The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-14

for the support of the Liverpool Borough Bank hes been
England, but from the refusal Of the other Liverpool
establishments 10 give the guarantees originally agreed
upon, the plea OF these parties being that the tenn
orary stoppage OF the bank has removed the CHIEF In
ducement Tor them 10 come forward. They are willing 70
give their notes collateral security To meet any
deficit after the realization OF the bank assets but not 10
come under any more immediate and direct liability me
Bank Of England, however could not depart from the
conditions first stipulated which alone were lessase.
The negotiations therefore terminated and from the no
tice issued to-day by the Borough Bank TO be INFER
red they not likely Ia be renewed The disaster VII
prove most serious hut II will fall at the moment cheny
the dcposi;ors and ultimately on the stockhod.
ers there be little hope that under forced
haudadon any great portion Of the capital
of 81 OCo 900 can be saved The shock the CONNER
cal community will il believed, he much mga'ed by
which the Bank OF England Will take for that pur
pose Ordinarily the bank refuses TO discount any paper
bearing the endorsement OF suspended establishment,
but understood that the present case this rule will
BY the Borough Bank, will be rejected that account
A great Of paper will thus be prevented
commitments Of the Borough Bank in the shape of en-.
dorsemcnts, &c. are rumored 10 amount 70 more than
GEO. but large portion OF an indirect character,
and will be duly provided for by responsible parties.
The deposits which recently amounted 70 81 500 000
have lacry been reduced, it is said TO about 81 900
Many OF these having been lodged by persons for tho
sake permanently securing high of interest
Inconvenience of their being temporarily unavailable will
be less felt than they had belonged to traders active
business.
II is affirmed that the investigation which must now
take place into the affairs Of the Liverpool Borough Bank
ment and show that advances have been made to ind
vduals amounts which could not fail any period Of
pressure TO lead to fatal consequences The last report of
the bank announced reduction OF the Of dividend
from per cent to g. IN consequence Of the winding OF
the affairs Of 1854 rendered memorable by the failure Of
Mr. Oliver and others) but added that the business of the
bank was unimparcd and that certain changes about to
be made in its policy and regulations would prevent SINH
lar losses for the future
In the published accounts from Manchester this morning
il remarked that bank al Glasgow is said TO have suf
ered largely, land will have to wipe of nearly half
million Of money in bad debts" That enormous losses
have been sustained in that, quarter through the reck
less discount Of accommodation paper has been
renty with confidence, that the institution in question
will be furnished with all requisite aid by other and more
solid establishments to carry Il through all its engage
mens. The belief, however, is that ultimate winding
up among the conditions which this assistance has
been agreed to- With regard to the final safety of the
notehoders and deposors there could been
smallest doubt help had been totally withheld
sinces the individual wealth of the proprietary est
mated at not less than f6 900 $50 or f6 900 ,000
The Hudderseld letters the suspension of Messrs
Thornton, Higgins, Ward Co., of that place and Man
chester, with liabilities for f5o0O00 in the American
trade Several other American houses would be severely
tried but il expected they would get through and
there general disposition the part Of all strong
establishments to encourage confidence and to assist those
who have been Unexpectedly struck by the New York
crisis. At Manchester Messrs. Charles Smith Co., in
the muslin trade stated to have been brought down
in come xion with the difficulties in Glasgow.
The financial details from India to-day not unsatis
factory. At Bombay the import markets had become
tive at higher prices and there was better demand for
government securities At Calcutta persons seemed
to anticipate that the fall OF Delhi would in less than
month, be followed by extraordinary recovery in all
departments Of business but the dissatisfaction felt ut the
political conduct Of the government is described 70 be uni
versal
II is the sum borrowed by the India House
TO provide for the silver remances about to be made to
Calcutta ESQ 0O0 Of which f500 has been obtained
from the London and Westminster Bank and ESQ 900
from another bank. further Of ESQ is
ed to be raised The loans, it is said, are upon India
bonds, for two years, at per cent.
