ne EVENING PUBLIC LED gEll-PHILADELPHIA, TUESDAY, DECEMBER 31, 1918 2 EVENING PUBLIC LEDGER PmLADiii-brniA, tujus.ua i, unworn ox, s.w i- STORY OF THE YEAR'S EVENTS IN THE WORLD OF FINANCE, COMMERCE AND INDUSTRY - ... .... .. ..I ......... mJmn a m-i nsn Yrrt a n I MATinW'C MrtWCV riDflH ATMN TTT f TLT T f 1ST" Ol IT' w RESUME OF ECONOMIC EVENTS OF PAST YEAR of Greatest Doubt Since the Beginning of the War And One of Startling and Dramatic Contrasts TRADEFORYEAR IN CURB MARKET bor. of cold oxDorta oxceDt when 1U ' nroclamatlon. bv Oio temporary stopping ceR?c.J,yjthf 90rIm"l'i,i.,i n ,..,i i of business on all financial markets, by Tenth. A stock market which accepted , . . ,... . ih0 tho declaro Hon of war with composure, suspension of gold payments at mo but which grew more unsettled ns tho German Relchsbank, by adoption or estimates of war expenditure Increased Ciearinir House loan certificates at New and which fell Jnto great d solder when ir, , ' ,,,.,,, ., ,ua qtocl- Ut- prices of 107 . .. .and for a PIod of n 's ...... . , i mi l.ifentli I'rogiossvc concentration oi oetuiiu oiniw . .i m W;il' I Imnr tvl'mill AlmOSl T7. P,.,V7 "! nri'cn7 Within tho TtVolvP MoiltllS That bunking Institutions Into the federal He- 'adopted by every nnt on on Bca a" "1 WUU. V1UUJ .cHIIiudl 1ie I CriOa LOinpriSea W IZIllll IIIC -tllClUC IHUh - '"" peno nm, of lheIr BoW hoI,nnB8 Int0 tho with a system wholly unparalleled in i" do ai minus' reserve As a conse- History, resulting in nn m,.m.... --. xjuiuciy iiouuijuaia (luenco of nil these moxements, Increase currencies and bank loans such as was i x j. In the gold holdings of the tivclve He- ncer prclously witnessed and accom- UViyiii tlu T.iQt servo Institutions from $152,000,000 at panlcd by a temporary moratorium on Alum uit. xjioi the beginning of tho voir to $1,671. nnyment of debts In nearly all Euro- 000,000 on December 31, and Increaso In ;?" ".. '. their rediscounts from $30,200,000 to , P Third Partial collapse of the foreign VALI IFS ARE WTPF.D OUT , 000.(100 Simultaneous expansion of i. .,,"". , .,?' -,, bclllcerents and wv1jU-l'3 1KlxLl "lrljU vui thtlr outstanding note circulation from ir , JL' ,V. the ' $.'75,300,000 on January 1 to S1.2IC,- a'most complete disappearance or me (000,000 on December 31. foreign trade of Germanj. Tne nBt Jeur.s trading on the Broad lmirth PnnHpnupnt shrinkage in our r,, . ... . ... export trade, which from August to No- " cure -was or rar ks, iniercn vember, Inclusive, fell $2G7,00O,O00 short than any of thoso preceding jcars slnco of thu nip.vloua vcar. but which in De- tho beginning of tho conflict which de- ....,, .., .,., ,m,i nt m-pntest doubt since 1914 ns to the result of tho p . n ,r ...! c ,, i cember, as a result of our grain ship- Ivcloped Into tho world war and then mmiu iiiuuum i..v, ,..., - ... . , , . ,., ,i . --.... . ih.iiv.iijhviiiihiu,i.. ments. suddenly ran ueyonu neuuy uu cnm , .,-., . Thia article and the other articles and tables on this and the following page are copyright, 1918, by ihc New York Evening Post, Inc. n.. ,. ai ant a Vllu In tho economic history of tho great war, uio sequent i ...- year Is very notable, for tho reason that there were comprised within he 1916 Itself; tho absolute climax of the flnaiidnl and Industrial strain and tho en endlnc of hostilities. In nono of thoso yenra did tho belligerent war sudden ending of hostilities NATION'S MONEY CIRCULATION Total on December 1 in Excess of Last Month nnd Year Ago Tho Treasury Department's monthly statement of tho amount and kinds of money In tho United States on December 1 shows tho following Important changes during November: Total money supply Inc. $40,826,000 Gold coin Do 8.877.000 Federal T.OBerye notei Inc. 73,801,000 National bank not" Dee 4.217.000 As compared with December 1, 191. changes In tho Bamc Items hao been as follows1 Total supply Inc. JP,5.?"'$2 Hold coin . .. Vec. 127,1 "-,092 rederal neiena notes. ...Inc. l.o.J'22 National bank note Dee. 8,403,000 The amount In actual circulation, and excluding holdings of tho National Treas ury, compares as follows: oc. 1. -18 Nov. 1. '18 Dec. 1. '17 O$03T8os.000 $043,883,712 $1,003,170,819 uoiti crrtincates ml Krltn xi1 rTtsn Inrif IilcrcasillK Prosperity Pr?.V.0US monthly totnls , list of shares which had made un tho ' .'"'-so.o.oi) . 724.710,180 t,. -, ..r ...:. I.,.,-i,..i,. i J'irtn as a rcsun oi mo earner iia.iu .,... .,. . .. ...,....., I 'nI9r uoiiSr. , DUl.UC. CI1UIIIM fc ..w..... ,. ... ii.un, !V.(ILLkO LUtllluniltlh i,...l'.J ' . .... , .. ., ,...., .. 1.-nw K1UUII C'lllIPtl TUP Will RmP Ifl fllVinilIt.il 1 M.TTIlllll ni.dlf.llUll countries turn their resources and facilities o exclusively to ",.. ,, ,. lhM0 uero tho K0Vernln(f In. conmu Var production and war transportation. When tho enu camo in -ociui , lluences bii tho economic situation dui- markets a sterling oxchango rate at dozen Issues, and as tho year closed only camo with a suddenness not anticipated ecn In tho "pcaco talk period of ng lsll New York w,llcll t0uchcd $6 50 1 In Au- four slocIt8 ot tllat IonB ll3t wer6 r,,m,,p, loin nnd with tosultfl on tho markets wholly different from what Klrit The checkered fortunes of the eust (,Ba'nSt a parity of $4 80 H). actho enough to demand comment In m7 had ever metlouslv been predicted . . . nr..,,.clf '""'"'B p."nn.V8 '"""f0 tober and which caused $101,000,000 t. ' , ,,,, romnrPhpnsUe sun ey of tho economic developments of u erIun, tho new Allied offense o in goIll ex,,orts from this country In the "'"""',, ' , ,, , ,,nnpnr Clennany had approached "" west, Huss1r-s en?eLtlo campaign Hist four months of wa the year several large general facts will appear, term any imu ui i nlril,ls. A,.,trin ti, ....mnni.. ,1pI,..p1p. lowed, howeser. by a : a RtnM of Industrial and llnanclnl oers.traln wlilclt threatencu itoi.u ... ,,, I change In favor of this country during ci i ., l..,,l nlt-onili tpnPrif(l .- - .. u . v.-- t . f .. isj,,i.-, ..Mil t U a ut tti " . . ..i ....! nit-nniitf ronpr nil breakdown. Austria, by her own statesmen s .oiiiuoaiu... ...... "" , ' ' r.trnmn Goxernments that condition. England was showing Mrhs ot ino tcrrnii- sua..., "-" " ptaie negotiations av economic power which was certain trf outlast tho war. mince -v . standing tho midsummer talk of her haUng been alrcadj bled white, .lis plajed her own reserve capacity, not onli In her Immenie military f" in her subscription of the second largest amount elicited by any war loan but ono of any country. Italy also had exhibited unexpected power of re oupcration. What the United States has hhown of her own condition nobodj needs to bo told. . , , being $810 000.000 in Trance, $93,000,- ThH PApnts which bear on these conclus ons nro grouped m uic "j ,, ,u m uermanv, i l'uv.iioo.viio m iiu- mSryV S deal chiefly, but not wholly, with regard to development, -JH.OOO.OOo In the British cur- !n .j,ls countrv , r?u"' Turther sensational depre- Tho story of preceding yea.s is similarly grouped In this case they she, cUtlo Inmany