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The San Francisco Stock and Bond Exchange was a regional stock exchange based in San Francisco, California , United States. Founded in 1882, in 1928 the exchange purchased and began using the name San Francisco Stock Exchange , while the old San Francisco Stock Exchange was renamed the San Francisco Mining Exchange . The San Francisco Curb Exchange was absorbed by the San Francisco Stock Exchange in 1938. In 1956 the San Francisco Stock Exchange merged with the Los Angeles Oil Exchange to create the Pacific Coast Stock Exchange .

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146-580: The San Francisco Stock and Bond Exchange was founded in 1882 on September 18, in a basement in San Francisco. The exchange was founded as the San Francisco Stock Exchange. On September 18, twenty-five brokers met in the basement of Wohl & Rollitz, which was at 403 California Street in the old Fireman's Fund Insurance Building. Of that number, 19 signed the charter and deposited $ 50 to purchase memberships. The first president

292-523: A Bosnian Serb named Gavrilo Princip assassinated Archduke Franz Ferdinand , heir to the Austro-Hungarian throne. Austria-Hungary held Serbia responsible, and declared war on 28 July. After Russia mobilised in Serbia's defence, Germany declared war on Russia and France , who had an alliance . The United Kingdom entered after Germany invaded Belgium , whose neutrality it guaranteed, and

438-645: A blue-water navy was vital for global power projection; Tirpitz had his books translated into German, while Wilhelm made them required reading for his advisors and senior military personnel. However, it was also an emotional decision, driven by Wilhelm's simultaneous admiration for the Royal Navy and desire to surpass it. Bismarck thought that the British would not interfere in Europe, as long as its maritime supremacy remained secure, but his dismissal in 1890 led to

584-405: A front , protected from assault by barbed wire . The area between opposing trench lines (known as " no man's land ") was fully exposed to artillery fire from both sides. Attacks, even if successful, often sustained severe casualties . The development of armoured warfare and combined arms tactics permitted static lines to be bypassed and defeated, leading to the decline of trench warfare after

730-592: A grenade at the Archduke's car and injured two of his aides. The other assassins were also unsuccessful. An hour later, as Ferdinand was returning from visiting the injured officers in hospital, his car took a wrong turn into a street where Gavrilo Princip was standing. He fired two pistol shots, fatally wounding Ferdinand and his wife Sophie . According to historian Zbyněk Zeman , in Vienna "the event almost failed to make any impression whatsoever. On 28 and 29 June,

876-540: A guerrilla warfare campaign and only surrendered two weeks after the armistice took effect in Europe. Before the war, Germany had attempted to use Indian nationalism and pan-Islamism to its advantage, a policy continued post-1914 by instigating uprisings in India , while the Niedermayer–Hentig Expedition urged Afghanistan to join the war on the side of Central Powers. However, contrary to British fears of

1022-408: A change in policy and an Anglo-German naval arms race began. Despite the vast sums spent by Tirpitz, the launch of HMS  Dreadnought in 1906 gave the British a technological advantage. Ultimately, the race diverted huge resources into creating a German navy large enough to antagonise Britain, but not defeat it; in 1911, Chancellor Theobald von Bethmann Hollweg acknowledged defeat, leading to

1168-405: A communications trench intersected the front trench was of critical importance, and it was usually heavily fortified. The front trench was lightly garrisoned and typically occupied in force only during "stand to" at dawn and dusk. Between 65 and 90 m (70 and 100 yd) behind the front trench was located the support (or "travel") trench, to which the garrison would retreat when the front trench

1314-414: A continuous network, sometimes with four or five parallel lines linked by interfacings. They were dug far below the surface of the earth out of reach of the heaviest artillery....Grand battles with the old maneuvers were out of the question. Only by bombardment, sapping, and assault could the enemy be shaken, and such operations had to be conducted on an immense scale to produce appreciable results. Indeed, it

1460-424: A decisive breakthrough virtually impossible. In the event that a section of the first trench system was captured, a "switch" trench would be dug to connect the second trench system to the still-held section of the first. The use of lines of barbed wire , razor wire , and other wire obstacles , in belts 15 m (49 ft) deep or more, is effective in stalling infantry travelling across the battlefield. Although

1606-613: A direct threat. The 1908–1909 Bosnian Crisis began when Austria annexed the former Ottoman territory of Bosnia and Herzegovina , which it had occupied since 1878. Timed to coincide with the Bulgarian Declaration of Independence from the Ottoman Empire, this unilateral action was denounced by the European powers, but accepted as there was no consensus on how to resolve the situation. Some historians see this as

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1752-471: A gap between the German armies as they closed on Paris. The French army, reinforced by the British expeditionary corps, seized this opportunity to counter-attack and pushed the German army 40 to 80 km back. Both armies were then so exhausted that no decisive move could be implemented, so they settled in trenches, with the vain hope of breaking through as soon as they could build local superiority. In 1911,

1898-438: A high priority. A well-developed trench had to be at least 2.5 m (8 ft) deep to allow men to walk upright and still be protected. There were three standard ways to dig a trench: entrenching, sapping, and tunneling . Entrenching, where a man would stand on the surface and dig downwards, was most efficient, as it allowed a large digging party to dig the full length of the trench simultaneously. However, entrenching left

2044-404: A minimum of 4 m (12 ft) deep and sometimes dug three stories down, with concrete staircases to reach the upper levels. Trenches were never straight but were dug in a zigzagging or stepped pattern, with all straight sections generally kept less than a dozen metres. Later, this evolved to have the combat trenches broken into distinct fire bays connected by traverses. While this isolated

2190-469: A new trench needed to be dug or expanded quickly, or when a trench was destroyed by artillery fire. Trenchmen were trained to dig with incredible speed; in a dig of three to six hours they could accomplish what would take a normal group of frontline infantry soldiers around two days. Trenchmen were usually looked down upon by fellow soldiers because they did not fight. They were usually called cowards because if they were attacked while digging, they would abandon

2336-561: A position was a standard practice by the start of WWI. To attack frontally was to court crippling losses, so an outflanking operation was the preferred method of attack against an entrenched enemy. After the Battle of the Aisne in September 1914, an extended series of attempted flanking moves, and matching extensions to the fortified defensive lines, developed into the " race to the sea ", by

2482-548: A possibility. This was accentuated by British and Russian support for France against Germany during the 1911 Agadir Crisis . German economic and industrial strength continued to expand rapidly post-1871. Backed by Wilhelm II, Admiral Alfred von Tirpitz sought to use this growth to build an Imperial German Navy , that could compete with the British Royal Navy . This policy was based on the work of US naval author Alfred Thayer Mahan , who argued that possession of

2628-834: A revolt in India, the outbreak of the war saw a reduction in nationalist activity. Leaders from the Indian National Congress and other groups believed support for the British war effort would hasten Indian Home Rule , a promise allegedly made explicit in 1917 by Edwin Montagu , the Secretary of State for India . In 1914, the British Indian Army was larger than the British Army itself, and between 1914 and 1918 an estimated 1.3 million Indian soldiers and labourers served in Europe, Africa, and

