The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-11-16
A GREAT PANIC AvERTED.
Barring Bros. &c Co. Succored bv
the Bank of England.
How the News Was Received On xy.,
s'reet-Hiask Friday Observation-Disclosures
ment Stocks Reach the owcst roin.
Ever Known, While spec,. ;atives Tam
Die Into Bottomless Pr.

NEW YORK. Nov. 15.-TS~eciall-P
NaIe cables received before The opening
OF the stock exchange this morning an
nouncing that Barring B.os. were in
trouble, and stating that the Bank OF
England. the Rothschild and otbar
bankers had taken up tle account OF
''arlhs Bros. amounting 10 Els. 100000,
created sensation. Conferences of
brokers were at once had. and it was
decided to have brokers in eyerv stocl,
mat could bc handled to bid advanced
prices at the opening SO rs TO uvert !,
sudden shock.
AS the result. prices for nearly all
active stocks opened = to > per cent.
above last nights close. the cxtieme
gain being made by Northern Tsci-
f'c preferred. Then the liquidation cf
weak accounts set in on full force. and
prices gave way rapidly in ali directions.
me widest excitement prevailed. stocks
pclhg thrown over i'll u most reckless
manner. The losses in the first hours
trading exceed anything seen since the
present decline began
The dealings were simply enormous.
and the rapidity with which quotations.
melted away was something unnre-
cedented, there being no halt in the
downward movement.
AT ii TINS morning panic prevailed
Prices gave way in every direction and
brokers were Gismaycd at the prospect.
Delaware, l-ackawanna and Hudson,
the favoritc Investment stock. and !,
property that has always had y value.
Z La
downward rush with decline of . pcl.
cent Atchison. Topeka and Santa he
went down To ~: RCcll Island to 63i3,
ana sugar Trust to 30, the lowest prices.
on record Tor those stocks. Canada
Southern and other dividend rayers.
were thrown over as we'll as speculative.
stock
After ll:li there was Il rally, caused
by the following cable from London
The i.oncon special guarantee fund
to Barring BROTHERS u Co., is stated 10
amount to fl0.00o.o0O sterling. Vari-
Gus financial, banking and discount.
houses. that are guaranteeing THAI
firm accounts, state that the crisis *
over and the failure OF the firm has been
| avcrtcd.'
| kiddcr, Peabody & Co., who are tho
! agents here Cor Barring Bros. Il Co., say
| thcy have private advices from London
that whatever trouble there may have
been there has been completely ar
ranged. The trouble was doubtless
caused entirely by the depression in
! Argentine securities. They say thor
house is no wise affected.
At 1880 u better feeling prevailed.
and the market was stronger The
London market was comparatively
/ quiet, the feeling being THAI the crisis
was over, and American securities wero
Il traction higher where any change &C.
cured from yesterday.
RosroN, NOV. t5.-ISpeciall -kidder-
/ Peabody Il Co.. said today that lhe-n
need be no anxiety on the part OF cradi-
tors OF Che London firm. as their assets.
were in excess of liabilities as much,
probably, as E+o,00o,00o. They arc viT-
tually carrying the Argentine Republics
loan and taking hacl, holdings OF those
dissatisfied customers TO whom they
had sold any parts thereof.