of he Jo.gn x- frnm tho economic viewpoint, something like a panoramic history ot mi wuu ,nnny taniug to G5H teniH for four 1918 marks na ucainst il low r.ito of 7Ca last returns $83,000,000 hinallcr In uluo In 1915 and a par of 95. on Austria mat. MlUl'lPV' "' ,. ,, . .. i .,p r(iu . In flltl'lltll Incu tVirm 1ft ,.ntu .u airn nut th"s b ing duo to shortage of ships as a low of U 95 tho year before and pai a r.sult both of German nubniarliK. dep- of JO 1-3 tents, on Itusila to 19" cents n iTui. u..w. ...,.nn,i i tn T. f , iiti In ..a r. .. I.... .. ..... A Oft.1. I.. i,7 in on Lon- nround months of war, that being fol lowed, however, by a movement of ex 101 ports. Sixth. Cournereou.s action bv the Mppnnft ni,il.ll.. innn,ini, r.not nf Amprip.in htinkn dlirlne thn nerlod ot the war bringing the average total dally abnormally adverse exchange, tho pxpendlture, In tho middle of 1910, tn strongly urged proposal lha tuey re- iu?u lu cAjiuu Kiil ..1IV11 ilU.lll.... ..,.. for being rejected and n fund of $100 -UUO.000 being placed with a central com mittee to meet through gold remittances New York city's prtssing foreign obli gations; this being followed by tho rais ing of another $100,000,000 fund to reg ulate the general market for exchange through sending gold to tho Hank of England's branch at Ottawa Seventh A wheat crop In this country larger bv 127.000.000 bushels, or nearly 17 per cent than our largest previous yield, coming to harvest not only In tho face of foreign war, but of a European harvest 359,000,000 bushels under 1913 pioposal 'IP' 000 000. un .in-.nlnst S7S. 000.000 px. actly a year befote Third Turther expulsion of paper money Issues by banks of the belligerent Towers; the maximum Increaso of 1910, as compared with the Inst week of 1915 Clim.IV and ElldinC of the War, i Petitions anil of diversion of tonnage to per luble as ngnlnvt a low of Climax ami Liiumib, , the larryl g of soldiers from America 1913 and par of G1U . exchange mil Iho rnnnllllC IfCSUltS "' N,""r. ..... . ..ihiuu nn excess of don and T"uj-I liplnlr i,m uton.lv ...... loimnn, "" .,r.....v..-v- .. - --- .-'.--" :- -:---"-; "-:; ,.,,i! ,. miim thn Influences I exnorts over imports, n ..,...". i jrarn cicsing rates uy export oi ' vvecit marlzed by groups tlio '""uc" "l chw a" second only to the previous gold and ralsltih of credits in Amei lea. , slon g on the financial year In Its vary- '"gna whlcP. compared with a high rifth Enormous loans by the Amor- . chan the ordinary reports of tho dally curb trading Most of the war stocks had passed Into oblivion before tho beginning of tho year, and the others which were named traveled along tho same road, nearly all of .them gradually dropping out of tho market after their values had been entirely wiped out Tho activities of this nation in tho Industrial field wcro a help to a few of these corporations during tho last year In keeping them beibre the public '?1 '.'.",' " onnot yet bo said that these US1!?.11 ft"1 wcre effective in producing profitable results Aetna Hxploslves, which had a long record of trouble and disaster, Including proceedings In court 2 contests among security holders, dropped from 16 ; to S In November, but after passing through receivership, fln-J,? consequent strengthening ot' Its nnanclal position, It made a good rally iJ?ei ' n,0,nlh of tho year. Curtlss i .T .mu" '"! nl" record in 1917. 8ubnld,ary nlhe 234.415,000 231.120.078 Trcunurv notes of 1800 J.BUII.U0U 1.S11,1U Unlteil BtRlen notes 837.780,000 830,187.701 Tedpral llewrvo notes .... 2,007,441,000 2.3J1, 040.047 Federal Heieno bank noten H8.40AOU0 70,030,421 National bank note 0U7.-J14.UU0 701,430,741 Au n uulllt kit, I. Hun it. ,,lt,,Vt Mint till' , JUI1( to 10 fn NnAml,n, .lvnnnlM .T.n.n muiket value of tho crop was ict-koncd to that low point after the signing of w rlsBT vv JfiMTn.!!! 7;,l t $691,000,000 before the war. lean markit to the outsldo world duo I 12. Transfer of tho making of values. In termination1 Tenth Hallway net earnings unuer partly to an overllowlng supply of home I the meantime, to private outside trans- . iinvpninipnt oiieruiiuu. .. .,,...., --- --.- v.ifi.,.i. uui 1111 liiw i-iu 01 iuan lu iuu '- ' i . , nf iniS. fell $289,000.00 HP- Alllpd CmprtmipntaV tn 1 lptlml piIpii. Wh in,, tiin onmn months In 191i and '' slon of nawiicnts (,n thplr nuitliisps of the 000.000 below the lttuins guarantee" miterlals in America . the total of such i IIUU.UUU nt'lU.v nil ....- -- ..,.,. n ..vutlis ill VIlll lUi. . tllM l bi the Government tn us roni.ii-.""" loans neiuly reaching $2 000,000,000 Sum bearing lng phases have been us follows irirst The climax and ler of the war the period of profound dl couragement of the Allies until May with thn successful ' Ludendorft drive ol .March and April and the Allied re verses; the period of critical uncertainty from May to July Inclusive, when the Oermans were halted, but not turned back, the period when the fortunes of the war turned In favor of the Allies In t..i.. ...i.i. n .iiiinn Amprtpnn re-Lnforce- ments In France en Independence Day , rlltes and two million in tne amunm, ruo victory oiauiy aim "--" " S.,v;i; ", year, win. '""-".-- ".-- mlht ftlli tale retreat; tne iuui ui .n- "". i twelve moniiii, n. ......" --"--- -Palestine and of the Hulgnrian3 In the in,y 200,000,000 below the Government guarantee aieantiine, bii ''""",,. satisfaction with tho quality of rallwav service In tho face of the heavy Increabe by tho Government as $200,000,000 above all previous records. Eighth Enormous liquidation by Eu ropo on the New York Stock Exchange, without regard to values, during tho week before tho war; complete suspen- oi open traaing on our siock i.x ge between July 30 and December feywtYfil,TJI"Sut.Cur Jirnn.8 J'1" '. " Jer the armistice, nnd r?P.",ed d,"? toJ ln December. Hub- 1,184.011.080 70.818,807 474,407.403 ' 212,502,383 1,012.039 330,832,123 1,041,801,181 12,780,863 702.077,220 $S.!I?j!u27.O00 $V 043.801.171 $8,083,370 352 Ter capita circulation wa $83 H4i In JUJ, $4S HO; llllll. 141,73: 11113. $38.04 1(14, 8ll 40; IU13 133 03. 1U12. $34.04; Wll. SJI84; lllln, 1.15 10. 100U. $34 08; 1U08, in., in: iuu,, 9ui.ii, . ..... Money circulating in tho United .States on December 1 for a series of years : MIR... $5,601 (127,000 10ia...$3.434,I4,78n 1017... 8.081 370,33.! 1012... 3.337.277.B20 1010... 4,803 005 234 1011... ,270.88.',733 lllin... 3,811) 1)60 W81 1010... 8.102.018.BU 1014... 8.030 218,232 1009... 8.181.810.1134 Tho Treasury reports as follows on the amount and kinds of money held In the Treasury Itself, exclusive of amounts pledged against outstanding gold and silver certificates : Dec 118 Nov. 1, 'is Dec. 1. '17. Gold . .$314 TON 000 $303,380,350 $102,270,247 sliver., au.r.u.ono D0 072.88r. 15.074.742 flub all. a 4HS.O0O 3 874,831 1,1102,047 U.H MB. 8 804 (100 7,401,223 fl.828.Hlll 11 Iln'ts 32.001) 000 32.B90.40H 17.300.80.1 .N blt.nta 10.1138 000 20,010.807 74.074. HSU T 1. . .3410 383.000 $300,321,723 $248,167,148 Combining the amounts of money In outside circulation with the nbove-statod amounts held ln tho Treasury as assets of the Government, and with tho gold held against Federal Reserve notes, the .. '',..... .t,..t Ytrpinplv bad re- cu.i. ... tne raiiwiijp, "", .