31 Jul 1914
Page 1
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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jul 31, 1914
Page
1
Bankers meet to discuss wartime financing as New York shows resilience despite heavy foreign liquidations. Trading machinery remains steady while prices crumble on the day with 4,298,000 shares sold and call money at 6 percent.
Stock sales yesterday reached 1,298,000 shares as markets showed extreme declines with Motors down 20 points and Reading by 17 points. The day logged an average fall of 4.65 points, with bond holdings at 4,476,000 dollars. Wheat rose to 1.02 per bushel, corn gained 8 cents, and cotton fell 4 dollars per bale. Exports valued at 9,000,000 dollars and weekly gold engagements reached 37,250,000 dollars, with a new high on gold shipments at 10 per 1,000,000.
A slate of leading bankers met at J P Morgan & Co to discuss market conditions and the potential closure of the New York Stock Exchange. Attendees included Henry P Davison A Barton Hepburn Francis L Hine Benjamin Strong Jr Charles H Sabin Henry G Meehle and W C Van Antwerp. The session aimed to compare cables and views while signaling no immediate move to close the exchange. They stressed that a shutdown should not occur while buyers remain, noting European liquidation and fears of a panic but asserting confidence in reserves and open-market operations.
Stocks fell across leading issues on the New York Exchange in a dramatic collapse not seen since 1907. With 1,295,000 shares traded, the day marked the largest volume since October 27, 1911, as standard dividend payers sank to new low levels.
Berlin reports the German government pressing a peace or mobilization ultimatum to Russia as Russia asks for clarification of mobilization. Germany prepares to mobilize up to 2,000,000 soldiers and 80,000 sailors if conflict erupts, with officials signaling readiness and caution amid wartime tensions across St Petersburg and Berlin.
Berlin reports state Russia was asked three questions about mobilization aims whether it targeted Austria-Hungary and whether it would halt mobilization. German leaders meet with chancellor and royal family officials as rumors of mobilization and Federal Council session swirl.
War fever sweeps through St. Petersburg after mobilization is announced and grows after reports of the British squadron sailing from Portland. Business activity halves as the city reacts to the escalating crisis and the approaching war.
Cable Dispatch from Warshaw reports a serious economic crisis as the State Bank withholds discounts, the Finance Ministry seeks aid, and railways and freight stop. Troops move to strategic points while gold and papers travel to St. Petersburg and Moscow.
London reports urgent defensive steps across Portsmouth and Dover harbors and coast guard deployments amid mobilization fears. The Times notes possible British involvement if Germany attacks France, with Russia mobilization unresolved and public calls for a united wartime front.
Dispatches report Austrian forces crossing the Danube and Save toward Belgrade, with attacks along the Nish road. Servians retreat toward Greca and Popovatz as Austrian artillery and pontoon bridges push toward the capital. Casualties appear light on both sides amid heavy bombardment and fort defenses near Semendria and Losnitza.
A St. Petersburg dispatch reports it is believed Austria will declare war on Russia. If confirmed, Emperor Nicholas is said to travel to Moscow to deliver a pronunciamento in the Uspensky Cathedral.
Martial law declared at Riga affecting Boldoraa and the river Dina region. Steamers need special permission to move in and out. The minefield outside the harbor entrance is to be completed tonight.
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