The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-16
PANIC IN WALL STREET
FBE PERIL OF Barring BROTHERS
SETS BROKERS WILD.

Tumbling to the Bottom at Ruinous
Measuring News from London
results lin the Recovery of Part of
the Losses.
NEw YORK, Nov. 15.-Private cables re>
ceived before the opening of the stock
exchange, announcing that Barring Bros. &
70 were in trouble, and stating that the
Bank Of England, the Rothschilds and
o.ber banks had taken up accounts of
Rsring Bros. g. Co. amounting to l5,O00,-
0lO created profound sensation. Confer
enees of brokers were at once had, and it
Was decided 10 have the brokers in every
stock that could be handled to bid advanced
n-ices at the opening so as to avoid sudden
tbock. As a result, the prices for nearly all
active stocks opened at * to 2 per cent.
above last nights close, lhe extreme gain
being made by Northern Pacific preferred.
DOWN WITH A CRASH.
Then liquidation Of the weak accounts set
in in full force, and prices gave way rap
idlv in all directions. Wild excitement pre-
vailed, stocks being thrown over i'll a reck-
less manner, and the losses in the first hours
trad.ng exceeded anything seen since the
yrssert decline began. The dealings were
simply enormous, and the rapidity with
which quotations melted away was some
thing unprecedented, there being no halt In
the downward movement. At IL o'clock a
paaic prevailed, prices gave way
in every direction and brokers were
dismayed at the prospect. Lackawanna.
a favorite investment stock, led 10 the
downward rush with a decline of per
cent. Atchison went down to 81, Rock
Island TO 63 4 and sugar to so, the lowest
prices on record for those stocks. Canada
southern and other regular dividend papers
were thrown over, as well as speculation
stocks.
A RALLY.
After 1l:15 o'clock there was a rally
caused by the following cable from London:
LONDON. Nov. IS, 1890
The special guarantee fund to Barring Bros a
Co. is stated to amount to e1O.0OO.o0O sterling.
The various financial, banking and discount
houses guaranteeing the account state that the
crisis is over and the failure of the firm has
been averted.
Kidder, Peabody & Co., who are the
agents here of Barring Bros. & Co. of Lon
don, said that they have private advices
from London, that whatever trouble there
may have been there had been completely
arranged. The trouble was doubtless caused
entirely by the depression in Argentine
i securities. Kidder, Peabody & Co. are in
no wise affected
4tn;9o o'clock better feeling prevailed,
@-A VHo hAAA hoo was ShOuSSIs Lie l[OQQOn
market was comparatively quiet, the feel
ing being that the crisis was over, and
American securities were a fraction higher,
where any change occurred from yesterday.
MONEY EASY.
New YORK, Nov. Is, 10 M.-Money has
hsen easy with no loans, but offered at
Sto 6per cent. The market after IL O'Clock
was Influenced for the better by dispatches
from London, which placed a somewhat
oetter face upon the troubles there, and
prices in this market went but little further
10 the downward direction. The recovery
which followed was very irregular, but
amounted TO as much as 4 per cent. iu
Lackawanna, while many stocks were
again brought TO near the opening figures
The close was still very active, but with
less excitement and no material loss for the
day.
THE LIvELIESr DAY SINCE 1886.
NEW YORK, Nov. Is. Z P. M-The stock
market to-day for a two hours session,
vast liveliest had since the great slump
OF Dec. 10, 1885, aud for space of au hour
OF more there existed perfect panic among
Una holders OF securities, and especially
railroad stocks, and the declines established
during that time were greater than ever
before seen in the same time. The only
cause Oh the excitement was an an
AAOlh IiOuuOu Uudu LQ6
great firm Of Barring Bros &
20. had been forced to seek assistance
70 S'de lhem over the present financial crisis,
ana tne holders of stocks became panic
oY'Acheh over the news. without reflection
enaO tne danger had really already passed
over When the Bank of England and the
L LnouchlidS came to the rescue, Reflection,
~ nf9"eFer, IS the last thing a man thinks
IN %aen S his pocketbook is
1 uahger, and every one
wenU IN TO save as much out of the wreck
as possible by selling out in the quickest
@ u.lo Early advices from Londoa were
oToS r9oSSallng. ANY crisis was represented as
sel uere ana the Improvement begun YES
ssloay continuing. The first prices we're
seneraiiy fractioaally higher than yester-
fays ngures, with Northern Pacific pre-
'0i'ea up Z per cent. at 591S.
THE TUMBLE.
iue announcement about the Barings
was was thrown at the market immediately.
nOweveF; IN and the good feeling disappeared
tho au LLhsGeht and from prospective buyers
~. rrU ~noie room became sellers at the best
nov ma ootainane. The force of the decline
s shn,, 70 gatnered from the fact that in the
n9s. ,roa space OF an hour Delaware. Lacke-
ooot r.ia anu Western had dropped 9L per
I'hJ; Itot;; 70 !233s; Jersey Central 7JS. to 9s:
ffauada "a Southern 81, to AZ; Barlington
o,i, n, . S9i Rock Island 81, to 6SJ5. and
Thu Tu'' sieading stocks from to per cent.
girop In Lackawanna was entirely
pot6ssis potSAoie upon any known hy-
Ty,u5Fs's. vas 5a. but the selling of Atchison
tba RaAtt R9aSeu upon fear that the holdings of
0t5a nafings would have to be liauidated.
nnisa i seocks We're sold merely upon the i'm
sooD ,,r0 h1 % the scare The drop, however,
bpraupl ought into the market class of
ssg,risio T9 VINO are paying outright for their
bv vtbiS'eo ana the current was soon turned
b1vinss ,r's support, when the bears Joined in the
the s trs. W realize the profits accrued I'D in
deyalonsh delulshdous drops Early selling soon
srca The fact that there were
snS selling orders in the market.
4 een0,.o oue trading and professional
tbe soiSs soon took the market away from
were ''neis, a aud innumerable stop orders
ssnroq4 q4ulckly uncovered, rendering the
more serious every minute.
A., THE BANK STATEMENT.
c0ocl.o. tne downward movement was
E shoWi9dI tne bank statement was issued.
n Tba s rat material gain in the surplus.
& banks I've Ve and the growing strength Of the
n hcnSionl' ives o'' no further feeling Of appre-
f genaroi among Wall street houses. and the
hecor,a,,' preston is that as soon as London
no d. really quiet there will be
Soma ''09rblng influence found here.
nos. Investment houses now re-
fry for f. ehat they have more orders
fill, and tLlchase tLase of securities than they can
who taka aVse re purche:es are all for investors