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had totaled $3,035,000,000, an oversubscription of practically 50 per cent., with more than 4,000,000 subscribers

The second loan campaign was conducted with great earnestness and brought forth many spectacular demonstrations throughout the country. Parades, mass meetings, curbstone assemblies, and similar gatherings were the distinguishing features, and the personal canvasses by all financial and civic agencies were animated, earnest, and well nigh universal. The Government expressed deep satisfaction over the success of the loan.

Every Federal Reserve district in the country took its full quota, proving that the response was national. The total subscriptions in New York City were $1,550,453,450.

Other Financial Matters Up to Nov. 8 the official credits and advances by the United States to the Allies were as follows:

Credits. Advances. Great Britain...$1,860,000,000 $1,475,000,000 France

1,130,000,000 850,000,000 Russia

450,000,000 191,400,000 Italy

500,000,000 265,000,000 Belgium

58,400,000 54,500,000 Serbia

3,000,000

3,000,000

The expenditures by the United States Government in October exceeded $1,000,000,000, of which $470,200,000 went to the Allies, $133,934,862 for redemption of loan certificates, $395,296,200 for the Army and Navy Shipping Board, aircraft, Food Administration, and maintenance of the ordinary Governmental activities.

The daily expenditures of the British Government in the three months ended Sept. 22 were $32,070,000. The House of Commons on Oct. 30 voted $2,000,000,000 new credit, bringing the total British loans for 1917 to $9,500,000,000 and the total since the beginning of the war to $28,460,000,000.

The British Chancellor stated on Oct. 30 that the German Reichstag had voted a total credit since the war started of $23,500,000,000, but this did not include advances to Germany's allies nor the expenditure for separation allowances, both of which are included in great Britain's total, and which in Germany reached $6,630,000,000; hence the actual expenditures of Great Britain since the war began, according to the Chancellor, were $8,500,000,000 less than Germany's.

Petrograd announced Nov. 1 a subscription of $2,000,000,000 to Russia's second liberty loan.

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ibraltar Offered to Spain by Germany Count Romanones, former Premier of Spain, made the following statement in an interview granted to the Madrid correspondent of the Roma Tribuna early in September, 1917:

It has been said that a victory of the Central Empires would give Spain great advantages and would enable her after the conclusion of the war to become one of the great powers of Europe, Why should I conceal from you the fact that this tempting mirage has been skillfully and insistently displayed before the eyes of the Spanish people? Morocco, Gibraltar, and Portugal were the gifts which were offered to Spain.

No. Let us leave similar reasonings to the deluded and to those who cannot see that the present immense conflict will end in the triumph of the peoples which stand for social and political liberty.

Decrease in Merchant Marine Losses—First American

Naval Vessels Torpedoed by the Enemy

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Total previous four weeks. 50

During the same four weeks French losses were five steamers of over 1,600 tons and three under 1,600 tons; while Italian losses were five over 1,600 tons, four under 1,600 tons, and five sailing vessels. During the month of October nineteen Norwegian vessels, aggregating 34,577 tons, and forty-eight Norwegian seamen were lost.

According to statistics published by the Danish Ministry of Commerce, the Danish merchant fleet during 1916 lost forty-six steamers, of which thirty-eight were destroyed through war accidents, and twenty-eight sailing vessels under 200 tons were lost, of which nineteen were lost through war accidents. German U-boats destroyed twenty-seven steamers and Austrian submarines four steamers. In 1915 the losses were only twelve steamers, representing a value of six million crowns, ($1,608,000.)

Statement by Sir Eric Geddes A comprehensive review of the submarine situation was made on Nov. 1 by Sir Eric Geddes, the new First Lord of the Admiralty, in his maiden speech as a member of the House of Commons. He said:

I have studied from a variety of sources the statements made from time to time by

the enemy as to tonnage and position, and have come to the definite conclusion that not only does he not know what is being sunk, but that he would like very much, indeed, to know what is being sunk regularly month by month or week by week, or even exactly for a period.

However great the loss of mercantile tonnage is, we cannot at this stage of the war pick any one item to deduce therefrom that the war, even any phase of the war, is going well or badly.

The general situation regarding submarine warfare can best be demonstrated by the following figures: Since the beginning of the war between 40 and 50 per cent. of the German submarines operating in the North Sea, the Atlantic, and the Arctic Ocean have been sunk. During the last quarter the enemy has lost as many submarines as during the whole of 1916.

As regards the sinkings of British merchant tonnage by submarines, the German official figures for August are 808,000 tons of all nationalities. They sank a little more than half of that for all nationalities.

