New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-01
BANK OF ENGLAND
STANDS HEAVY RUN
Throngs Jam Famous In
Stitution in Frantic De-
mandS for Gold.
IBy Gable TO The Tribune.l

London. July 31.-The run on the
Bank of England to-day was preclpi-
tated by the closing Of the Stock EX-
change at 10 o'clock this morning, fol-
lowed by the decision of many JOINT
stock banks and private banks 10 re-
fuse loans and limit gold payments 10
a maximum Of SOS q customer.
II was not until o'clock that the
last person wishing gold had been at
tended 10, for when the banks outer
gates were closed at 4 o'clock there
were fully 200 persons IN line inside.
The unprecedented sight Of line Of
persons four deep and nearly two
blocks long all clamoring for money
attracted thousands during the day.
At times the police. OF whom large
number were present. had hard work
keeping traffic regulated. From bus
tops and taXicabs other thousands
cazed at the strange spectacle, some
taking il humorously and others wear
ing serious expressions. for the sight
Of so many persons after money IN
view of conditions gave many panicky
feelings. Some persons closed out
their accounts in other banks. scores OF
persons coming 10 town from nearby
resorts after hearing reports about the
limited gold payments. which caused
runs on banks all over the city during
the day.
Bank Rate Doubled.
The Bank of England gave notice
about 8 o'clock this afternoon that the
maximum bank rate had been advanced
from 4 to per cent. The last time it
was raised TO such a level was Novem-
Der 20. 1873. There are rumors that
the rate will be raised 10 10 per cent
tomorrow.
At the same time that the bank rate
was advanced the report got on the
street that Germany had declared mar
tlal law, and many wild speculations
went through the crowds, among them
rumors that German banks were partly
responsible for the close Of the Stock
Exchange; because, it was said. they
were due TO pay the Bank of England
&l6.000,O00 in a few days, but probably
would be unable TO do so.
Conspicuous in the crowd seeking
money was a well dressed woman, who,
after standing in Inca long time,
finally was able to get TO the bank
cashier, and when she returned TO her
waiting automobile she was accompa-
MED by male attendant. who carried
a heavy bag of gold. which fell heavily
on the floor as both got in.
She was not the only woman in the
line, which was composed largely OF
persons OF good appearance.
The fact that next Monday is a bank
holiday caused increased demands for
cash. Salary requirements caused
others 70 90 there, as it was the end of
the month.
Street Traffic Blocked
In Throgmorton street traffic was en-
urely halted for time soon after the
announcement of closing was posted at
the entrances to the Stock Exchange
These notices, which were on compare
lively small slips of paper containing
news Unprecedented so far as the ex-
change was concerned, could hardly be
read by persons on the outskirts of the
throngs Of members gathered about
them, so self-appointed members read
the notice, cheers greeting the infor-
nation. When further announce
ment was posted the street was entire
~ blocked by the throngs, for the re-
port spread throughout the city like
Wildtre.