Identifier: onehundredyearso00morr (find matches)
Title: One hundred years of conflict between the nations of Europe, the causes and issues of the great war;
Year: 1914 (1910s)
Authors: Morris, Charles, 1833-1922
Subjects: World War, 1914-1918
Publisher: (Philadelphia, Printed by G. F. Lasher & company
Contributing Library: The Library of Congress
Digitizing Sponsor: Sloan Foundation

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Depositors stormed every bank in London for gold, and the
runs continued until every bank was closed. In order to protect
its dwindling gold supply the Bank of England raised its discount
rate to 8 per cent. Leading bankers of London requested Premier
Asquith to suspend the bank act, and he promised to lay the matter
before the Chancellor of the Exchequer. In all the capitals of
Europe financial transactions virtually came to a standstill. The
slump in the market valuelue of securities within the first week of the
war flurry was estimated at $2,000,000,000, and radical measures
were necessary to prevent hasty action while the condition of panic
prevailed.
This sudden stoppage of ordinary financial operations was
accompanied by a similar cessation of the industries of peace over
a wide range of territory. The artisan was forced to let fall the
tools of his trade and take up those of war. The railroads were
similarly denuded of their employees except in so far as they were
needed to convey soldiers and military supplies. The customary
uses of the railroad were largely suspended and travel went on under
great difficulties. In a measure it had returned to the conditions
existing before the invention of the locomotive. Even horse traffic
was limited by the demands of the army for these animals, and foot
travel regained some of its old ascendancy.
War makes business active in one direction and in one only,
that of army and navy supply, of the manufacture of the imple-
Text Appearing After Image:
Photo Underwood and Underwood, N.Y.
THE TWO GREAT HEADS OF THE TRIPLE ENTENTE
These two powerful monarchs, Czar Nicholas of Russia at the left and King George of Gret Britain at the right, who look so
much alike, joined forces in the war with the humbling Germany as their chief object.

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