Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-08-01
RESUME RUSH ON
BANK OF ENGLAND,
DEMANDING GOLD
Foremost Institution in World
Meets Run-Discount Rate
at Ten Per Cent.


LONDON, Aug. THE bank Of
England today raised it's discount
rate to ten per cent. The scenes
witnessed at the Bank of England
yesterday during the rush to obtain
gold in exchange for bank notes were
repeated this morning, but on a still
larger scale A few people who had
been too late to get currency yester-
lay afternoon. spent the night in the
vicinity of the bank and reached the
quadrangle at daybreak so as to be
lrst in line today. They might have
ipent the night more comfortably, for
terry few followed their example in
lie early hours. The majority came
= the city in their usual leisurely
tanner and went TO the bank at the
ssstomary opening hour.
The crowd soon increased in the
srlrse of the morning and an hour
of er the opening some 500 persons
are lined up while the streets near
were filled with curious onloolSers.
~ Porters as Special Policemen.
The bank porters had been sworn
mas special policemen so that they
Gould more easily handle the crowds
and in case of necessity arrest any,
body causing a disturbance.
A strong force of the city police
also was on duty to deal with the
crowd outside the bank premises.
Although some of the people were
little restless, as they wanted to get
their money so as to proceed to
country and seaside resorts for their
usual holiday at the beginning of
August, the first Monday of which is
-aI ,alf NNFs ~ n
ing which could be described even as
excitement.
It was noticeable today that the
line was largely made up of clerks
and included many women, who had
received their wages in notes and
wanted to change them into gold, as
they realized that with a continuance
of the crisis, notes would become un-
changeable.
At holiday resorts, notes are usually
refused and in fact in London restau-
rants and theatres, notes are changed
at the best of times only for custom
ers and persons who are known
personally. so that those with pockets
full of paper money often find them
selves unable TO buy anything.
q Penny Bank Is Closed.
:, The closing of the National Penny
Bank whose customers are mostly
working people, caused no excitement
whatever. Not a person appeared in
front of the head office.
A similar quiet prevailed at other
banks and there was not a sign OF
any run.
Throgmorton street, where stock
brokers usually assemble, was de-
serted today the brokers having gone
for the holiday. In fact the traffic
to the holiday resorts was heavier to-
day than it had ever been, many who
had intended to take short trips to
the continent having decided to re-
main in the British Isles.
The Baltic Mercantile and Ship
ping Exchange is to be open on Mon
day, an unprecedented occurrence on
a bank holiday.
Fear Bank Act Suspension.
Besides the crowds in front of the
bank entrance seeking to exchange
notes for gold there was a continual
stream of cabs and drays leaving the
bank carrying gold to London and
privincial banks and large business
firms who feared that the bank act
would be suspended soon and that
they would be unable to secure any
more gold Otherwise the British
capital showed no signs of excite
ment.
The Bank of England printers, VINO
work on the premises, are engaged
night and day in turning out new
notes. as the bank has arranged to
issue bills to the maximum extent its
machinery and it's charter permit
with a view of conserving its gold re-
serve
Many hardy Americans still Insist on
obthaining passports from the United
States embassy mainly for Germany
and France, in spite of warnings that
their chances for obtaining trans
portation are infinitisimal. They de-
clare their reason TO be in most cases
to get members of their families out
of those countries, but some Of them
say they have important business to
transact.
BRUSSELS, Aug. 1.-The National
Bank has raised its discount rate
from five to six per cent.
BERLIN, Aug. 1.-The bank rate Of
the Imperial Bank of Germany was
raised to six per cent. today
The rate of interest for private
loans was raised to six per cent.
The CHARM