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The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, August 01, 1914, Image 1

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn85038485/1914-08-01/ed-1/seq-1/

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Russia and Austria
Circumstantial Report Says Germany
Will Demand That Both Russia
4 and France Cease Mobiliza
tion—England Is Practi
cally Mobilized
London, July 31.—There are only two factors tonight giv
ing the faintest hope of averting a general European war.
First, Russia and Austria are engaged again in direct
. negotations.
" Second, both Great Britain and France are using their ut
most endeavors in favor of peace.
On the other hand, Russia has ordered a general mobiliza
tion, and Germany has declared a state of siege, which is un
doubtedly a prelude to, if it does not cover mobilization.
France has not mobilized, but cabinet councils, which sat
until late tonight, issued decrees establishing a moratorium
and taking other action which could only be determined on the
GY G Of War. _
Unofficially the French army is «*■■■**
Virtually mobilized.
A circumstantial, though as yet tin
r,ii</l --lc(is veno'ri published in Rome,
. V -rrjiatiy is about to demand from
♦wstsia and France the immediate
cessa. on of mobilization. Yet another j
rumor is that the German ambassador |
has notified the French government of
his early departure.
Great Britain is practically, though
not officially, mobilized, and the small
er European states—Belgium, Holland
end Switzerland—as a precaution, have
ordered the mobilization of their armies
to protect their territory from being
vsed as a highway for the belligerents,
i end Norway, Sweden and Denmark to
v guard themselves on general principles.
Italy makes no announcement and
although a rumor credits her with th"
decision not to participate in the strug
gle. there is little doubt that she is
making ready for mobilization.
Communication across Europe has
been cut off and there is universal ap
plication of the censorship, with the
(result that It Is Impossible to obtain
any accurate knowledge of what mili
tary operations are going on in Servla.
All code telegrams are refused. Many
American travelers nave been held up
by tho suspension of International
v trains. _
l The withdrawal of three famous Ger
man yachts from the t’ow'es regatta is
1 significant. They Include the Emper
or's Meteor and Krupp's Germania.
All the countries Involved in the war
have prohibited the export of many
products. Alt the stock exchanges in
England and Scotland are closed. Eu
ropean state banks have raised their
rates and the Bank of England rate has
been doubled.
London. July SI.—Facing the most
perilous epoch in their history since
they shivered before the spectre of a
! Napoleonic Invasion, the English people
I#e the calmest nation of Europe. Yes
|/"Jerday they felt the decision whether
1' v»reut Britain was to he drawn into a
general European war was banging in
the balance; today they believe It Is a
probability, rather than a possibility.
. There Is no mistaking the fact that,
V ith the exception of a minority of
peace advocates, whose voice Is hardly
.heard anil Beems to carry little weight,
the nation’s mind Is reconciled to war.
There have been no “demonstrations,"
no flag waving, no mualc hall patrlot
Imn. but there Is apparent among all
classes a sober and grim determination,
If the government declares the nation’s
(Orattaaed on I’M* Eleven I
£—Germany declares martial law.
Security markets of the world close.
Russia and Austria ugain negotiating;
France mobilises.
President prompt to assure country as
to Its finances.
II—Another Gadsden river mystery.
•—Nothing short of chaos can badly af
fect securities.
♦—Editorial comment.
•—No necessity for bond issue to build
> new Jail.
Thinks manager for cities will he final
ly adopted.
Athens citizens hold conference on
train service.
Judge Evans will not resign from
state commission.
•-President Wilson will confer with
► . railroad men.
,, •-Underwood tariff yields average of
123.000,000 a montjt.
■ |p—Dent wins out in efforts to reward
i Panama builders. -
-Denmark makes plans tp mobilise.
_Governor Brewer and Collins disagree.
**JBusys day at Sunday school coovm
i Li>. ■ . 1 ...
as to ram
Half Billion Dollars Waiting
at Treasury Department
to Care for Any
Washinaton, July SI.—President W II
M,|| and the administration acted
promptly today to rennnure the country
nnnlnst nny threatening financial dan
gers growing ont of the European war
situation. First, the President took the
sttpa to complete Immediately the or
ganisation of the tellers I reserve board,
sp the new currency law may become
Secretary McAdoo, expressing ap
proval of the closing of stock ex
changes throughout the country, an
nounced that a *500,000,000 Issue of
emergency currency watting at the
treasury department, would be made
Immediately available to national banks.
