold to Detroit motor
car manufacturing concern several
months ago, is said to have just re-
ceived a check for $3.50 repre-
senting his first royalties. Collins
announced some time ago that his
contract called for royalty of Sc
for each valve used on an automo-
bile. The output of the concern to
which he sold the rights is SOC. 900
cars year, making his royalties ST.
100000 annually.
Collins resigned as mechanic for
the Frisco railroad. He invented the
valve during period of illness that
confined him to his home. The valve
replaces the old pocket valve on au-
tomobiles.
Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1918-07-04
Sell American sedsteads.

The sale of American made brass
and iron bedsteads continues to at
tain satisfactory proportions in the
Shanghai district, writes Vice Consul
Gustav ]. Barrett, Shanghai. These
types are now generally used by the
foreign residents here and are also
finding favor with the more represen-
tative Chinese families. The small
bed of light weight is understood to
be the most satisfactory for use in
China. American made beds compete
successfully in price, quality and de-
sign with those of European manu-
facture.
Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1918-07-04
YES, FLOUR CAN EXPLODE.
So Can Rice, Sugar and Starch In
Form of Gust.

Science has demonstrated that dust
is the cause of many fatal explosions
and subsequent fires which formerly
were often attributed to spiteful or
malicious human agencies.
For example it has been found that
when mixed with certain amount of
air under certain conditions of tenn
perature, such substances as flour.
finely pulverized sugar, starch, rice
dust, oatmeal and maize dust, though
ordinarily perfectly harmless, may
cause disastrous explosions.
Other common substances which
may explode or cause dangerous fires
are spice dust, cork dust in linoleum
factories, soap powder, zinc powder
and malt.
Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1918-07-04
Around the Kitchen

common laundry starch wet with
cold water will take out all traces of
iodine stains and will lot iniure fabric
or color.
When dusting doughnuts with sugar
place doughnuts and sugar in a paper
bag, close top with the hand and shake
well. The result will be perfect and
very little sugar will be used. The
doughnuts will be covered evenly a
dozen at time.
When baking pumpkin or custard
pies take long strip of cotton cloth,
about an inch wide. and bind it around
the outside of crust when pie is ready
for the oven. The crust will keep its
shape and will not be easily scorched
When baking beans put a pinch of
ginger in them and they will be much
more easily digested. The ginger will
never be detected.
Use denatured alcohol on a soft rag
for polishing mirrors or pictures.
1t makes the process much shorter
than when soap and water are used.
Keep small washboard from the
10-cent store in the bathroom cupboard
to use when washing out a few small
articles. When there is baby in the
home it is invaluable
Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1918-07-04
HOW WAR HITS MARTS.
Increasing Cost of Capital Due to Re.
adjustments.

Most financial economists have
ascribed the increasing cost of capi-
tai during the past half-score of years
to readjustments rendered necessary
by the burden of the Boer war, the
Japanese-Russian conflict, and the
growth of militarism all over Europe
following these events. The move
ment of interest rates was automat-
ic. The Boer war increased England's
public debt, and enlarged the require
ments of all foreign governments. In
addition to the new loans f1oated, in
vOlving more revenue to pay interest
thereon, there was notable increase
in tax rates. The buying power of
income derived from investments was
thereby reduced, because larger pro-
portion of income was taken from in
dfvidual investors in the shape of
higher taxes. Investment yield may
be affected in two ways. The bor-
rover may be compelled to pay
higher fixed rate of interest, or he
may be compelled to sell his obliga-
tions at discount, so that the cost
on the actual amount of the principal
sum advanced is higher than the fixed
rate. The effect OF the increased cost
of new capital has been to depreciate
the market value of old investments,
bringing the yield on the latter up to
the parity of the yield on newly is
sued securities. This readjustment
in the yield on investments has been
in progress for years and the effect
has been world wide. Thus promi-
nent American railroad which once
borrowed money on its bonds at
per cent interest this year had to pay
8 per cent on consolidated bond
issue.