- ,,Vif nrruhlp """ " ivvi y. ii.iuc 11 suit being partly duo un,'l'ncUinS countrv greater by $1,900 000,001 tralllc condltlcHis. but J;" '" ",". 1915 and by nearly $3 000.000. crease ol rnw "-. .V.1..11.. XfPat iu U1,J previous year 01 peace sa a 000.000 per annum, only partially ortstv result ol(, imnorts of $085 700.000 dur- by an Increase of 60 ana - ,''.. lng tho year, and $530,00".000 excess of respectively. va.-t- - - gold imports over exports the high comparing with export trade from this 000 than In 000 than peace As a SioM? . ??' ,nftcr, Bclllng at 20 V4. , figures of total general ntock of money! ui... , 1 .,,,.', "" miiKing ua low record ' in me united atatca are ub ronows: when hostilities ceased. , Dec. 1, '18 Nov.' 1, '18 Dec. 1. '17 olticlal July 30 closings, then steadily I th. so tonioratten. 1. ' .i?. "r. '" ' Mi.?-O".000 rcovered, advance In prices, when tho Jecture Alreadv It bus T.pon Lu j Jiiiiium ,,. ,, ... M.r.,1. l!vph.inir rpnnpnp.1. tn n. npl In tiifn A i. K....". ."as ."Cen decided I 414814.000 420.840.030 V to 10" Po n s abmo- t hV Ju.v figures; tion "company? to chSmSSTnin'Slffi!: mSSLSR" tins ueing luiioweu uy general reaciion .urer. aubmar no lloat In iiniriV,i i ' u- s- notoa tr.w.iril thp minimum flvpd liv tiin ex. ennflmio i7, .i.,".i,,?'i' ."J. expected t6 , B40.U81.0 change authorities 'tit Its pi i lor that Dunmsp tlons. on tho Irregular "curb market. ere prices first declined well below ered , advance In prices, when tho jecture $3,070,784,700 $3,040,472,040 868,209,813 840.081.0(10 238.004.200 840,081.010 ACENTURY fit itl, . ! " - "' '"l'uuuuine UURiness . Federal notes Ifor thnt Zi. n nro now empIojt'U I 2.77e.fl2"S.O00 a.703.787.85S r . . - iji'voc. uiiii wrirnr.itioftin , rraerni iipr,.n n.inv nnra 214,463,800 346,081,016 1.120.244,010 i pr .... .. m.in nr riir n arr.n Better results nfter tho middle i 01 in n rc.war maxmum 0f $158,100,000 and CoilinarisollS with indications iiiai. """"- ;-., $n..00O,00O respectlvch T flC rnWCfilC ( ovoted nearh nil Its facilities '. ..""US4 n,,rt 71.047,260 12.843.363 Ur lUNoULb '?""facturl.ng motors; ; according to ! NHl.nn5Ub.!5 "o",',. .,. .- n....c-,nt:iiia maue oy some of those con- """"v" '-"".' "ii"' of HiBli nnd Lotv for , gjniu? attentionTr,si,pWl di'?...mo!; ".2fhTJS-WU'MJhL":i uumuLiuic ui xr-Livi uu i-zc-jciiiu-i x lur il Btnea u rniipiif i ii --...- H.a --.. -... .... t- : i .. i i ..... i .nm iuu ipni'D v""0 "u uuiomon ph. a ?-. r i, nnru fniiv-a perlty In the United States throughout DrlUsll consols durlnB lhe Ia9t ear f0?era c.min"at1t?fn8Srr8 8 "lIl'S'SS! H?.S8 ISio-.l'JSSS'S?"-.? tho year. Increase in American Iron pro- ... , , . .... i but most of th,. ,,.,,?r ' V0.1?' liitn 2 sin iur son innn s la'no"' i duction which Diought the average rtallv sold as high as 033 and as low at ml. IpropertTes used by tnemnnn'mil'l!id0 ! ''"'" lS 3S sue aaS lSoS::: slSniSol output to a llguro ll3i per cent above The high for tho current year Is tho i crnnient contracts have Al.nV w.1 ' ?M' o'Sli iHlW' I"07-" 8.200.0B3 018 ,' JIIUUm, O.ll.O'llli low U 1003... 2.070,402,142 of charges on passengers and shippers, the highest average of any month In highest at which t his security sold slnco S?"?Il'Tnc(1 but recognition that important Improve- u..5 nnd js per cent above the high- ,. . . , . . no .. dial has ments had been made In tho way of est before tho war. Hallway gross nnd 191i' r" lo" for last ear " 51- value, bu joint Ubo of equipment and terminals net earnings, which surpassed all pre-1 which also was tho lowest slnco 1803, by tile railways i""i n-cuma. wuen iney wcro quoteu ai ovu. Eleventh. Great Increase In the bur Eighth lllso In prices of commodltle.i Tn hghest prico ot consols ln the Ueii on nanKiiiK uh-iiilivo un ivsu.i. ... .. ... ..-,- .., . ,...r... tlie Ooerni t contracts hTvl ,lA.J?"lnB ?0'" liou. 3:o3i SSJ.fiJi il inTkif,,,1", already been 1018... 3.7117.O82.70 l l. fh0 AUnk, hen" A good 1012... 3.703 833 821 Hnlkan nenlnsula. Following theso developments tho ca pitulation of Bulgaria at the end of September, of Austria nnd Turkey In October, and of Germany In November, after her exchange of notes with Presi dent Wilson; the surrender by air four Teutonic belligerents of their essential fighting armament on land nnd sea .this being followed in turn by revolut on In Germany. Austria and Bulgaria, ubdlca- ..... . T...A.., .....I n,. nrlnt plv hOUSP ill all three countries and the establishment I crease du .j . rotmhiipan form of government. 1 in oans at tne .ew ion. uaimn uu v., ... -'i-y , 11 -- ime ui coiiniierciui iiiuniieriiy mK in rmi,, , .," . """"" movements ucui Dams clearings reacnea me un of a republican lorm 01 gov en 1 ,ii,,,inin ..f bank 524 per cent . In tin prices, 18 per cent, ., ..,. ,,., ,., . ,... ,,,. r,CH,?rnblo nt times the sw nrr of n n,.. ,i...j .... . .. .. o .0. . Second. Change ln financial f"""J?'" " by tto $1,407.- with standard cotton cloths 71i per I v' """ ,""' '""u ""'" """ "' '"" "" """" HO'no new properties appeared """""'" l "-. '""?"?'" and on the stock markets, h,1,,fS?: ' ocni oofi out of tho total SI 8C3 000 000 cent "hen dividends were cut and when cor- , on the curb, among th4m ltoyarDutch the year 1918' comparing with $17,137.- !9.totJ?teXni4!!,hrtmfal,l'n r,s0co0un7sSntDecenoerbe?n8E of loans . Ninth Increase of $1,103,000,000 . In, poration securities were on an unsafe " "h h started at fty.seUven ,765.388 In 1917; $13,083,317,706 In 1910, SVThangeprls'unill 'April, due secured by United States Government " '',hc"" ,rLsfrDan Ks as com" investment basis. It was then that In- to aubaeribe to tn 3 "ifockn'SKK 8.863.BM,8M ln 1916. nnonlo nnd ilin n -!- MlyrpAM f it . .. --. . r' nftPmhr 1 111 H v arlnir ' "'r.J18."" said about tllPtr nrnn uiiue, nut tnpnr -., v..." --;.": ' a.rousf. ?y. market Interest le" , RAWIf rrPARFNM AT NFW WflU in.7. " iStocla at tlmes vcro forced """"""' '" """ &'"""'ious Total nt Unprecedented nnentrar financing in! of 1916 tho avance in steel prices. ' nineteenth century, and the highest on fields or o'n ' account of p osectso? Vi,Z n 1 .1 "ng "ho year of JG70.000.00U from the low tst of the year to the high- record, was 113', ln 1890, when the Oovernmcnt regulation of p"cexlnV ' 1,gUre0ctober tl,C at the New York banks and est, being 75 per cent, in copper prices. tide of commercial prosperity over tho rpLmVimand..i,helr maTkct movements Local bank clearings r Best Month reached the un Stock Exchange prices to the war 5SS". Snd to doubt Vis to "the gallons'. A. ,Suit"conrtoa"ef: P'td with tho year before adenuacv of our own preparaiion w forts by tlio uoernment anu uy uanu uinuw ..., ,, Vpu York i- .inn- - .