Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-11-18
EAST OF THE ROCKIES.
Financial Situation at New York Crow
inS Easier.
THE BARINGs RESUME BUSINESS
An Entire Freight Train Precipi-
tated Through q Bridge
Into q River.
ESPECIAL DISPATCHES TO THE REOoRD-uN1os.l I
THE FINANCIAL SITUATION.
Barring Brothers Authorize Their Agent
to Proceed With Business.

Barring Brothers Authorize Their Agents
to Proceed With Business.
New York, November 17th.- The stock
market to-day, after having time to recover
from the scare OF Saturday was much less
active than for any day during the past two
weeks, and the evident return to confidence
caused a slow but material advance in
values along the line. Notwithstanding
the fact, there was great irregularity and
feverishness throughout the entire day.
There were two more failures announced.
both due to the shrinkage in values, but
they had but slight effect. To-day's de-
velopments show conclusively that the
market for a long time has been largely
oversold, and bids and ostensible purchases
were made By the bears when q number of
stocks called for could not be obtained in
the market.
The general opinion seems to be that it
is now only question with the investors
of getting stocks at the present prices, as
the feeling of insecurity has almost sub
sided and improvement may now be looked
for on sound basis.
BANK FAILURE.
New YoRK, November 17th.-Randall &
Wierum. brokers, have suspended. The
failure had no effect on the market. 1t is
now steady with the general list well held
at small fractions above the opening fig
ures.
Wierum states that the engagements of
the firm are very small. He expects an
early adjustment.
The suspension was a great surprise to
| the street. The failure is said by friends of
| the firm to be due mainly to Randalrs
| physical inability to be on the floor of the
| Exchange 1t is understood that arrange
ments nave been perfected to re-establish
| the house at an early day.
Gregory, Ballon & Co., brokers, have
also failed,
VIEW OF THE SITUATION.
| New YORK, November 14th.-The Post
| says: A private cablegram from promi-
| nent conservative banking house at Lon
| don, this morning, reports the condition of
| affairs there as having greatly improved.
| Special inquiry in regard to any other
| house than the Barring Brothers being in
trouble brings the reply that no other
house is even being talked about. Early
| London prices TOR American stocks were
| higher, and the revival in confidence was
very marked. In Berlin the whole finan-
| cial situation all the past week has been
easy and quiet compared with the London
| shrinkage of capital. In the cases of brok-
erage firms the speculations in stocks in
| the past week placed many Of the smaller
| firms in such positions that they cannot go
| on. Two of these suspensions were an
nounced on the Stock Exchange this morn
ing. Possibly the total liabilities of both
may not exceed 100000.
| A special from London says: The Bar
| ings declare their financial position sound
now, as the banks have guaranteed three
wears support to it. The firm will realize
| "a 600 surplus. They now hold 9S,-
| 000, 600 of the best commercial paper in the
! world Their total liability is f21 600, 600.
1t is conceded while they were embarrassed
| by steady depression in Argentines to a
considerable extent the principal and pre-
cipitating cause of their trouble was Russia S
withdrawal of 5000. 600 from the firm S
accounts;
| the following Boston special: We can state
| on authority that the BaringS don't own
any of the consolidated mortgage fours or
| income Atchison bonds. The holdings OF
| their American correspondents of these
| securities are trifling. The last of the Bar
! ings' Atchison bonds were sold about two
weeks ago and some time previously.
Barring BROTHERS.
| Boston, November 17th.-Kidder, Pea
body &; Co. are in receipt of cablegram
from the Barring Brothers, stating that all
matters have been arranged satisfactorily
and permanently authorizing Kidder, Pea
| body & Co. 10 proceed with business as
usual.
The Boston Clearinghouse committee
| voted unanimously this morning to issue
Clearinghouse certificates. The rate of in
terest on the certificates will be 3 10 per
cent. Security must be put up by any bank
asking for certificates ip the ratio of $l00
for each $75 advanced. No certificates will
be asked for to-day, and the amount will
not be limited.
INSURANCE FAILURES.
| MINNEAPOLIS, November 18th. - The
Lumbermen and Manufacturers Fire In
surance Company and the Mutual Fire As
sociation were this morning placed in the
| hands of a receiver.
The business of the companies is con-
| fined mostly to Wisconsin, Minnesota and
Illinois. The assets are $3.50 900, largely in
excess of the liabilities.
ANOTHER LITTLE STIR
New YORK, November 17th.-It was ru-
mored on the street this evening that the
Manhattan Bank had borrowed S1,000,000
on loan certificates from the Clearing
| House The officers of the bank would
not talk on the subject, and President lap
| --O-
deny or affirm the rumor.
1t was said by several brokers that the
Manhattan Bank was in a perfectly sound
condition, and the borrowed million was
for the use of several of the banks Gus
toners, who gave gilt-edge security for the
same.
This evening State Superintendent of
Banking Preston said ii was definitely de-
cided that the North River Bank would
not resume. The Directors were unable
to secure the required funds. 1t was pretty
well understood that this result was made
necessary because of the stand taken by
two of the Wall street banks, which in
sisted that unless actual cash to the amount
deposited in the bank was in possession of
the bank to meet the deposits, the bank
should not be allowed to clear through the
Clearing House.
Preston said that. on closer examination
\ of the collaterals held by the bank as Sc
curitv for loans, he had found that there
| would be a shrinkage in their actual value.
This, he believed, would make nominal
I deficiency of about $4,000.