The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-21
FOREIGN NEWS.
Sir Northcote's Declaration Of
EngIand's Foreign Policy.
Discouraging Prospects in the Fiuan-
cial Market of the Kingdom.
Passage Of the Socialist Bill In the
German Reichstag.
A Baron Sent to Prison for Having
Detained Bismarck's Character.
ENGLAND.

Detained Blsmarck's Character.
ENGLAND.
LONDON, October 19.-The Times, in its
financial article commenting on the official
report Of the investigators into the affairs
OF the City OF Glasgow Bank, says: The
shareholders will now have some light
thrown upon the condition OF the banks
affairs, and most somber light it is. The
bank has lost, on moderate and proba-
bly, fayorite estimate, E6, ,900, 900. That Is
most disastrous statement for the un-
happy shareholders, and We need hardly
say that loss OF such magnitude could
never have fallen on them but for reckless
mismanagement to begin with, and delib-
crate and long-continued fraud practiced
to hide that mismanagement. ~.
The shock given by the disclosures OF
the affairs OF the City OF Glasgow Bank Is
very severe. 1t was known, as intimated
in these dispatches, that the disclosures
would be bad, butt was scarcely expected
that they would show absolute criminality
on the part OF the Directors. 1t is said
that the Lord Advocate and Solicitor Gen
eral are TO have q conference for the pur-
pose OF deciding upon filing criminal in
formation against the Directors. The uni.
versal effect OF the disclosures has been
to renew the public anxiety and distrnst
concerning the other Scotch and English
Joint stock banks. II these things were
possible TO be done and concealed for five
years in this bank, why may not similar
rottenness exist IN any other bank? This
is the question asked everywhere to-day,
and there prevails q very widespread feel.
ing OF alarm for the immediate future.
Alexander Bell ( Sons, one Of the old
est and most respected firms In the Spanish
and West India, trade, has failed. Liabil-
tiles believed to be very large.
The failure OF James Sewers & Co., mer-
chants in the South American trade, at
Liverpool, has increased the depression
under which the week has closed. 1t is
claimed that the same causes which have
rendered the East India trade so rotten
have been working also in the South
American trade, and that 1t has been car
ried on at loss for some time. Messrs.
Sewers & Co. were compelled to receive
silver in payment for their sales in South
America, and the competition there pre-
vented them from advancing their prices
to compensate for their loss in the depre-
citation Of that metal. This was not COM
pensated either by the reverse process on
their importations from South America,
on which there has been but little profit
for some time.
Hanna, Donald & Wilson, engineers at
Paisley, Scotland, have failed. Liabilities
10000 pounds.
Sir Stafford Northc6te, speaking at Bir-
mingham, admitted depression in trade
and consequent loss OF elasticity OF reve-
nue.. Nevertheless, he did not anticipate
the necessity OF asking OF the country re-
newed sacrifices. He condemned over
anxiety respecting the fulfllment Of the
provisions Of the Treaty OF Berlin. An
important moment would be next May,
the period OF complete Russian evacua-
ton. He was convinced the Powers would
not suffer the Treaty OF Berlin, which cost
so much, TO be set aside. The English
Governments policy would be one Of firm
ness, prudence and moderation, and they
would watch over the interests Of England's
Indian Colonial Empire. The Govern
ment would not have the heart ofEngEand
with them II they thought the interests OF
England werelimited to these small Islands
meaning Great Britain and Ireland).
One great principle OF their policy is the
preservation OF the Ottoman Empire, and
ihey intended to introduce material gov
ernment in Asiatic Turkey. He then de-
Tended the acquisition OF Cyprus, which he
said was vindicated by the GOVERNMENTS
policy respecting Egypt and concerning
Afghanistan, the Chancellor reiterated
statements made by Mr.. Gross, Home Sec
retary at Southport, adding that the Gov
ernment will not allow its attention TO be
distracted from the execution Of the Ber-
lin Treaty.
GLASGOW, October l9.-It is estimated
that the burden OF the City OF Glasgow
Bank deficit will fall chiefly on about one
hundred Of the wealthy shareholders.
Many failures in Glasgow and through
out the country are anticipated as conse-
quence.
THE GLAGow BANK FAILrRI-wHoLI NAN
AdENESr ARRESTED FOR FRAUD.
LONDON, October 20.-The whole man
asement OF the Glasgow City Bank, name
Ily, Secretary, managing director and six
directors, were arrested Saturday on
charge OF fraud. They are confined sep
erably and not allowed to communicate
with any person. They all declared that
they would have surrendered voluntarily
had they known they we're wanted.
DESTRUCTIVE RAILROAD COLLISION AT PoSTY-
PRIDD.
A disastrous railway collision occurred
to-day at Pontypridd. Twelve persons
are reported killed and over twenty seri-
ouSly wounded. Several had their limbs
Iambntated and more deaths are expected.