Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1890-11-20
LONDON FINANCES UNSETTLED.
More Aid for the House of Barring
Brothers.
Scotch Banks Come Into the Relief Pool
Tho Market Still Shaky aud the
Danger Not Yet over.

Scotch Banks Come Into the Relief Pool
Tho Market still Shaky and the
Danger Not Yet over.
LONDON, Nov. l6.-.t'inancnl affairs are
regarded here are still unsettled nnlwith-
standing the action Of the bank of Eng
land in coming to the Earrings rescue. The
Stock Exchange throughout the week was
in Il condition of extreme tension which
was only relieved Yesterday when il he
came known that the crisis impending
over the Earrings had been averted. The
progress of the settlement without any inn
pOrlant failure, and the influx Of gold into
the Bank of England, caused a brief sur
face Improvement about the middle of the
week, but AN uudercltrreut of rumprs asso-
chatting the house with impending disaster
checked all tendency to confidence in the
future.
Even before the settlement the certiti-
cate position of the firm, through tire
mpndous losses connected With the Argen-
tine and Uruguayan republics was well
known. Those who best knew of the
FIRMS affairs expected that the crisis would
become acute on Monday, The firm was
then negotiating for assistance in every
likely quarter. lllc alarm did not reach
the public until the eve of the success of
the negotiations, when the Bank Of Eng
land, lii conjunction with the Rothsrliids
and Others had determined To interfere to
prevent Il catastrophe. The arrangements
were completed on Thursday The wave
of depression then prevailing continued
until the opening yesterday, when the
public announcement that 4 great collapse
had been aNertcd relieved the tension,
though it did not dispel distrust.
The general feeling Is that it is still too
early to predict hat all is right II is
known that number of minor firms
have been under a heavy strain. Il is
also improbable that confidence will he
restored until the position Of the Earrings
toward Argentine financial matters be
comes clearer,
Dir, Plaza, the Argentine expert, who is
now in London, is treating with the
Earrings and other firms regarding i'm
mcnsc operations involving Il loan of
100000 besides the settlement of the
national, provincial and Cedula loans. DR..
Plaza has not yet formulated proposals ac-
ccptable to the iinancicrs.
The Scotch banks will have meeting
to-day for the purpose Of adding 10 the
Earrings guarantee fund. The whole bank
ing world has shown alacrity in subscrib-
ing. and when all the provincial and other
subscriptions have arrived the total will be
such sum ms will make the whole Incl
dent brilliant triumph for the organizers
of the fund, The firms books have been
before the Bank ct England managers for
partners estates represent immense poten-
tial resources.
But although the firm could have met its
liabilities for at least another month, il
was decided to disclose its position in order
to avert the risk Of q general breakdown Of
credit plunging the whole country into
trouble.
Another large firm called n meeting Of
its chief connections on saturday ana sub
mitted statement which ctiectnally re-
moved any grounds for suspicion that
might have been entertained.
There are rumors of a radical change in
the personnel of the firm of Barring Bros.
The Barring Brothers embarrassment
was due to the action of the Russian gov
ernment, which, alarmed by the financial
troubles in the Argentine Republic during
the summer suddenly Withdrew from the
| Earrings g, 100000, just as it withdrew
| 81 100000 from the Compton d Esccmptc
IN the spring of 1880 its action at that time
resulting in the suicide Of the manager OF
that institution and the collapse of the
copper ring
| per cent no trouble occurred and the 81,
+! 5N0O0 was quietly transferred to Berlin.
| After this things apparently rcgained their
| former smooti mess. Tho governor of the
! Bank Of England acted with exceeding
4 discretion, keeping everything as secret ns
4 possible IN order to avoid PANE. Inc
| Earrings offered to satisfy everything, but
the unavoidable delay in realizing would
have been almost equivalent to All actual
/ collapse, and for this reason ii was decided
to raise a guarantee fund. The arrange
ment for assisting the Earrings was finally
4 concluded at a meeting at the Bank al
England on Saturday morning The per
| sonal property of the members of the firm
amounts TO over ~ 100000.
| 1t is rumored that Russia's agent in
Paris Withdrew recently another two and
half million pounds on n rumor that
the Earrings had stopped payment. Tho
lattcr's assets include e7,O00,OO0 Of tho
finest paper in tho world 1t is believed
| that three years will be ample time t.
bring the firms affairs to a substantial
basis
All the morning papers, while regretting
that great name has been brought so low
applaud the courage with which the dilli
Guilty was met, and acknowledge that tho
Bank Of England has earned the thanks OF
the whole community for the skill anc
promptiuldc with which it arranged SO dil,
ficult and complicated an affair.