what the likelihood of future outlay will be. Like
every other phase of the stupendous upheaval this one is both
speculative and problematical.

To deal with these European War figures is to flirt with Titanic
Numerals. They are more the Playthings of the Gods than matters for mere
mortals to juggle with.

Up to the first of January, 1917, the total military expenses of both
sides had reached approximately $61,000,000,000. It is only when you
reduce this enormous sum to terms that every man and woman can
understand that you begin to get some idea of the amazing cost of
conflict.

The amount of money expended for direct war purposes alone since August
1, 1914, is equal to three times the par value capitalization of all
the American railroads. It represents fifty times the net national debt
of the United States: eighteen times the amount of money in actual
circulation in this country: and eleven times the total deposits in all
our savings banks. With it you could build 146 Panama Canals or pay for
the Napoleonic, Crimean, Russo-Japanese, South African and American
Civil Wars and still have a surplus of $34,000,000,000 left. Such is the
New and High Cost of War!

The price of glory is being constantly advanced. The expenditures for
the first year of the war were $17,500,000,000: for the second they had
increased to $28,000,000,000: the estimate for the third year, to end
August 1, 1917, at the present rate of spending is about
$33,000,000,000. This means that by the time the next harvest moon
shines (and no man in Europe to-day doubts that it will gleam on
carnage), the war will have represented a sacrifice for military
purposes alone of $78,500,000,000.

Taking the daily cost of the war you find that England is $25,000,000
poorer for every twenty-four hours that pass: that France must check
out $20,000,000: Russia $16,000,000: Italy $5,000,000. Little Roumania
is cutting her war expenditure teeth at the rate of $1,000,000 per diem.

Cross the frontier (for war expense is no respecter of cause or creed),
and Germany is "discovered," as they say in play-books, spending
$17,500,000 every day: Austria, Turkey and Bulgaria, $11,000,000. Thus
between sunrises that break over these warring hosts very nearly
$100,000,000 has gone up in smoke, splinters or ruin of some kind, or
the upkeep of fighting.

Since England's cost each day is heavier than any of the other countries
at war, due to the fact that she is Financial F