The New York herald., 1878-10-22


city. He is lk wise director OF the New Zealand
Australian Land Company He is the only director
not In debt to the bank.
HENRY INGLIs
Henry Inglis became director In 1870 NJ
head OF the firm OF II. & w. lnglis, OF Edinburgh
He is very prominent in Masonic cries. He suo
ceeded Lord Roslyn as Substitute Grand Master.
J. CoLLAND.
J. Coiland is very effective orator. and haa
some reputation as poet He was Deputy Lieu
tenant In Morayshlre.
ROBERT SUMNER sTRoNACH
r. s. Stronach, the manager, succeeded his
brother in 1874 He is comparatively young man,
but has long been an Official at the bank. He 10
said to have been manager OF tho bank tina,
bursted in 1857. m
CHARLES SAMUEL LEREsCHK
c. s. Leresche has been secretary since 1s7l
ARRAIGNEp IN COURT
Since their arrest the directors, managers and
secretary have been closely confined under lock
and key In their rooms in JAIL They were not put
IN cells like plebeian prisoners Potter, who had
been III when arrested at his house, was able to
leave it TO-DAY. The Lord Advocate is, IN conjunc
tion with the Procurator Fiscal, making arrange
ments to nave the prisoners tried as speedily 40
possible
READING THE LIBEL
The accused men were brought before Mr. Gem.
nell, Stipendiary Magistrate. They oil looked
protrated and Ill at ease. several OF them wepL
The Procurator Fiscal read the libel to the Court
setting torth:-That h s. Stronach, manager OF the
Bank OF Glasgow, aged fifty-,wO. native OF ADer.
deenshre; John Innes Wright, director, aged sixty
eight, native OF glasgow: Robert Salmond, direc-
tor, aged seventy-tour, native OF Argyleshfre; U
s. Leresche, aged ffty-two native OF England
William Taylor, aged sixty ak, native Of Glasgow
and Lewis Potter, director. aged seventy-two
native Of Falkrk, are charged with the crimes OF
fasehood, fraud and wllful imposition, shaving on
various occasions. between tho years 1873 and
1s7s by fraudulently alsfyng the books OF the City
OF Glasgow Bank, representing large sums OF assets
as assets OF the said corporation, which were not
truv so that they falsely iraudulenty and wilfuly
understated the liabilities Of the bank, and Dy pre-.
pairing false balance sheets repeating said false
statements, and submitting same to the share
holders, and concealing from the shareholders and
the public the true state Of the liability OF the bank
ing company In question"
THE APPEARANCE OF THE PRISONERS
Tho prisoners listened with bowed heads to the
reading o: the libel The intensity OF expression in
Stronach's lace was painful TO be hold. Potter
who leaned forward, looked deathly pale after he
had heard the libel read
Counsellor McPhee said he asked that the fur
ther examination be postponed till tomorrow.
make to the libel Just read
No reply was vouchsaied to the question
The Court thereupon granted the request for do
lay. The Procurator Fiscal, made no objections
TO the ruling
The prisoners were then remanded, each In
charge OF detective. Potter. who has been sut-
fering from bronchitis. ls In q considerably I'm
proved condition today and Is well enough to bo
detained In the police buildings under the charge
OF Captain Boyd. The court room was densely
packed, and thousands went away disappointed at
not having heen able TO obtain an entrance.
PRISONERS AT EDINBURGH.
The Edinburgh detectives appeared In the Police
Court tins morning, having In charge Henry lngiis
q director OF the Edinburgh Board OF the Bank Of
Glasgow, and John Stewart, q director OF the 9las
cow Board The prisoners were brought beton
Bale Roberts.
The charges against them were read BY Clert
Nortram IN q low voice.
the prisoner IngIis said he would IKE t6 hear
what the specific charge against him was.
The Procurator Fiscal replied that he was charged
with the crime Of falsehood, fraud and wiltul i'm.
position In Glasgow and LanarK
RENTED TO THE CARE OF THE SHERIFF
The prisoners did not plead, but were formally
committed TO the care OF the Sherin, OF Lanark
shire. They looked very depressed. They wsrs
taken In q cab to the Carlton Jail Large crowds
assembled to view the prisoners
ANXIETY IN ALL THINGS.
The meeting OF the sha areholders OF the Bank a
Glasgow excites conjectures regarding what can
pc done In the absence Of the directors. Tho
presumption Is that an agreement will ne made TO
hquidate the affairs OF the bank. and appoint ing
commission to carry out this plan.
The Stock Exchange here Is strangely unexcited.
The marsets are nat but business is not very much
fair huatu IN In mia tpnx
The price promises to be shade higher 70 morrow.
SPIRIT OF THE LONDON youRNALs.
From the Evening Telegram OF yesterdsy.l
SPECIAL CABLE pEsPATcH TO THE TEL1oRAH.
LONDON, Oct. 2l, 1878
Tho comments made by the morning papers
about the Bank OF Glasgow frauds are lew.
The most noteworthy comment Is tnat OF the
Times, which says In Its money article "that the
arrest Of the managing officers OF the Bank Of
Glasgow marks an epoch in tho history OF
banking. Something must be done to IN
crease the dif1cuty OF concealing fraud. Banks
should no longer have It In their power IA
publish such balance sheets a. may suit their
convenience and pleasure These statements
ought not to be published unless accompanied oy
elaborate detailed accounts, as ID the custom with
the Imperial Bank OF Germany when making its
reports. Legislative enactment 10 necessary TO
devise a system Of full and mora frequent returnA
This would have the required effect Of making con.
cealment more dinlcult The directors OF
the Bank OF Glasgow, In their laa
balance sheet, fump' together government
stock, exchequer bills, railway with other stock
and debentures. Looking at the ofncial re-
port, we ind that every bit OF salable stock was
disposed OF before she arrival o the crisis. There
remained only unstable and worthless stocks,
comprising American railroads, &C., which bank
managers did not dare to make advances on had
they been compelled to publish the names OF the
stock In their balance sheets"
MORE FAILURES.
James Morton Co, one Of the firms largely In
debted 70 the City OF Glasgow Bank, have placed
their books in the hands OF accountants. Their
liabilities are estimated at from two to two and