2774-516: A significant escalation, ending any chance of Austria cooperating with Russia in the Balkans, while also damaging diplomatic relations between Serbia and Italy. Tensions increased after the 1911–1912 Italo-Turkish War demonstrated Ottoman weakness and led to the formation of the Balkan League , an alliance of Serbia, Bulgaria, Montenegro , and Greece . The League quickly overran most of

2920-399: A trench, at a house window, behind a large rock, or behind other cover) was often able to kill several approaching foes before they closed around the defender's position. Attacks across open ground became even more dangerous after the introduction of rapid-firing artillery , exemplified by the "French 75" , and high explosive fragmentation rounds. The increases in firepower had outstripped

3066-427: A variety of purposes, such as connecting the front trench to a listening post close to the enemy wire or providing an advance "jumping-off" line for a surprise attack. When one side's front line bulged towards the opposition, a salient was formed. The concave trench line facing the salient was called a "re-entrant." Large salients were perilous for their occupants because they could be assailed from three sides. Behind

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3212-478: A war on two fronts; the Schlieffen Plan envisaged using 80% of the army to defeat France, then switching to Russia. Since this required them to move quickly, mobilization orders were issued that afternoon. Once the German ultimatum to Russia expired on the morning of 1 August, the two countries were at war. At a meeting on 29 July, the British cabinet had narrowly decided its obligations to Belgium under

3358-402: A weak Ottoman government, rather than an ambitious Slav power like Bulgaria . Russia had ambitions in northeastern Anatolia while its clients had overlapping claims in the Balkans. These competing interests divided Russian policy-makers and added to regional instability. Austrian statesmen viewed the Balkans as essential for the continued existence of their Empire and saw Serbian expansion as

3504-455: A whole, the Somme offensive led to an estimated 420,000 British casualties, along with 200,000 French and 500,000 Germans. The diseases that emerged in the trenches were a major killer on both sides. The living conditions led to disease and infection, such as trench foot , lice , typhus , trench fever , and the ' Spanish flu '. At the start of the war, German cruisers were scattered across

3650-508: Is known, however, that from 1908 to 1913, military spending by the six major European powers increased by over 50% in real terms. The years before 1914 were marked by a series of crises in the Balkans, as other powers sought to benefit from the Ottoman decline. While Pan-Slavic and Orthodox Russia considered itself the protector of Serbia and other Slav states, they preferred the strategically vital Bosporus straits to be controlled by

3796-524: Is often considered to be the most sophisticated and technologically impressive by historians. British casualties, such as at Gate Pa in 1864 and the Battle of Ohaeawai in 1845, suggested that contemporary weaponry, such as muskets and cannon, proved insufficient to dislodge defenders from a trench system. There has been an academic debate surrounding this since the 1980s, when in his book The New Zealand Wars, historian James Belich claimed that Northern Māori had effectively invented trench warfare during

3942-732: Is questionable whether the German lines in France could ever have been broken if the Germans had not wasted their resources in unsuccessful assaults, and the blockade by sea had not gradually cut off their supplies. In such warfare no single general could strike a blow that would make him immortal; the "glory of fighting" sank down into the dirt and mire of trenches and dugouts. Early World War I trenches were simple. They lacked traverses , and according to pre-war doctrine were to be packed with men fighting shoulder to shoulder. This doctrine led to heavy casualties from artillery fire. This vulnerability, and

4088-574: The Schutzkorps was established, and carried out the persecution of Serbs. The assassination initiated the July Crisis, a month of diplomatic manoeuvring between Austria-Hungary, Germany, Russia, France and Britain. Believing that Serbian intelligence helped organise Franz Ferdinand's murder, Austrian officials wanted to use the opportunity to end their interference in Bosnia and saw war as

4234-641: The World War . In August 1914, the magazine The Independent wrote "This is the Great War. It names itself". In October 1914, the Canadian magazine Maclean's similarly wrote, "Some wars name themselves. This is the Great War." Contemporary Europeans also referred to it as " the war to end war " and it was also described as "the war to end all wars" due to their perception of its unparalleled scale, devastation, and loss of life. The first recorded use of

4380-517: The Asia-Pacific , and in Europe was characterised by trench warfare ; the widespread use of artillery , machine guns, and chemical weapons (gas); and the introductions of tanks and aircraft . World War I was one of the deadliest conflicts in history , resulting in an estimated 10 million military dead and more than 20 million wounded , plus some 10 million civilian dead from causes including genocide . The movement of large numbers of people

4526-643: The Australian Naval and Military Expeditionary Force landed on the island of New Britain , then part of German New Guinea . On 28 October, the German cruiser SMS  Emden sank the Russian cruiser Zhemchug in the Battle of Penang . Japan declared war on Germany before seizing territories in the Pacific, which later became the South Seas Mandate , as well as German Treaty ports on

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4672-583: The Battle of the Somme , but the lines never moved very far. The war would be won by the side that was able to commit the last reserves to the Western Front. Trench warfare prevailed on the Western Front until the Germans launched their Spring Offensive on 21 March 1918. Trench warfare also took place on other fronts , including in Italy and at Gallipoli . Armies were also limited by logistics. The heavy use of artillery meant that ammunition expenditure

4818-602: The Paraguayan War (which started in 1864), the Second Anglo-Boer War (1899–1902), and the Russo-Japanese War (1904–1905). Although technology had dramatically changed the nature of warfare by 1914, the armies of the major combatants had not fully absorbed the implications. Fundamentally, as the range and rate of fire of rifled small-arms increased, a defender shielded from enemy fire (in

4964-597: The Race to the Sea rapidly expanded trench use on the Western Front starting in September 1914. Trench warfare proliferated when a revolution in firepower was not matched by similar advances in mobility , resulting in a grueling form of warfare in which the defender held the advantage. On the Western Front in 1914–1918, both sides constructed elaborate trench, underground, and dugout systems opposing each other along

5110-653: The Rüstungswende or 'armaments turning point', when he switched expenditure from the navy to the army. This decision was not driven by a reduction in political tensions but by German concern over Russia's quick recovery from its defeat in the Russo-Japanese War and subsequent 1905 Russian Revolution . Economic reforms led to a significant post-1908 expansion of railways and transportation infrastructure, particularly in its western border regions. Since Germany and Austria-Hungary relied on faster mobilisation to compensate for their numerical inferiority compared to Russia,

5256-572: The Turks held the high ground. Dugouts of varying degrees of comfort were built in the rear of the support trench. British dugouts were usually 2.5 to 5 m (8 to 16 ft) deep. The Germans, who had based their knowledge on studies of the Russo-Japanese War , made something of a science out of designing and constructing defensive works. They used reinforced concrete to construct deep, shell-proof, ventilated dugouts, as well as strategic strongpoints. German dugouts were typically much deeper, usually

5402-828: The United States entered the war on the Allied side following Germany's resumption of unrestricted submarine warfare against Atlantic shipping. Later that year, the Bolsheviks seized power in the Russian October Revolution , and Soviet Russia signed an armistice with the Central Powers in December, followed by a separate peace in March 1918. That month, Germany launched an offensive in

