Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1890-11-17
The NEWS !
BY ASSOCIATED PRESS TO
THE CITIZEN
THE NEW YORK MARKET IN.
PROVED IN TONE.
DETAILS OF THE EMBARRASS.
MENTOR Barring BROTHERS.

| PARIS Nov. I'LL a. m.-I'inancici
here are now taking Il pessimistic view
OF the situation.
| LONDON, Nov. 17.-12.20 p. m.-At
this hour foreign securities are depressed
Consols are steady; American securities
weak. The discount in open market il
now really the sam, rs the bank of Eng
land.
lp. m.-pcspatcrs Just received from
continental bourscs show that stocks are
all weak.
$50 p. m.-Forcign securities and
American railway securities are now
flatter and prices continue 10 recedc
Consols and English railway securities
are steady.
Barring Bros. embarrassment was due
to the action of the Russian government
which, alarmed by the financial troubles
in the Argentine Republic during the sum-
mer, suddenly Withdrew from the Bar
ings e2,500,000, just as it withdrew
81 100000 from the Compton q Es-
comptc in the spring of 1889, its ;.c.ion
the manager of that institution, and the
collapse of the copper ring.
Except the rise in the bank rate to five
no trouble occurred, and c2,5O0, 900 was
quietly transferred To Berlin. After this,
things apparently rcgaincd their former
smoothnrss. The governor OF the Bank
of England acted with exceeding discre-
ton, keeping everything as secret as pos.
siblci in order to avoid panic. The Bar
lngs offered TO sacrifice everything,
but an unavoidable delay in re-
alizing would have been almost
equivalent to an actual collapse, and for
his reason it was decided to raise a
guarantee fund. Arrangements tor as
sisting the Barings were finally concluded
at Il meeting at the Bank of England, on
Saturday morning. The personal prop
crty of the members OF the firm amounts
to over Il 100000. 1t is rumorcd thai
Russia's agent in Paris withdrew recent,
s2, 100000 on the rumor that Barines
had stopped payment. The latter's as
sets include e7,OOO,G 900 of the finest
paper in the world. 1t is believed that
three years will he ample time to bring
the firms affairs to substantial pusi'
ton.
New YORK, Nov. l7.-l0:10 n. m.-
The stock market opened comparatively
free from excitement aud strong and
higher for many of the leading shares.
Delaware, Lackawanna and Western, Bur.
lington and Quincy, and the sugar trust
were the only stocks which showed any
marked decline.
lO.3O.-Randall and Wicrum, brokers,
have Just announced thei suspension on
the stock exchange. The failure had NO
effect on the market. Randall is lying
critically i'll at his home. Wcrum states
that the engagements OF the firm are
very small and that he expects that an
early adjustment OF affairs OF the firm
will be made.
WALL STREET 1890 4. M.-Thc market
is now steady with the general list well
held at small fractions above the opening
figures.
1l.20 A. M.-Grceory, Ballon * Co.,
brokers, OF No. l, New street, have an
nounced their suspension. Gregory says
the cause Of the suspension OF the firm
was the shrinkagc in stocks, and he be-
lieves their embarrassment will he tenn
porary only. Other members oi the hrm
concur in this statement.
NooN.-Moncy is quiet at from 5m6
The stock market alter ii O'Clock sub
sided into the usual rate Of business
Lackawanna rose l26i, to 1861, against
l26 at the opening, and Burlington at
81, was Ia per cent. better than il
opened. Sales under the rule for ac-
counts was suspended. Some bubbles were
pricked, among which was Virginia
Midland, which was quoted lately
at 90 bid and sold to-day at 37lI.
and Iowa Central, which has ranged
around 100, sold at 33a,. The general
market, however, remained firm even
under the depressing influences OF thcs,
sales, and at noon il was active and firm
to strong at the best prices OF the morn
ing.
When the North River bank case came
up before Judge O'Bricn to-day on motion
: for a receiver IL was stated that ncgot'a.
tions were still pending to reopen the
bank. An ad djournmcnt was asked for until
tomorrow. Attorncy-General and Bank
Superintendent Preston were represented
BY Mr. Post, who stated that the assets
OF the bank were in the hands Of the au-
thoritics and no harm could result from
an adournmcnts. lie thought the pros
pccts of success were excellent. The ad.
journmcnt was granted.
The assignment of Mills. Robson and
Smith, brought about by the iorgerics ol
the junior partner, was formally filed IN
the county clerks Office to-day. The firm
assigned to Vim. A. Watson, with prefer.
cncc to Edward ] Sanford for $4,000
and to lanes II. Fay of 81 900. Albert
II. Smith. the guilty member OF the hrm
was arrnipn in police court this morn