-nin v. it-A r ' Xienale I ew- J V U e tuiiinnuvca .w icon h.l mo uau j estors tuinctl to consols, and the prico Hlxteen to twynty-two Midwest Ilefln ..... .. . Itll. hllrl ..... . ....a. . ..llll war. r.Kiwic iu,i,j Vt.; ... tlm In April and May. uuc v"J " j xJiecklng of Ludendorff's aUa"?3 and partly to tho crop news, but chiefly to discovery that ouV war plans were pro- gresslng'most effectlv e.y. Uenow ed hesl- fol-ance . IIIUU.I, "'. . T...1 In stocks, betwe- the surrender 01 uu- ...inn nrinr thn suosenueni months, despite r ocn .'-"' '".' lowed by a violent though brief ndv rTaandtheslgnmgof tffamlatle. while theynr 'test was being undergone of tho "economic readjustment Third. Converging of all American re sources on tho war. Virtual comman deering for that purpose of "'"""''V.1. lng capacity, trnsportatlon facilities and the supply of capital .? "J trictlon bv Government on use or any of "these for "nonessential" purposes immense advances of credit to our al ius, which, when the nL8licinWc. :-i i KVimmhr hud re.tcnea an ut,- gregate of $7,038,000 000 cash payments St vvhlch $4,327,000,000 had been paid In the calendar year 1918. Fourth. Immense Increase in war loans and war taxes b, all belligerents, Uig land ln particular raising more than VmQO.OOO 000 In the year through sale of national war bond; over t e coun ter, Franco floating u $5,550,000.0 0 loan in 'November, Germany raisins : S3 .700. 000.000 ln April and $2.0 0,000 000 in October and the United States recelv lng ubs?riptlonns of $4,100,000,000 to a loan of May and 16.900,000.000 to that of bank credit for purposes not essential I to tho war, this policy of restriction be 1915 ran the y following up from 105 at the opening of Jn,e1'ai 1 SnBB from "OH in February 1418,771, the tear to 113 near the close Thr I ?ricVyr? high r, wing year. 1897, that price was Issue of new stock to bo offered to sub- October, i attained, but this was more the ?.c5ibcrfl !.?'.. P"r- Oklahoma I'roduclnc I . 1018 December, 1918, clearings wcro $1,772,- the third largest of any month. high record was $1,880,419,910, ln 1017 1010 the y ear 1.. ...II.J A..nrtlntl., I.,.. In . V. A ... "V" . . .. ! .. 1 1. ; I . C. n ... 1 n H i .....J ...1. nllnlnoil l.xf 4 V, I a .. n u mnn 41ia SCriUCrS at Par. fllfl.lhniYin l-n,1..ni--. I to bank loans on stock exchangu col- . .. r n u r ' reoult of an extensive redemption policy , ,. "'',! " ,lnnuencca by the transfer I JJUSW 007 tn i ai7 nm nt i 014 snn im lateral Nirthlea. n T falrlv imlfnrm lean "War Boom" BcCQll Instituted by the Government. An un- ' ?Llar.5?..bl0cK8 .' holdings from ,hI 1..8-T.010 lt.897.601.175 $1,014,809,101 -- - , -., . - ,., . 1.. . .. 1 ui 1:111117111 inn tni urni n. .. ..... . - . 6 per cent late for money throughout The very dramatic series of economic cxpeciecuy large surplus revenue nan group vVhlch had fnr".'." ' nnanciai i.iJ3.3O5.O04 i.sdi, 517,407 Btio,.oz.uu4 l""nls V,C? ,CSI,eCla115: '" ,hltoun-'fSm tho dVth duties "on the fortune 'efnPt'y,U:,ntlfl1 lth"tha steel 'trade: 17.178.557 1.407.010.310 1.018.108.202 try) marked the second year of vvor- of all i;nglw, millionaire, and this was 1 "? 'A"1??'8 ot th??e holdings tla I AnrA7D g-s 304 410 sis 428 1 001 634 000 lft1p. time, may be thus summed up utilized ln redeeming consols. In aIK' "! 6 A to ab"e 10- I MJ-B70'8-B'304 W-- 1.001,334,009 lyi I riret Prolonged deadlock on the The following table gives the high and 4C "n Januar? to 70 fn" OctohefVifSJIl ' , l.TU.943.450 1.477,720.030 1.030.008.832 ion levels ior tacn year in tne last Its high price lust l.fru 1,. i .,.." 1 700 nnn 17.1 i.r.n.i.Rnn.o.vo 1.O72.400.703 .... . ... -.. . - . ...- ".,,h ...ilia . -,."-.--- --- - - .--- .v.c-u iw ma Hiuc-it i.xcnange J '? western war front or uurope , In the IT C.. - . r.. I, ... .... .III.., ... ...Ill ln ... Prtlllt' LCOllOllllC Sirmtl nil r.llrntlr lltlll tni, imiurf ui me piucy c-Aifcumwii iu - a 1 . At- Europe unil C (.u1)oll peninsula, def.at of llus- luh l-ov aeqiicl to Our Entry Into War ala's ndvanoed lines In the Carpathians "2 v?,;' j.,.vfl .,, , ... ' , and thplr retreat Into Hussla, invasion I ! J' ;,V VV Lvcnts of tnls yea.- followed one an- ,nd capture of Serbia bv tho Teutonic! '- ' ,A1 S7 other ln order wholly determined by and uuigarlnn armies 11114 ilpplnnmpnt tf lli mr Thpv mnv 1... Rppnnil. lnnriiious and nrocrpsslvelv 1013 grouped as ronows rope marine campaign , the retreat of IIIu mounting tout of war, bringing tho First Continuance of thp wnr ln T"n- I average military outlay of all belllger nt with irln,. rortitnV? th snbl ' ents -omblned from about $30 000.000 ?$,,? ..,'. "Xl,"'' .frt"".e"A. '5S TB.. Per day In the early stages of the war. denburg The Ilusslan revolution, fol lowed by iiolltlcal chaos, the llolshevlk and $50 000,000 at tho end of 1914, to $80,000,000 at the end of tho year. Sctober-tS.1 latest subVcrlpTlon made to any loan oi mis mm. Increase In England's annual taxa .. " - ..flimnnnnn in the llbcal 5S5- ending iajt March "to a budgeted f3.9U,000 000 for the ensuing tw elve- taxes in the Un ed' StateVfor tho flyca year ending with June, atj against HriCO.OOO.OOO In the preced'ng fiscal year; but with a levenue bill nnfje,".'" September In the House to ralso $8,300 -000.000 In the fiscal year 1919, reduced, however to $0,200,000,000 In the Senate bill, framed after retum of peace. Fifth. Increase In outstanding paper .i.l'.V'li.J i- oil haillirprent states . these rddltlona during 1918 In nngland being $110,000,000 In Ilank of nngland notes and $436,000,000 ln "currency notes , In Germany $2,000,000,000 in Itelchsbank notes pfu's ""arly $700000 000 In Loan Dureau currency; In France. 1,GOO,000, 000 In notes of tho Bank of ! ranee; In tho United States to $1,600,000,000 n Federal Reserve notes this last-named Increase, however, being offset by $430, 000.000 Increase In the gold holdings of the tBSUlng Institutions and by with drawal from circulation of 100,000,000 silver dollars. Blxth. Further rise ln prices of com modities, the London conomlsfs aver age of English prices rising from 5846 at the end of 1917 to C210 this last autumn, nnd Uradstrett's average of American prices from 17.59 to 19 18 In July; but both averages declining (lightly later on. Advanco In many sta ples, however, checked by edicts of the war boards except In cotton, vvIiobc price, after standing at 25 cents a pound on estimates of an abundant harvest early in 1918, rose to 38 Vi cents In .Septem ber, and the crop was Injured by an Unfavorable seaBon, then fell to 28 cents on threat of Government regula tion not fulfilled. Seventh. Foreign exchange rates, which in the neutral markets continued to run against 'cw York In the early months of 1918, Scandinavian exchange r- reaching In April a figure 28 per cent Against this country and .Spanish ex nhanca standing In the some month 65 J per cent against us, both rates being due to our support of sterling exchange at New yorK wnen sterling was neuvny depreciated In neutral markets. Very Vapid movement of neutral exchange lu favor of New York In the autumn (fol lowing a similar movement In favor of Ixmdon) until In November fipanluli and Scandinavian rates were not far from normal purity, eighth. Abundant grain harvests In the United States, In contrast with 1917 ii 600,000 bushels, which was 270,600,000 ' and 1918 f especially a wheat yield, 917.