Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-11-17
sARIno sRoraras
Expssisucios Little Fiusnoial
Tfoubls.-Aidsd by Bank Of nes-
land.


LONDON, Nov. l5-Baring Broshsrs 90
ceptauces due today and Monday arr guss-
auteed by financiers and the Bank
of England. The liAbililies ere
estimated at fl5.0C0.C0O. The estate
on deprecated value shove
surplus Of f4,000,0c0. The Arm have
not failed. but protfacted liquidation will
follow. It is said that the liquidation 10
forced BY troubles affecting the Argentine
Republic. The guarantee fund to Barring
Brothers & Co., 10 stated to amount to fiO,.
100000 sterling. The various financial
banking and discount houses gusranteeing
the accounts state that the crisis 10 over,
and that failure Of the firm has been avert.
ed
The Tines, referring to the financial sit-
uai, on, says; The city has passed thfous
a crisis vefging upon panic. Such time
has not been known since the suspen sion
of Overend, Gurney & Co. We rejoice that
we are able to announce that the worst 10
over. The Bank Of England has added 10
its bis historic services to the state and the
commercial community by its prompt action
in aveiling what would have been lament
able catastrophe.
ksuDsAa Seusou tu0 Aueu-Esooo IO2
their Assists nee.
Bai'ng Bros. embarrassment 10 due to
the action Of the Russian Government.
which, alarmed by the financial troubles at
Argentine Republic during the summer sud
denly withdrew from the Bafings E2,C &C, 900
just a. Il withdrew El,Co0,C1o from the
Comtor d'Escompie in the spring Of 1889.
is ac.ion at that time resulting In The sui
eide of 'he Major of that ins tuition and
the collapse of fhe copper ring.
Except he rise in the bark rate to 8 no
,rouble occurred. the 2,5C .o00 pounds be-
ing qrietly transferred TO Berlin. After
this everything regsined it, former smooth
ness. The governor Of the bark Of Eng.
land acted with exceeding discretion. keep.
ing everything as secret as possible In or
der to avoid panic. The Barings offered
to sacrifice everything. Unavoidable delay
in realizing would have been almost equiv
slent to actual collapse, and for this reason
they decided to raise . guarantee fund.
Arrangements for assisting Barings were
finally concluded at . meeting at the Bank
of England Saturday morning. The per-
sonal property of members Of the Arm
amounts to over 100000 pounds. Il 10
rumored that RussiA's agent in Paris re-
Gently Withdrew another two and one half
million pounds on rumor that Barings had
stopped payment. The latters assets in
clude ,000, 600 pounds of the finest paper
in the world. II is believed that three
years will be ample time to bring the
firms a6airs to a substsn al position.
All the morning papers. while regset.ing
the great name brought 30 low. applaud the
courage with which the difficulty vas met,
and acknow " ledge tha, the Bank Of Eogland
has earned the thanks Of the whole COM
munity for the skill and promptness with
which they arranged so difficult and con-
plieated an affair.
Scotch Banks Will Give Aid 70 Barring
Brothers.
Lospos, Nov. I6.--Scotch banks will
have meeting today 70. the purpose Of
adding to Barring Bros guarantee fund.
The whole banking world has shown slac-
subscripio ions arrive the total will
cident q brilliant tiumph for the or
have been before the Bank Of
England managers week. Besides three
n 'llions Of surplus the estates Of the part
{ ers represent immense potential resources.
Although the firm could have met its lia-
bili,' 'es at least another month 1t decided to
disclose its position in order to avert the
risk of general break down of its credit
and plungirg the whole country into
trouble. Another large firm called meet
ing of its chief connections Saturday and