Evening journal., 1890-11-17
HELP FOR THE BARINGS.
Saved from Ruin by the Bank
Of England.
YANKEE FINANcIERs HOPEFUL.

The Gigantic Firms Failure Was Like a
Thunderbolt from Clear sky. but No
More Serious Trouble Is Anticipated
by American Kings OF Capital.
NEW YORK, Nov IL Financial circles
are decidedly uneasy Yesterday was Sun.
day, but it is safe to say that there were
few men with work-a-day interests in tho
financial, the speculative, commercial OF
the mercantile community who could for
get-even for n few brief hours-the start.
ling fact that Barring Bros. & Co., the great
London bankers and merchants, the largest
and most famous house of its kind in the
world, with connections reaching cut to
every important city ia the universe, had
become embarrassed for the want Of ready
money in spite Of their ilimitable credit
and had been obliged 70 accept the MD Of
a syndicate OF enormous wealth, headed by
the Bank Of England and the Rothschilds.
What VIII BE the ETects
"What will be the effect OF this calamity
upon the financial and business situation
OF the United Statesfn
That was the question which was upper.
most in every mans mind. "Will the
people Of the country understand that the
Barings have not really failed nor gone
into liquidation, or will they put the worst
construction on IL and lose confidence in
every financial or commercial concern be.
cause a house which for a century has
been deemed impregnable has shown that
its directors are but men-weak and
fallibleSm
American Capitalists Hopeful.
The prominent bank presidents OF New
York city are, as a rule, not given to the
discussion of the affairs OF the respective
corporations over which they preside, but
yesterday the rule was more honored in
the breach than the observance. The gen
eral tenor Of their remarks was Of the
most favorable nature The times were
such that the bankers were perfectly will
ing to give any information that might
allay the feeling OF disdniet that pervades
the entire business and financial com.
munity. The chief points from which they
extract comfort and extend hope for
better things In the near future are
the improved condition OF the London
market, made apparent in the statements
that the united credit Of Great Britain
would be offered to sustain the credit oi
the house Of Barring Bros a. Co. the favor
able bank statement OF Saturday, showing
! a large increase in the reserve, and the ex
cellent condition OF commercial credits, a,
shown by good collections, prompt settle
ments Of loans, and falling of IN th,
amount OF discount offered to the various
city banks.
LONDON, Nov. 1.-THE Barring Bros EN-
/ barrassment was due to the action Of the
Russian government, which alarmed b,
| the financial troubles In the Argentine re
/ public during the summer, suddenly with
drew from the Barings ~, 100000, just a
it withdrew 81 100000 from the Comptoi
d'Escompte in the spring Of 1850, it,. aetio
at that time resulting in the suicide Of tn
manager of that institutions and the col
lapse Of the copper rings. Except the ris
in the bank rate to 5 no trouble occurred
and the 81, 100000 was quietly transferre,
TO Berlin. After this things apparentl,
regained their former smoothness.
1t is rumored that Russia's agent il
| Paris withdrew recently another 81, 800, 90
on rumor that Barings had stopped pay
ment The latter's assets include $1,000,
600 Of the finest paper in the world. II i
believed that three years win he ampl
time to bring the firms affairs 70 a sub
stantial position.
To Help Them Ont.
The arrangement for assisting the Bar
ings was finally concluded at a meeting a
the Bank Of England on Saturday. Tn
personal property OF the members OF tn
firm amounts TO over ei,O0O,O00.
NThe governor Of the Bank Of England
! acted with exceeding discretion, keepin,
| everything as secret as possible in order q
avoid a panic. The Barings offered u
sacrifice everything, but the unavoidabl
delay in realizing would have been almos
equivalent to an actual collapse, and 70