To make more easily accessible this
emergency currency, authorised by the
Aidrleh-Vreeland act, the Senate late
today, at Mr. McAdoo s suggstlon.
passed unanimously an amendment to
the currency law modifying the clause
providing that banks of national cur
rency associations, to avail themselves
of the Issue, must have, outstanding
currency ncft.es “secured by bonds of the
United State* to an amount not les*
than to per cent of Its capital."
The amendment wonld'give the sec
retary of the treasury authority In his
discretion, to ignore this restriction. It
will be passed early tomorrow by the
Mouse and probably will be signed by
the President before night.
To Perfect Federal Reserve Board
To hasten perfection of the federal
reserve board. It was made known a*
the White House that President Wil
son would send to the Senate tomor
row lets choice of a successor to Thomas
D. Jones of Chicago, whose nomina
tion was withdrawn. The tense situa
tion also brought to immediate action
Paul M. Warburg of New York, who
for weeks had been holdli-g hack from
an examination by the Senate commit
tee on banking and currency. Mr. War
burg notified the Prealdottt he would
come to Washington at' oiice and tele
graphed Senator Owen, chairman of the
banking and currency committee that
in deference to the President's urgent
request and In view of the aerlouaness
of the present emergency he had de
cided to waive all personal considera
tions and was prepared to appeal- be
fore the committee at a convenient
To Appear Today
After another examining of messages,
it was arranged that Mr. Warburg
should appear before the committee to
inoirow afternoon. In. meantime the
name of tile other member will be sub
mitted to the Senate. Tonight it was
btileved that Edwin A. Potter, a Chi
cago banker and a republican, would
be chosen.
Official Waahingon was unusually op,,
London, duly 31.—A Berlin dispatch to Hunter’s Telegram
company says a state of war has been proclaimed in Germany.
The “State of War” bulletin proclaimed in Germany
means martial law. under which the military authorities take
charge of the situation in conformity with paragraph fi8 of the
constitution of the German empire.
The kingdom of Bavaria is absolutely excluded from the
operation of today’s proclamation and will have to issue a sim
ilar decree if it desires l^o do so, as it is an independent kingdom.
Today’s proclamation was signed by the German Emperor
as King of Prussia.
- Martial Law in Finland
St. Petersburg. July 31_An imperial
ukase declares martial law In Finland
and Finnish territorial waters.
Great Britain Is milking a (Inal ef
fort to find a formula acceptable to the
antagonists, but there Is little hope of
success. It la announced here, owlug to
Germany's attitude.
Belgians to Mobilize
Brussels. July 81.—The Belglau gov
ernment tonight ordered general mobi
Want to Maintain Peace
Paris, July 31*—France and Great
Britain are making a final effort to
rind a way out compatible with the
dignity and Interest of both Russia and1
Austria. .This la why Premier Aaqulth
today postponed making a further dec
laration la the British Parliament.
Emperor Sees Ambassador
St. Peterahhrg, July 31.—'The Emperor
of Russia today gave an audience to
Hie German ambassador and subse
iiaently presided over a full council
of ministers at tended by the chief of
the army general staff.
Servians Repelled
Yleuna, Austria, July 31.—Austrian
frontier guards today repelled a strong
nttaek by Servians near Klotlevats, on
(lie Bosnian frontier, without sustaining
loss to Its members. The Servlaus lost
line officer and 22 men.
Switzerland to Mobilize
Rerhe, Switzerland, July 31.—The
Federal Connell today ordered the mo
bilisation of nil men between 20 and
Ik years of age, capable of hearing
Almost Capture Yacht
Athens, Greece, July 31.—The Monte
negrin royal yaelit Deglara was almost
(Coatlnued on Page Bight)
New York, July 31.—J. P. Morgan to
•Ut) issued the following statements
••Alarming as the news Is from Ku
rope we are still hoping that there will
not be a general war.
••The situation of the American se
curities markets during the past few
doss has been a splendid Illustration of
the Inherent soundness of financial
conditions Ip this country. While we
all earnestly hoped that the New York
stock exchange might be kept open. It
seemed necessary In the Interest of the
v hole country to close the exchange.
