New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-27
THE PANIC IN SCOTLAND.

GLASGOW, Iuet0sy EveIing, Nov. 10. 1857.
To-day she psIlc has Increased 10 most alarming
extent From the hour OF opening TO the hour Ut
clo.irg The Union sno CRY Of Glsrgo~ Banks h.ve
erp Iock aoed to such ext Ut q1iIe lzrge
police force at each establishment TO preservo oidcr
al 70 % nit the public in oatchss. The demonde at
both bar ks were fully and promptly net. Ataodgn
the lumber Of deposits called ny vas very srge, u
gratifying TO learn that the panic Is mOsty cOLnned TO
email tsoers and others having bat email s,co1ots
Men of buIness have universally full confidence in the
6ifereIt bsbbt. The cause Of the run upon the
Union is believed to be 10 great ueasure 0~i0s to
run Oh tbat that bark largely nVOved 10 discount
ing TRANSACTIONS with Gessrs Dennistoun d Co. Ihs
We believe is quite inf uDded, and any advanoe s
mace to that firm are We secured. The pressure on
the C'ty II Glasgow Ban 10 no oOub, greatly caused
by ap absurd psLic which occurred among the depos
itOrs with their savings branch last night An in
crowd of such cep stors gathered as The branch
bal in q very condition, and although their
united Ueposils would not sLOuht " many thousand
pounds, then lumber caused serious panic. At The
Nation al Security savings Bank TO- day, tho number
of Withdrawing oepCst, was BmeI 3d. and co aside-
able alarm existed. The Lord Provost addressed the n
oa the grOpDdessbess of their fears, and seemed 70
produce beneficial effect. AL the calus we're
promptly met sDo the benk closed at the usual hour
with the iLtiBatOn that il would open tomorrow at
10 O'Clock ss uus, aDd explaining the nature of their
secunties. Western Bank notes nave changed hasds
at discount Of from 10 to ID per cent; willis soa,s
sbOp keepers - tufn the suspension 70 ad
vantage by Offering to oke thsse notes payment Of
goods bout BIT. III orCer TO ahay the alarm eAstog,
the Lord Provost and magistrates met to-day, aud Of
6eyed Il following notice TO be issued, and which is
row beirg posted through tt ely:
"BY The LORD PROVOST AND MAGisTRATEs-lt
is with the utn ost regret that the Lord Provost and
mag sfIatss have observed very uDfouhoed and IN
called for alarm ia the city with reference ID the sta
biity OF the several banks They lament TO observe
the ostrust the part of many persons
who have been calling up their deposit. with the
bsnhs and they feel 1t 10 Dc their pu6lo duty 10 assure
their fellow citizens In the most solemn manoef tnat
tatrt of Tho fact
responsibility Of the different banks " meet every
chilling Ct their Obligations. Even with reference ~
The bank that hss found 1t necessary temporarily to
ufpero payment 10 rick whatever exists az 70 the ul'
tic ate security Of the depositors. The inhabitants msy
rest satisfied that the magistrates would not give them
this except from The most perfect CONVICTION
of cOnectness ana they trust tn the good sense
of their fellow ctZeLs will lesuSlD them fon fur neI
disturbing ihe nenetary condition Of the city, when
cannot fail if persisted 10, nom occasionog the utmost
dfuess to the COZ eIcial and Industrial interests
the towr. ANDREW GALBRAIIH, Lord Provost.
Council Chsnb rs, Glassow. Nov 10, 1877
The following circular has been les ied by the ID
rec,ors of the Western Bank TO the sDarenold-rs;
GLASGOW, Nov ., 1897.
LADIES AND GESTLEMEs: Ii is our painful duty
TO Intimate 10 yOu that concurft nee of Gu
of a y.Iy ADVERSE nature, boh In this couniry and
abroad affecting pecuniary resources ana credit
has c, np-ed to the resolution this day o.
suspeDdiIg payment Of the Companys Obligations,
both at lie .0q quarters and 81 the bfanshes.