For September their official figures are 679,000 tons. They sank far less than one-third of that amount of British tonnage, and less than one-third of that amount of all nationalities.

The number of German submarines which do not return is increasing. Since April, the highest month for British losses, they have steadily decreased, and latterly to a marked degree. September was the most satisfactory month ; October was only slightly worse, and better by 30 per cent. than any other month since unrestricted submarine warfare began. The net reduction in tonnage in the last four months is 30 per cent. less than anticipated in the estimate prepared for the Cabinet early in July.

The total net reduction since the beginning of the war from all causes in British tonnage on the official register in ships over 1,600 tons is under 2,500,000 of tons gross, or 14 per cent. Summarized,

the

submarine warfare amounts to this: Our defensive measures have during the last seven months proved so efficacious that in spite of the increased number of ships which are passing through the danger zone, there has been steady reduction in the damage done by the enemy submarines. In the meantime

UNITED STATES PATROL SHIP ALCEDO, SUNK BY A GERMAN SUBMARINE, WITH

LOSS OF TWENTY-ONE LIVES

we are sinking enemy submarines to an increasing extent. Our offensive measures are improving and will still more improve and multiply.

But, on the other hand, the Germans are building submarines faster than they have hitherto done, and they have not yet attained their maximum strength. It appears to me, therefore, that the submarine warfare, as elsewhere, is becoming a test of determination and ingenuity between the two contending forces.

At the outbreak of the war Germany possessed over 5,000,000 tons shipping. Today nearly half of it has been sunk or is in the hands of ourselves or our allies. She has a 50 per cent. reduction to our 14 per cent.

It had been asked, Geddes proceeded, whether Great Britain was building merchant tonnage at a sufficient rate to replace the sinkings. In reply he said that the new national yards now being built would be ready in six months, and continued:

The output of merchant tonnage for the first nine months of 1917 is 123 per cent. higher than the total output for the whole of 1915. Standard vessels have been ordered representing nearly 1,000,000 gross tons. More than half of these are under construction.

According to the First Lord there were now 235 large drydocks in the British Isles where merchantmen could be repaired.

The German Admiralty issued a reply

to Geddes's speech, asserting that he had omitted Mediterranean sinkings and that his figures were in net tonnage while those of the German Government were in gross tonnage; but the British Admiralty contradicted both assertions and supported the statement as above recorded.

The First Lord of the Admiralty had occasion again on Nov. 16 to speak on submarine sinkings before the House of Commons. He said that the favorable figures of the week should not be taken as indicating the end of the submarine menace. He reminded his hearers that the Germans were still building U-boats faster than the Allies were destroying them, and that mercantile marine tonnage was not being maintained. He added that economy in everything which was seaborne continued to be of vital importance, and that all work which could be diverted from other fields to the shipyards would have a direct bearing on the winning of the war.

Sinking of the Antilles During the month several American vessels have been lost. The steamer Antilles, an army transport, was torpedoed on Oct. 17 while returning to America and under convoy of American patrol vessels. Out of about 237 on board 167 persons were saved. These

was

included all the army and navy officers. The 70 missing men included army and navy enlisted men, three engineer officers of the ship, and merchant seamen. The Antilles was a merchant vessel of the Southern Pacific Line hailing from Philadelphia, which ad en taken over by the navy and fitted out especially for army transport service. She carried a naval armed guard on board. The disaster—the first of the kind since the American Government began its enormous task of shipping its army of more than a million men to France-marks the heaviest toll of American lives taken in submarine warfare since the destruction of the Lusitania. Not only was the Antilles the first American army transport to be lost in the present war, but so far as official records have been disclosed she is the first vessel convoyed by American patrol ships that has been lost.

Attack on the Cassin The United States destroyer Cassin (Commander Walter H. Vernou) had a narrow escape from destruction in an encounter with a German submarine in the war zone on Oct. 16. While the vessel was on her patrol station a submarine was sighted on the surface about five miles distant. The Cassin immediately proceeded at full speed toward the submarine. She searched the area for about thirty minutes, when Commander Vernou sighted a torpedo running at high speed near the surface about 400 yards away, headed to strike the Cassin amidships. He rang for emergency full speed ahead on both engines, put the rudder hard over, and was just clear of the torpedo's course when it broached on the surface, turned sharply toward the vessel, and struck the stern of the Cassin. Fortunately only one engine was disabled, thereby permitting the destroyer to re

main under way, circling in search of the submarine. After about an hour the submarine exposed its conning tower long enough for the Cassin to fire four shots. The Cassin continued the search until dark, when, having been joined by other British and American patrol vessels, she was taken safely into port.

