Newspapers / The Asheville Times (Asheville, … / July 31, 1914, edition 1 / Page 1
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j-HB OAZSTTB-NSWS HAS TBS HOST EXPENSIVE ASSOCIAT ED PRESS SERVICE IN THB m CAROLINA3 . u it LEATHER FOEECASTi I ;, PARTLY CLOUDY. . ij JJ : VOLUME XIX. NO. 147 ASHEVILLE, N. C., FRIDAY AFTERNOON, JULY 31, 1914 , PRICE FIVE CENTS TENSION : GROWS . GREATER 0 Hfo MARTIAL LAW IN GERMANY DECREED Wild Enthusiam Pre vails in Capital , Of Russia. YET NO BREAK IN HEAVY WAR CLOUD Military Authorities Every - where Are Preparing to Move Troops. "Conversations" were resumed today by the Russian and the Russian and the Austrain governments. Martial law wa proclaimed throughout Germany. Several encounters between Austrian and Srvian troops resulted in the Servians successfully resisting the invadrs' advance. The great German liners Imperator and Veterland were Itolron nft iha t.rnna-Aflatit.ta sanriia ; , ' Wild patriotio enthusiasm prevailed all night in St. -Petersburg ,l - Vienna has been kept in ignorance of events at the front and Germany has imposed a rigid censorship on dispatches which are greatly delayed. ' July 31. ilVHitary movments on the German side of the .frontier were very active today troops sent out of outposts. A German patrol at one point actually crossed the frontier, probably owing to a mistake. The Hague, July 31. Queen Wilhemina of Holland this afternoon issued an urgent decree ordering the general mob illation of the Dutch army. Vienna, July 31. Austrian frontier guards today re pelled a strong attack by Servians near Klotievatz on the Bosnian frontier without sustaining loss. The Servians lost one officer and 22 men. - New York, July 31. The Presidnt Grant of the Ham burg American line which sailed from tihs port yesterday has been recaled by wireless. London, July 81. Resumption ' of the "conversation" at St Petersburg and Vienna cama today at a moment when pessimism had taken possession of all Europe. The hope that it might lead to a peaceful solution was grasp ed with desperation but the news was offset later by the proclamation of martial law in Oermany which was regarded as a preliminary to moWll tutlon. The precautionary military and navy measures taken by the British government are almost completed. The prevailing publlo opinion here Is determined that England must ob- i serve her unwritten obligation to as i Mt France In her difficulties with Oermany but a' small body of radicals continues to object to England's In volving herself In the quarrels of the continental powers. Dispatches from Nlsh, In Bervia, nd from Vienna told of encounters between Austrian and Sen lan troops on the frontiers but auuientlo, details f the fighting were lacking. The banking situation has become o "normal that It Is understood the British cabinet today discussed the possibility of taking measures to pre vent a possible panic. , The Bank of England today was harglng ten per cent for weekly ad vancesan unpredecented rate. As yet there has been nothing in th nature of a panic. iMwparinr I'nccrtalnty. Berlin, July II. The morning passed without a break in the heavy war cloud oyer the European horlson There was no relief to the almost de- pairing uncertainty In the German capital. Exoltement continued to in Creuse. v Wivn a decree was promulgated Proclaiming martial law all began to think armed conflict could bs the nly outcome. . ' ' Government officials, however, re fined from making any definite oolaratlon. They preferred to wait, 'hey said, till all resources of dlplo """"y had been exhausted. It v. as well Mderstnod the issue of an ortier for the mobilisation would be tantamount ' a declaration of war and It was clded to postpone such action as ""t M possible. and the French covering It was evident everywhere that the military authorities were quietly pre paring for the speedy moving of troops. Members of the various royal fami lies of Germany spending their vaca tions away from their homes hurried back today. The German foreign once gave as surances this morning that no mobil ization order would be Issued in Ger many today. Officials admitted, how ever, that the situation had not im proved but had become rather ag iravated since he Issue of the Russian mobilisation order. It generally had been expected that an order for mobilisation of the army and navy would be Issued In tne course of last night Postponement of the action gave rise today to faint hopes that something might develop to make It unnecessary. The general feeling throughout Germany was, however, that only a miracle oould prsvent war and an other anxious day of waiting . was passed by bankers, business men and the laboring class, the latter of whom would have to bear the brunt of the burden In cass of hostilities. Confiscation of four newspapers which had printed an erroneous re port that mobilisation has been or dered and the strictest censorship vr an rihinatches sent abroad was established. Officials found in ths Russian ukese Calling out ths army reserves a factor which greatly aggravated the situa tion and amounted In their opinion to a direct challenge to Austria-Hungary and Oermany. rt n.,mtn federal council i Issued a decree prohibiting exports of