The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-10-05

UTICA, Oct 4-Cyrus N Prescott was
nominated for congress by the Rspub-
licsns Of the Oneids district.
NIAGARA FALLS. Oct 3-Republicans
Of the 3lst district have nominated
Richard Crowley for congress.
EUROPE.
LONDON, Oct. 3-The Times. in its
financial article, states that the City
of Glssgo Bank had one hundred and
thirty.three branches. 1t had pros
gressively increasing dividend for
several years past, until it reached IL
per cent. It would be incorrect to say
that the disaster was unexpected. On
the contrary. in banking circles it
created no surprise. for the bank had
been losing credit gradually for the
past ten years, yet the Scotch banks
in London were not in possession of
information which showed that the
end was actually near until Tuesday
morning. Rumors of the bank being
in difficulty had been so often circulat.
ed before within strictly banking cir
cles, that repetition of them did not
excite particular attention on this oc-
casion. The business of the bank had
been conducted for years upon un-
sound principles. and from the fact
that other such banks having decided
to let the bank stop, it is inferred
that it is bad case. Operations up
on an enormous scale have been indi.
reotly entered into with Indian pro-
duce and Australian wool, some $14,-
O00, 600 having been accepted for the
account Of three firms. Large ad-
vanoes had been made to firms in the
iron trade in the north, and utterly
reckless support appears to have been
given to builders. The immediate
cause Of the failure was the impossi-
bility Of any longer getting bills
drawn from India on the bank in Glas-
gov. Its bills were discounted in the
Tendon market. circumstance which
explains to some extent the feverish
oscillation. For some months past,
in rates demanded for loans, these
bills had been sold in India to Indian
banks ostensibly against the shipment
Of produce and altimately came upon
the discount market and the terms for
negotiating having steadily advanced,
instructions were at length tslsgraph-
cd 70 Indian branches to take no more
bills, and soon . il vas no longer
possible to keep The open credit sys-
tenn going and paper aAoat. the bank
closed it, doors. The liabilities 81
the bank are estimated 1t go, 000, 600;
aeceptaaess slightly below e16, 900,
900. and dsposits 40. 0o0. 90. Ths
authorised note circulation Was only
ST., 900. but according to last acs
counts the issue il between E60O, 900
and E700. 900, against nearly I'll which
the Law oompels to have gold. A.
tsmpts have bsen made in India 10
complioats matters By saying that
there was . panic, but there has been
no panic. The Bank Of England il in
IN exceptionally strong position re-
latively to the extent Of business GO
ing on, and the state OF Affairs il very
different 10 Whist Il would have been
hid disaster happened 10 . bank
whose soundness had bsen above sus.
picion.
PAns. Oct s.-Gen. Noyes. o. 8.
Ministsr 10 Franco viii sstsrtain Gen.
and Ns. Grant 1t dinner today.
Among the Americans invited are Jno
Welsh. sinister to Esgland; Kasson.
minister 10 Austria: Meredith Read,
Gen Hassn. o s Army; Gen Fsirchild.
consul general q Paris sx-0ovsrnos
Nccsrmiek. edmnissio1sr general to
the Exposition; ex-Gov Smith. Of New
HampGhirs. and Nis waite.
Ths total los suffered By Austrian
troops 4 ths Boania and Hersaeovinia
war has beea ahoat 400 ns1.