On the morning of 31 July, the Stock Exchanges in New York and London did not open. Although the New York exchange stated that the closure was only for the day, the London exchange was closed until further notice. Across England the public rushed to banks to exchange their bank notes for gold. Panic ensued around the world as people feared the effect the current war was going to have on world economy.
The Berlin Daily Telegraph told their readers to “JUST KEEP on working, Canada is not on the war map.” Although there was concern over the state of the international stock markets, Canadians were told to continue to work and keep the economy going, because Canada would be on the job when “Mother” called for help. Canada, and its cities, would support Great Britain if and when they were asked.
(“No Mobilization Order was Issued in Germany Today as was Expected,” Berlin Daily Telegraph, 31 July 1914; “Alternative Currents,” Berlin Daily Telegraph, 29 July 1914.)