grain. Tour, foodstuffs, meais, animui products, automobile trucks, motor iMirtoleum. coal, tar and coal oils. This goes Into effet Immediate- t nnMlana TJcmonstrBtev St Petersburg. July II. Tho Rus sian capital kept awake throughout the night and the streets resounded with the din of patriotio oemon-irw tlona Upeclal dltlons of papers kept tho excitement at boiling polntV m , (Continued on page 11) FIRM SF III H. S. P. Bell and Compnay, Coton, Coffee and Stock Brokers Announce Suspension. FLOWER & COMPANY MAKE ASSIGNMENT The Chicago, Peoria and St. Louis Railroad Has Been Placed In the Hands Of Receivers. New Tork, July 31. The suspen sion of H. S. P. Pell and company, cotton, coffee and stock brokers, was announced on the floor of the cotton exchange today. At the offices of S. H. Pell and com pany all information as to the sus pension was withheld. It was report ed, however, that a statement would be forthcoming this afternoon. Tho failure' of the firm,' dne" of the largest doing business on the cotton ex change, was attributed in financial circles to the sensational drop In cotton values during the week. The S. H. P. Pell and company held membership in the New York stock exchange, . Chicago board of trade, New York produce exchange, New York cotton exchange and the Liver pool cotton exchange. The failure caused the market to fall off 140 points. A statement of assets and lia bilities was not made. ' During the excitement that follow ed heads of cotton exchange houses themselves went Into the pit and made heavy purchases. Some of these brokers had not been into the pit themselves for years. Single pur chases of as high as 25,000 bales of cotton were made before closing. The suspension of the cotton brok erage firms of F. J. Frederlckson and company and Homer Howe and com pany, both small concerns, also was announced. The market was unaf fected by the announcement. New York, July 31. Flower and company, members of the New York stock exchange, assigned today. The firm assigned for the benefit of its creditors to Charles A. Werner of this city. No statement assets and liabilities was made. Peoria, Ills., July 31. Hhe Chicago, Peoria and St. Louis railroad went into receivers' hands today. Philadelphia, July SI. Homer, Howe and company of this city, stock brokers, today announced their Ina bility to meet contract Members of the Arm are Frederick S. Flower, Benjamin C. Van Dike and John 8. George. Two decades or more ago it was regarded as tbe strongest firm in Wall street Of late years It had not commanded so prom inent a place. TO' Will Quit Work Unless De mands Are Granted by , That Time. Chicago. July II. A strike of 55. 900 firemen and engineers on 18 rail roads operating west of Chicago has been set for Friday, August 7, it was officially announced today. WlllUm 8. Btone, grand chief engineer of the Brotherhood of Locomotive Engin eers, and W. 8. Carter, president of tho Brotherhood of Locomotive Fire men and Englnemen, declared tho or der would be put Into effect unless the general managers committee of the railroads accepted ths plan of settle ment proposed by tho federal board of mediation. 8. C. Brlnkley of Magnet City, N. C., asserts ho has tho longest besrd in ths United States; It trails on the ground when put on display. M RAILROAD MEN U. S. TREASURY WILL GIVE I Will Assist in Present Finan cial Crisis in Various Mon- ey Centre As Much As Possible. WOULD BE POSSIBLE TO ISSUE CURRENCY President Turns His Attention To Finacial Situation Ap proves Closing of N. Y. Washington, ' July 31. Secretary McAdoo issued a statement today say ing the treasury department will help as far as "it legitimately may" in New York or elsewhere during the present crisis. Secretary McAdoo said: "We are keeping .In close touch with the situation. The treasury de partment Trill help as far as it legltl mately may in New York or In any other part of the country where it be comes apparent that assistance is needed. . "The Aldrlch-Vreeland act as amended by the federal reserve act Is still in force and the terms upon which currency may be issued under that act are now so favorable that re sort may be made qulckjy. and effec tively to it.. to, meet any emergency. It must be remembered that- there Is In the treasury, printed and ready for issue $500,000,000 of currency which the banks can get upon application under that .law. This is in addition to the resources of the treasury. "In view of the closing of the for eign stock exchanges the action- of the New York stock exchange, of which I have just learned, in closing temporarily, is a reasonable measure of protection to American Interests." . President Wilson also turned his attention to the financial situation. Before breakfast he conferred with Secretary McAdoo. It was announced at the White House that every effort would be made for organizing the fed eral reserve board and putting the new reserve system In operation. . Relief measures contemplated, if necessary, Include depositing funds In Chicago, New York, Philadelphia and other cities. Mr. Wilson let It be known that he approved the closing of the New York stock exchange as a precautionary measure. Senator Kern, majority leader of the senate, and Representa tive