, 1890-11-16
COMMERCIAL WORLD.
Rumors Of Financial Troubles
Cause a Decline in Stocks.
The Bank of England Comes
to the Rescue
Of the Great London Firm of
Barring Bros.
stocs. ana CnrrIe MarKer..

night.
At II a IN, a semi-panic prevailed and
prices gave way and brokers were dis
mayed at the prospect lackAwnnnn led
the downward rush with a decline of s
per cent, from 1924 to 1924. Atchinsou
sold down to %, Rock Island to 63l, and
Sugar to so the lowest prices on record
Tor these stocks. Canada Southern and
other regular dividend payers were thrown
over. as well as speculative stocks. Canada
Southern dropping to 43. Alter lI:I5
there was a rally caused by the following
cable from London The guarantee
fund to Barring Brothers & Co. is stated
to be el0, 900. 600. Various financial,
banking and discount houses, guarantee
ing accounts state that the crisis is over
and failure has been averte1. Kiddor,
Peabody & Co, agents here for Barring
Brothers & Co. London. say they have
private advices from London that the
trouble has been completely arranged.
The trouble was doubtless caused by the
depression in Argentine securities
Our house is nowise affected"
A scene Of wild excitement and a posi-
tive panic existed 10 all portions Of the
list, stocks we're thrown over IN a most
reckless manner. The losses in the iist
hour exceeded anything seen since the
present decline began. Everyone trying
10 sell out holdings without regard to
loss or gain. Dealings were. simply
enormous, aud the rapidIty with which
quotations melted away was something
unprecedented, there being no halt IN the
downward movement before the end of
the hour. LackawAna dropped Sto 1874,
Jersey Central 6. Northwestern g.. Rock
Island 4. Pullman 81, Atchison 81, and
most OF the other active stocks from . to
4. Wizards were best held and showed
less excitement. but the recent heavy
shriukage in these stocks lef less room
for furtherlosses. The downward move
ment was finally stayed, however,
and at ll;36 better tone prevailed,
with some Improvement 10 prices.
Private cables received before the open
ing of the Stock exchange announcing the
troubles Of Barring Bros. and stating that
the Bank Of England, R~othschilds aud
others had taken up accounts with Barring
Bros, amounting to el5,0O0. 900 created
profound sensation. Conferences of
brokers was at ono held and it was de-
cided 10 have brokers IN every stock that
could be handled to bid advanced prices
the opening to avert a sudden shock.
As a result, prices for nearly all active
opened above last nights close.
The Ereain9 Sun says; The iacts 10
10 the extraordinary monetary sit
ualion which prevailed in London during
he past ten days may be summed up au.
thoutively as follows, Owing TO the cxI
tent Of their operations in railroads and
land in South America. the RaIings have
been more or less embarrassed for over
* H93sSs Last Thursday week the
Barings, IL the conclusion OF business,
decided il was impossible for them to con-
Linue. Friday morning, 7th inst. they
10 notified the directors of the Bank Of
England, who Immediately convened,
the whole financial world BY
rates. The proceeding was most
precedent, called a halt in speculation
It every money center in the world. The
week has beer one of most pain
rul suspense in banking circles, and this
ceiling was reflected in a minor degree in
New York, where only a few Of the more
Important houses having European CON
l]ections have been aware of the real ma
.ure Of the difficulty in London"
Money-On call easy with no loaus.
Bar silver-$l 02.
Governments heavy.
Petroleum-Dall. December closed at
"a.
WOol-Firm. Domestic, s4@39.
Copper-Dull. Lake romiual.
Lead-Wesk. Domestic. IS.
Tn-Easy. Straits $50. 60.
Following are closing prices of stocks: !
S. AIS, registered, 100; U. s.. AIS. !
,oupons, 1874, Pacific 6s. ID; American
is; Canada Pacific, Tli |
Canada Southern, act: Central Pa.
life. 27l; BURLINGTON, s3i, Delaware,
IackawannR 4 Western. 27t; Denver 4
RIO Grande, Is, Erie, lSi; Kansas 4
l0!; Lake Shore, 1898; Louisville
I Nashville, GOT. Michigan Central, S53:
Missouri Pacific. OF; Northern Pacific, !
OF: preferred. 57s; Northwestern, lO3; !
preferred, l3S; New York Central.
~; Oregon Navigation. 7S; Oregon
improvement, lgt: North American l03;
Pacific Mail, -, Reading, 29t, Rock
65, Milwaukee u st. Paul, |
St Paul x Omaha, 20a; Texas Pa
inc, IA. Union Pacific, 454; Fargo Ex-
,ress. 80; Western Union, 10; Oregon
short Line. 2lt; American cotton oil l6l. |
CHICAGO. Nov. I6 -Cattle-Receipts
!, 800. Market dull and lower. Steers,
-. T595.l5. Texans, rangers and butch
.rS's stock down to the lowest prces this
sheop-Reoeipts 1000. SLOW, un-
changed. Natives, IS 1904 go; West
rms. $4.l0S4 80; fed Texans, $3.50.
Wheat-Steady. Cash 9I!, December,
May ! 0Os.
Corn-Steady. Cash 49t, December |
I9; Nav 5ls
oats.Firm. Cash December, an;
Nay. Az.
Lard-Steadv. Cash GOES; January
IS @6.274; May, CTS.
BArley-7s.
LONDON, Nov. I5--The 7fme refer.
ing TO the financial situation says: The
iiy passed through a crisis verging upon
panic. but the worst is over. The Bank
# England, by prompt action. has avert
ID q Amentable catastrophe by providing |
asst achievements TO its stock of gold to
o meet exceptional demands. 1t also
PREVENTED the the downfall of one OF the
,reatest and most respected English inan-
nal houses, which, IT 1t had fallen. would
nave brought down in widespread min a
number of smaller but important
irms.
The total liabilities Of the Barings
mounts to Ell ,00O, 900. while the assets
at present prices are e24. 900, 900. The
government has authorized the Bank of
England, If necessary, to issue 40 additi-
onal f2,000.0 90 in notes and win suspend !
the bank act if requisite. The original
cause OF the firms trouble was Russia's
Of several millions Of deposits