The war in Europe, its causes and consequences; an authentic narrative of the immediate and remote causes of the war, with a descriptive account of the countries involved, including statistics of armies, navies, aeroplanes, dirigibles, &c., &c . re-ports of a large cotton yield, a bumper grain crop, and a beginning ofreturning financial strength after the currency turmoil of the this condition of steady decline and heralded strength the dec-laration of war in Europe fell as a thunderbolt. In considering the effect of the tremendous conflict, conditions inEurope during the months pr
The war in Europe, its causes and consequences; an authentic narrative of the immediate and remote causes of the war, with a descriptive account of the countries involved, including statistics of armies, navies, aeroplanes, dirigibles, &c., &c . re-ports of a large cotton yield, a bumper grain crop, and a beginning ofreturning financial strength after the currency turmoil of the this condition of steady decline and heralded strength the dec-laration of war in Europe fell as a thunderbolt. In considering the effect of the tremendous conflict, conditions inEurope during the months preceding the actual mobilization of thearmies should be brought into their due relation. The markets inGermany, France, and England were even more unsound and pan-icky than were those of the United States, and, in addition, theylacked the strength which, in America, was anticipated from the cropreports. Since 1912 the bourses of Europe had been liquidatingAmerican securities, at a sacrifice, indeed, in order to secure as muchgold as possible. Partly this selection of American securities as thebest to sell was due to the stereotyped maxim of the seller that it iswise to unload first securities belonging to lands at a distance, and the 385. 386 EFFECT OF WAR ON WESTERN WORLD 387 knowledge that American gold was easy to secure added a consider-able imj^etus to the liquidation. The United States, therefore, was bled of her stock of gold. In1914, up to .July 25, $79,800,000 in gold bars had been shipped toEurope from the United States. Of this quantity, $63,800,000 hadbeen shipped in the ten weeks prior to the last week in July. In thethree days, July 27-30, $28,600,000 more was shipi^ed, much of thisbeing for unlisted securities delivered on the Oljmpic, their charac-ter and total value not being acciuately known. This pressure ujionthe gold reserve of the United States, especially coming when it wasnecessary to move the crop, rendered economic conditions such as torequire the issua
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Keywords: ., boo, bookcentury1900, bookdecade1910, booksubjectworldwar19141918
