Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-10-09
FOREIGN NEWS.
HEAVY FOREIGN FAILURES. "a


& Co. and and Bernlevy, Fleming &
Co., of Kurrache. are doubtless
considerably less. 1t is understood,
however, that In consequence of ex-
changes ofpaper between the city of
Glasgow bank and the Indian houses,
the same set Of liabilities will be found
repeated III the balance sheets Of all
these failed establishments. The
Fnancier says it is naturally certain
that all firms concerned in
this sort of circular bill fly
ing, must succumb. One house in Scot
land and Australia is concerned in this
paper to the extent of $5,O00,0O0, one
doing business in Scotland and the
east, $25O,OO0; and enc located in
India over $S,0O0,O00 for acceptances,
and 100000 for cash adj
vances; to three other Indian houses
an aggregate Indebtedness of $3.50, 900.
The FSnd,acier estimates that the share
holders of the City Of Glasgow bank
must meet deficit of $40, 100000, plac-.
ing the failure among the most disas
trOuS on record. t ID Ie#. e.
A REVOLUTION IN THE WEST INDIES.
A special from ST. Thomas, West In
dies, under date of Oct. Sd, says: Ia
formation has just been received here
of the outbreak of a serious insurrec-
ton on the island of st. Croix. There
has been a great deal of destruction of
property already. and several promi-
nent whites have been murdered by the
negroes. The whole population of the
island is $4,000, ana a large proportion
of them are colored Quiet continues
to prevail here. ....
--1" THE BOSNIAN WAR.
Belgrade advices under date d. of
Oct. 3rd state that news from
various parts of Bosnia show that the
Turks and Insurgents have abandoned
further openresistance, having become
convinced that neither moral nor ma
terial@ assistance. can be any longer
hoped for from the Porte, unless Other
political complications arise. Upwards
of four thousand insurgents fled to
Servia, where they have been disarm-
ed, and among them are two lPashas,
two hundred Beys, and whole battal-
ion of. Moons. They brought with
them three krups guns, two thousand
breech-loading rifles, horses, etc. Small
bands cross the frontier daily, with
their wives. children and property.
s aIl2l - A FIFTY MILLION FAILURE. b.,
A London cablegram of Oct End
says: The City of Glasgow bank has
closed its doors. Its liabilities are stated
to be fifty million dollars. The liabil-
tiles of the shareholders is unlimited.
One hundred pound shares of the bank
were dealt in yesterday at over
e2O0. The bank was establish
ed in 1889 and had fifty to sixty branch
es This is the heaviest bank failure
in Scotland since 1857, when this con-
Germ also suspended. Other Scotch
banks We're asked for assistance, hut
a # or ~, I~,lre OF a meeting
Yesterday they refused e. ttu1uurt than
redeem the note circulation Of the City
or Glasgow bank, which Is stated at
three and one-fourth million dollars.
The failure has caused great excite
ment throughout Scotland and IN the
London stock exchange where there
was a heavy fall in Scotch railway Sc
curities in consequence of the pressure
Of Scoth holders to sell. The failure of
the bank is attributed to its resources
being locked up in bulls. shares and de-
bentures of various kind that were not
readily convertible. The failure is very
important less than a national
disaster. The failure Of the city of
Glasgow bank is believed to have been
in consequence of large advances on
An erican securities grain and real
estate, the values Of which are largely
depressed. r.7a 592 OF la,.lo7g Ell br
90, MORE OF THE GREAT BANK FAILURE. nj.
A London dispatch Of the 4th
inst. says the Times in =, its
financial article this morning, says:
-'Thet City Of Glasgow bank had 143
branches. 1t has paid progressively IN
creasing dividends for several years
past until it reached ] per cent. 1t
would be incorrect to say that the disas-
ter was unexpected; on the contrary,
in banking circles it created no sur
prise. for the bank had been losing
credit gradually for ten years past, yet
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 Of
ten circulated before within strictly
banking circles, that the repetition of
them did not excite particular interest.
on this occasion. The business of the
bank had been conducted for years upon
very unsound principles, and from the
fact of other Scotch banks having decid-
ed to let the bank stop, it is inferred it is
very bad case. Operations upon an
erroneous scale had been indirectly en-
tered into in Indian products and Aus
tralian wool, some fourteen millions
having been accepted for the account
of three firms; very large advances had
been made to firms IN the iron trade
in the north, and utterly reckless sup
port appears to have been given to
builders. .1s s19I. a2
The immediate cause of the failure
was the impossibility of any longer get
ting bills drawn from India, or the
bank in Glasgow, discounted. In the
London market there is a circumstance
which explains to some extent the fe-
verish oscillations for some months
I L