We cab sssuie you that this resolution has no
been adopted sithOut anxious sId peFsevering en-
oeavoIs 10 obtain such supp n, tom kindred es.so-
tthmeIts both IL FL lana and Scoaod as, wlthoutlL-
yolylDe much rhk ~ them, might have enabled us -
tice over our present. difficulties. ard avert cafas-
uopbe which, ON public ~ well as private grounds,
We shall lever 10 cepore. This does not appear
to us the Proper tine 10 eGter into exp aeanons as TO
the nanneI 10 which our applications for aid we're
NIT All thai 1t is necessary to cay is that the leading
Scotch bal ks after CoBceolng assistance To- Heated
extent security, have seen 1t right 70 withhold oil
further aid.
"In regard to the future two courses OF action
seem ope 10 the Bank and TO thoee who are invo we'd
in its emoorrassmen;s, whether as creditors OF as
shareholders These two O. uIses, although pointing
Ct different resuis may both be pursued stimuli .aeoas
w. al d. we are ADVISED ought u Do adopted of the
il teress aLd safety of oil Concerned. To understand
this il will be ssary cay few words es 70 the
position OF the affairs Of the Bank.
Although y balaIc has Deen made OF the BOOKS
ofthe bark sir ce the annual balance ID May set and
although TO doubt severe losses have been incurred
since that aie yet have TO hope, II tine Do
gwen for the gradual ~LdiI Cup OF the AFFAIRS, toat
The mpsDy assets will he moo than safcient TO pay
the VT ole oeofs THE, however, viii much depend
on the state Of numerical affairs IN this country ana
In AueIica during the reIt si1 mouths But at all
evsns, the unoonDted means Of the individual psit-
Of the company 1t rendered available by judi
eious yetem Of reaizaton greatly more n An su
Gent guarantee payment If its deposits and other
liabilities.
m these circumstances, the course which il sp-
pe0s ~ Us would decidedly be most advantageous for
ali parties TO pursue would be-sn extension OF time
fer payment Of the debts aod obhs cations Of the CON-
pspy-co upled with q system and management OF lie
tffsiIs uhoeI inspection and eventually, perhaPs al
Rama,on ei its business with mat VI some o'ner
bark. 1t beiorgs however, to the creditors OF tue
baIk 10 express their opinion whether sucn psn 10
the ore most oesrable 70 be followed; and foI that
purpose We propose, as soon as possible 10 Cal ose
tber district meetings Ut the creditors, 81 the places
mott COW lent for betD that the may appoint som
m To pres N he IN IL
MELT themselves to attend al c. ntrel meeting 10 %
helc IL Glasgow. IL Is quite obvious tbs. this noo
Of arrsrgem.h at assumes great fUbeeiance, Il 10
hearty COOPERATION on the per, OF lnoivl1uas; OUT
where such e1teI sve and wioey sa led interests AZ
at stake tboUght not uDeasOI able 10 hope that
should there be DIVERSITY q views smotg taem, the
miDoli', will yield to toe majority
The other course 10 be pursued is thst Of at ono
tahiI the preliminary steps for wndiDcup in beg.
way. Although THU plan wouli entsl great sacth,e
In the ieslz ,ton of the assets both OF tae coDpsa
and OF the share holders, 1t may become necessary
rto to II. Ii is fortunate II st an act Of PaIlisnent
~ss passed Lost session to enable banking coup Snes
10 place themselves under ths operation of the joint
stock Act Of 1885, in all respects except Is regards
limited liability. The shareholders ami their estates
Dutt, apdsr all circumstances, remain liable to the
full extent for the debts Of the bsnk. Toe adoption Of
this act would, IN our estimation, be Of imporss &C.,
were the business 10 be carried But the act cJu.
tsirf besides, very valuable aud ucicious clauses.
enabling Il company, placed in circumstances like "a.
present. 10 be wound no, and the Of the iGdvi
ensl partners to be made available for the early Hqu-
dalton Of the debts. To adopt this get requires ooiy
the resolution Of a special general meeting OF the
,bareholoeIs. We have, therefore, resolved on i'm.
medstsly caliI such q meeting to provide for tbs
eveptusty OF such course OF acton being preferred
by the creditors or forced On the company BY adverse
circp instances.
"Ip conclusion, it is hoped you will see thst we
have beer scrsed by the single desire TO do duty
20 The creditors as well 70 the shsreht ders in the
unfortunate portion IN Which they have been psc cd
arc At the earliest prscic sbe moment, TO take To.
nsiructops of those xho are legally eL'tsd TO direct
az 70 all further proceedings. an, adde's and ger