The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-10-16
More Failures in Glasgow, Man
chester and London.
PANIC IN THE IRON TRADE.
Legal Questions Growing Ont Of the Glas-
cow Bank Failure.
Reported Rottenness OF the
East India Trade.
[BY CABLE TO THE HERALD

Failures and rumors of failures have
filed the air here to-day, caused by
panic, not only in the iron trade (Which is
most affected by the suspensions), but to
some extent in the Stock Exchange. One
failure is positively announced-namely,
r. Wotherspoon. iron broker. whose
liabilities are fixed at s1O,OOO ESQ, OO0).
It is also known that a large firm Of ship
ping agents and insurance brokers, doing
business at Leith and having extensive
connections in Glasgow, to-day placed
their books in the hands Of skilled account
ants. The liabilities Of this firm are ex-
pected to be very heavy. Still another fail
ure is reported of q Glasgow firm connected
with the shipping interests, but no exact
details are known. As result of these
suspensions pig iron fell from 1885, cd. to
AS, ten and half per cent of for cash;
but the price rallied before the close of tho
days sales to ASS. Sd. Stocks were gener-
ally depressed to-day. although some slight
improvement took place after official hours.
THE RUINED BANK.
The committee appointed at the meeting
OF Glasgow last week held q very important
sitting to-day. The committee has not yet
received any authoritative statement re-
garding the affairs of tho bank, but
information of an unofficial kind
regarding several important points was to-
day submitted. The discussion that fol-
lowed was long and warm. It was ultimately
decided to send deputation to London to
consult with the shareholders. The three
gentlemen charged with this duty left
Glasgow for the metropolis tonight.
QUESTION OF Law.
Populations of shareholders and Of men,
bers of the Stock Exchange had interviews
to-day with the directors of the late Bank
of the City Of Glasgow on point of
great importance to recent buyers and
sellers of shares During the in
terval between the settling day and
the date Of the suspension of the
bank, numerous transactions in the banks
stock took place. Therefore, the question
arose whether, under such circumstances
as those in which the bank is placed, trans
fers of stock could be made. The directors
Of the bank had already laid the subject
before their legal adviser, and he gave it as
his opinion that in the meantime no new
entry could be made in the register of the
shares.
AyRAID or ''eETTLlxa DAY."
This information had been given to the
deputation yesterday, but as the Stock Ex-
change peopleywers not satisfied with this
legal opinion the directors agreed to
refer the matter back to the law agent.
That gentleman, after twenty.fsdr hours
further consideration, saw 10 reason to
change his mind. When the deputation at
tended at the bank to-day. its members
were informed that the books could not be
interfered with in their present state, the
point being one of SO much importance to
all parties concerned tho banks ofiSial
representatives and shareholders.
ANOTHER BENEFICIARY or THE BANK.
The complications of Findlay 4 Com
pany. East India merchants, are said to be
such that no trustworthy estimate az to
their liabilities can be made. They had
been acting to some extent as the agents Of
Smith, Fleming & Company. and are heavy
creditors. Mr.. Findlay holds E2,025
$50, 1851 worth Of the stock Of the Bank Of
the City of Glasgow in his own name and
Gs, 972 (s44, 1907 of the shares in trust, but
il is believed that he received large adj
vances from the bank. Mr.. Findlay is
chairman of the Glasgow Tramway (street
railroad) Company, and holds several i'm
portant positions in connection with city
and county affairs.
BRorHEaLY ADVICE ; BUT TOO LATE.
In the annual report Of the North Scot
land Bank, issued to-day, the directors of
that institution state as their belief that
the failure Of the Bank Of the City Of Glas-
COW arose from q departure from the rules
of Scottish banking and transactions of an
exceptionable character and extent.
GREAT ANXIETY IN LoNDoN-MoNEY SCARCE
AND DIFFICULT TO GET ON THE BEST sacu-