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1914::Roman God of War Takes Control of the Stock Market

Updated: Apr 10, 2023

World War 1 and its economic impact on Canadian markets.

1914::Canadian political cartoon at the outbreak of WW1.

"1914::Roman God of War Takes Control of the Stock Market"

Artist: Newton McConnell (1877-1940)

On June 28th, 1914, Austrian Archduke Franz Ferdinand and his wife were assassinated by a young Serbian student. Their death triggered a chain of events that led to the outbreak of the First World War. On July 25th, the impact on the Canadian Stock Market was first felt when Serbia refused to comply with Austria's demands for retribution.

1914::Markets shut down at the onset of war.

"1914::World Markets Shut Down"

Clip: Canadian Courier (1914)

Three days later, Austria declared war on Serbia. As Austria's ally, Germany declared war on Russia, a supporter of Serbia. Germany then also declared war on France, an ally of Russia, and immediately began an invasion of neutral Belgium. On August 4th, Great Britain entered the conflict as an ally of France by declaring war on Germany. As a British Dominion, Canada followed their lead. The United States remained neutral at the outbreak of war but could not dodge the war's impact on its national market. They entered the war in 1917.


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