Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-12-31
1918
Climax and Ending of the War,
and the Economic Results


and the Economic Results
summarized by groups, the influences
bearing on the financial year in its vary
ing phases have been as follows:
First. The climax and termination
of the war the period of profound dis
couragement of the Allies until May
with the successful "Ludendorff drive
.oi March and April and the Allied re-
verses; the period of critical uncertainty
from May to July, inclusive. wheh ths
Germans were halted, but not turned
back: the period when the fortunes OF
the war turned in favor of the Allles III
July, with a million American re-ehloTCe- p
ments in France on independence DaS
and two million in the autumn Foch
victory of July and Ludendorffs $ preclpl-
tate retreat; the rout Of the Turks IN
Palestine and of the Bulgarians III the
Balkan peninsula.
E'ollowing these developments the ca
pltulation Of Bulgaria at the end or
September, of Austria and Turkey IN
October, and of Germany in November
after her exchange of notes with PTesl-
dent Wilson; the surrender by all iour
Teutonic belligerents of their essential
fighting armament on land ana sea thls
being followed in turn by reEolution III
Germany. Austria and Bulgaria; aDdlc@7 d.
ton of every royal or prlnCely mouse ~
all three countries and the establishments
of a republican form Of government
Second, Change in financial sentiment
and on the stock markets, whicIi Conn.
formed to these changes in the IntliT" ny
situation. In America prolonSed ian ~ ~
Stock Exchange prices until April, a%Se %
to the war news and to doubt as @ 10 tIIT SnT
adequacy of our own preparations ~ III,
war Extensive recovery at New ioth @ N
in April and May, due partly TO thS
checking of Ludendort adNahGes az ~
) partly to the crop news, but cnleLg ~ "
discovery that our war plans were ,pSi piTi
Rressing most effectively. Removed nesl-
fation during the subsequent tnEee
months, despite Fochs victories tol-
lowed by a violent though brlef adEanGIe any
in stocks, betwe. the surrehueI ~ ~ ~ Zoe
RarIa and the signing of the armlstiCe
BY Germany; then. on complete assut ,at .
ance OF peace, a halt in the markets.
while the first test was being uiiue' so''9
Of the economic readJustneht
Third. Conyerging of al american y, n le. r5
sources on the war. Virtual CotilittaI.. .att1,r.
deering for that purpose OF mahul1ITS;ttTiI
ing capacity transportation ..n taCtll'res re-.
and the supply of capital SeNele
afriction by Government on use Oh any
~ these for ''nonessential" purposes
immense advances of credit to our az
lies, which, when the armistlce MaS
signed in November. had reachea al an nj ae :
rreRate Of S7,O9S, 900, 600 cash payments u
OF which s4, 1927, ,O0O, 900 had been palu II
the calendar year 1918.
Fourth. Immense increase in war loan G.as1
and war taxes b, all beilig rents Ei.,S tha,
land in particular raising MORN TtoIe sal
Of national war bonds over e c9u, oa
ter. France floating $3.50 ,0OO'O. 50o I0o
IN November, Germany Pa'sIh9 81 n6o S6cOI SG60 /
October, and the United states recelNln
subscriptions of s4.100,0O0,OOO TO its toa
Of May and .s6,900.OOo;oOO TO & tha1 :
October-the largest subscription rlau
TO any loan of this war.
Increase in Englands annual taxa taxa
tion from $3,065,0O0,OOO in the rscs
wear ending last March to pudsete
S,ontb bhoSGy Collection lee OF s., 500 900 900 fror
taxes in the United states tor the ,nIDs nSns
year ending with June, az agaalns ann
s1,1cO,o00oO In the preSeieidfns Siif nas ssad at1e I
September in the House to raise SS,ouU
000' 600 in the fiscal year 1919, reduce!
however to $4,000, 100000 IN the Seha'
bill, framed after return " pea1e'
Fifth. Increase In outstanding papt
circulation in all belligerent states thei
rddltlons during 1913 in England pen
$4,000. 900 in Bank of England not
and 200 200 Oo IN GHrren'ER Noa EReie6sbar
notes Mus nearly 5000, 100000 in Loa
Bureau currency In France: $i,6Oo,ooV
600 in notes of the Bank Of France o
the United States to $l.5OO,OOO'OOO
Federal Reserve notes-thls last-nam'
Increase however, being offset by S43t
100000 increase in the gold holdings
the Issuing institutions ana by VIZ
silver dollars.
sixth. Further rise in prices of cor
modities; the London economist 3 ave
age of English prices rising from So
at the end of 1917 to 62lO this la
autumn, and Bradstreets average
American prices from 1859 10 1918
July; but both averages declinil
slightly later on; ADVANCE " many s.
war boards except in cotton, whose prit
after standing at 25A cents pound
estimates of an abundant harvest ear
in 1918, rose to 3Sh cents In Septei
ber and the crop was injured by
nnfavoTable season, then fell 70 2S
cents on threat Of Government reBul
ton not fulfilled.
Seventh. Foreign exchange rat
which In the neutral markets continu
to run against New York in the eal
months OF 1918; Scandinavian eXchan
reaching in April figure 2S per CO
against this country and Spanish
change standing in the some month
per cent against us, both rates bel
due 10 our support Of sterling eXchaT
a. New York when sterling was heay
depreciated In neutral markets. W
lapid movement OF neutral exchange
favor OF New York In the autumn q
loving similar movement In favor
flondon) until In November Spanish Q
Scandinavian rates We're not far fr
normal parity.
Eighth Abundant grain haryests
the Omitted States, In contrast with II
900 GOO bushels. which was 270,500,
and 1915 especially wheat yield, ~
above the yield OF 1917 and second o
- The ,O26. 000. .000-bushel crop OF IL
Nevertheless. great scarcity until
new crop came in. and such eonserVat
ia American consumption, under the n
N the food board. that the amount
oaeat exported from the crop OF II
vas ynly 40. 100000 bushels less q
lhoae from the great crop OF 1919,
though the Yield IN l9lI had oseh
alma ~ 3Se,000.0Q0.
Ninth. An export trade, UP 70