The Birmingham age-herald., 1914-08-05
FINANCIAL STRAIN
 FROM WAR HELPED
 BUT IS NOT CURED
Little Progress Made To- ward Resumption of Inter- change of Credits
 With Europe

W lth immediate financial necessities met, Wall street turned to the general trade problem-more intricate than any other that has confronted the country for ! century Unless this problem is solved t was recognized the consequences might be felt seriously throughout the nation.
 The greater part of the import trade from Europe already has been cut by the seizure of the railways in France and Germany for military purposes and the holding in port of transatlantic vessels. importations here from France and Germany alone average S,- GOO daily
 Export trade presented still larger problem. American exports to Europe un- der normal conditions average $i000,oo0 daily, nearly one-third of which Is for France and Germany direct All of this trade for the moment is blocked. The remainder also is halted by the absence of facilities to financing the export move ment.
 Filing Up of Wheat
 Stoppage of foreign trade already has been reflected by the piling up of wheat The great industries also have begun to
 
 steel districts today that men were be- ing laid off
 Several large copper companies decided today to reduce their output by one-half, From the anthracite fields came reports that operations were being curtailed. Wall street today feared that if the industries. which are dependent on the export trade should be cut off by European war the re- Sult Nn1tld hp felt GptiotlSlN hut inc pniO- ion was expressed that a way would be found to overcome these conditions.
 We have food supplies and other neces- sites which Europe must obtain said representative banker today. and the na- tions over there will find some means of what we can sell. For the present We shall endeavor to meet condi- tions as they arise from day to day
 Little business was done today in the money market. Bankers made it plain they preferred to put out as little money as possible and to have maturing loans taken up where convenient. Mercantile discounts were arranged in the open mar ket at per cent, but little paper was moving.
 The stock exchange again was de- serted.
 ->>>~~~~~~-~~>~~~~~>~-~~~~ ~~~~~>~~~~~~>~>~~~>>~- limit until August 20 the payment of more than per cent of deposits, but requiring them to pay any depositor not less than DO lire t$10t if that much is to his account: the second suspend ing for 20 days all payments within Italy: the third, authorizing banks to increase their note issues.
 New York. August 4.-The reason the Olympic hurried into port was that the British cruiser Essex had warned her by wireless ito look out for the enemy" Capt. Herbert J. Paddock of the Olym- pie said he received code communica- tion from the Essex and immediately ordered full speed ahead.
 Montreal, August 4.-News of the declaration of war was received by Montreal citizens much as they might have heard the result of an election. They were practically unanimous in ac- cepting it as the inevitable The peo- pie seemed almost relieved to learn that at last Great Britain has taken the plunge. Many thousands of people were in the streets until after mid night. Cheering and flag waving were in.
 Toronto, August 4.-rhe official an- rouncoment of the war declaration came with a shock. Immense crowds surrounded the newspaper offices and the streets resounded with cheers for the empire
 Never since the memorable Pretoria tight has this city witnessed such outburst of patriotism. All night bands paraded at the heads of crowds waving flags and cheering for King and for country.
 Quebec August 4-The announcement that England and Germany were at war was received with the greatest en-
 husiasm in this city, where English, French and Irish paraded together. Before a massed crowd, Albert Sevigny, he young member for Dorchester, de- dared that the French Canadian real zed the seriousness of the present sit ia tion to the empire In general and to Canada in particular and were standing shoulder to shoulder with their fellow .itizens of other races.
 London, August IA dispatch to the Central News from Amsterdam says the ;ermans have captured Viz, Belgium. a own with a population of 300 situated m the River Meuz. eight miles north ast of Liege.
 ottawa, August 4-The orders for mobilization of a Canadian army di 'iSiOn or 23.n0O men at QueDec VIII De ssued tomorrow.
 An oticial memorandum says: Par lament has been summoned for Tuesday. August 8. Portions of the militia have cen called out to protect the coasts nd to safeguard public property. All hips available in the naval service ave been placed on active service. The laval volunteer force also has been into active service.
 There has been a rumor that Aus rlan steamships, presumably merchant hips. are meditating an attack on one f the Marconi stations and the neces- ary precautions have been taken"
 Berlin, August 4.--Shortly after the imperial chancellor's speech in the teichstag today, Sir William Edward ;oschen, the British ambassador. ap ~ared in the Reichstag with a com runication to Foreign Minister Von agow from his government. Germany ,aa asked to make answer to the ques ion whether she would give assur.. nces that no violation of Belgian neu- rallty would take place.
 Foreign Minister Won Jagow replied hat a guarantee of the neutrality of 'elgium was not possible.
 Shortly after ' o'clock this evening, | he British ambassador went to the oreign office and announced that Great | 'r;tain had declared war on Germany | nd requested his passports