The proposition accepted by meeting Of creditors of
has
been agreed TO at meeting held at Glasgow last Mon
day.
The railway market has been buoyant and in most of
the speculative descriptions advance has place
Canadian shares were higher and Indian continue firm
the late improvement In French there little change;
Northern Of France slightly advanced and Paris and
Lyons were in demand for the settlement Of the account
American securities inactive; further recovery
took place IN New York Central.
from the London Times (City Article) Oct 3ol
This has been quiet and satisfactory day in most de-
partments of business and an improved feeling is gene
of last evening, and experienced ADVANCE, which was
in great degree maintained. The lrst transactions
abou, the middle Of the day when continued demand for
stock the part Of the public caused rise TO s9x
From this there was partial reaction and the concluding
prices $50 10 80 for money and SO TO sss for the
10th of November.
In the stock Exchange owing TO the purchases for in
vestment money was abundant ON government securi-
ties at from TO per cent In the discount market and
at the Bank OF England there full demand.
The final prices of the French per the Paris
Bourse this evening OF &C. for money eff for
the end OF the month"; showing an Improvement Of
About eos 900 in gold was Withdrawn from the Bank
10 day for expectation.
Russian gold 10 the of s42 600 arrived to day.
and has been sold for expectation TO the Continent.
further sum of fs4 600 is expected.
II is said that the Bombay advces Just received
that f27o 600 had been subscribed IN that Presidency 70
been considerably larger but for the fact that about
$500 oco in silver and gold had been despatched Cal
cua, chiefly by native merchants in consequence Of the
low prices OF securities in that market The bullion
the Bank Of Bengal had experienced further reduction
Of flso 900 but these consgnmcnts Bombay togo
ther with the gold 10 arrive from China and England
would be likely IN short time 10 produce great I'm
provemcpt
Bank Of Scotland at Glasgow would receive full aid 10
any difiutes that might from the recent fail.
that city and America has been formally confirm
ed This is the satisfactory circumstance that could
have ransprcd the present moment since the question
has been OF the chief subjects OF anxiety during the
past few weeks The deposits OF the bank reported TO
about G8 000, 000 and In addition 10 the head
office at Glasgow II has about 100 branches and sub
branches II n said that Of the conditions on which
this arrangement has been undertaken Is that the estab
lishInent shall ultimately be wound up.
All expectation Of a resumption by the Liverpool
Borough Bank seems 10 be at end but the Liver
pool letters this morning express confidence that
other banking difficulties u any importance will
Bank contemplate that examination Of their
should be made by the leading shareholders and
that the result should be satisfactory far regards the
ultimate sufcicncy Of the assets TO meet all liabilities,
WomissOry notes should be Issued W their deposors
10 mitigate as far as possible the Inconvenience TO
these parties by furnishing them with documents which
may be negotiable.
The amount OF specie for the East by the mail steamer
Of the sth one month excepted exceed GOO
The scotch papers the suspension Of Mr. James
Conde writer which took place at Perth Friday last
the liabilities estimated a, flso 600 and Is feared the
assets will realize only Is. Sd. IN the pound.
Mr. John Bright. lately chairman Of the Hull Flax and
Cotton Mills Company was yesterday committed 10 take
his trial for forgery.
Al the Court o. bankruptcy to-day evidence was given
IN support II the serious charge against Mr.. samuel
Adams the bankrupt banker OF Ware and HEREFORD of
having fabricated untrue accounts and concealed OF
6 500 his creditors. issued for his
appearance at the court On Thursday morning 70 meet the
complaint
The railway market has been steady, and closes gene
rally without alteration American securities left 1T c,h
frmness; Wsnois Central shares dealt loo
II discount bat afterwards recOpred NeW Fork Central
,ccre also better.
Prom the London News (Cty Artice) Oct SOL
There has been a steady demand for American securi
ties during the past week Transactions have
sharcs decline The lnunst tnuchnd