Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-16
NEW YORK STOCKS.
Barring Brothers Troubles Have Tre-
mendous Effect on Stocks-An Im-
provement Toward the Close,
but Losses Are Not
Made Good

Made Good
NEW YORK, November 15-The stock mar
ket to-day for the two hours session was the
liveliest we have had since the great slump of
December 10, 1856. and for an honr or more
there existed perfect panic among the holders
of securities. especially railroad stocks. and
the declines established during that time were
greater than ever before seen in the same time.
The only cause of the excitement was the
announcement from London that the great
firm of Barring Brothers had been forced
to seek assistance to tide them
over the present financial crisis and the hold
ers of stocks became panic-stricken over the
news, without rejecting that the danger had
really already passed when the Bank Of En-
gland and the Rothschilds came to the rescue.
Reflection, however, is the last thing man
thinks of when his pocketDook is in danger,
and everyone went in to save as much out of
the wreck as possible by selling out In the
quickest time
The early advices from London were reassur-
ing. and the crisis was represented as over
there, and, continuing the improvement begun
yesterday, first prices were generally fraction
ally higher than yesterdays figures, with
Northern Pacific preferred up 2 per cent to
59I. The announcement about the Barings
was thrown at the market Immediately, how
ever, and the good feeling disappeared in an
instant, and from prospective buyers the
whole room became sellers at the best prices
obtalnable. The force of the decline may be
gathered from the fact that in an hour Lacka-
wanna had dropped away 20 per cent to l2S39; 2S
Jersey Central, 7M to IS; Atchison, 81 to 2311z;
Pullman, 81 to l75; Canada Southern 6S to Il;
Burlington, 7L to 80; Rock Island 81 to 631S
and the other leading stocks from to per
cent.
The drop in Lackawanna is entirely mex
picable upon any known hypothesis, but the
selling of Atchison was based upon the fear
that the holdings of the Barings would in all
probability have to be hQuidated. The other
stocks were sold merely upon the impulse of
the scare. The drop, however, soon brought
into the market the class of buyers who are
paying outright for their securities, and the
current was soon turned by this support. when
the bears joined in the buying to realize the
profits accrued upon the tremendous drop.
The early selling soon developed the fact that
and the trading and professional element soon
took the market away from the sellers and in
Vulnerable stop orders were quickly uncovered,
rendering the stampede more serious every
minute.
After the downward movement was checked
the bank statement was issued showing
material gain in the surplus reserve, and the
growing strength OF the banks leaves no
further feeling of apprehension among Wall
street houses, and the general impression is
that as soon as London becomes really quiet
there will be no disturbing influence found
here. Some investment houses now report that
they have more orders for the purchase of
securities than they can fill. and these pur-
cbases are all for investors who take the securi.
ties away from the street.
The rally which obtained in the last hour ex
tended to per cent and over In some of the
most pronounced cases, but the upward move
ment was insufficient to make up anything like
the losses incurred, and an extremely feverish
and unsettled condition marked the trading
throughout. The close was very active and
strong for the moment at material losses for
the day. There is talk of a meeting of infuen-
tial bankers and capitalists to consider the sit
uation over Sunday and come to some conclu-
sion as to what can be done to allay the excite
mens and apprehension prevalent on the street.
The final losses are very material, and Lack
wanna IS of 4as; Jersey Central, 1.5; Rock
Island, 4; Missouri Pacific, 35s; Atchison and
Chicago Gas, each 8; Burlington, 21s; Cleve-
land, Chicago, Columbus and st. Louis, %;
Silver certificates, 2; Northwestern and Canada
Southern each, ~; Western Union, 15s; New
England, IL: Wheeling and Lake Erie, u;
Texas Pacific, u: Lake Shore, lIs, and Sugar
Refneries, per cent.
Railroad bonds were active, but showed none
of the excitement or animation of stocks, and
while the sales of all issues reached 81, ,4S4 0O0
the final changes of note were comparatively
few The active issues comprised Atchison in
comes with slgl, ,000 Northern Pacific IS, with
Sl78 900; Texas Pacific Is. Sl54 900. and the Kan
sas and Texas As, with Sl260O0. Prices tonight
are naturally lower, and Atchison incomes lost
at 49, and Wabash Is at 20.
The exports of specie from the port of New
York last week amounted ted, to 90 s44O26 OF which
ports of specie during the week amounted to
S299 9l2, of which S6S 7l6 was GOLD and S225, 1888
silver.
The Post says: Of course great lots Of long
stocks we're poured out, but there was no re-
covering of shorts, and the outstanding short
interest is now so large that. with any turn of
the market. it will prove an important factor in
an advance.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
a N. m.
bers Of New York stock Exchange. Fourth
avenuei