Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-11-15
PASSED THE CRISIS.
Financial Circles for a Time Agitated
BY Rumors About the Barings.
PRICES BUOYANT in LONDON.
The Defense in the O'Shea-Par-
nell Divorce Case CoIIapses.
Mr.. PoWDeRLY WILL BE REELECTED
SWEPT BY RUMORS.

reports Unfavorable Co the Barines
Temporarily Agitate Wall Street.
NEW YORK. Nov. l5.-Private cables received
before the opening of the stock exchange an.
nouncinS the troubles Of Barring Bros and
stating that the bank Of England. Rothschiids
and other Bankers had taken up accounts of
Barring Bros. amounting TO fl5.OO0. 900 created
a profound sensation. Conferences OF brokers
were AT once bad. and u was decided 20 have
brokers IN every stock that could be handled
TO bid an advanced price at the opening 90 -
TO avert a sudden shock
STOCKS OPEN HIaBrR.
As a result prices for nearly all the aetive
stocks opened Il to 2 per cent above las. nisht's
close, the extreme gain being made by North
ern Pacific preferred Then the liquidation of
weak accounts set in in full force and prices
gave way rapidly in all directions. Atchison
ietl per cent sugar 2lS. Lackawanna q New
England p. Western Union y and Big Four
"a per cent in the first fifteen minutes.
SCENE on THE EXCHANGE
The stock market Was again the scene of
wild excitement and a positive panic existed in
all portions of the list, stocks being thrown over
IN the most reckless manner and the losses in
tne nrst hour trading exceeded anything seen
si.se he present decline began. There was
rather frm feeling at the openine but ths
rumors and private cables which were shown
stating that the Barings we're In financial diff
cultles and that heavy hquidations must come,
started the ball rolling Immediately and every
one was trying to sell. Dealings were simnly
enormous and the rspidity with which auot.-
tions melted away was something unprece-
dented, there being no halt in the downward
movement
Before the end of the hour Iackawnnna
"bich showed most weakness, although il has
connection with the London bankers dropped
per cent to l2il \. while Jersey Central lost 6,
Northwestern 4, Rock Island T. Pullman 81,
Atchlson J5s and most of the other active stocks
from TO per cent. The Wizards were il any-
thlng, the best held OF all and showed less ex-
citement, but the recent heavy shrinkage in
those stocks left less room for further losses
BETTER TONE.
The market showed no stay 10 IN. dron ana
al IL O'Clock the market was extremely active
and demoralized at the lowest prices reached.
By 1850 however, better tone prevailed and
the general list showed some improvement
THE BAR1Nos HAVE NOT FAILED.
Aspeciai cable from London received here
tins morning, says: Barring Bros. accept
ances due today and Monday are guaranteed
by fnanciers and the Bank OF England. The
total Liabilities are estimated at fI5OOO 600
The estate on a deprecated value shows q
surplus OF f4.000,0O0. The firm have not
failed, but protracted liquidation will follow,
At II a. m. panic prevailed. prices gave way
in every direction, and brokers were dismayed
at the prospect Lackawanna, the favorite in
vestment stock, led in the downward rush with
a decline OF 8 per cent from 1927 to 1884,.
Atchison held down to "a, Rock Island 20 6Sls,
and sugar to so, the lowest prices on record
for those stocks. Canada Southern and other
regular dividend payers were thrown over rs
well as the speculative stocks Canada South
ern dropping to 43
~
After i1:i5 there was a rally caused by the fol-
lowing cable from London:
The guarantee fund to Barring Brothers 4
Co. is stated to amount to eI0. 600. 600 sterling
The various financial banking and discount
houses guaranteeing the accounts state that
the crisis Is over and the failure OF the firm has
been averted.'
Kidder, Peabody & Co., who are the agents
here OF Barring Brothers q Co., London. say
they have private advices from London that
whatever trouble there may have been there
has been completely arranged THE trouble
was doubtless caused entirely by the depression
in Argentine securities. Our house is in mo-
wise affected"
Thomas Barring, who is nQE al the Office OF
Kidder, Peabody & Co., states that he has
nothing 10 add TO the above statement by KID
der, Peabody a Co.
THE SITUATION IMPROVED.
Money has been easy with no loans. but
offered at and per cent The stock market
after IL O'Clock was influenced for the better
by dispatches from London, which placed q
somewhat better face upon the troubles there
and prices in this market went but little
farther In the downward direction.
Canada Southern. however, became ex-
tremely weak and dropped away AZ per cent
to A. while New England yielded 49, Rock
Island l13, Chicago gas and others generally
less than per cent Many stocks reached the
Ern aF,I A.
of last Tuesday. The recovery which followed
was very irregular, but amounted to as much
as per cent in Lackawanna, while many stocks
were again brought up TO near the opening
figures. The close was still very active, but
with less excitement and unsettled at material
losses for the day.
WHAT Is SAID IN NEW YORK.
In an interview today Mr. Thomas Barring
said that it was true that the Bank Of England,
the Rothschilds and other big English banking
houses had agreed to guarantee the credit of
the BarIngs TO the extent of fl0,OOO,0OO
sterling.
In regard to the condition of affairs in Wall
street, Mr.. Seligman of the banking firm Of
Seligman & Co., said; I'VE cannot tell any
thing definite yet, but in regard to the
GlO O,OO0, 100 loan to the Barings, presume that
if within q reasonable time the mar
ket takes q favorable turn they viii
take up their collateral and go on as always.
No one can say that this is the beginning Of
the end Of the Barings, for the simple reason
that no one knows anything about it,
Mr.. II. Stikman of the Bank OF British North
America said: 81 am as anxious any one
to know something definite, but really do
not know thing with any certainty.
Regarding the future Of the Barings can
say nothing, and doubt if any one can seil
with any degree of certainty until affairs have
settled down somewhat
THE BARINas' AFFAIRS rxpIAryxn.
BosroN, Nov. 15-Messrs Kidder, Peabody
& Co. we're this morning asked for information
by a reporter regarding the liquidation of
Messrs. Barring Bros a Co., and their own
business connection Herewith.
They stated that on Thursday Of this week
they had no intimation of such q step on the
part Of their London correspondents, and ON
that day sold cable transfers TO large amounts-
one for 6O,OOO-without being stopped in that
line OF business. Yesterday they suspected that
everything was not it should be, but still
without directed advices.
This morning the New York branch Of
Kidder, Peabody d Co. telegraphed that
Barings had gone into liquidation. This, a
course, was notification TO stop drawing en-
changes on them. IL is evident that there need
be no anxiety on the part of creditors Of Ne
London firm, ~ their assets in excess Of Me
liabilities are as much, probably,
a. 10000, 600. They are virtually carrying
the Argentine Republic loan and taking back
the holding OF those dissatisfied customers -
whom they had sold any parts thereof 4essra
Kidder, Peabody q Co. state that in any evsst
the Bank of England would help Barring Broa
over temporary dificulties and ell their diAI-
culties cannot possibly be more than tempo
rnrv The connection of the Barinos With