- !... th. vlelil of 1917 and second Only ii td the 1,025, 000,000-busliel crop of 191B STeverthetess, great scarcity until the w crop came in, and such conservation ... American, commotion, under the rules 1 t the food board, that the niount of WaMlv exporiru iiuiu mo viuf w. .i was vnly 110,000,000 bushels less than hone from the great crop of 1916. al. tfwugh the yield In 1917 had been tho " ,i(iintv cy Je,vv,vyv, usurpation, and the negotiations for a T.n'ru irmauon ot paper currencies spparate pence by Hussla The defeat lon 'nun ,""t'1'.wn,,re,'iy nVHS l5 of Italy nnd tho renewed activity ot u? n l0''0 '".""L l?veainly " Onrni i v nn thp n.. urn front -ent during 1915; in 1 ranco 43 per uorniay on newes.ern front. ,cem nnd fn lluSHla 80 per tent 'ln becond. Tightening of the economic spite of this movement, direct appeal strain In Uurope. unornious Increaso, to the people to give up their hoarded In paper money lsbues, Hussli adding gold In exchange for banknotes added $4,700,000,000. Germany $1,720,000,000, , $270,000,000 to the German bank's gold and Franco $1,200,000,000 Yet a war i reserve, as compared with Its low point loan of $4, SH3, 500,000 floated by Kngland of th war and $240,000,000 to tho in l eoruary, the largest single issuo ot frencn unmva goia the war. Third. Entry of tho United tates into tho war. Prompt Introduction of con scription, with natural effect on tho la bor iiuestlon i ourtn immcuiato and exceedingly violent rise in commodity prices, due Fourth fahlftlne of the world's finan cial center from London to Xcw York for the period of war Evidence of this new position ln the shape of $250. 000,000 lonned by American capital to foreign communities (this not Including loans to neingerent l.uropean uovcrn- 191'J loll . imu. lmio . 1II0K . 11107 .' noon 1911', mo I . 11103 Kill.' lorn.. 19110.. lRnn . isos. 1KSI7. IH'lll.. 1MI'.. 1KH4 . 1893.. 1802.. 1KII1.. isno 18fi0.. 1HR . 1KS7.. 1880.. laigely to our own Governments ntw I tninte which amounted to fully $000, demnnds. coming on top of the needs ot , 000,000 more) : further evidence of it ln our allies Wheat at $3 60 per bushel ,1B cntr ol New ork l-nnks Into the In May, against 51.19 In 191b ; steel nt ' acceptance business on foreign trade $100 per ton ln dune, against $32 In ism; cotton ni Ji'i cents a pound in November, ub against 11V cents ln 191G, all of these prices being tho hlgnest since uivu vvnr uaye, llVi ?sfe h.Vi H.I Hit, S74 SI Sll'i llj'i 91 (1111. 117 . una! lni.v. .ll.ltl liojt 113't, 1II-A4 lOS't 103Vi lO.'V? 97H 77V . 7.V. 70 H . 82 83Va . 811 . 8KH . 87 . Ill U1H . 91U . 1T. . 7j! . 7'i lOT1 lUVi lsin 18114 18113 .. 1811.'. 18111 18110. . 1810 . 1 sis . 18-.7 18M1 .. 1811.. lllstl Low llllb 8I1, I'J 87 U III 90 1I41 91 14 (Mil 89'k 111 Vi't 07H 8V. 98 till, S4VI KH'i 1)3 "4 soy. 1 There was a long list of Industrials 703.812,781 l,331.830,r,lb 1,030,070,020 008.420,100 Ono Of tho ftddltlnnM tn thp n,t.. .... . 1,70 XS8M.n21S.tU7tC'. Samshlp w men at- I AUK734.38.082 1,308.481.584 ter selling at 7 In May sold ,1mm tn ' jr,tmi,.r 4 '6 ln October, but later reflected the I l.lo.ull,012 1,837.772,708 1,070.781,123 RS'fcSaia'a&'X I S&P-010 "00.021 1.232.033.504 hV.nVj?J; nVj.l,ii ' n. 1 ear' Jt had then I 1.781.704,327 1.332,081.531 1.273.780,873 . t : .. i. '""',M' "ccuoo 01 me large Decemuer n,tii.uv4.u,t,6 cvii.iucit it nau assumed I i,i-.t.o.i. ..ui.i ..,. .....tpm,... 1814 ...iii'i 8.1V, which had been active ln the preceding 188 -10- Sv: , 5 Jal;- ft? WW, while not drogptoFou! 1811 lis n 81! of "'K!'' had suffered material osses lu 1848 ... llll 1847.... 114 . 117 V4 08. . 991 KISS .1113 .1()24 1881 ...lni'A ....1IU"4 account. Fifth. Absolute breaking of all records In this country's export trade , mcrchan dlBu exports In tho twelve months of r.uu i mining ?i,utt,uuu,uuo neyond the As a conseouence. Imposition of maxl- I highest previous record for the period, mum prices on many products, either by "1 ,?Tii .nniiSJ .ii, r imports absolute Government order or by agree- andl'f1"8O,0O.00O above tho pre- ment between Government nnd urn ilurers . $47 50 being fixed for steel, 2 JO for wheat of this year's crop and 2 for that of next year's Fifth An American wheat crop baroly 1 000.000 bushels above the deficient yield of 1918 and, except tor that seuson, the smallest In half a dozen years. Hlxth All records broken early In thd year in this country's monthly Iron pro duction and export trade Fecrenso later to a smaller monthly figure than the year before, due to previous over working of mill capacity and to diver sion of shipping facilities to our own nrmy transportation. SBventn iuoDiuzauon or railway ra c'll'lfs under n war board of railway munagers to meet the unprecedented vlous high record. S'xth Ah a consequence the most sen sational movement of tho foreign ex changes In favor of New York which tho world has ever witnessed sterling going to 4 50 when 4 86 4 Is parity and 4 82 the usunl possible minimum, while the ra.e on Dcrlln touched 7674, ngalnst par of 95Va Movement of fore-lgn gold to New York which brought our total gold Imports, dur'ng 1915 to a figure $293 000 000 greater than the highest pre vious record Eeventn Unusual activity and strength on the stock market, nnd later on the bond market; Stock Exchange specula tion converging on the violent rise In the "war Industrials." Con lniimm liqui dation of Europe's American securities holdings, which had exceeded $1,000,000,- 1884. 1883 18S2 1881 . 18S0, 1871 1878.. 1877 , 187(1 . 1873.. 1874. 1873 187J 1871 . 1870 1800. 1808 18H7.. 1800.. .111- m.'Vi .103 100 IIOtj . '.IS . 87. H7Vj . (in III IIIs! 114 nt'. . 14U . 1111 .. neS ,. 00'i ir.Tm 0T n-.3 mil II8 97 im, IMS 118 1111 99 18U 117 II4' 01 81 01 91 Ol'. !!! 1)1 01 HS'A 01 91 . 811 84 1R4I1 184fi. 1844. 1843 1842. 1841 184U. 1830. 183H 1817. 18111 1811 1814. 1833. 183.'. 1811 117 . ..100 ..1(11 .. 97 . 111 .. 90 .. mil .. 91 . 113 80 71", 98', 111' 531. 88 87 81 89 90 87'. 1U.710.UUJ.483 17.197.755.388 13.083,317,700 STOCK EXCHANGE SEATS Comparison ol tho price ol New York Stock Exchango membership during the last twelve years follows: lou.iii,viiii iin,ii,iu 113 tllVi 81 844 183U,... IIV1 1828 18J7 1821. 18'..1 18J4 1823 1BJJ 18J1 182(1. 18111 1818 1817. 18111 1811V. 1811 181.1. 1812, as1 bo: 84 04 011 sir. 81 78 8.' 84 4 1144a 111 it ol 74 I 81 83 I 811 I 70 78 70 I 84 1 73 08 Sit. 73 nj r.11 i 34 S3Vi 180.'. 22.000 18U1. 24,000 1800, 22,300 18911. 23,000 1888. 24,000 1887, 30.000 188H. 83,000 1883. 84.000 1884. 27.000 The lowest price at which consols have ever sold was 47 Vi. In 1798, during thw French war. 18.10.... 08 04 uulhuuuiib. ueneraiiy me year was ono 1840.. . 