••Hear In mind thnt the actual prop
erties represented by American securi
ties will not snlTer greatly by an Ku
i openn war.
••It Is Idle to say that America will be
hurt by a general 13ur<»penn war. There
Is no doubt that the whole American
people will co-operate to restore normal
conditions throughout this country at
the earliest possible moment.*9
A. H. Hepburn declaredi
••The closing of the exchange, under
t ht circumstances, was wise."
Governors of the New \ ork stock ex
change appointed n committee of five
members, headed by President Nobel, to
consider aud settle all questions which ,
might arise as a result of the closing. ,
A reassuring statement by ft* bank
ers of New York, through their repre
sentatives. and the Clearing House
committee, was Issued Inter.
Situation Is Unprecedented In History.
The New York Stock Exchange
Would Have Been Called Up
on To Bear the Financial
Burden of the World
New York, July 31.—The vast and complex machinery of
the security markets of the world came to a complete halt to
day for an indefinite period. It was an occurrence unprece
dented in history.
With all Europe seemingly on the verge of war, the con
tinental exchanges closed several days ago with the London
market following suit today, the New York stock exchange
would have been called upon to bear the weight of the world's
financial burdens. It virtually had done so all week, for, while
the London market was open, transactions were nominal. The
unloading of stocks here by panic stricken Europe during the
last four days and tin* consequent collapse of prices made his
tory in Wall street.
I 1
H. S. P. Pell & Company’s
Failure Causes Drop of
140 Points in
York* fitly 3!,—The
| of 11. I*. Pell & Co., cotton, coffee fiiiil
Nto< k brokers, was aaitouaceil ou the
floor of the cottoa exchange today.
For the benefit of Its creditors the
firm made an assignment this nfternoou
to Theodore H. Price nnd *1. lOdwards
W yckoff.
At the offices of fl. H. P. Pell & Go.
all information ns to the suspension
was withheld. The failure of the firm,
one of the largest doing business on
the cotton exchange, was attributed in
financial circles to the sensational drop
in cotton values during the week.
The S. H. P. Pell A Co. firm held
memberships in tlie New York stock
exchange, Chicago Board of Trade, New
York produce exchange, New York cot
ton exchange and the Liverpool cot
ton exchange.
The members of the firm are Stephen
H. P. Pell. Charles A. Kittle, H. K.
Pell and associate member Col. Robert
M. Thompson, who was a member of
the famous Patten cotton pool.
The failure caused the cotton market
to fall off HO points.
A statement of assets and liabilities
was not made. During the excitement
that followed heads of cotton exchange
houses themselves went into the pit
and’ made heavy purchases.
Some of these trade brokers had not
been in the place for years. Single
purchases of as high ns 25,000 bales
of cotton were made before closing.
New York, July 31.—Flower & Co.,
members of the New York stock ex
change. assigned today. The firm Is
one of the oldest doing business on
the exchange. t
The firm assigned for the benefit of
its creditors to Charles A. Werner of
tills city. No statement of assets ami
liabilities was made.
Members of the firm are Frederick
S. Flower, Benjamin C. Vandyke and
John S. George.
Flower A Co. was organized more
than 30 years ago by the late Boswell
P. Flower, afterwards governor of New
York. For two decades it had been
regarded as the largest and strongest
firm in Wall street.
The following statement was Issued
by Frederick S. Flower, senior member
o? the firm today:
“Since the dentil of one of the ac
tive members of our firm we having
been liquidating the firm's affairs,
with the intent of retiring from busi
ness. For the purpose of facilitating
that end and to conserve our assets
under the existing financial conditions,
(’harles M. Werner, of the law firm of
Hatch A Scheehan, has been requested,
olid has consented to act as our asignee.
l iquidation will proceed as rapidly as
Mr. Werner issued a statement say
ing that lie understood all the collateral
loans of tlie firm were well secured.
Philadelphia, July 81.—The Philadel
phia stock exchange today announced
that Homer, Howe & Co., of thl* city,
had announced their Inability to meet
their contract*.