5548-610: The Wurfmaschine , a spring-powered device for throwing a hand grenade about 200 m (220 yd). The French responded with the Sauterelle and the British with the Leach Trench Catapult and West Spring Gun which had varying degrees of success and accuracy. By 1916, catapult weapons were largely replaced by rifle grenades and mortars . The Germans employed Flammenwerfer ( flamethrowers ) during

5694-483: The camouflage tree . The space between the opposing trenches was referred to as " no man's land " and varied in width depending on the battlefield. On the Western Front it was typically between 90 and 275 metres (100 and 300 yd), though only 25 metres (30 yd) on Vimy Ridge . After the German withdrawal to the Hindenburg Line in March 1917, no man's land stretched to over a kilometre in places. At

5840-487: The hydrophone and depth charges were introduced, destroyers could potentially successfully attack a submerged submarine. Convoys slowed the flow of supplies since ships had to wait as convoys were assembled; the solution was an extensive program of building new freighters. Troopships were too fast for the submarines and did not travel the North Atlantic in convoys. The U-boats sunk more than 5,000 Allied ships, at

5986-660: The tank . After the First Battle of the Marne in September 1914, Allied and German forces unsuccessfully tried to outflank each other, a series of manoeuvres later known as the " Race to the Sea ". By the end of 1914, the opposing forces confronted each other along an uninterrupted line of entrenched positions from the Channel to the Swiss border. Since the Germans were normally able to choose where to stand, they generally held

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6132-603: The " Quinn's Post " in the cramped confines of the Anzac battlefield at Gallipoli , the opposing trenches were only 15 metres (16 yd) apart and the soldiers in the trenches constantly threw hand grenades at each other. On the Eastern Front and in the Middle East, the areas to be covered were so vast, and the distances from the factories supplying shells, bullets, concrete and barbed wire so great, trench warfare in

6278-588: The 1839 Treaty of London did not require it to oppose a German invasion with military force; however, Prime Minister Asquith and his senior Cabinet ministers were already committed to supporting France, the Royal Navy had been mobilised, and public opinion was strongly in favour of intervention. On 31 July, Britain sent notes to Germany and France, asking them to respect Belgian neutrality; France pledged to do so, but Germany did not reply. Aware of German plans to attack through Belgium, French Commander-in-Chief Joseph Joffre asked his government for permission to cross

6424-405: The 1840s to withstand British artillery bombardments. According to one British observer, "the fence round the pa is covered between every paling with loose bunches of flax, against which the bullets fall and drop; in the night they repair every hole made by the guns". These systems included firing trenches, communication trenches, tunnels , and anti-artillery bunkers. The Ngāpuhi pā Ruapekapeka

6570-563: The 1879 Dual Alliance , which became the Triple Alliance when Italy joined in 1882. For Bismarck, the purpose of these agreements was to isolate France by ensuring the three Empires resolve any disputes between themselves. In 1887, Bismarck set up the Reinsurance Treaty , a secret agreement between Germany and Russia to remain neutral if either were attacked by France or Austria-Hungary. For Bismarck, peace with Russia

6716-441: The 1913 Treaty of London , which had created an independent Albania while enlarging the territories of Bulgaria, Serbia, Montenegro and Greece. However, disputes between the victors sparked the 33-day Second Balkan War , when Bulgaria attacked Serbia and Greece on 16 June 1913; it was defeated, losing most of Macedonia to Serbia and Greece, and Southern Dobruja to Romania. The result was that even countries which benefited from

6862-656: The American forces carried at least one machine gun. After 1915, the Maschinengewehr 08 was the standard issue German machine gun; its number "08/15" entered the German language as idiomatic for "dead plain". At Gallipoli and in Palestine the Turks provided the infantry, but it was usually Germans who manned the machine guns. The British High Command were less enthusiastic about machine guns, supposedly considering

7008-569: The Austrians and Serbs clashed at the battles of the Cer and Kolubara ; over the next two weeks, Austrian attacks were repulsed with heavy losses. As a result, Austria had to keep sizeable forces on the Serbian front, weakening their efforts against Russia. Serbia's victory against Austria-Hungary in the 1914 invasion has been called one of the major upset victories of the twentieth century. In 1915,

7154-646: The Austrians briefly occupied the Serbian capital, Belgrade . A Serbian counter-attack in the Battle of Kolubara succeeded in driving them from the country by the end of 1914. For the first 10 months of 1915, Austria-Hungary used most of its military reserves to fight Italy. German and Austro-Hungarian diplomats scored a coup by persuading Bulgaria to join the attack on Serbia. The Austro-Hungarian provinces of Slovenia , Croatia and Bosnia provided troops for Austria-Hungary. Montenegro allied itself with Serbia. Bulgaria declared war on Serbia on 14 October 1915 and joined in

7300-553: The Balkan Wars, such as Serbia and Greece, felt cheated of their "rightful gains", while for Austria it demonstrated the apparent indifference with which other powers viewed their concerns, including Germany. This complex mix of resentment, nationalism and insecurity helps explain why the pre-1914 Balkans became known as the " powder keg of Europe ". On 28 June 1914, Archduke Franz Ferdinand of Austria , heir presumptive to Emperor Franz Joseph I of Austria , visited Sarajevo ,

7446-404: The Central Powers. However, the pro-German King Constantine I dismissed the pro-Allied government of Eleftherios Venizelos before the Allied expeditionary force arrived. The Macedonian front was at first mostly static. French and Serbian forces retook limited areas of Macedonia by recapturing Bitola on 19 November 1916 following the costly Monastir offensive , which brought stabilisation of

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7592-649: The Chinese Shandong peninsula at Tsingtao . After Vienna refused to withdraw its cruiser SMS  Kaiserin Elisabeth from Tsingtao, Japan declared war on Austria-Hungary, and the ship was sunk in November 1914. Within a few months, Allied forces had seized all German territories in the Pacific, leaving only isolated commerce raiders and a few holdouts in New Guinea. Some of the first clashes of

7738-648: The French soldiers, having already captured the left bank of the Po river and gaining control of the bridge connecting the two banks of the river, and wanting to advance to the Capuchin Monastery of the Monte, deciding that their position wasn't secure enough for their liking, then choose to advance on a double attack on the trenches, but were twice repelled. Eventually, on the third attempt, the French broke through and

7884-623: The German High Seas Fleet was confined to port. German U-boats attempted to cut the supply lines between North America and Britain. The nature of submarine warfare meant that attacks often came without warning, giving the crews of the merchant ships little hope of survival. The United States launched a protest, and Germany changed its rules of engagement. After the sinking of the passenger ship RMS Lusitania in 1915, Germany promised not to target passenger liners, while Britain armed its merchant ships, placing them beyond

8030-640: The German Army increased in size from 1908 to 1914, he changed the allocation of forces between the two wings to 70:30. He also considered Dutch neutrality essential for German trade and cancelled the incursion into the Netherlands, which meant any delays in Belgium threatened the viability of the plan. Historian Richard Holmes argues that these changes meant the right wing was not strong enough to achieve decisive success. The initial German advance in

