The New York Stock Exchange and other financial industries are located around Wall Street in Manhattan.

In the first years of the war, the supply of steel and raw materials such as copper and zinc did not meet the growing demands of producing armaments and other military supplies. By 1914, copper “had become an essential component of every weapon, vehicle, and piece of equipment used on the battlefield.” Germany had been the largest importer of American copper prior to the war. Exports to Germany stopped in 1914 but the United States increased copper exports to Allied nations. The price of copper rose from 11.3 cents per pound at the start of the war to 36 cents per pound in 1917, before the U.S. entered the war.

“Keweenaw Copper at War: Keweenaw National Historical Park.” National Park Service, last updated August 18, 2017. https://www.nps.gov/articles/keweenaw-copper-at-war.htm.

Chancerel, Pierre: “Raw Materials.” In 1914–1918–online. International Encyclopedia of the First World War, edited by Ute Daniel, Peter Gatrell, Oliver Janz, Heather Jones, Jennifer Keene, Alan Kramer, and Bill Nasson. Freie Universität Berlin, 2014–. Article published July 16, 2015. https://encyclopedia.1914-1918-online.net/article/raw_materials.

Herbert Hoover (1874–1964), head of the U.S. Food Administration, asked Americans to use more pork so the military could have beef and butter. Americans had also been asked to use cornmeal instead of wheat, so the military could have bread. This tripled the price of cornmeal, used as feed for hogs, so farmers grew reluctant to raise more hogs.

Shafer, Robert. “Rationing (USA).” In 1914–1918–online. International Encyclopedia of the First World War, edited by Ute Daniel, Peter Gatrell, Oliver Janz, Heather Jones, Jennifer Keene, Alan Kramer, and Bill Nasson. Freie Universität Berlin, 2014–. Article published October 8, 2014. https://encyclopedia.1914-1918-online.net/article/rationing_usa.

William II (1859–1941) was Emperor of Germany from 1888 to 1918.

Röhl, John C. G. “Wilhelm II, German Emperor.” In 1914-1918-online. International Encyclopedia of the First World War, edited by Ute Daniel, Peter Gatrell, Oliver Janz, Heather Jones, Jennifer Keene, Alan Kramer, and Bill Nasson. Freie Universität Berlin, 2014–. Article published March 10, 2016. https://encyclopedia.1914-1918-online.net/article/wilhelm_ii_german_emperor.