98 88 with unfavorable results to stocks which in... iirrn uuucii in eiii a, jargo scale while the war market existed. Mining stocks, which started the vear nt fairly high levels, were steadily reduced in their mnrlrpt nllntollnnD nn Inum... .. lug Tonopah Uelmout.' vvhlcn a.opped 'i!i7.' ?S'o n'?io from .1 B.lfl in .Iniilmrv tn IT. l' W. " 10111. 70,000 00,000 cember. Indicating the general range of this group. Tho lower levels were due to Government restrictions on every- d''i. 81IV. niing eAceiit cDsfiuiuia 111 war inuustries. nl' 89 ' l' the final month of the year these ii. a. 1? , atnnra ulinuPil n h.tt.r tnria urlth v.n.... 84 coming to het East of a pronounced ac tivity in mo mining neici loiiowing tho end of tho war. To many the most Interesting feature of tho year's trading on tho proud btrcet curb was the creation of nn active and vigorous market for short-term notes, Including tho many Industrial Issues carrying a high rate ol Interest which wero placed during tlio year. Many of these notes, which wero oversubscribed iih soon ns offered, advanced to sub stantial premiums, with the highest rec ords In numerous Issues made Just be- tore 1110 y car eiicic-u. . . r.chanM were not tranr.,,i by purchase and sale. An Initiation tee ot 3000 was, however, required from members duly elected by tho board and on business on their own account, in 1868 the transfer of seats began to havo a value, for In that year the present sys tem of transfer was Instituted. 1018. 11115. 74 000 4.' 000 lull, n.1.000 84.000 1013. 33,000 37,000 1012. 74,000 n.1,000 1011. 73.001) 111,000 1010, 04,000 03,000 lllOil. 1)4.000 73,000 11K1H, 80.000 31,000 11107. 88,000 31,000 11)011. OS.OOO 78.000 10111, 05,000 72,000 11104. 81.000 57,000 11)03. 82,000 51,000 1002. 81,000 03,000 111111 . NO OIIO 40.500 10(10, 47.500 37,500 u.nuiF 181)0. 40.000 1S0H. 20,730 1807. 22,005 181)0. 20.000 180,1. 20.000 1804 21,250 10,000 13,000 14,0011 17,000 18 000 1883, 188.'. 1881. 1880. 1870. 1878. 1877. 1870. 1875. 1874. 1873. 1872. 1871. 1870. 1801), 30,000 82,500 80,000 20,000 1H00O 0,300 7.750 5.0011 0.750 5, OIK) 7,701) (1,000 4,501) 4,300 K.DUU 17.500 111.001) 17,000 10,000 17,000 10,000 23,000 20.000 20.000 23,000 20,000 22,000 14,000 5,100 4,000 4.500 4,000 4,210 4,250 5,000 4,800 T2.7.10 s,um) .1,000 CHRONOLOGY OF THE FINANCIAL YEAR Outstanding Features in the Political and Economic History of 1918 Movements oti Stock Exchange-' by Months in Sequence Events Far Reaching January 29 Secretary McAdoo talsea over control of excluinBO markets. Tebruary 12 Announcement officially mado that Russia lias withdrawn from war. February lli Official announcement mndo that all Imports and oxports will bo licensed. February 23 President Wilson fixes prico ol wheat at $2.20 per bushel. March 4 Rumania accepts German peaco terms. March 7 Sonato passes war flnanco corporation bill. March 14 All-Russian congress of Soviets ratifies German peace treaty. March IB Interstate Commerce Commission grants eastern railroads IB per cent Increase ln rates. March 21 President Wilson signs railroad control bill. March 27 United States Steel Corporation grants IB per cent tn&rease n wages. April IB Count Czernln, Austro-HunBarlan Premier, resigns. April 18 Senato passes bill to melt 360,000,000 silver dollars. May 4 Third Liberty Loan campaign ends. May 6 Peace treaty between Central Powers and Rumania slgnod. May 14 Overman bill passes House, 295 to 2. May 21 Director General McAdoo removes all railroad president?. May 27 President Wilson addresses Conftrcss on new taxation price; rull way administration announces 25 per cent Increase ln freight rates; also-In-crcase ln passenger rates; wago Increase also granted. , May 28 Secretary McAdoo merges express companies. June 3 German submarines raid American coast, sink many ships. Juno 6 Secretary McAdoo advises doubling war taxes; war industry board commandeers all steel for war. Juno 17 Government plans to pool war resources with Allies. June 25 German Government makes now peace statement. Juno 20 Czar of Russia reported slain. July 1 President Wilson recommends taking over telophone and telegraph system. July 3 Government Increases price of copper from 23 to 28 cents. July IB American troops break Gorman attacks and advance, tho move ment later proving the turning point ol tho war. July 16 President Wilson signs wire control bill. July 18 Allied troops 'launch great counter-offensive; advance on twenty-five-mlle front, , August IB Maximum silver prico fixed by Treasury at ll.Olyi. August 29 Chairman of "Money Committee" warns against excessive speculation with borrowed money. September 6 "Money Committee" asks stock exchange for data on call loans. September 11 Secretary McAdoo favors higher exemption of Liberty. Bonds from lncomo tax. September 13 Americans wipe out St. Mlhiel salient. September 18 President Wilson rejects Austrian peaco proposal. September 23 Turkish armies in Palestine wiped out. September 27 Bulgaria seeks peaco; requests armistice terms. September 30 Bulgaria yields all points; Allies grant armistice. October 6 Germany sends another appeal for peace. October 8 President Wilson replies to German peace note. October 11 Kaiser summons German noverelgnsto council. N October 13 Germany's request for an armistice reaches this country. ' October IB President Wilson's answer to Germany's armistice request published. October 19 Fourth Liberty Loan campaign ends. October 21 German reply to Wilson's note received; again asks armistice terms. October 24 Wilson ln note to Germany demands surrender ol autocracy. October 25 President Wilson asks nation to elect a Democratic Congress. October 28 Austria ready for separate peace; accepts Wilson's terms. October 30 Another note from Germany requests terms for armistice. October 31 Turkey surrenders unconditionally to Allies. Austrian com mander asks Italy for armistice. November 1 Versailles conference on armistice terms begins. November 4 Austria officially out of war. November 6 Peace and armlstlco commission leaves Berlin for France. November 7 German armistice commission reaches French line. Revo lution breaks out ln Germany. November 9 Emperor William and Crown Prince abdicate and flee to Holland. 'November 11 Germany signs armUtlce; world war officially ends. November 12 Austrian Emperor abdicates. November 20 Twenty German submarines surrender. November 21 German fleet surrenders to Allies. November 22 Senate committeo cuts 1,000,000,000 from 1919 revenue bill. December 2 President Wilson addresses Congress on railroad control, December 4 President Wilson sails for France tn nttomi Pur. re ference. i December 11 Director McAdoo recommends Government operation of railroads for fivo years. December 16 Government forecasts winter wheat crop of 765,000,000 bushoWfor 1919, largest in history. December 20 Railroad executives agree on plan for control and operation of railroads; plan not announced. December 23 Copper metal offered ut twenty-threo cents for 1910 delivery. December 27 Bond sales on New York Stock Exchange this day wero' S4,476,000, largost ln history of exchange. Tho chronological story of the year by months In sequence follows: N ltecord hlch prico. tllccard low price. JANUARY Markets Begin and End Month With Rieo in Prices January security markets began the month with great activity, trading on the first two days being far ln excess of ono million shares each. Prices ad vanced from 3 to 8 points ln leading Issues. The rise In part was senti mental, the feeling having prevailed for STOCK SALES FOR FORTY YEARS Transactions on Stock Exchange in 1918 Far Below Those of 1917 Jvlntn. An Mport t"d P ,h9 hibltton, by execut L' ..?... .ruion. f, .!.'"