Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1902-07-12

have spoken OF the Bank or Eng
land aa a priyate bank. II you nave
the right kind OF an introduction. you
can open an account In 1t, but you nave
to keep enough money on deposit 10
make II pay the bank TO do your pusi-
ness. The officials estimate that eaach
account must yield IL cents 10 the
bank for every check cashed through
out the year, so II you Issue thousand
checks the bank VIII have 10 make at
least 500 out OF you or II VIII refuse
to keep your account. There are now
about 5000 private accounts carried,
and the private deposits average oVe-
slO0000,O0O.
A large part OF the business OF the
bank Is In handling the government
debt saw the clerk paying out divi-
dends in lhe dividend room. Here are
government securities OF all kinds ana
the stockholders come TO cash their
coupons. II IL estimated that there are
27b 900 persons who own such stocks
and a large number OF them come here
In person for their money The inter
est paid out amounts TO more than w.
600 100000 year. and good part OK
II Is now going 10 Americans, as they
have but lately been investing In Eng
lish government securities
RUNS ON THE BANK.
And does the big Bank Of England
ever have a run upon itY
Yes. indeed This has been the case
in times OF panic, and there have been
instances when the bank has had 10
suspend specie payments. II did so dur
ing the first year OF It's existence. The
government had called In the silver TO
have il recoined, and the bank was hard
M for currency. It's stock went down
from 40 to SO, and its directors issued
call of 20 per ceet on the sharehcidL
ers. The bank suspended specie pay
ments from 1897 TO 1919. and when It
resumed II had about 100000 600 worth
OF gold and silver TO begin with. There
have been times when II has paid out
deposltors In shiliings and gxpences
In order TO gain dime 10 get money 10
meet its obligations. and once at least
It had a line OF It's own men who ac-
cepted such silver payments and de-
posted them again as fast as they were
received, 40 that continuous stream
Of the same silver flowed in and out OF
the bank, while the deposltors waited.
AT one time a depositor demanded
$3.50, 900 in gold coin and at another the
strain was so great that some OF the
richest OF the English nobility drove TO
the bank In coaches filled with golden
guineas which they deposited TO help
the bank meet its demands.
HOW THE BANK is GOVERNED.
spent some time in thu council room
where the directors meet and In the H.
brary chatting with the secretary about
the government OF the bank. II has
governor, deputy governor and "a
directors The governor receives slo,-
600 a year and each Of the directors Is
paid $1,000 The governor Is usually
chosen from one Of the directors, and
on the average he is about 20 years In
the directorate before he IS elevated to
the Office OF governor.
The capital of the bank Is at pres
ent little less than s75.00O.o00, and its
dividends last year were about 10 per
cent.
The notes now IN circulation amount
10 more than $3.50 0O0,O 900 and there are
something like illO,00O,O0O worth OF
notes on hand. The bank has slS5,O00.
900 worth OF gold and silver coin and
bullion, and altogether II Is In such a
condition that those holding It's stock
and notes are not lying awake at night
for fear Of It's insolvency.