The Sentinel=record., 1914-08-01
EUROPE CLINICS ID LAST HOPE FOR PEACE
LAST DESPERATE CHANCE FOR PEACE IS
 NOWN HINGED AT ST. PETERSBURG; ALL Al
 EUROPE IS ARMED FOR DEATH STRUGGLE

The war council of the British cabi- net is composed of Premier Asquith, Sir Edward Grey, secretary for for eign affairs; Viscount Haldane lord high chancellor, and Winston Spen- cer Churchill, first lord of the ad- miralty. They remained in confer ence on militcry matters after the last two cabinet meetings.
 Sir Edward Carlson, the Ulster leader, announced today that a ma. jority of the Ulster volunteers were ready for home service and that many of them would accept any ser. vice in which they could be useful.
 While the London exchange is closed for the first time in it's his tory by the threat of war and all the exchanges in England and Scotland immediately shut their doors on learning of Loldon's action, there has been no panic nor any important failures.
 The general fee ing among finan~ iers is that London Ina sweathered a remarkable storm with great credit The bank rate was doubled from to per cent but during the Crimean war it touched 10 per cent and stayed there six weeks. Short loans today commanded 10 to 10 l-2 per cent v terest.
 There were no runs on the banks but banks doing any ordinary com mercial business, refused demands to pay checks with gold and paid partly in gold and partly in Bank of Eng. land notes.
 Long lines of people had assem- bled at the Bank of Eng and when it opened to get gold for notes and many were turned away at closing time. It is expected that the banking act would be suspended. This would mean that the Bank of England would not be compelled to redeem it's notes with gold, but Premier Asquith and Chancellor David Lloyd-George, with the governor of the Bank of Eng'a and and representative of other banks,
 
 that the suspension of the act was not necessary at present They would be prepared to act, however. when ever it was necessary Monday is legal holiday and the banks would not open ordinarily, which gives breathing spell
 The Stock Exchange governors were warned early today by over loo members that if the Stock Exchange opened today they would be ruined. A governor of the Bank of England stated there was virtually no doubt that the banking act will be suspend 9d before business is resumed and that the Bank of England will issue one pound notes to relieve the strain.
 At all the banks today were lines of small depositors drawing ready cash for the buying of food if the sit uation continued.
 The financial district was crowded today by country sQuires retired gen t'emen and persons of that sort who rushed in from the outlying territo- ries to ascertain whether their sacred incomes were endangered.
 The wholesale prices of food have increased by leaps and bounds, but retail dealers have not raised prices. with the exception of the bakers in tho provincial cities. General Brom. we'll Booth, head of the Salvation Army, has asked for prayers of the Salvation Army throughout the world 70 save the nations from war
 The Jewish Chronicle" makes a strong protest against Great Britain participating in the war to help Russia of all nations