The Navy Department announced on Nov. 1 that the transport Finland, 12,806 tons, had been torpedoed while returning from foreign water, but that the damage to the ship was so slight that she returned to port under her own steam. Like the Antilles the Finland was under escort of naval convoy, and in each instance no sign of torpedo or submarine

seen. Three naval gunners, four merchant seamen, and two enlisted army men lost their lives.

The Alcedo and Others The Alcedo, a patrol boat, was torpedoed and sunk by a German submarine early in the morning of Nov. 5, with the loss of one officer and twenty men. Before the war the Alcedo was a steam yacht belonging to George W. C. Drexel of Philadelphia. This was the first American fighting ship to go down since the war began.

On Oct. 30 the picket boat of the U. S. S. Michigan foundered. Apparently, the Navy Department announcement said, the entire crew were lost. The finding of the bodies of three of the crew and the failure to find any other trace of the boat or its occupants led the department to believe that all were drowned.

The American steamer Rochester, 2,551 tons, was torpedoed and sunk on Nov. 2. Seventeen men lost their lives, including six enlisted men of the navy who were serving as armed guards. The survivors endured terrible hardships for many days before they reached land.

A Step Toward Allied Unity, and the Storm Raised by Mr. Lloyd George's Explanation

A

CONFERENCE of the Premiers of

Italy, France, and Great Britain, with their Chiefs of Staff, held at

Rapallo, near Genoa, on Nov. 9, 1917, resulted in the creation of an interallied strategic board — to be known as the Supreme War Council—for the more efficient co-ordination of the Entente military energies and a more vigorous prosecution of the war along definite and unified lines. The following were in attendance: The British Premier, David Lloyd George; the French Premier, Paul Painlevé; the Italian Premier, Vittorio Orlando; Lieut. Gen. Sir William Robertson, Chief of the Imperial Staff at British Army headquarters; Major Gen. Sir Henry Hughes Wilson; General Smuts, formerly the British Commander in South Africa; the Italian Foreign Minister, Baron Sonnino; the French Minister of Missions Abroad, Henry Franklin-Bouillon; General Foch, Chief of Staff of the French War Ministry, and their staffs.

The first act of the Supreme War Council was to create an Interallied General Staff consisting of General Cadorna, representing Italy; General Foch, Chief of Staff of the French Ministry, and General Wilson, sub-chief of the British General Staff. General Cadorna relinquished his place at the head of the Italian forces and accepted this position. He was replaced as Commander in Chief of the Italian armies by General Armando Diaz, with General Badoglio as second in command and General Giardino third.

Text of the Agreement The agreement of the three powers is as follows:

First.-With a view to better co-ordination of the military action on the western front, a Supreme War Council is composed of the Prime Minister and a member of the Government of each of the great powers whose armies are fighting on that front, the extension of the scope of the council to other fronts to be re

served for discussion with the other great powers.

Second.-The Supreme War Council has for its mission to watch over the general conduct of the war. It prepares recommendations for the consideration of the Governments and keeps itself informed of their execution and reports thereon to the respective Governments.

Third.-The General Staff and military commands of the armies of each power charged with the conduct of the military operations remain responsible to their respective Governments.

Fourth.-General war plans drawn by competent military authorities are submitted to the Supreme War Council, which under high authority of Government insures its concordance and submits, if need be, any necessary changes.

Fifth.-Each power delegates to the Supreme War Council one permanent military representative, whose exclusive function is to act as technical adviser to the council.

Sixth.-Military representatives receive from the Government and the competent military authorities of their country all proposals, information, and documents relating to the conduct of the war.

Seventh.–The military representatives watch day by day the situation of the forces and the means of all kinds of which the Allies and enemy armies dispose.

Eighth.—The Supreme War Council meets normally at Versailles, where the permanent military representatives and staffs are established. They may meet at other places according to circumstances. Meetings of the Supreme War Council take place at least once a month.

Blunders of the Entente In an address at a luncheon given in Paris on Nov. 12 by Premier Painlevé, David Lloyd George discussed the plannow known as the Rapallo plan—for centralized direction of allied activities against the enemy. In this speech he made a number of frank avowals which created a profound stir. He said in part:

Unfortunately we did not have time to consult the United States or Russia before creating this council. The Italian disaster necessitated action without delay to repair it.

This made it indispensable to

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