CARRUTH, William Herbert, American scholar and author: b. Osawatomie, Kan., 5 April 1859. He was educated in the University of Kansas and at Harvard, and was professor of German in the former institution from 1887 to 1913. Since 1913 he has been professor of comparative literature and head of the English department at Stanford University. He has published (Schiller's Wallenstein with Intro duction and Notes' (1894) ; (Scheffel's Eklce hard' (1895) ; 'Schiller's Wilhelm Tell' (1898) ; 'Auswahl aus Luther's Deutschen Schriften' (1899) ; 'Schiller's Die Braut von Messina> (1901); (Otis' Elementary German Grammar' (1904) ; 'German fteader' (1904); 'Letters to American Boys' (1907) ; (Each in His Own Tongue and Other Poems> (1909); translator of Cornill's 'History of the People of Israel' (1898) and Gunkel's 'Legends of Genesis' ; and is a contributor to philological journals and literary magazines.
a phrase used in political economy and also in commercial transactions. It usually refers to the com merce of different countries with each other, and is most frequently applied to carriage by sea. In a purely commercial sense the carrying trade is simply the carriage of commodities from one place or country to another, irre spective of the mode of conveyance. In polit ical economy the term is used in a special and restricted sense. In considering the entire commerce of a country it may be found that a part of that commerce is not directly with any one foreign country, but consists in supplying facilities for the conveyance of goods from one foreign country to another. The ships of the
United States, for example, may be employed in carrying goods between India and China. This is called a carrying-trade. The carrying trade does not consist merely in the occasional charter of vessels to foreign merchants for a foreign voyage. Though this may be included in it, its regular organization implies more than this. A ship-owner, instead of lending his ves sels incidentally to foreign merchants, may build or purchase them expressly for the pur pose of conveying goods between different for eign ports at his own risk, and may even invest capital in merchandise to be so conveyed. It is to this abnormal development of commerce that the term carrying-trade in its restricted sense is applied. It is an investment of capital common in the case of commercial communities which have acquired great surplus wealth, or from the limited range of their territory have few home investments. From the earliest time the principal commercial communities, espe cially the great trading cities of antiquity and those of the Middle Ages which have formed communities in themselves, have embarked largely in this kind of commerce.