A quick read of the newspapers gives a glimpse of what was happening as Europe spiraled into the hell of war.
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On July 31, Britain was preparing for war, even though a reader of the Daily Telegraph in London might sense that it was something far, far away from them. Parliament produced one major development: Debate on the question of Irish Home Rule was postponed, as it was agreed that it was best to put up a united front in a time of European crisis.
Saturday, August 1, would begin the three-day Summer Bank Holiday. On Friday, the Daily Telegraph was advising that the would-be vacationer should not let war tensions ruin their visit to the Continent for the long weekend. Two caveats came attached: Train travel might be problematic, as many trains were commandeered for military purposes, and it might be best to stay away from the belligerents, namely Austria-Hungary and Serbia. Switzerland came highly recommended.
When the vacationers returned home on Monday, August 3, they learned that France, Germany, Russia, Belgium, Luxembourg and Montenegro had joined the fighting. The next day, Britain was added to the list.
The Telegraph's correspondent in Vienna gave a glowing account of Austria's financial situation. Austria's finances had been of some concern. The government had been warning against a bank panic and desperately assuring investors that their money was safe. The situation improved with war talk, the correspondent said.
"What was weak and uncertain dropped off long ago and sank out of sight during the repeated critical periods of the last months, and what remains is the solid trunk of Austria's wealth, capable of offering a stout resistance," the corresponded said, reciting the sentiments if not the actual words of Dr. Rudolph Sieghart, governor of the Austrian General Land Credit Bank. As Sieghart put it himself: "Fears or anxiety concerning possessions entrusted to lawful organs of Austrian finance are foolish and mischievous."
That may have been whistling past the grave; Austria-Hungary was an empire in decline, its finances as well. But its situation couldn't be worse than the other belligerent, Serbia. It was an economic basket case. It had accumulated debt after debt, thanks to government ineptitude and lavish military spending (which, come July 1914, turned out to be a smart decision). France, its chief banker, had to refinance the Serbian debt several times; one bond wouldn't be fully payable until 1967. (Serbia reneged on the obligation a couple decades after borrowing the money.)
The United States was generally alarmed about developments in Europe. Here's a sampling of newspaper headlines from July 31:
The Telegraph of Harrisburg, Pennsylvania
"France Orders Mobilization"
"War Only a Matter of Hours"
"Germany Sends Ultimatums to France and Russia; All Countries Ready to Fight"
The Hawaiian Gazette of Honolulu
(Ironically, the newspaper farthest from the tensions covered the situation more intensively than most. War news occupied all but two tiny stories of the 13 stories published on page 1. Samples:)
"Austria Ready to Strike at Russia"
"Japan May Go to Aid of Great Britain in European Conflict"
"Germany Makes Demands on Russia"
"European Business at a Standstill" [European and the Wall Street stock markets closed]
"Daniels Plans to Build Three Big Ships; New Dreadnoughts Will Cost $7,800,000 Each and Be Largest in Navy" [Josephus Daniels was the United States Secretary of the Navy.]
The Washington Times, then as now a contrarian voice.
"Peace Refused by France; Her Army Ready to Strike"
"Kaiser's Final Effort with France Fails"
Saturday, August 1, would begin the three-day Summer Bank Holiday. On Friday, the Daily Telegraph was advising that the would-be vacationer should not let war tensions ruin their visit to the Continent for the long weekend. Two caveats came attached: Train travel might be problematic, as many trains were commandeered for military purposes, and it might be best to stay away from the belligerents, namely Austria-Hungary and Serbia. Switzerland came highly recommended.
When the vacationers returned home on Monday, August 3, they learned that France, Germany, Russia, Belgium, Luxembourg and Montenegro had joined the fighting. The next day, Britain was added to the list.
The Telegraph's correspondent in Vienna gave a glowing account of Austria's financial situation. Austria's finances had been of some concern. The government had been warning against a bank panic and desperately assuring investors that their money was safe. The situation improved with war talk, the correspondent said.
"What was weak and uncertain dropped off long ago and sank out of sight during the repeated critical periods of the last months, and what remains is the solid trunk of Austria's wealth, capable of offering a stout resistance," the corresponded said, reciting the sentiments if not the actual words of Dr. Rudolph Sieghart, governor of the Austrian General Land Credit Bank. As Sieghart put it himself: "Fears or anxiety concerning possessions entrusted to lawful organs of Austrian finance are foolish and mischievous."
That may have been whistling past the grave; Austria-Hungary was an empire in decline, its finances as well. But its situation couldn't be worse than the other belligerent, Serbia. It was an economic basket case. It had accumulated debt after debt, thanks to government ineptitude and lavish military spending (which, come July 1914, turned out to be a smart decision). France, its chief banker, had to refinance the Serbian debt several times; one bond wouldn't be fully payable until 1967. (Serbia reneged on the obligation a couple decades after borrowing the money.)
The United States was generally alarmed about developments in Europe. Here's a sampling of newspaper headlines from July 31:
The Telegraph of Harrisburg, Pennsylvania
"France Orders Mobilization"
"War Only a Matter of Hours"
"Germany Sends Ultimatums to France and Russia; All Countries Ready to Fight"
The Hawaiian Gazette of Honolulu
(Ironically, the newspaper farthest from the tensions covered the situation more intensively than most. War news occupied all but two tiny stories of the 13 stories published on page 1. Samples:)
"Austria Ready to Strike at Russia"
"Japan May Go to Aid of Great Britain in European Conflict"
"Germany Makes Demands on Russia"
"European Business at a Standstill" [European and the Wall Street stock markets closed]
"Daniels Plans to Build Three Big Ships; New Dreadnoughts Will Cost $7,800,000 Each and Be Largest in Navy" [Josephus Daniels was the United States Secretary of the Navy.]
The Washington Times, then as now a contrarian voice.
"Peace Refused by France; Her Army Ready to Strike"
"Kaiser's Final Effort with France Fails"