The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-24
pRrrtrr nfvKs ~ LONDON

wears old. not los as stated by the cable. ono
London bank dates from the sixteenth. and
three or four from tho sov' ntccnth century.
Tho Las, London private bank which failed wns
that Of Paul. strahon & Bates. Tho partners
were tried. convicted. and sent TO penal servi-
tudc in Australia. sir John Dean Paul Bart.
was the head Of the firm. This was twenty-five
years ngo No business mon have so high |
social position In England NJ the London pri- |
vatc bankers They were In society verrs |
ago when Il merchant unless very hig man |
indeed. was scarcely sonn in H. or late ycnrs |
thoir position has. II course. boon very much
affected by the great Joint stock hanks. and Mr. |
Blechot. a very high authority. thought that |
the latter establishments would gradually Kill
the private banks; but although probably
no one will hlvc courage to found new
private banking house in London land 1t
is years since such an establishment has been
formcd). those which exist hold their own. for II
takos n long time in England to knock down
anything which has thoroughly won public CON
ndcncc. and There are vet tons of thousands
who regard Joint stock banks with dark sus-
picion IA now tangled and therefore un-
sound; indeed, it il on record that in the grcnt
crash Of 1868. people took tncir money out OF
ioints'o'k hlnks aud put 1t into private banks.
These Inter establishments have. however suf-
fercd somewhat. perhaps. by the Bank 81 Eng
land establishing West Enl branch. AMI taking
private accounts not that their Old customers
deserted them. but new accounts were opened
With the Bank II England.
Some years ago several of the smaller private
banks amalgamated. and thus strengthened
their position. Their are only five or six west
IT Temple Bar and of these the best known are
nrummond's and Coutis. Both these houses
nrc of Scotch origin. Tho former was M the
Nufsot the secret money agent Of the Jacoblte
party in England. but before many years were
oyer became banker to the German Georges.
They have for about 10 years occupied the
Premises they hold to-day at that great con-
| nuencc Of human existence M DR.. johnson
used 10 call II. Charing Cross. whore al this mo-
mont they are rebuilding their banking house.
II was when coming ont Of it that one OF the
family. Private Secretary to Sir r. Peel was
shot and killed in mistake forthe then Premier
| Drummonds "parlor' has always been n
| lounge for members Of Parliament. who take II
| ON tho.r way down 10 the House at 1 i. VI. Close
| 20 It is q small bat highly aristocratic bank Of
excellent standing. Cocks. Biddaph K Co.
| Cout'-' is IN the strand. a plain edin'c. but
very spacious within. \ policeman is never
absent from tho threshold and tfa vaults are
always lii at night. The mouths Of generations
| Of BIZ Sykcscs must have watcrcd ~ they gazed
on this establishments which rumor asserts TO
be abou; the greatest treasure house in Lon
don. for not only do numbers If the wealthiest
in the land habitually keep plate chests and
| diamonds in tho cellars. but II is understood
that wcli-known clients are permitted often
| times to oycrlraw accounts against valuahlcs
placed in the bank : custody. Baroness Burdeil
Couus is the absolute uroprietrcs- the other
partners lning merely her minee-. Tho bank
has always hal many royal clients. the Duke
Of kent Queen Nicioria's father. among others