Underwood. The president expected to send to the senate today or tomorrow tho nomination of a member of the Fed eral Reserve board In place of Thom as D. Jones and efforts were begun to find out definitely Just what Paul M. Warburg of New York expects to do with regard to his nomination. The president believes that It is ab solutely necessary for the new system to be put In operation at once and legal experts of the treasury have In formed Secretary McAdoo that It would be Impossible to organize It until all members of tho hoard have been confirmed. C. D. Barbour has returned to Ral eigh from Ashevllle, where he has been spending his vacation. Kit R r R MORGAN STATEMENT. R t t R New York. July 31. J. P. it R Morgan today issued this state- R R ment: . R R "Alarming tne news Is from R st Europe we are still hoping there R R will not be a general war. While R R the gravity of the present sltua- st R tton can hardly bo exaggerated R R the opportunity for the sober st R second thought of the people of R R Europe to prevail over their first st R Impulsea R R "Tho situation of tho Ameri- It st can security market during the st st past few days has been a splen- R st did Illustration of the Inherent R st soundness of financial conditions st st In this country. While wo all st si earnestly hoped that the New st st stock exchange might bo ' kept st It open 'the situation is fraught It st with so much uncertainty that It It It seemed necessary In ths Interest It It of tho whole country to close it It ths exchange. st It "It Is essentially a time for tho R It owners of American securities to It It keep their heads. Bear In mind It R that ths actual properties repre- R It sented by American securities It It will not suffer greatly by Euro- R R peon war," R R R hrrrrrrrrrrrrrrrrr STOCK OF WORLD CLOSING I Auserians and Hungarians in U. S. Pepare to Take First Steamer Back to Their Home ountry. TRANSPORTATION OVER THE ATLANTIC PROBLEM Only Few Liners May Make Make Trip Without Fear Of Being Held up by Blockaders. New York, July 31. The first body of reservists' and volunteers to pre pare to leave this country to fight for Austria-Hungary in the : war against Servla Is assembling here pre paratory to sailing on the first liner bound for Austrian ports. A jnajorlty of these men, it was said today, are Croatian, At the offices of the Austro-Hun- garlan consulate the addition of sev eral hundred names' ; yesterday ' In creased the lists of volunteers for ac tive service from various sections of the country to more than 3,000 men. To callers who expressed a desire to return to Germany for military duty, P. H. Falke. German consul general, explained today that all re- servist drawn by the German war office for service would be notified directly by mall and that their cre dentials, upon presentation at the consulate, would bo good for trans portation to Germany. Michael M. Oustlnoff, the Russian consul-general, has received no word as to Russia's Intentions. Many Rus sians had offered their services, he said. Officials of foreign steamship lines are admittedly anxious over tho situ ation. The Amerlan line vessels, four in number, and two of the Red Star Line that fly the American flag, It was pointed out today, were the only liners that may cross the Atlantic without fear of being held up except at blockaded ports. Reports at local steamship agencies and offices of express companies, giv en out today, show that more than 150,000 Americans are now traveling in Europe. In the event of a general war It would require many trips of the liners that would not be affected to bring them home. At several hotels It wa said that many persons who had come to New York to embark for Europe had can celled their passage. LAUREL PARK CHOSEN FOR BAPTIST PICNIC First Baptist Sunday School Will Spend Day There August 13. The annual plcnlo of the Sunday school of the First Baptist church will bo held at Laurel park, Henderson villa, on August 13. A special train will be operated from Ashevlllo to Hendersonvllls for tho accommoda tion of the members of the Sunday school and their friends who may de sire to go. Arrangements are being made by ths commlttea appointed from ths school to have one of the largest and most successful picnics yet held by'the school. Laurel park, which Is one of the largest and decidedly the most beau tiful parks In western North Carolina, Is the scene of many such gatherings ss will be held by the members of the First Baptist Sunday school. Tho park la very large, has the best bath ing facilities of any lalta In this sec tion, with a long saady beach, bath houses, boating and all forms of out door sports can bo Indulged In, Transport Ralls. Norfolk. July 30. Ths transport Hancock sailed at o'clock this morning for Guantanamo, Cuba. Bh oarrlsa hundred marines. T EXCHANGES All Trading in Securi ties Is Virtually Halted. MONEY STRINGENCY ALL OVER EUROPE Exchanges Throughout the United States Affected By War New York, July 31. The stock exchange here did not open today. London, July 31. The stock exchange here has been closd until furtheT notice. New York, July 31. The cotton exchange afetr an hour of trading today voted to close until 10 o'clock Tuesday. London, July 31. The