...i , 000 bv tho end of 1915. and commercial demands Oross earn- , l-lttnth drain harvests, which broke Ings which have surpassed all precedent , ' a'. rcorda ln American production ; the but such increase In expenses for labor whnl, cron exceeding 1.000,000.000 and material, after the uprlng months, , 5u?he'"''!?al"8t, lL?IfvlouL1wn? Ilnu,m ' as brought net earnings well below 1910 'i?1'0?0'00"' ,nnd t,otal combined yield of Hlghth. enactment of a revenuo law, '" "Ix chief grain crops In 1015 being after s'x months of debate. (with wide ?'?0'00'??0 bu,s?er1 "Jf"1"8'.4'0"'000'- divergence of taxation plans between 000 ln 1014, and S.BBp.OOO.OOOIn the pre- House nnd Senate), which was csti. 'u.8 maximum, that of 1912 mated to produce $2,534,870,000; of this Mnth Dull and uncertain movement amount, $851,000,000 being levied on f domestic trade until, In the late eum- Incomes and $1,000,000,000 on excess mer, purchases of material for Kuropo's profits, munitions orders started up the Iron and Two larite Government war loans "lfel trade Expansions In that trado one of vvldch. offered In June a? 3fc "n"1' November, ditly Iron production ?? cent, 2 mil ed for $2 000.6oo.000 and surpassed all previous records, with de- received 'appl'catlons for $3,036,226,850. " the eel trade for quick pro- the other, offered ln October, asklnif for duction Autumn revival In the ma. 13,000. 000, uuu ana reteiv ng tenders or jiiv mii ...uu.mi ii. (117. 53:. 000 Advances of credit bv i - our Government to Its allies, which nt the end or me year, uuu reucneu -', I, - 700 000. ... - Ninth. Extremely violent movement of nl,.Pnl, nf wnr nn,i f ., r.v. the neutril l.uropean exchanges against vMlinrcaK OI v ar anil OI tile fllcm- New York In the last half of the year; omhle "War Panic" which was generally arc'lbed Jo cur ii.Binninic suddenly with Austrln'ii neutral "ffiSSSlt SSuSSJS HTBSS & "Sermon July Tani many buthlch In fact resulted from f8ln t0 ft cope and violence unex. Siircfraw rofBierllng bills In those ma?- ftmrltd In financial history when Oer- cet at the low Mice" turrVm! rSlale "any (lectured war on, Russia nnd of "them in NeVvork "aT the' hlVhe? France on Aug ust 1. t he memorable -twamd nrlce." and transfer of thn nro- economic crisis of 1014 was tho alto. ceeus ii markets, .. kl.1. 1 H .i.'i., .ivoin nf n.nriv 1 1 nn Ann uno Hummirlzedi decreased rapidly after we went to war! First. Word-wide financial panlo: through suspension with our consent of marked, during the midsummer week Knglaud'a gold sh'pments if us. Kx- In which It prevailed, by a 10 per cent pOriS 01 BUI". WllHill ooo in nun, " ' COTTON CROP CONDITIONS Government's Reports Between jgir,: Seeding and Harvest Since lWi joia.. The Government's "condition estl-lioil.! mates" on cotton, published during the lnip.. five months that tho crop s maturing. , logo " .. .-- .ll.i ni. .nmnnrmn fni tliA ' lwy . maiee ino iunv.., ................. . .. laBt twenty-nve yearn The following table gives tho sales by years since 1870: 1807 77.024 IT 1914 Tear HUM .. 1017 .. 1010 . loin iuu .. 1013 .. 1012 .. 1011 . 1010 . 10(10 .. 1008 .. 1007 . 100(1 ,, 1005 , 1001 ., 1003 '. 11102 .. 11101 . 1000 ., 1800 ., 1808 ., 1807 ., 181111 ., 1B(IT .. 1804 .. Junn July . 82 3 81 8 , 00 (1 "0 3 I 77.3 81 1 , 80 0 80 A 74,3 7IIU . 70 1 81 8 I 78 8 80 4 . 87,8 88 a , Hi (I 80.7 81.1 74.(1 . 70.7 81 'J . 70 5 7J () , 84 (I 81 .1 . 77 !l 77 (I . 83 II 88 O ! 74 1 77 t , ill 1 84.7 , 81 r Ht.l ! 61 ft 70,8 . 81 7 87 8 , 80 0 Ol '.' , 81 II 811 0 , 07 2 02 n . 81 11 82.3 . 80 3 80.0 from Nevv York to the neu ral i-ther dominating Influence of the year, lets. A gold 1 Import moVSment The series of events which accompanied h. beginning the year with average the outbreak of the war may bo thus AUK 73 70 3 72 3 75 3 7H 4 70 6 70.5 80 1 70.5 71.0 83 0 7.1 0 82 0 74 0 01.0 70,7 81.0 77.2 70 O 04 0 01 2 80 0 NO 1 77 0 01.8 Sfpt Oc l,D I 117 HI 3 (10 2 7K 0 IIH 2 74 8 78 2 72 1 711 i 11 7 71.11 72 1 81 1 81 i 04 II 71.4 08 2 (18.1 70.8 7. 3 04 2 70 8 83 0 Oct 54.4 1017,. .. 181,170,810 1016 235,104 042 17.', llllll llllll 47,111111 310 8n,OJ1.45l! 180,481,0311 128,740.115 105 831,748 215,108,51(1 100.412.754 1007 . . 108 024.312 1IIOI1. . 280,418,001 1005... IWO.UMi; (IH4 1004 .... 180,50.,712 10(13 100,731,027 11102 158,520,000 ino uau,iMa 138 380,184 170,421,130 180(1 04 054 000 1805 0II.0M.3 (HI I r, 3 !? loo?.... .SUV. 04 1 (10 II 71 t 01 0 58 3 (10 7 07 7 71 0 77 2 75 8 05 1 7 '.' Auiru.t J 7. ' July . , n-i June ... 7B4 May... 70 n April . In S March . ni i February (J 7 January 181)1. 1803. .. 18UJ , 1801..., 1800 ,. 1880.... 1888..., 18H7.,.. 18811 ... 188.1 ... 1884.,,, 1883..., 188J. ,,, 1NN1,,., 1880.,.. 1870.... 40.075 lis 80,077,830 8.1,875,(111. 00,031 0SO 71,28.',8H1 72,014,000 05,170,1(11) 84.014 OKI 100,802 051) O.'.MS.IMI 06,164 071 07,040 U0J 110.807.071 114,511,248 07,010 000 T.,7U0,70. n !..- vlrVIA (hilt th. mfirlfftS. follOW' Before 18C8, seats on the New York i 'ng the sharp downward movement of Vll, WUU1U K1VO M .v..... ......v.... w. themselves during the current year. Thm w.r. several Important events which Influenced the market favorably during tne opening aays oi me inonui. One was the request of the Solicitor General of the United States that the Hnn-AmA C!nurt postDone all the anti trust cases uui one. un ins luunn uy of the month, TrcBldent (Wilson ad. dressed wongr'ss eui vjuutiuucub -vir trol of railroads. Following these dents the market moved Irregularly, but generally lower, riti ihn sixteenth, after the close of busi ness, news came from Washington that Fuel Administrator Qarfleld, ln order to relievo railroad congestion nhd to save coal, ordered an Industrial shutdown of five days from January 18 to January 22, Inclusive, and ten Monday closings from January 28 to March 26, N PRICES OF COTTON An Interesting comparison of the range of the "spot price" of cotton at New York for the last fifty years s contained In the following table: IMMIGRATION DURING 1918 FARM VALUE OF CROPS IN 1918 For corn wheat and oats the farm value as of December 1 compares as follows for a series of years; Corn All wheat Oata 1018 According to the monthly bulletin of tho Uureau of Immigration there were admitted Into this country for a series of months, compared with previous years: 1018 1017 loin mis 7.8B3 10,047 20,075 21,040 7,780 0,307 25.035 81 604 30,401 11,003 30,704 '.2,5118 16.217 10,487 8t,0.'l 20.031 ii, nn ao.nas so.niui 25,532 0,601 15.512 27 680 10 "118 HVJ3N 24.74,1 18,873 24,745 17,203 15,481 1010 1015 1014 80,002 18.001 20.1144 34,437 24,545 20,208 December Novembor. October ', September 20,030 15,220 1017 0 087 11,440 11,286 0,228 37,050 24,450 3(1,41(1 SO.aOB 24.613 20,143 1018.. 