8176-699: The German right wing would sweep through the Netherlands and Belgium , then swing south, encircling Paris and trapping the French army against the Swiss border. The plan's creator, Alfred von Schlieffen , head of the German General Staff from 1891 to 1906, estimated that this would take six weeks, after which the German army would transfer to the East and defeat the Russians. The plan was substantially modified by his successor, Helmuth von Moltke

8322-486: The Germans bled heavily as well, with anywhere from 700,000 to 975,000 casualties between the two combatants. Verdun became a symbol of French determination and self-sacrifice. The Battle of the Somme was an Anglo-French offensive from July to November 1916. The opening day on 1 July 1916 was the bloodiest single day in the history of the British Army , which suffered 57,500 casualties, including 19,200 dead. As

8468-565: The Middle East. In all, 140,000 soldiers served on the Western Front and nearly 700,000 in the Middle East, with 47,746 killed and 65,126 wounded. The suffering engendered by the war, as well as the failure of the British government to grant self-government to India afterward, bred disillusionment, resulting in the campaign for full independence led by Mahatma Gandhi . Pre-war military tactics that had emphasised open warfare and individual riflemen proved obsolete when confronted with conditions prevailing in 1914. Technological advances allowed

8614-474: The New York Curb. In August 1927, the exchange adopted new regulations for its listed securities. The following month, the San Francisco exchange broke a business record for itself, when it had weekly trading total of $ 16,936,019. In December 1927, the exchange's monthly business surpassed $ 100 million for the first time. Also that month, the exchange voted for reorganization and division of business in

8760-545: The Ottomans joined the Central Powers in November. Germany's strategy in 1914 was to quickly defeat France, then to transfer its forces to the east, but its advance was halted in September , and by the end of the year the Western Front consisted of a continuous line of trenches stretching from the English Channel to Switzerland. The Eastern Front was more dynamic, but neither side gained a decisive advantage, despite costly offensives. Italy , Bulgaria , Romania , Greece and others joined in from 1915 onward. In April 1917,

8906-449: The Ottomans' territory in the Balkans during the 1912–1913 First Balkan War , much to the surprise of outside observers. The Serbian capture of ports on the Adriatic resulted in partial Austrian mobilisation, starting on 21 November 1912, including units along the Russian border in Galicia . The Russian government decided not to mobilise in response, unprepared to precipitate a war. The Great Powers sought to re-assert control through

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9052-549: The Russian Stavka agreed with the French to attack Germany within fifteen days of mobilisation, ten days before the Germans had anticipated, although it meant the two Russian armies that entered East Prussia on 17 August did so without many of their support elements. By the end of 1914, German troops held strong defensive positions inside France, controlled the bulk of France's domestic coalfields, and inflicted 230,000 more casualties than it lost itself. However, communications problems and questionable command decisions cost Germany

9198-406: The San Francisco Stock and Bond Exchanges and the San Francisco Stock Exchange, mining, were negotiating over the establishment of the former as purely listed market, and the latter as a curb exchange. To prevent naming confusion, there were talks to have the SF Stock Exchange be named the San Francisco Curb Exchange or Association, with the name 'San Francisco Stock Exchange' to become the property of

9344-429: The Serbian retreat toward the Adriatic coast in the Battle of Mojkovac on 6–7 January 1916, but ultimately the Austrians also conquered Montenegro. The surviving Serbian soldiers were evacuated to Greece. After the conquest, Serbia was divided between Austro-Hungary and Bulgaria. In late 1915, a Franco-British force landed at Salonica in Greece to offer assistance and to pressure its government to declare war against

9490-420: The Spanish Succession of 1702–1714, the Lines of Weissenburg built under the orders of the Duke of Villars in 1706, the Lines of Ne Plus Ultra during the winter of 1710–1711, and the Lines of Torres Vedras in 1809 and 1810. In the New Zealand Wars (1845–1872), the Māori developed elaborate trench and bunker systems as part of fortified areas known as pā , employing them successfully as early as

9636-403: The Stock and Bond Exchange, and the remaining available for sale. The new Curb Exchange was created to take over the "splendid plant on Bush Street of the old Mining Exchange." The Curb Exchange started activities on January 2, 1928, using the unlisted securities formerly on the SF Stock and Bond Exchange. As of late 1928, Sidney L. Schwartz was president of the San Francisco Stock Exchange, which

9782-419: The Stock and Bond Exchange. Upon the ratification of the agreement, there would be ninety days for corporations with stocks "on the unlisted board [of the San Francisco Stock and Bond Exchange] to meet listing requirements or to be transferred to the Curb board, where "another probationary period will ensue in which Curb requirements may be met." It was said these curb requirements would be "substantially" those of

9928-493: The West European style often did not occur. At the start of the First World War, the standard infantry soldier's primary weapons were the rifle and bayonet ; other weapons got less attention. Especially for the British, what hand grenades were issued tended to be few in numbers and less effective. This emphasis began to shift as soon as trench warfare began; militaries rushed improved grenades into mass production, including rifle grenades . The hand grenade came to be one of

10074-455: The West was very successful. By the end of August, the Allied left, which included the British Expeditionary Force (BEF), was in full retreat , and the French offensive in Alsace-Lorraine was a disastrous failure, with casualties exceeding 260,000. German planning provided broad strategic instructions while allowing army commanders considerable freedom in carrying them out at the front, but von Kluck used this freedom to disobey orders, opening

10220-536: The Western front, the pump action shotguns was a formidable weapon in short range combat, enough so that Germany lodged a formal protest against their use on 14 September 1918, stating "every prisoner found to have in his possession such guns or ammunition belonging thereto forfeits his life", though this threat was apparently never carried out. The U.S. military began to issue models specially modified for combat, called "trench guns", with shorter barrels, higher capacity magazines, no choke , and often heat shields around

10366-430: The Younger . Under Schlieffen, 85% of German forces in the west were assigned to the right wing, with the remainder holding along the frontier. By keeping his left-wing deliberately weak, he hoped to lure the French into an offensive into the "lost provinces" of Alsace-Lorraine , which was the strategy envisaged by their Plan XVII . However, Moltke grew concerned that the French might push too hard on his left flank and as

10512-535: The ability of infantry (or even cavalry ) to cover the ground between firing lines, and the ability of armour to withstand fire. It would take a revolution in mobility to change that. The French and German armies adopted different tactical doctrines : the French relied on the attack with speed and surprise, and the Germans relied on firepower , investing heavily in howitzers and machine guns . The British lacked an official tactical doctrine, with an officer corps that rejected theory in favour of pragmatism. While

10658-501: The aggressor, German Chancellor Bethmann Hollweg delayed the commencement of war preparations until 31 July. That afternoon, the Russian government were handed a note requiring them to "cease all war measures against Germany and Austria-Hungary" within 12 hours. A further German demand for neutrality was refused by the French who ordered general mobilization but delayed declaring war. The German General Staff had long assumed they faced

