The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1858-11-25
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We have had some pretty heavy swind.
ling operations BY banks 10 this country, but
none quite 20 maHnihcentis is the one trested
Of below. The sum is about $l5. .ooe, 900,
quite pretty sum in canny Scotland:
The ruin it has spread throughout Glas.
Cow Is beyond anything experienced from
any official disaster during the last twenty
years. Thirteen hundred families held in-
vestments In the concern, which In many
places constituted the sole dependence OF
sged professional men, widows, and orphans
and daughters. The total paid up capital
was equal to 81 900 600, and year or two
before the failure, the price Of the $3.50,
shares was $500. When the stoppage oc.
CURED, il was soon seen that the whole OF
that property was swept away, and that those
who had nothing else would be reduced to
destitution. 1t was hoped, however, that
this would be the worst. In little further
time it transpired that there would be de-.
6ciency Of Sl,500000 in addition to the
whole capital. A call Of $l25 a share was
accordingly enforced on oil who had any thing
left. This was finally paid in June last. A
lull then intervened, and it was supposed the
end of the mischief was known. Gradually,
however, it crept out that fresh misery would
be entailed, and il was also stated that in the
progress OF Investigation II had been discov.
cred that the delinquencies Of oil concerned
in the management could be traced back for
many years. Still, it was believed that any
new contribution that would be demanded
from the unhappy shareholders, would be
comparatively moderate. Complete aston.
ishment was therefore excited the day be.
fore yesterday, when il was announced that
the deficiency, instead Of being 81 500, 900,
had proved to be $7.oeO,0oo and that upon
each ahare fresh payment of 5000 would
be required within twenty-four days. ...
A large proportion of the shareholders
having been totally ruined by the previous
call, the number Of those now able to re.
spond in any way is limited, and it is calcu-
lated that out OF the 1900 there will not be
ultimately l50 who will have any property
left. Many Of the sufferers have died, some
have become insane, children have been
throwH on the charity offriends and strang.
ers, and there is scarcely family in the
district which is not to-some extent afflicted.
One eminent, and esteemed merchant who
had retired from business and invested the
whole Of his ample fortune in the concern,
died last month Of broken heart. Another
who had also retired with $500, 900, put
$5o.0o0 into it,. and when be has met tho
contribution now cIaimed, will find he is
stript of all but $25.o00. Every one mix
ing in business circles can relate analogous
instances. Yet the directors have adopted
bold and unscrupulous tone to the very
last. At the outset they threatened the
stockholders that il they were subjected 10
annoyance they would retire and leave the
liquidators to get whit information they
could. -....
They relied upon their parliamentary in.
f1uence, especially among the tories, and the
Government has screened them throue ehout.
Among their chief apologis,s they have
numbered Sir Archibald Allison, the author
of the History Of Europe, and Mr.. Walter
Buchanan, leading Glasgow merchant and
member from that city. Contrasled with
the persecution carried on against the Royal
British Bank, nothing could be more Hagi.
'ous than the immunity allowed in this case,
md an announcement that has just been put
orth, that the Offenders are making assign
nents Of their property In order to avoid be.
ng called even before a civil tribunal, and
made tinahciully responsible.