BORN TODAY: The Federal Reserve Bank of New York – opening its doors for business for the first time at 10.00AM local time at 27 Pine Street.
Financing the war: At a meeting in the boardroom of the London County and Westminster Bank in the City of London, the UK’s Chancellor of the Exchequer (Finance Minister) leans on the major British banking houses the day before a government loan, to finance the war effort, comes to the market.
“ He needed to secure the banks’ firm commitment in advance of the launch, because it was essential that the loan should be seen to sell well. Anything less might suggest – to allies and enemies alike – that Britain lacked confidence” [RBS website]
Balkan Front: At the Kolubara River in the Serbia, the Austro-Hungarian army continues its third attempt to over-run Serbia. Over the next 10 days the Serbians will tactically withdrew into the Serbian mountains (“the Battle of Kolubara”) with the intention to over extend the Austrian lines. Although the Austrians successfully take Belgrade late in November, the position will be reversed in early December, and the invaders successfully expelled, once more, from Serbia by mid-December.