“Early on Saturday our four great funnels were given broad black bands in order to make us look like the Olympic, which was supposed to be twenty-four hours ahead of us. There was a certain grim humor in the fact that the wireless operator on the Olympic kept calling us all Friday night. Of course we did not answer.”
On Tuesday, August 4th, the great ship came within sight of land at the little village of Bar Harbor, Mount Desert Island, off the coast of Maine; a port scarce large enough to hold the giant liner that had sought safety in its waters. Wireless messages were at once flashed to all parts of the country and the news that the endangered vessel, with its precious cargo, was safe, was received with general relief. As regards the future movements of the ship Captain Polack said:
“I can see no possibility of taking this ship to New York from here with safety. To avoid foreign vessels we should have to keep within the three-mile limit, and to accomplish this the ship would have to be built like a canoe. We have reached an American port in safety and that was more than I dared to hope. We have been in almost constant danger of capture, and we can consider ourselves extremely lucky to have come out so well.
“I know I have been criticized for making too great speed under bad weather conditions, but I have not wilfully endangered the lives of the passengers. I would rather have lost the whole whip and cargo than have assumed any such risk. Of course, aside from this consideration, my one aim has been to save my ship and my cargo from capture.
“I have not been acting on my own initiative, but under orders from the North German Lloyd in Bremen, and although I am an officer in the German navy my duty has been to the steamship line.”
CLOSING THE STOCK MARKETS
We have so far dealt with only a few of the results of the war. There were various others of great moment, to some of which a passing allusion has been made.
On July 30th, for the first time in history, the stock markets of the world were all closed at the same time. Heretofore when the European markets have been closed those on this side of the ocean remained open. The New York Exchange was the last big stock market to announce temporary suspension of business. The New York Cotton Exchange closed, following the announcement of the failure of several brokerage firms. Stock Exchanges throughout the United States followed the example set by New York. The Stock Exchanges in London and the big provincial cities, as well as those on the Continent, ceased business, owing to the breakdown of the credit system, which was made complete by the postponement of the Paris settlement.
Depositors stormed every bank in London for gold, and the runs continued for a couple of days. In order to protect its dwindling gold supply the Bank of England raised its discount rate to 8 per cent. Leading bankers of London requested Premier Asquith to suspend the bank act, and he promised to lay the matter before the Chancellor of the Exchequer. In all the capitals of Europe financial transactions virtually came to a standstill. The slump in the market value of securities within the first week of the war flurry was estimated at $2,000,000,000, and radical measures were necessary to prevent hasty action while the condition of panic prevailed.
This sudden stoppage of ordinary financial operations was accompanied by a similar cessation of the industries of peace over a wide range of territory. The artisan was forced to let fall the tools of his trade and take up those of war. The railroads were similarly denuded of their employees except in so far as they were needed to convey soldiers and military supplies. The customary uses of the railroad were largely suspended and travel went on under great difficulties. In a measure it had returned to the conditions existing before the invention of the locomotive. Even horse traffic was limited by the demands of the army for these animals, and foot travel regained some of its old ascendency.