Because of a discovery of a £7,000 deficit, City of Glasgow Bank halted operations from November to December 1877. After 10 months after reopening, the bank’s directors announced the bank, itself, had filed bankruptcy. The closure showed a net liability of over £6 million. The bank was so successful with telling people that it wasn’t in error, that the Bank's shares were selling for more than double of what they were actually worth. The bank’s directors were arrested and tried at the High Court. All were found guilty and sentenced to terms of imprisonment. Many Glasgow businesses failed as a result of the bankruptcy and shareholders were called to replenish the bank's losses. One shareholder argued that he had become a shareholder unknowing the fraudulent actions of the bank. Wide effects of the collapse have been seen in limited growth in liability and extensive problems with temporary banking liquidity.
Art Nouveau Period (Art and Antiques).
London, United Kingdom hosts Summer Olympic Games.
English: occupational name for a worker in metal, from Middle English smith (Old English smið, probably a derivative of smītan ‘to strike, hammer’). Metalworking was one of the earliest occupations for which specialist skills were required, and its importance ensured that this term and its equivalents were perhaps the most widespread of all occupational surnames in Europe. Medieval smiths were important not only in making horseshoes, plowshares, and other domestic articles, but above all for their skill in forging swords, other weapons, and armor. This is the most frequent of all American surnames; it has also absorbed, by assimilation and translation, cognates and equivalents from many other languages (for forms, see Hanks and Hodges 1988 ).