bank of England today increased its rates of discount to eight per cent. ,X.;.v.New Orleans, 'July 31. The New Orleans cotton, ex change closed today until further notice. ' Philadelphia, July 81. The Phila delphia stock exchange was closed to day. Chicago, July 31. The Chicago stock exchange will be closed today. Boston, July 31. The governing board of the local stock exchange de cided not to open the exchange to day. Glasgow, Scotland, July 31. The stock exchanges here and In Edin burgh were closed today. Berlin, July 31. The rate of dis count of the Imperial Bank of Ger many was raised from 4 to 5 per cent today. Liverpool, July 31. The stock ex change here was closed today. St. Louis, Mo., July 31. The stock board of the Merchants' exchange of St. Louis was closed today. Washington, July 31. The local stock exchange suspended business today. Ceatws lioMncm. New York, July 31. The New York stock exchange was closed today on account of the European situation. The consolidated stock exchange and the New York curb market also ceas ed business. This was followed im mediately by announcements of the closing of the exchanges In the other chief cities throughout the country. This official announcement was made by the secretary of the stock exchange: "The govern! i ik committee decided that the exchange be closed until fur ther notice and that all deliveries be suspended until further notice." With the suspension of business here transactions in securities the world over came virtually to a halt. New York for the last few days had been the only great market . of , the, world to carry on business as usual. The decision to close came suddenly and unexpected, a short time before the usual hour for opening. No definite period for tho opening of the exchange has been set Stock exchange houses have noti fied their offices not to make deliveries for received stock until further no' tlce. William C. Van Antwerp, a gov' ernor of tho exchange, said It was ths first time since 1373 that outside influence had forced suspension of business for a full day. At that time a large stock exchange house' failed and there weer threats of dangerous European complications. The only occasion In the hlsmry of tho stock exchange when similar action has been taken was In 1361 on ths famous "Bisck Friday." The movement of gold to Europe, which has reached unprecedented proportions during tho last few days, was continued. The New York Coffee exchange fol lowed tho lead of tho stock exchanges and suspended business. Ths cotton and produce exchanges were open. Closed In London. London, July II. Ths decision to close the exchange was taken by the committee at a meeting held this morning. Ths committee also announced that tho settlement during August II has been postponed until August IT and that tho consols Mttltmsnt duo Aug Scare. ust 6 has been put over until Septera ber. Stocks which hove yet to be dellv ered for the account Just closed must, however, be paid for. . The chief reason for the unprece dented action of the committee was the fact that the system of credit had practically broken down-and It was Impossible to carry on business In the ordinary way. This situation did not arise through over speculation but because bankers could not collect margins which had, been gradually shrinking while at the same time tho continent continued to pour stock Into London. Bankers hero had been trying for days past t o get their customers to take up this stock but the impossible i lty of finding cash and inability to sell the securities caused credit business) automatically to cease. The street today was full of dealers and their clerks discussing the situa tion in a more or less mournful tone. ZAPATA, CARRANZA 10 Regarding Atttude of Zapata Toward Government of Constitutionalists. El Paso. .Texas, July 11'. Repre sentatives of , Zapata and Carrans will hold nn other conference within a few days regarding tho attitude of Zapata toward tho Mexican constitu tionalist government, according to reliable reports here todays Zapata will take part personally In the con ference, which will be held at Vallo de Santiago, state of Guanajato. Con stitutionalist oflctals announced today mai several varrania generals are slready on their way to the meeting; place. Two state capitals near Mexico City have been evacuated by the federals, according to official messages from Baltlllo to constitutionalists here to day. Pachuca. capital of Hidalgo and Querero. capital of the state of samo names, both have been deserted by the federal garrisons, who have gono to Mexico City. , There wss no military movement today Indicating that Villa had decld-l ed to break away from the Carranza; party. 8o far as could be learned here,' he has not yet started his army south ward from Chihuahoa state. This ap-i parent "waiting game" gave rise t rumors that he was planning to at tempt to overthrow Carranxa but n confirmation wss forthcoming. Man- time soldiers from ths eastern ami western divisions of tho constitution alists are pressing oloser to tha ct , ' -tal ' 1
The Asheville Times (Asheville, N.C.)
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July 31, 1914, edition 1
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