The New York herald., 1878-10-23
A Scotch Divine's Wrath at the
Canting Swindlers.
MAN AS WELL AS MINISTER.
His Plan for Making the Best OF
What Is Left.
EXAMINATION OF THE PRISONERS
lBY CABLE TO THE HERALD

meeting OF the shareholders OF the City
of Glasgow Bank was held this afternoon at
the City Hall. Among the shareholders
present were six ladies. Mr.. Robert Craig
was in the chair. It was moved that the
balance sheet and report of the inspectors
be taken up and read.
FEARFUL RECKONING.
Mr.. Young, of Glasgow, shipowner, Sec
onded the motion, saying, however, that
it would only add to their sadness
to have it read again. He stated
that the report reveals that in June, 1873,
there was actually deficit of s973, 900
(s4, 709, ,32O), to cover which fictitious en-
tries had been inserted, dividend of ten
per cent declared and new stock issued.
From 1873 this sum of s973, 600 had been
annually deducted. Mr.. Young then pro-
ceeded to review the other losses, producing
deficit of GA, $50, 900 (s2O, $40, OOO), which
had been carried forward on the balance
sheet as good debts.
'.Then," he continued, ''as recently MS
June, 1878, the bank had issued report
(s4 SAC, ,00W and reserve of s45O, 900
(S2, 17S, ,OOO) on hand, and the directors had
declared dividend of IL per cent Now.
in the space of three months we find the
capital gone, the reserve gone, and are con-
fronted with deficiency Of H5. .19O 900
(s25, 119, ,6OO). It is hardly possible to speak
quietly of such tremendous defalcations.
That deficiency We are now required to make
good. The deficiency is overwhelming and
the prospect appalling. If liquidation
means for many, very many shareholders,
ruin and misery. to all poverty and suf-
fering, our misfortunes are greater than our
fault in having reposed confidence in un-
balance sheets But, though losing money,
we are not lost to personal honor. The
public sympathizes with us, although we
dare not ask for relief We must show the
creditors that we are determined to boldly
face our difficulties and to make strenuous
efforts, with perfect determination to pay
every one in full"
TIcKL,sH QUESTION.
Mr.. Cutcheon then asked the inspectors
which of the officials not yet arrested was
responsible for the enormous advances and
for making up the annual statements and
gold returns to the government, and
whether the inspectors had special reasons
for limiting the scope of their investiga-
tions to the period since 1879 He thought
the investigation ought to go further back.
Mr.. McGregor, one Of the Investigators,
replied, declining to indicate on whom
their suspicion rested. He would give
every information to the authorities when
the time arrived. The motion accepting
the report was then carried.
nEvEnENp's RIGHTEOUS WRATH.
Rev. Mr.. Robertson proposed motion
that, as it was proved the bank cannot by
reason of its liabilities continue business,
it was advisable to wind up.
1--WE meet" the reverend gentleman
mournfully said, under adverse circum-
stances. We are called upon to face a
crushing calamity, and must acquit our
selves like brave, courageous and honorable
men. Respecting the directors I scarcely
dare to speak. must endeavor to restrain
my just indignation and speak calmly as
minister of religion. Sir, these gentlemen
havo been faithless to high Office, disloyal
to truth and the first principles Of morality.
UNco GuIp R.scArs.
"What, with respect to some Of them,
deepens the disoredit is that they trod the
streets of the city arrayed in the garments
OF righteousness, making long prayers
while desolating widows houses, erecting
churches while wrecking homes Their
honor is tarnished, their reputation
stained but the day of reckoning has
already dawned. J he majesty OF the
law is now vindicating its claim.
(Cheers.) For my part I wish them
no sorrier, heavier punishment than
that they be haunted night and day with
the CHASTITY vision of the hundred OF happy
lives they have wrecked and blighted till
the feeling of remorse Is kindled within
their hearts and they are driven to their
Makers presence to seek His forgiveness,
and that they may leave His presence
determined to spend the utmost energies
Of their remaining years in some poor
measure to undo the evil they have done.
(Applause.)
LITTLE SILVER LINING.
"The report is q sorrowful document, but
IL gives few CLEANS OF light The assets
Of the bank, miscellaneous as they are,
have great value; further, the investigators
have not credited the. dividends which may