The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-03
Financial News.


tcresting financial news from England
brought over by the steamer Atlantic. which
arrived at New York on the 2?d, with l.iv.
erpool dates TO the ll,h. Tho Bank OF Eng
land has again raised its discount. and on the
9th il was announced as 10 per cent; and
the applications for discount continued very
pressing. The London Morning Post dc.
clarcs that the Bank Of England has sue
cexlcd in cnlarging crcdi, and Stacking In
dustry, and has iailel in giving any inward
direction to the gold currency.
The Western Bank Of Scotland ut elias.
gov, with paid up capital Of one million
five hundred thousand pounds and deposits
supposed to amount to six million sterling,
closed its doors Oh the 9th. The Bank
maintained an immense business a, Glasgow,
aud had about hundred BREACHES scattered
over Scotland, The suspension caused grea,
dsmay but MS the proprietary numbers ma
ny very wealthy men, no individual loss is
feared. The bank bal active connection with
America aud with American houses in elias
gov.
Soverigns 10 the amount OF 300. 900 ar
400, 900 pounds were taken from the Bank of
Scotland, the fall Of the Western hank hav
Ing caused run on soma Of the other banks
at Glasgow and elsewhere. including even
Savings Banks
The City Of Glasgow Bank Mt Glasgow,
stopped payment on Wednesday morning.
The following additional suspensions among
mercantile firms are announced
On Saturday, the eth. shortly after the
departure Of the Niagara. the suspension Of
Dcnniston 4 Co, ono Of the largest firms
connected With the American trade in Great
Britain. was announced. Their liabilities
nrc estimated nj something like f21O, 900
sterling. The head establishment Of the
house is in Glasgow, and has branches in
London, Liverpool. New York, New Or.
leans, and Melbourne, Australia. The Mel.
bourne firm IL not compromised. The al
most total cessation Of rcmtianccs from
America was the immediate cause of the
suspension. The private property Of the
partners IL Il great magnitude. and il is pre-
sumcd that the embarrassment will be- but
temporary.
The suspension Of lIahcoclt. reen,yma
n Rigg. Of London aud Manchester, Eng.
land, in the silk trade. was also announced
liabilities 600 600 to fi00.o00 over five
firms are expected to be- involved with them,
Broadway a barclay, East India aud gen
cral merchants, London, stopped payment on
the 9th with liabilities amounting from
| clSO,000 to G200,U00.
Jas. Foote 4 Sons. silk manufacturers oI
London, with liabilities Of mo, than ct000
nssets fully equal, have suspended.
Paris letters report that thu largo Ameri
can house Of John Munrm & Co, hmt
stopped payment
The failure Of Galarkamp Bro, Am
stcrdam. was announced
I'abcock Il Co. Of Liverpool, Glasgow
and New York, have suspended. u sufph.
of assets conliden,ially expected liabilities
GOO 900
Henry Dakhill 4 60, Of Liverpool sas
pended.
The latest American adyics had a good
effect. There WAS m absence Of gold with
drawals from tho bank, and expectation d
silver TO the east appeared to have received
n complete check. In mercantile quarter
there was rather less uneasiness, but TN
application for discount was s,il very press
ing. Tho London joint stock banks will
an exception, refused 70 increase the allow
anss to deposilors beyond = per cent A
deputation from Liverpool. united TO tina
from GIasgow, for the purpose Of inducing
the government 10 take steps In the iinancis
results. The Manchester Commercial Asa
citation declined joining the movement,
A letter from Hamburg, of the 1th
report. n regular panic in the stock caehang
there. There was q great want Of specie
ind bills for exchange were almos. upsaltabIe
In American securities, business was limIic'
and tendency downward. Al Hamburg
the rate Of discount bad advanced 10 . /.
PER cent.
The Atlantic brought over only s2s,
600 in specie.
In New York the money market con
, ,nued easy. and stocks were in gooi dsinand
The quotations 81 the 23d are
N.Y.c. 30c, Reading 52c ~. s. Il &C.
q. i e. ~ ,c., ]. &, Jjc.. &. * X. I. ojc
La &. Il Mil, ~ &c. Erie &c.
The firm Of Geo. T.. Arnold 4 Go
Bankers, I'i,tsborgh made M assignment 0
, the 18th. I, is aid that the Assets Of III
, firm exceed IL liabilities. This firm hs
, been IN ba.ine. 4, Pittsburgh about Al
. years.
p While all money has b''n dcprecia'e'
people gave ba, little attention 10 new cous
/, icf,eits. There are some new ones comm
/ put that IL wonlI h4 vol 10 keep n look on