The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-11-18
EMBARRASSED FIRMS.
Condition of the Barirgs-Two More Failures
in New York.

Condition Of the rings--wo More Failures
in New York.
Boston, Nov 17.-Kidder, Peabody & Co.
are In receipt of a cabl' gram from Barring
Bros. stating that all matters have been az
ranged satisfactorily, and permanently au-
thOriziag Kldder, Peabody & Coz to proceed
with business as usual.
The Clearing house Committee voted
unanimously this morning TO issue Clearing
house certificates. Tie rate of interest on
certificates is $40. Security must be put
up by any bank asking for certificates in
the ratio of Sl00 for every SIS advanced. No
certificates Will be asked for to-day. The
amount will not be limited.
NEW YORK, Nov. IA special from Lon
don says: The Barings declare their finan-
cial position sound now. as the banks have
guaranteed three years support TO it. The
firm will realize 94.G00,000 surplus. They
now hold IS, 000,000 of the best commercial
paper in the world. Their total liability is
E2l, ,O0o, eco. 1t is conceded that while they
were embarrassed by steady depression in
Argentine to a considerable extent, the
principal and precipitatng cause of their
trouble was Russia's withdrawal of e5.O00.-
COO from the firms accounts.
Dow Jones Company's News Agency has
the following Boston special: We can state
on authority that the Barings do not own
any of the consolidated mortgage fOurs or
income Atchison bonds. The holdings of
their American correspondents of these Sc
curltits are triflng; The last OF the Bar
ings Atchison bonds were sold about two
weeks ago and Snme time previously.
Randall IL Wierum, brokers, have sus-
pended. Wierum states that the engage
ments Of the firm are very small. He expects
all early adjustment. The suspension was
great surprise 10 the street. The failure
is said by friends of the firm to he due mainly
TO Randal's physical inability to be upon
the floor Of the exchange this morning. 1t
is understood that arrangements are per-
fected 10 rc-establiSh the house at an early
day.
Gregory, Ballou g. Co.. brokers, lave
failed. Gregory says the cause of suspen-
sion is the shrinkage in stocks. He believes
the embarrassment is temporary only.
THIS evening State Superintendent of
Banking Preston said it was definitely de-
cided that the North River Bank would not
resume. The Directors were unable to Sc
cure the required funds. 1t was pretty well
understood this result was made necessary
because of the stand taken by two of the
Wall-street banks, which insisted that un-
less actual cash to the amount deposited in
the bank was in the possession of the bank
to meet the derOslts the bank should not be
allowed to clear through the Clearing house.
Preston said that upon closer examination
of the collaterals held by the bank as secur-
ity for loans ne bad found there would be a
shriDkage in their actual value. This, he
believed. would make nominal deficiency
of about $4,000.
1t was runored on the street this evening
that the Manhattan Rank had borrowed
l,G00 900 on loan certificates from the Clear
ing-house. The officials of the bank would
not talk on the subjec. and President Lap
pan Of the Clearing house would not deny
or affirm the Tumor.. II 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
bank s customers.