10804-477: The armies expected to use entrenchments and cover, they did not allow for the effect of defences in depth . They required a deliberate approach to seizing positions from which fire support could be given for the next phase of the attack, rather than a rapid move to break the enemy's line. It was assumed that artillery could still destroy entrenched troops, or at least suppress them sufficiently for friendly infantry and cavalry to manoeuvre. Digging-in when defending

10950-474: The attack by the Austro-Hungarian army under Mackensen's army of 250,000 that was already underway. Serbia was conquered in a little more than a month, as the Central Powers, now including Bulgaria, sent in 600,000 troops in total. The Serbian army, fighting on two fronts and facing certain defeat, retreated into northern Albania . The Serbs suffered defeat in the Battle of Kosovo . Montenegro covered

11096-410: The barbs or razors might cause minor injuries, the purpose was to entangle the limbs of enemy soldiers, forcing them to stop and methodically pull or work the wire off, likely taking several seconds, or even longer. This is deadly when the wire is emplaced at points of maximum exposure to concentrated enemy firepower, in plain sight of enemy fire bays and machine guns. The combination of wire and firepower

11242-453: The barrel, as well as lugs for the M1917 bayonet . Anzac and some British soldiers were also known to use sawn-off shotguns in trench raids, because of their portability, effectiveness at close range, and ease of use in the confines of a trench. This practice was not officially sanctioned, and the shotguns used were invariably modified sporting guns. The Germans embraced the machine gun from

11388-543: The best way of achieving this. However, the Foreign Ministry had no solid proof of Serbian involvement. On 23   July, Austria delivered an ultimatum to Serbia, listing ten demands made intentionally unacceptable to provide an excuse for starting hostilities. Serbia ordered general mobilization on 25   July, but accepted all the terms, except for those empowering Austrian representatives to suppress "subversive elements" inside Serbia, and take part in

11534-483: The border and pre-empt such a move. To avoid violating Belgian neutrality, he was told any advance could come only after a German invasion. Instead, the French cabinet ordered its Army to withdraw 10 km behind the German frontier, to avoid provoking war. On 2 August, Germany occupied Luxembourg and exchanged fire with French units when German patrols entered French territory; on 3   August, they declared war on France and demanded free passage across Belgium, which

11680-486: The campaign saw the first use of anti-aircraft warfare after an Austrian plane was shot down with ground-to-air fire, as well as the first medical evacuation by the Serbian army. Upon mobilisation, in accordance with the Schlieffen Plan , 80% of the German Army was located on the Western Front, with the remainder acting as a screening force in the East. Rather than a direct attack across their shared frontier,

11826-649: The capital of the recently annexed Bosnia and Herzegovina . Cvjetko Popović , Gavrilo Princip , Nedeljko Čabrinović , Trifko Grabež , Vaso Čubrilović ( Bosnian Serbs ) and Muhamed Mehmedbašić (from the Bosniaks community), from the movement known as Young Bosnia , took up positions along the Archduke's motorcade route, to assassinate him. Supplied with arms by extremists within the Serbian Black Hand intelligence organisation, they hoped his death would free Bosnia from Austrian rule. Čabrinović threw

11972-466: The chance of a decisive outcome, while it had failed to achieve the primary objective of avoiding a long, two-front war. As was apparent to several German leaders, this amounted to a strategic defeat; shortly after the First Battle of the Marne , Crown Prince Wilhelm told an American reporter "We have lost the war. It will go on for a long time but lost it is already." On 30 August 1914, New Zealand occupied German Samoa (now Samoa ). On 11 September,

12118-416: The confined quarters of the trenches. These tools could then be used to dig in after they had taken a trench. Modern military digging tools are as a rule designed to also function as a melee weapon. As the war progressed, better equipment was issued, and improvised arms were discarded. A specialised group of fighters called trench sweepers ( Nettoyeurs de Tranchées or Zigouilleurs ) evolved to fight within

12264-520: The cost of 199 submarines. World War I also saw the first use of aircraft carriers in combat, with HMS  Furious launching Sopwith Camels in a successful raid against the Zeppelin hangars at Tondern in July 1918, as well as blimps for antisubmarine patrol. Faced with Russia in the east, Austria-Hungary could spare only one-third of its army to attack Serbia. After suffering heavy losses,

12410-522: The creation of new independent states, including Poland , Finland , the Baltic states , Czechoslovakia , and Yugoslavia . The League of Nations was established to maintain world peace, but its failure to manage instability during the interwar period contributed to the outbreak of World War II in 1939. Before World War II , the events of 1914–1918 were generally known as the Great War or simply

12556-449: The creation of strong defensive systems largely impervious to massed infantry advances, such as barbed wire , machine guns and above all far more powerful artillery , which dominated the battlefield and made crossing open ground extremely difficult. Both sides struggled to develop tactics for breaching entrenched positions without heavy casualties. In time, technology enabled the production of new offensive weapons, such as gas warfare and

12702-965: The crowds listened to music and drank wine, as if nothing had happened." Nevertheless, the impact of the murder of the heir to the throne was significant, and has been described by historian Christopher Clark as a "9/11 effect, a terrorist event charged with historic meaning, transforming the political chemistry in Vienna". Austro-Hungarian authorities encouraged subsequent anti-Serb riots in Sarajevo . Violent actions against ethnic Serbs were also organised outside Sarajevo, in other cities in Austro-Hungarian-controlled Bosnia and Herzegovina, Croatia and Slovenia. Austro-Hungarian authorities in Bosnia and Herzegovina imprisoned approximately 5,500 prominent Serbs, 700 to 2,200 of whom died in prison. A further 460 Serbs were sentenced to death. A predominantly Bosniak special militia known as

12848-681: The defenders were forced to flee with the civilian population, seeking the sanctuary of the local Catholic church, the Santa Maria al Monte dei Cappuccini , in Turin, also known at that time as the Capuchin Monastery of the Monte . In early modern warfare , troops used field works to block possible lines of advance. Examples include the Lines of Stollhofen , built at the start of the War of

12994-428: The diggers exposed above ground and hence could only be carried out when free of observation, such as in a rear area or at night. Sapping involved extending the trench by digging away at the end face. The diggers were not exposed, but only one or two men could work on the trench at a time. Tunnelling was like sapping except that a "roof" of soil was left in place while the trench line was established and then removed when

13140-639: The end of which German and Allied armies had produced a matched pair of trench lines from the Swiss border in the south to the North Sea coast of Belgium. By the end of October 1914, the whole front in Belgium and France had solidified into lines of trenches, which lasted until the last weeks of the war. Mass infantry assaults were futile in the face of artillery fire, as well as rapid rifle and machine-gun fire. Both sides concentrated on breaking up enemy attacks and on protecting their own troops by digging deep into

13286-557: The entire length of a battlefield's trench line, in multiple lines, sometimes covering a depth 30 metres (100 ft) or more. Methods to defeat it were rudimentary. Prolonged artillery bombardment could damage them, but not reliably. The first soldier meeting the wire could jump onto the top of it, hopefully depressing it enough for those that followed to get over him; this still took at least one soldier out of action for each line of wire. In World War I, British and Commonwealth forces relied on wire cutters , which proved unable to cope with