1017.. 101(1.. 1015.. 11114.. 1018.. 11112.. 1011.. 1010.. 1000.. 11108.. 1007.. 11)011.. 1001.. 1004.. 1003.. 1002.. loot,. 1000.. 1800.. 1808.. 18117.. 1800.. 1881.. 1804.. 1803.. 1892.. llllh Tiovr 88'A -i? aHi 14H 20J 11 'A 12, 7". ias oji ISA 10U 12H 7., ii tfi 711 6ti n 311 W Hlrh 1801,. 1800.. 1880,. 1888., 1887., 1886.. 1883,, 1884,. 188J,, JB1.'..,, ISf! 1881.... 18 1880,,,. 1SU 1870.... l?j 1878.... 12 1877.... ISA 1876.,,, 13 1875..,, nil 1874,... IS' 1878..., 21 1B72.... 27 1871.... 21'J 1870,... 2.1(3 1800.... 85 1808.,.. 83 1807.... 86 1800,,,. 62 1803.,.. 120 LOCAL MINING STOCKS TONOPAH BTOCIC8 Jim nutler MarNamara 1014 l.TU,r2.J!',S Sl.niij,in,,i, . 1,52(1,451,(100 1 I 511.1,218 000 101(1 1.884,8I7,nJI ID l,iril,lin,i!'i l.nui.ni, 1,331(001, l,l(in,8;n l.JM.noi) 1 087,4111 innn vn'll li ... . .,"T:,Tl,,,lin HUM l.lllll.l. ).,'',, OUT 1,8S lifll.imo rpments 10 us. igx- in winen n wiu, ifw i i 5 'hv r0 win 441023 000 sitT mi ahii 1012... :h rose from $115,700,- rate at the Hank of Kngland (the high. . J 2 , SifloiT.nwi Jtti.aS ixm TsoHM ool lSl?" 1.000.000 In 1917. Pro- est In Its history), by recourse to txtra jool Ml ww.noo ivT.890,000 soa.oso 000 U - (Ive decrea In Soptem- twMm t l.ondon under Qoveriiment jwoo m,t.m 2S.PW.W0 S08.v09;o&o : 000 00.1 out iin.:n,itoo .unit .00(1 K1H.IIHII 1)1)11 (110,124. ono n.ii.asn.oiHi 543,008,001) 501,(1.11,0011 (1711.317,000 (lifl.H'JO 000 514, 437.000 400 333,000 51 8.873.000 510,400,(100 North HtAr ll-.cuo RuU vveai bna WEALTH OF THE UNITED STATES TiAaniA In 41.A ..,-..141. AI lla. 1lflwOV ...-. iniR . . , , 1 tuwi snog in i no ncuiui ui 1110 ' uniiru ! iT .-j m -SS3-l:8SS l.-nSJiiTi'i.r. MtaH-SS?. ' flta.'.". &, ,L"hJJ.'' ff..ta .flS5 1 uSS& m ZiKitiMX fi!tf?-!!2S 5"-5.V'!!!t S'ov ernment; esthnateVof KS'iru.e vN 4sn;50fl!noi) uatlon of real and personal property In 4H-Mi;ii 1)1,11 tho years e ven: 414,11111 nun VVVnllh 4(18,388,(1011 1850 17,131.780 000 407,887,000 18110., ,, 111,150(11(1,000 381,171,11(11) 18711 , 80,(1118,518.11110 mi.r.iiH.iMin 1880 4J.(it2.(ioo,non 800,203,(101) 1 Hull.,. ,,, (n,ns7 mil, nno 2;7,ll48,mill 1000.. . . , . 88,617.0011.775 ?i',ii4n,iiiii) J1IU4,, 1,11, in.. iii i,i,ij 207 003,0011 1013 187,730,071, 000 aoi.niiS.oiMi ii)i7 , 1 , :J9,000,()00,00(J .IO,"!!!),!!!!)) ,, :08,v09.0vO i:itlraalJ. Pr eanjtn. 1807.50 niR.on hs;i nm ,84 .80 :oo .18 nr.T.nn'firT.n HTOCiKH Atlanta ..,,,,,,,, $3 niur uuu jioom ...... .... Dlnmf 11 11 . ... puuy Kewanaa .. 1,01857 Kewanaa ,.,.,.,,, . 1,154.70 '!ro v.'"kJ' ! ..i.t. wiVSr'Rv'v.v.v.v.'.'.v.v. 1., J i.i i ll. " ...... r - - VMWW AaK .nil .81 ,21 :tl ,08 .00 IU ,00 ,04 ,111 .03 ,(13 ,IW 01 .2a 07 for an lndemnltv nt f i Ann nr.n Ann .... m nCt Ti'0' . No oner had this news ;. ..'. ."Il.w piaies wnen the Oer Ihi nn?n,nounced. thy could not trust tho Russians, and their nrmleo wero or. iiS.ia.i H? the closing days of tho SSSm 3S,SulBn" enounced that they n2iil?-sumBpeac?c''n'ercnee'' with tho S, n, B- tko conferences again to b held at nrest-Lltovsk. The Russians thetrlatv1 ,hree " ,n whteh, to sifii n-Yr?,",., nV'S'f' ln h,s address to the aerman Re chstng on tho 2Bth of thn t month. nmmm...i ,i... .V """.'"" emment would accept all the terms laid MARCH German Offensive In the Weit Happen. ingi In WailiiiiRton ' . I Tli )... .& . 1 ... v.,mll nnensivo agalnBt tlio French and nrltlsh lines in th. nn.n. of Franco overshadowed all other eventu during March. The thrust nr-nin.i 'ti, Allied lines commenced on the 21st, Ac-i s cordlncr tn (h n.nr,. -- .- .. ... --...- -,v. ,.,,. , cj.uhd, (10 0. fonalve yielded many prisoners and much. wiy...rr,nterlaI' The Allied retirement. iVr V,ti.. ,car"i on In order, an tho number of prisoners lost was very "Yl!' '"comparison to tho alio of th battle. The net aerman train nt 1 farthest point m. thlrty.Bev?en mUe. seven davs. Th a nw- aa nn i,..l .T.i!: much effect on the stock market. Trlcea m.u,.o . iu i. j.uuiip, uui mis, was only temporary, and the market soon ro. gained most of Itn losi. . At tho opening of the month the Gr. mans were carrying on pence negoUa tlons with the nusslans. Tho propoNAhv were at first turned down, and. the Oer mans issued an ultimatum to the llus slan delegates, which they were forced to accept, ho sooner had tile treaty been signed by the delegates at BrestLltovi; when tlio aermanb renewed their offen sive into Russia, The Russian Coniresn of Soviets, later In tho month, accepted ttw Oerman peace terms, desplto tho fact that President Wilson sent them a message that the United States vsoulet uiu .itiniii .ti itHiuinu mo wermans. and In t burst on the part of certain Senators ta criticize the handling of the country" YTVht lBIHUIi pa, Wtnlur ..mim'm' . , FEBRUARY Production Recuperates From Abnormal Weather Conditions of January The movement of security markets dur ing February can be classed as very Irregular. There wero times when the market showed a decided upward ten dency, but these movements ln most cases were short-lived. During the open ing days of tl'e month changes were very erratic. This continued until the 14th. when the Union Paclfla Railroad placed Its common stock on a regular 10 per cent basis, compared with 8 per cent regular and 2 per cent extra here, tofore. This action on the part ot the directors created more confidence, and the market advanced sharply and con tinued so for several days. Then the market slowed down and prices again h-rjime Irresular. The Administration Railroad Control Mil was passed by the Senate unani mously on the 22d of the month, and on the closing day the Houso passed the bill by a vote of 337 to S. Another Im portant event during February was the proclamation Issued by President Wil son controlling all Imports and exports Into ana out oi me unuea maics. There was 'little of importance In the war events on lhe western front. On the eastern front conditions wero chancing mnldlv. 12arly In the month news reach- Led this country that Russia had entirely 1 l . .....a ,.,.. fniA, .1, .va Tl . dm n.imi..il that tha Itusslans were forctKl to accept tho German peaco proposals, the French and British armies broiujbt and these contained a Clause wnicn called in- invaacra io a sianosKH tje: The, Railroad controll bill was paimed. ""'I"! nd signed by the President on the Mat, !j n the Senate there was another out- t',1 lurst on the part of certain Senators 'to m APRIL i Continuation of German Offensive. Bualneii Condjtlom Favorable The dominating factor ot the stcur Ity markets during the month of April was the news from tho western wn front. The aerman drive which started on the :iBt ot March was cqnttnuotl until the latter part of tho month, when f t II O
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