Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-31

Year in Which Spectacular Amer.
lean "War Boom" Began

The very dramatic series OF economic
events which Especially in this coun-
try) marked the second year Of wor.
time, may be thus summed up:
First. Prolonged deadlock on the
western war front of Europe in the
east, failure of the Allied expedition to
the Gallipoli peninsula, defeat of Rus
sa's advanced lines in the Carpathians
and their retreat into Russia; invasion
and capture of Serbia by the TcutoniC
and Bulgarian armies.
Second. Enormous and progressively
mounting cost Of war. bringing the
I average military outlay of all belliger-
ents combined from about $3O,0OO,O0O
per day in the early stages of the war,
and $5O,OO0,OOO at the end of 1914, 10
/ $50. 100000 at the end Of the year
| Third. Initiation of paper currencies
sues alone increased in Germany AZ
cent during 1915; in France 43 per
cent, and In Russia so per cent. In
spite of this movement, direct appeal
! to the people to give up their boarded
: gold in exchange for banlnotes added
/ $270 100000 TO the German banks gold
reserve, as compared with It's low point
French Banks gold.
Fourth. Shifting of the worlds finan-
cial center from London to New York
for the period of war. Evidence of
| this new position in the shape of $780,
foreign communities UhIs not including
loans to bell!gerent European Govern
ments. which amounted 10 fully $780,
OOO, 900 more) further evidence of il in
the entry of New York banks into the
acceptance business on foreign trade
account.
Fifth. Absolute breaking of all records
In this cOuntry's export trade merChan-
disc exports in the twelve months OF
1915 running 100000 beyond the
highest previous record for the period
and surplus of exports over Imports
standing Sl,080,0 100000 above the pre-.
vlous high record.
Sixth. As a consequence the most sen.
sational movement of the foreign ex
changes in favor of New York which
the world has ever witnessed-sterlinl
going to $50 when 44S69S is parity ant
, the rae on Berlin touched 75A agains
par Of 95t Movement of foreign golr
J to New York which brought our tota
gold imports, during 1915, to a figur,
2 $293,0O0.0O0 greater than the highest pre-
4 vious record.
Seventh Unusual activity and strenEtl
- on the stock market. and later on tn
tion converging on the violent rise ii
- the war industrials." Con inuous liuui
. dalton OF Europe's American securItie
i holdings. which had exceeded 81 600, 900,
/ 900 by the end Of 1915.
= Eighth. Grain harvests which brolI
, all records in American production IN
r wheat crop exceeding 1000, 900, 90
/, bushels, against previous maximum O
i. s9l,OGO,OoO' and total combined yield o
:, the six chief grain crops In 1915 bein
e 100000 bushels, against 4,9l4, 900
n 900 in 1914, and 5,552, 600, 900 in the pre-
|. vious maximum, that of 1912.
a Ninth. Dull and uncertain movemen
n Of domestic trade until, In the late sum
8 mer. purchases of material for Europe
munitions orders started up the iron an
steel trade. Expansions In that trad
3 until in November, daily iron productio
4 surpassed all previous records, with de
=. mand on the steel trade for quick pre-
~ duction. Autumn revival in the ma
II iority Of other industries