New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-16
BOSTONS INTEREST IN THE BARINGS.
STATEMENT FROM KIDDER. PEABODY co.
praAnprNo THE EMBARRASSED FIRM


Boston. Nov. IS epcciaD.-The London financial
.csrs has been the absorbing topic In Boston to-day
.mone all classes of business men. The bulletin
hoords IN newspaper surrounded by interested
srtators for hours, and every scrap Of regard
ing Barring Brothers, and their representatives In
poeton, Kidder. Peabody Co.. has been already read
w.ssrs. Kidder Peabody 4 Co. were this morning
ssked for information regarding the troubles OK
p,r,ng Brothers Co., and their own business con.
nectons herewith. They stated that On Thursday OF
this week they had intimation at ct all Of such
touble on the part Of their London correspondents,
and ON that day sold cable transfer to large amounts
ana for s4OOOOwithout being stopped In that line OF
bustness Yesterday they suspected that everything
was not as II should be- but still without direct
say1oes This morning the New-York branch OF
Kidder, Peabody Co. telegraphed over that Barring
BROTHERS had gone into liquidation This, of course,
was q formal notification to stop drawing exchanges
nm them. II Is evident, the Boston firm said, that
there need be anxiety the part Of any creator
Of the London firm, as their assets in excess OF
liabilities are probably as much as forty million
uounds They have virtually been carrying The Ar
ecntine Republic loan. and taking back the holdings
az those dissatisfied customers to whom they had sold
any part thereof.
Rank of England would help Barring Bros. Co. over
temporary difficulties and all their difficulties cannot
possbiy be more than temporary. The connection OF
Barring Bros has been Of most Intimate nature out
these relations will not lead to any complications which
will AFFECT in the slightest degree the Boston firm.
CITY Treasurer Turner brought the first news OF the
reported failure OF Barring Bros to the City Hail. ana
NJ once saw Mayor Hart. Barring Bros are the agents
Of the city of Boston. The consolidated sterling-st
Improvement loan, which was issued on account OF
Fort HILL and the widening OF Hanover
st.. was placed with them. Under the terms OF inc
contract the City Treasurer sends to Barring BIOS po
full amount Of the interest on the original issue
Nothing definite can be asccrtained regsruihs III"
present condition OF this loan until the December
statement is received. The October interest some
$4,000. has been paid The next remittance Will DO
in December. for the January interest. Mayor har'
heard Of the failure with sincere regret
BarinC BROTHERS, he said, is one OF the largest
banking houses world and probably their Amer
can interests larger than those OF anv other Tut
eign house. No one can well predict what Will 10
the result here until full statement Is !"
ceiyed The Barring Brothers, in all their connexions
stand among the most honorable people IN inc
world and their connections are with the same class
of people, whose dealings are clean and above ooAru
whatever may be the outcome We shall have honesty
10 guide the whole affair AS to the city OF Bosoons
interest in their failure 1t on accom-. Of ,ne becn
can be but a slight balance, H any. We pay our In
teest in LONDON through them: Hart who Is presi
dent Of the Mount Vernon National Bank, said we
shall not be touched at all the transactions De'weeh
soaerasS He expressed the hope that this not
the beginning Of . general crash, c.,..., No.,ora,
papE %So was also At the City Ha when the news
OF the failure came, said It win doubtless aect tne
price Of we a Saes zen Sea aO@ mp and makes
them look around TO see who is good. cannon oe-
lieve they are nsolvent.'