The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-27
THE LONDON MONEY MARKET.
From the London Times (Caty ArticIc) Nov l2.l

GFrom tine London Times (Cty Artclc) Nov. l2l
This has been tho day the city since the
height of the panic in is4T
The announced the stoppage Of another
Scotch establishment-the City of Glasgow Bank, with
capital of fl 900 600, reserved fund Of $50 sos and
ninety six branches.
This followed sy the suspension Of the London dis
count house o. Messrs. Ssnderson, Sandeman Co,
with Liabilities for three three and half Millions be
hcvei however 10 be amply secured by commercial bills
The telcgraphic accounts from Glasgow during the
morning described continuance of the run which com
mcnccd yesterday on the various banks, and nearly
500 600 sovereigns In addition 20 tho Oo0 despatched
at evening have been from the Bank Of England "
meet the demand. II stated also that military
force had been found necessary at Glasgow 70 preserve
order.
when the western Rank of Scotland, which stopped On
s,s .ssss ~ bs bassa mon The
fears be entertained Of the universal panic that would
result Il were 70 close ie doors The courage Of ,he
various institutions however not 70 be shaken, and
their stability being tried 10 the utmost That tho
City Of Glasgow Bank would be in danger seems TO have
been generally contemplated but strong hopes
tanned that the remainder will stand their ground The
amount Of its deposits s not known. They supposed
be considerably below thve OF the Western Of Scotland
although sl Of great magnitude and widely difrused
owing the number Of branches and the fact Of the
having been established nineteen years II has
authorized Of fT2 s2l and the extinction a th
will be equivalent 10 contraction cf Gas 6t the crcu
stcn in addition TO the suppression Of f22s g2 from the
failure Of the Western Bank Its shares distributed
among larger number Of persons than those ~ tho
Western Bank, the total in that being $50 while
no conjecture can yet beformed but from the circum
stance that the bank had agencies empowered 10 draw not
merely in New York but California Is be apprebend
ed close investigation may show not conduct
cd with grcai prudence.
The drain of gold 70 Scotland the rate Of more than
million IN two days constitutes, &C course, most Sc
rious addition 10 the pressure in london must nave
ts limits however, and these be clearly uaccd Ihe
authorne note issues of Scotland amount 70 ~
Beyond that total note he put out except against
gold. At the last return the crculaton was I+Vol 1s
icing foeI 900 In excess the fixed sum- but specie was
held 10 the amount OF fr 5ss The uncovered paper
currency therefor fs7 93 and the god sent hence
10 ay and YESTERDAY Is consequently nearly equal 70 30
per cent of the whole Considerable quantities, must
be RENE embered had been sent previously, aud fur-
tbey parces il ts said, viii DC forwarded tomorrow,
anboreb Il sscms scarcely possible that more will be
oni,ed /, The run consisted simply Of notchoders Il
would bo altogether improbable that the existing supply
would rroye inadequate but depoSitors contributing
~ the nanc. and a large number of these also claim
snceo Nevertheless, whatever may be tho demand
~ scotch banks, Is plain that their power Of drawing
I'm ~. ~ nui be simply to the extent OF the credits they
have oren the Bank Of England shey may be able
10 collect or the funds they realize by sales the
stock Exchange OF the entire deposits which they hold
and which estimated nj more than thirty millions.
csly very moderate proportion = available Ia this way.
Az FAR London ccncoTued, therefore, the movement
now taking place has vague errors For the momenth
creates moe annoying aggravaon Of our troubles bus
az 4 tpnuot ~ beyond a certain point, and even
al the worst withdrawal of gold from the country
the Benk of England meet IN boldet and
with indifference 70 the temporary effect may
have upOu Their reserve than would otherwise be the
Unfortunately the differences between scotch and
trtWsh law which have png been permitted to enSar.
The Intercourse between Tie two countries