Counsel for the comnan.v said the
Arm’s suspension was due to the sensa
tional fluctuations being duplicated in
the cotton market umi was a direct re
sult of the failure of a New York firm
of cotton operators. Later today an
assignment copy for the benefit of
creditors was made. No statement of
the firm’s condition wa* given out. ex
cept that its stock transactions are en
gCatlaued n Vac* might)
Ill ciimillilt* lUIIKC'i lif urui me
In the opinion of the bankers whose in
fluence determines the course of events In
the street, would have been hazardous
in the extreme. After a period of hesi
tation ami extreme nervous tension, it
was decided 10 minutes before the hour
set for the beginning of business today
that the exchange would not he opened.
That action closed the last great mar
ket of the world. All the other American
exchanges quickly followed suit.
As It was. there were four assignments,
three of them announced on the cotton
exchange. The firms are Flower St Co.,
bankers; S. H. V. Pell & Co., stock, cot
ton and grain brokers; Homer, Howe &
Co., and F. J. Fredericks & Co., both
;cotton brokers. With the exception Of
Flower & Co.. the assignments
derctood to have been mused by the re
cent extreme decline in cotton operations.
Pell & Co., were reported to have been
the leading Arm on the long side of the
cotton market and to have been caught
with enormous commitments on their
hands when the break came. Flower &
Co., who arc not members of the cot
ton exchange, are said to have been em
barrassed by the break In stocks. No
statement of assets and liabilities was
Issued by any of the firms Involved.
It was the impression tonight that the
worst of the storm had passed. George
W. Ely. secretary of the stock exchange,
said there was no indication of trouhla
from any other quarter. New York’s
leading bankers asserted unanimously
j that the position of the hanks was sound.
How long the stock exchange will he
closed is u matter of conjecture, the an
swer depending upon the course of events
“If a general European war should
come,” said one member of the gov
erning board, ‘‘the exchange maj he
'closed all summer.”
Banking business whs not greatly de
ranged and there was no loss of confi
dence as to the outlook In that direc
tion. but dealings in foreign exchange
were virtually abandoned.
The events of the morning gave pro
sale Wall street one of its rare hours of
pure drama. Last night it was assumed
everywhere thut the stock exchange would
bo opened today When word came thut
the London market had been (dosed, un
easiness grew until It was realized that /
Wall street whs face to lace with a real
(Coattkord «a P«l» Min i
Among tin* feature art teles by wom
en writers in tomorrow's Age-Herald
will be the following:
Dolly Dairy in pie writes tinder Hie
head. “Dolly lias Something to Say
About Matrimony and Doughnuts."
Flora Milner Harrison lakes as her
subject. “Furnishing Birmingham with
Sweet Milk and t’ream.''
Mrs. J. B. Retd writes. "The Boy Pass
ing Through Experience via Dream
Jane Barton writes on, ‘Sewing For
the Small Daughter."
Karl Kaffer writes. “Visiting on
Marlon Uarland writes of “A Better
Way Than Mine."
Bill Vines tomorrow writes on “New i
York Politics."
Frank C3. Carpenter tuk*s as his sub
ject, "Eight Thousand ^ ears Ago' in ~
Herbert Harley contributes for to*
morrow. "To Make Better Courts.”
The classic in a page will be, “The
Ohainbearer," by James Fenimore
Frunces Cowles writes of "A Corner
in Ancestors—the Russell Family."
James Morgan in his series, "fn the
Path of Napoleon 100 Years After His
Downfall," takes as his subject to
morrow, "The Marriage with Marie
On tlie editorial feature page will be
tile following:
“Shakespeare Wrote His Plays," by
W. E. Vusser.
“A Glimpse of the Map of Europe,”
by Harry J. Burney.
"The New Apologetic. No. 3—the Fall
of Man," by Dr. George Eaves.
*’Up and Down Broadway," by Allen
Johnson. c
"Te Original Y. M. C. A., ’ by Dr. a
F. Riley.
"Heart to Heart Talks" are by Charles
N. Lurie."
Illustrated articles from foreign cap
itals will include the following:
London—"Dr, Arthur Lynch. One of ..
World’s Famous Soldiers of Fortlfne." 1
Berlin—“Land Nationalisation in I
Bight In Germany." by Stephen Aapdea.” jj
i t

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