13432-637: The exchange, with the exchange expanding. On December 9, 1927, it was reported that the agreement to re-organize with the San Francisco Stock Exchange had been authorized, with changes to take place immediately. Also, the old building occupied by the San Francisco Stock Exchange was put for sale, with the exchange to be renamed the San Francisco Mining Exchange . In the agreement, the San Francisco Mining Exchange agreed to deal solely in mining securities, with

13578-695: The expansion of the French colonial empire . In 1873, Bismarck negotiated the League of the Three Emperors , which included Austria-Hungary , Russia and Germany. After the 1877–1878 Russo-Turkish War , the League was dissolved due to Austrian concerns over the expansion of Russian influence in the Balkans , an area they considered to be of vital strategic interest. Germany and Austria-Hungary then formed

13724-505: The first encounters, such as short wooden clubs and metal maces , spears , hatchets , hammers , entrenching tools , as well as trench knives and brass knuckles . According to the semi-biographical war novel All Quiet on the Western Front , many soldiers preferred to use a sharpened spade as an improvised melee weapon instead of the bayonet, as the bayonet tended to get "stuck" in stabbed opponents, rendering it useless in heated battle. The shorter length also made them easier to use in

13870-838: The first stages of the New Zealand Wars. However, this has been criticised by a few academics of the same period, with Gavin McLean noting that while the Māori had certainly adapted pa to suit contemporary weaponry, many historians have dismissed Belich's claim as "baseless... revisionism ". Others more recently have said that while it is clear the Māori did not invent trench warfare first —Māori did invent trench-based defences without any offshore aid— some believe they may have influenced 20th-century methods of trench design identified with it. The Crimean War (1853–1856) saw "massive trench works and trench warfare", even though "the modernity of

14016-400: The first time on the Western Front. Several types of gas soon became widely used by both sides and though it never proved a decisive, battle-winning weapon, it became one of the most feared and best-remembered horrors of the war. In February 1916, the Germans attacked French defensive positions at the Battle of Verdun , lasting until December 1916. Casualties were greater for the French, but

14162-400: The focus of a determined struggle simply because it was the largest identifiable feature. However, it would not take the artillery long to obliterate it, so that thereafter it became just a name on a map. The battlefield of Flanders presented numerous problems for the practice of trench warfare, especially for the Allied forces, mainly British and Canadians, who were often compelled to occupy

14308-520: The forward zone, the conventional transport infrastructure of roads and rail were replaced by the network of trenches and trench railways . The critical advantage that could be gained by holding the high ground meant that minor hills and ridges gained enormous significance. Many slight hills and valleys were so subtle as to have been nameless until the front line encroached upon them. Some hills were named for their height in metres, such as Hill 60 . A farmhouse, windmill, quarry, or copse of trees would become

14454-509: The front and reserve lines. Fires were lit in the support line to make it appear inhabited and any damage done immediately repaired. Temporary trenches were also built. When a major attack was planned, assembly trenches would be dug near the front trench. These were used to provide a sheltered place for the waves of attacking troops who would follow the first waves leaving from the front trench. "Saps" were temporary, unmanned, often dead-end utility trenches dug out into no-man's land. They fulfilled

14600-591: The front line. The trench-line management and trench profiles had to be adapted to the rough terrain, hard rock, and harsh weather conditions. Many trench systems were constructed within glaciers such as the Adamello-Presanella group or the famous city below the ice on the Marmolada in the Dolomites . Observing the enemy in trench warfare was difficult, prompting the invention of technology such as

14746-411: The front system of trenches there were usually at least two more partially prepared trench systems, kilometres to the rear, ready to be occupied in the event of a retreat. The Germans often prepared multiple redundant trench systems; in 1916 their Somme front featured two complete trench systems, one kilometre apart, with a third partially completed system a further kilometre behind. This duplication made

14892-595: The front. Serbian and French troops finally made a breakthrough in September 1918 in the Vardar offensive , after most German and Austro-Hungarian troops had been withdrawn. The Bulgarians were defeated at the Battle of Dobro Pole , and by 25 September British and French troops had crossed the border into Bulgaria proper as the Bulgarian army collapsed. Bulgaria capitulated four days later, on 29 September 1918. The German high command responded by despatching troops to hold

15038-542: The globe, some of which were subsequently used to attack Allied merchant shipping . These were systematically hunted down by the Royal Navy, though not before causing considerable damage. One of the most successful was the SMS ; Emden , part of the German East Asia Squadron stationed at Qingdao , which seized or sank 15 merchantmen, a Russian cruiser and a French destroyer. Most of the squadron

15184-505: The ground. After the buildup of forces in 1915, the Western Front became a stalemated struggle between equals, to be decided by attrition. Frontal assaults, and their associated casualties, became inevitable because the continuous trench lines had no open flanks. Casualties of the defenders matched those of the attackers, as vast reserves were expended in costly counter-attacks or exposed to the attacker's massed artillery. There were periods in which rigid trench warfare broke down, such as during

15330-443: The heavier gauge German wire. The Bangalore torpedo was adopted by many armies, and continued in use past the end of World War II. The barbed wire used differed between nations; the German wire was heavier gauge, and British wire cutters, designed for the thinner native product, were unable to cut it. The confined, static, and subterranean nature of trench warfare resulted in it developing its own peculiar form of geography . In

15476-549: The high ground, while their trenches tended to be better built; those constructed by the French and English were initially considered "temporary", only needed until an offensive would destroy the German defences. Both sides tried to break the stalemate using scientific and technological advances. On 22 April 1915, at the Second Battle of Ypres , the Germans (violating the Hague Convention ) used chlorine gas for

15622-470: The investigation and trial of Serbians linked to the assassination. Claiming this amounted to rejection, Austria broke off diplomatic relations and ordered partial mobilisation the next day; on 28 July, they declared war on Serbia and began shelling Belgrade . Russia ordered general mobilization in support of Serbia on 30 July. Anxious to ensure backing from the SPD political opposition by presenting Russia as

15768-524: The length of the front to be defended, soon led to frontline trenches being held by fewer men. The defenders augmented the trenches themselves with barbed wire strung in front to impede movement; wiring parties went out every night to repair and improve these forward defences. The small, improvised trenches of the first few months grew deeper and more complex, gradually becoming vast areas of interlocking defensive works. They resisted both artillery bombardment and mass infantry assault. Shell-proof dugouts became

15914-399: The line, but these forces were too weak to re-establish a front. Trench warfare Trench warfare is a type of land warfare using occupied lines largely comprising military trenches , in which combatants are well-protected from the enemy's small arms fire and are substantially sheltered from artillery . It became archetypically associated with World War I (1914–1918), when

16060-504: The low ground. Heavy shelling quickly destroyed the network of ditches and water channels which had previously drained this low-lying area of Belgium. In most places, the water table was only a metre or so below the surface, meaning that any trench dug in the ground would quickly flood. Consequently, many "trenches" in Flanders were actually above ground and constructed from massive breastworks of sandbags filled with clay. Initially, both

