The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-12-05
Arrival Of the Atlantic-Heavy Failures
In Great Britain.

j
The steamer Atlantic arrived last evening
with Liverpool dates to the 18th ult. She
brings $l2SOOO.
On Saturday, the eth, shortly after the de.
parture Of the Niagara, the suspension Of
Denniston Il Co., one of the largest firms
connected with the American trade in Great
Britain, was announced. Their liabilities
are estimated at something like E27O,OOO
sterling. The head establishment of the
house is in Glasgow, bi anches in London,
Liverpool, New York, New Orleans, and
Melbourne, Australia.
The Melbourne firm is not compromised
The almost total cessation of remittances
| from America, was the Immediate cause Of
| suspension. The private property of the
partners is of great magnitude, and it is pre-
'umed that the embarrassment will be but
temporary.
The funds We're buovant throughout the
day and an advance Of half per cent in Con-
soils took place.
Taxations Of discount at bank continued
extremely heavy.
At Hamburg the rate of discount had ad
vanccd to % per cent.
On Monday, the 9th. the Bank of England
raised its rate Of discount from to 10 per-
cent.
The Western Bank of Scotland, at CHS
gow, with paid up capital of one mill, n
i've hundred thousand pounds and deposits
supposed to amount to six millions sterling,
closed its doors on the 9th.
This Bank ma ntained an immense business
in Glasgow, and hal about hundred branch
es scattered over Scotland.
The Suspension caused great dismav, but rs
the proprietary memhers are Very wealthy
men, no individual loss is feared. The bank
al active CORRECTION with America. and
with American houses in GLASGOW.
The suspension Of Bencock, Prontyman &
Rigg, Of London and Manchester, England
in the silk trade, was also announced-liabih
ties 100000 to 100000. Over five firms
are expected to be involved with them.
Broadway & Barclay, East India and gen.
eral merchants, London, stopped payment on
the 9th, with liabilities amounting from
flSO,0O0 to f2sO,OOO.
The funds On Monday, notwithstanding adj
verse influences, exhibited much steadiness
and although consols declined quarter, un-
der the influence of the rise in bank sales, a
reaction took place.
The American advices had a good effect
There was an absence of gold Withdrawals
from the bank, and expectation of silver to
the east appeared to have received COM
plete check
Paris letters report the large American
house of John Munroe & c., has stopped
payment.
A deputaton from Liverpool, united to
that from Glasgow, for the purpose of in
ducng the government to take steps in the
financial crisis. The Manchester CONNER
cial Association declined joining in the move
ment.
LONDON MONEY MARKET-On Thursday,
tie 10th, the funds were quite buoyant, and
closed at considerable advance.
The official closing quotations were SSaa
S84 but afterwards some sales at S9aa09, for
money s9SaSSa for account. Soverei gns,
to the amount of 100000 to 100000 pounds
were taken from the bank of Scotland, the
fall of the Western Bank having caused
run on some Of the other Banks at Glasgow
and elsewhere, including the Glasgow Banks.
The London joint stock banks without an
exception, refused to increase the allowance
to depostors beyond per cent. The follow
ing failures were report d. Babcock & c.,
of Liverpool, Glasgow and New York, sur
plus Of assets confidently expected, liabilities
100000 Henry Dukhill & Co., of Liver
pool, Jas. Foote & Sons, silk manufacturers of
London, with liabilities of more than 40 900,
assets fully equal. The share market was
considerably lower on Tuesday, under heavy
Sales
The London Morning Post declares that
the Bank of England has succeeded in enlarp-
ing credit and Stacking industry, and has fail
ed in giving any inward direction to the gold
currency.
A letter from Hamburg, of the 7th, reports
a regular panic in the stock exchange there.
There was great Want of specie, and bills
of exchange were almost unsuitable. In
American Securities, business was limited
and tendency downward