16206-556: The name San Francisco Stock Exchange sold to the Stock and Bond Exchange. The new San Francisco Curb Exchange was expected to begin operation soon after the start of 1928, and would be the third securities market in the city. According to the agreement, all members of the SF Stock and Bond Exchange would hold memberships in both the new Stock Exchange and the new curb exchange. The Curb would have an authorized 100 charter members, 67 from

16352-465: The ocean, even to neutral ships. Since there was limited response to this tactic, Germany expected a similar response to its unrestricted submarine warfare. The Battle of Jutland in May/June 1916 was the only full-scale clash of battleships during the war, and one of the largest in history. The clash was indecisive, though the Germans inflicted more damage than they received; thereafter the bulk of

16498-401: The outset—in 1904, sixteen units were equipped with the 'Maschinengewehr'—and the machine gun crews were the elite infantry units; these units were attached to Jaeger (light infantry) battalions. By 1914, British infantry units were armed with two Vickers machine guns per battalion; the Germans had six per battalion, and the Russians eight. It would not be until 1917 that every infantry unit of

16644-510: The parapet and parados of the trench were built in this way, but a later technique was to dispense with the parados for much of the trench line, thus exposing the rear of the trench to fire from the reserve line in case the front was breached. In the Alps , trench warfare even stretched onto vertical slopes and deep into the mountains, to heights of 3,900 m (12,800 ft) above sea level. The Ortler had an artillery position on its summit near

16790-416: The parapet was the trench periscope – in its simplest form, just a stick with two angled pieces of mirror at the top and bottom. A number of armies made use of the periscope rifle , which enabled soldiers to snipe at the enemy without exposing themselves over the parapet, although at the cost of reduced shooting accuracy. The device is most associated with Australian and New Zealand troops at Gallipoli, where

16936-443: The post and flee to safety. They were instructed to do this though because through the war there were only around 1,100 trained trenchmen. They were highly valued only by officers higher on the chain of command. The banked earth on the lip of the trench facing the enemy was called the parapet and had a fire step. The embanked rear lip of the trench was called the parados , which protected the soldier's back from shells falling behind

17082-432: The primary infantry weapons of trench warfare. Both sides were quick to raise specialist grenadier groups. The grenade enabled a soldier to engage the enemy without exposing himself to fire, and it did not require precise accuracy to kill or maim. Another benefit was that if a soldier could get close enough to the trenches, enemies hiding in trenches could be attacked. The Germans and Turks were well equipped with grenades from

17228-801: The protection of the " cruiser rules ", which demanded warning and movement of crews to "a place of safety" (a standard that lifeboats did not meet). Finally, in early 1917, Germany adopted a policy of unrestricted submarine warfare , realising the Americans would eventually enter the war. Germany sought to strangle Allied sea lanes before the United States could transport a large army overseas, but, after initial successes, eventually failed to do so. The U-boat threat lessened in 1917, when merchant ships began travelling in convoys , escorted by destroyers . This tactic made it difficult for U-boats to find targets, which significantly lessened losses; after

17374-596: The start of the war, but the British, who had ceased using grenadiers in the 1870s and did not anticipate a siege war, entered the conflict with virtually none, so soldiers had to improvise bombs with whatever was available (see Jam Tin Grenade ). By late 1915, the British Mills bomb had entered wide circulation, and by the end of the war 75 million had been used. Since the troops were often not adequately equipped for trench warfare, improvised weapons were common in

17520-469: The term First World War was in September 1914 by German biologist and philosopher Ernst Haeckel who stated, "There is no doubt that the course and character of the feared 'European War' ... will become the first world war in the full sense of the word." For much of the 19th century, the major European powers maintained a tenuous balance of power , known as the Concert of Europe . After 1848, this

17666-691: The threat posed by the closing of this gap was more important than competing with the Royal Navy. After Germany expanded its standing army by 170,000 troops in 1913, France extended compulsory military service from two to three years; similar measures were taken by the Balkan powers and Italy, which led to increased expenditure by the Ottomans and Austria-Hungary. Absolute figures are difficult to calculate due to differences in categorising expenditure since they often omit civilian infrastructure projects like railways which had logistical importance and military use. It

17812-445: The top as an improvised defence from shrapnel. The static movement of trench warfare and a need for protection from snipers created a requirement for loopholes both for discharging firearms and for observation. Often a steel plate was used with a "keyhole", which had a rotating piece to cover the loophole when not in use. German snipers used armour-piercing bullets that allowed them to penetrate loopholes. Another means to see over

17958-573: The trench war was not immediately apparent to the contemporaries". Union and Confederate armies employed field works and extensive trench systems in the American Civil War (1861–1865) — most notably in the sieges of Vicksburg (1863) and Petersburg (1864–1865), the latter of which saw the first use by the Union Army of the rapid-fire Gatling gun , the important precursor to modern-day machine guns . Trenches were also utilized in

18104-566: The trench was ready to be occupied. The guidelines for British trench construction stated that it would take 450 men 6 hours at night to complete 250 m (270 yd) of front-line trench system. Thereafter, the trench would require constant maintenance to prevent deterioration caused by weather or shelling. Trenchmen were a specialized unit of trench excavators and repairmen. They usually dug or repaired in groups of four with an escort of two armed soldiers. Trenchmen were armed with one 1911 semi-automatic pistol , and were only utilized when either

18250-415: The trench. The sides of the trench were often revetted with sandbags , wire mesh , wooden frames and sometimes roofs. The floor of the trench was usually covered by wooden duckboards . In later designs the floor might be raised on a wooden frame to provide a drainage channel underneath. Due to the substantial casualties taken from indirect fire, some trenches were reinforced with corrugated metal roofs over

18396-790: The trenches. They cleared surviving enemy personnel from recently overrun trenches and made clandestine raids into enemy trenches to gather intelligence. Volunteers for this dangerous work were often exempted from participation in frontal assaults over open ground and from routine work like filling sandbags, draining trenches, and repairing barbed wire in no-man's land. When allowed to choose their own weapons, many selected grenades, knives and pistols. FN M1900 pistols were highly regarded for this work, but never available in adequate quantities. Colt Model 1903 Pocket Hammerless , Savage Model 1907 , Star Bonifacio Echeverria and Ruby pistols were widely used. Various mechanical devices were invented for throwing hand grenades into enemy trenches. The Germans used

18542-410: The view of friendly soldiers along their own trench, this ensured the entire trench could not be enfiladed if the enemy gained access at any one point; or if a bomb, grenade, or shell landed in the trench, the blast could not travel far. Very early in the war, British defensive doctrine suggested a main trench system of three parallel lines, interconnected by communications trenches. The point at which

18688-590: The war ended with the Armistice of 11 November 1918 . The Paris Peace Conference of 1919–1920 imposed settlements on the defeated powers, most notably the Treaty of Versailles , by which Germany lost significant territories, was disarmed, and was required to pay large war reparations to the Allies. The dissolution of the Russian, German, Austro-Hungarian, and Ottoman Empires redrew national boundaries and resulted in

18834-506: The war for the first time against the French on 25 June 1915, then against the British 30 July in Hooge. The technology was in its infancy, and use was not very common until the end of 1917 when portability and reliability were improved. It was used in more than 300 documented battles. By 1918, it became a weapon of choice for Stoßtruppen (stormtroopers) with a team of six Pioniere ( combat engineers ) per squad. Used by American soldiers in

18980-601: The war involved British, French, and German colonial forces in Africa. On 6–7 August, French and British troops invaded the German protectorates of Togoland and Kamerun . On 10 August, German forces in South-West Africa attacked South Africa; sporadic and fierce fighting continued for the rest of the war. The German colonial forces in German East Africa , led by Colonel Paul von Lettow-Vorbeck , fought

19126-414: The war. Following World War I, "trench warfare" became a byword for stalemate, attrition , sieges , and futility in conflict. Field works have existed for as long as there have been armies. Roman legions , when in the presence of an enemy, entrenched camps nightly when on the move. The Roman general Belisarius had his soldiers dig a trench as part of the Battle of Dara in 530 AD. Trench warfare

19272-497: The weapon too "unsporting" and encouraging defensive fighting; and they lagged behind the Germans in adopting it. Field Marshal Sir Douglas Haig is quoted as saying in 1915, "The machine gun is a much overrated weapon; two per battalion is more than sufficient". The defensive firepower of the machine gun was exemplified during the first day of the Battle of the Somme when 60,000 British soldiers were rendered casualties, "the great majority lost under withering machine gun fire". In 1915

19418-418: The west , which despite initial successes left the German Army exhausted and demoralised. A successful Allied counter-offensive from August 1918 caused a collapse of the German front line. By early November, Bulgaria, the Ottoman Empire and Austria-Hungary had each signed armistices with the Allies, leaving Germany isolated. Facing a revolution at home , Kaiser Wilhelm   II abdicated on 9 November, and

19564-652: Was John Perry Jr. It had nineteen charter members, who called it "the Local Security Board ." The first year of business, transactions totaled $ 9,490,621. After the World War I stock market shutdown that started in July 1914, the San Francisco Stock and Bond Exchange reopened on December 1, 1914, for trading for bonds under restrictions, three days after the NYSE reopened. By April 23, 1927,

19710-432: Was a major factor in the deadly Spanish flu pandemic. The causes of World War I included the rise of Germany and decline of the Ottoman Empire , which disturbed the long-standing balance of power in Europe, as well as economic competition between nations triggered by industrialisation and imperialism . Growing tensions between the great powers and in the Balkans reached a breaking point on 28 June 1914, when

19856-703: Was also documented during the defence of Medina in a siege known as the Battle of the Trench (627 AD). The architect of the plan was Salman the Persian who suggested digging a trench to defend Medina. There are examples of trench digging as a defensive measure during the Middle Ages in Europe , such as during the Piedmontese Civil War , where it was documented that on the morning of May 12, 1640,

20002-428: Was bombarded. Between 90 and 270 metres (100 and 300 yd) further to the rear was located the third reserve trench, where the reserve troops could amass for a counter-attack if the front trenches were captured. This defensive layout was soon rendered obsolete as the power of artillery grew; however, in certain sectors of the front, the support trench was maintained as a decoy to attract the enemy bombardment away from

20148-403: Was challenged by Britain's withdrawal into so-called splendid isolation , the decline of the Ottoman Empire , New Imperialism , and the rise of Prussia under Otto von Bismarck . Victory in the 1870–1871 Franco-Prussian War allowed Bismarck to consolidate a German Empire . Post-1871, the primary aim of French policy was to avenge this defeat, but by the early 1890s, this had switched to

20294-546: Was common to use the coils of barbed wire as delivered only partially stretched out, called concertina wire . Placing and repairing wire in no man's land relied on stealth, usually done at night by special wiring parties , who could also be tasked with secretly sabotaging enemy wires. The screw picket , invented by the Germans and later adopted by the Allies during the war, was quieter than driving stakes. Wire often stretched

20440-685: Was far higher in WWI than in any previous conflict. Horses and carts were insufficient for transporting large quantities over long distances, so armies had trouble moving far from railheads. This greatly slowed advances, making it impossible for either side to achieve a breakthrough that would change the war. This situation would only be altered in WWII with greater use of motorized vehicles. Trenches were longer, deeper, and better defended by steel, concrete, and barbed wire than ever before. They were far stronger and more effective than chains of forts, for they formed

20586-738: Was operational as the San Francisco division of the Pacific Coast Stock Exchange. World War I World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War , was a global conflict between two coalitions: the Allies (or Entente) and the Central Powers . Fighting took place mainly in Europe and the Middle East , as well as in parts of Africa and

20732-654: Was refused. Early on the morning of 4   August, the Germans invaded, and Albert I of Belgium called for assistance under the Treaty of London . Britain sent Germany an ultimatum demanding they withdraw from Belgium; when this expired at midnight, without a response, the two empires were at war. Germany promised to support Austria-Hungary's invasion of Serbia, but interpretations of what this meant differed. Previously tested deployment plans had been replaced early in 1914, but those had never been tested in exercises. Austro-Hungarian leaders believed Germany would cover its northern flank against Russia. Beginning on 12 August,

20878-667: Was returning to Germany when it sank two British armoured cruisers at the Battle of Coronel in November 1914, before being virtually destroyed at the Battle of the Falkland Islands in December. The SMS Dresden escaped with a few auxiliaries, but after the Battle of Más a Tierra , these too were either destroyed or interned. Soon after the outbreak of hostilities, Britain began a naval blockade of Germany . This proved effective in cutting off vital supplies, though it violated accepted international law. Britain also mined international waters which closed off entire sections of

21024-418: Was the cause of most failed attacks in trench warfare and their very high casualties. Liddell Hart identified barbed wire and the machine gun as the elements that had to be broken to regain a mobile battlefield. A basic wire line could be created by draping several strands of barbed wire between wooden posts driven into the ground. Loose lines of wire can be more effective in entangling than tight ones, and it

21170-781: Was the foundation of German foreign policy but in 1890, he was forced to retire by Wilhelm II . The latter was persuaded not to renew the Reinsurance Treaty by his new Chancellor , Leo von Caprivi . This gave France an opening to agree the Franco-Russian Alliance in 1894, which was then followed by the 1904 Entente Cordiale with Britain. The Triple Entente was completed by the 1907 Anglo-Russian Convention . While not formal alliances, by settling long-standing colonial disputes in Asia and Africa, British support for France or Russia in any future conflict became

21316-583: Was the renamed San Francisco Stock and Bond Exchange. The San Francisco Curb Exchange was absorbed by the San Francisco Stock Exchange in 1938. In 1957, the Los Angeles Oil Exchange (formed in 1899) and the San Francisco Stock and Bond Exchange merged to create the Pacific Coast Stock Exchange , with trading floors maintained in both cities. As of September 15, 1957, the former San Francisco Stock and Bond Exchange

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