The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-11-16
PANIC-STRICKEN
STOCK K-BR0KERS,
Exciting Close Of an EVentful
Week in Wall Street.
DemOfalized Markets Caused by The En-
barraSSment Of q London Firm.
Barring Brothers Forced to Seek Assistance 10
Weather the Financial CriSlS-The
Trouble Said 10 Be Temporary.
Special to THE MORNING CALL

NEW YORK, Nov. 15.-The stock market
to-day during two hours session was the
liveliest we have had since the great slump
of December 10. 1886. and, for the space of
an hour or more, there existed a perfect
panic among tile holders of securities, es-
pecially railroad stocks, and the declines
established during that time were greater
than ever before seen in the same time.
The only cause of excitement was the an
nouncement from London that the great
firm of Barring Bros had been forced to seek
assistance TO tide over the present financial
crisis, and holders of stocks became panic
stricken over the news, without rejecting
that the danger had really already passed
when the Bank of England ard the Roths-
childs came TO the rescue. Early advices
from London were reassuring, and the crisis
was represented as over there. and a con-
tinuing Improvement had begun yesterday.
The first prices were generally fraction
ally hi gher than yesterdays figures. The
announcement about BaringS was thrown at
the market. however, and good feeling dis
appeared in an instant and from prospective
buyers the whole room became sellers at the
best prices obtainable. The force of the de-
cline may be gathered from the fact that, n
the short space of an hour Lackawanna had
dropped away 9B. jersey Central Y, Atch-
ison 50, Pullman 5A, Canada Southern u,
Burlington 7H, Rock Island 81 and others
from to 5 per cent.
The drop, however, soon brought into the
market q class of buyers who are paying
outright for their securities and the current
was soon turned by this support. when the
bears joined in buying to realize profits ac-
crued upon the tremendous drop. Early
selling soon developed the fact that there
were large selling orders in the market, and
the trading and professional element soon
took the market away from the sellers and
innumerable stop-orders were quickly un-
covered, rendering the stampede more seri-
Gus every minute. After the downward
movement was checked. bank state
ment issued, showing material gain
in the surplus reserve and growing
strength of the banks. leaves no farther
feeling of apprehension among WalLstrret
houses, and tie general impression is that
as soon as London becomes quiet there will
be no disturbing influence found here. The
rally which obtained within the last hour
extended to per cent and over in some of
the most pronounced cases, but the upward
movement was insufficient to make up any,
thing like the losses incurred and an ex-
trenely feverish and unsettled feeling
marked trading throughout The close was
very active and strong. The final losses
were very material and Lackawanna fell off
Ak, Jersey Central 5, Rock Island a. Mis-
souri, Pacific 35s, Atchison 8. Burlington 2%,
silver certificates 2, Northwestern IA. Gov
ernments steady. Petroleum dull; Decem-
Der II Y.
CONFIDENCE IN WILLARD STOCKS.
The Star says: Lawyer William n. Crom-
well. assignee of the firm of Decker. Howell
& Co. and also Henry Wizards private
counsel, to-day said: Speaking as Vii
lard's counsel, l feel at liberty to
state that Willard will be on the
ocean for New York within the
next few days. His pa ssage is engaged for
November Goth. Willard will come to give
the situation his personal attention, and he
cables ME that he and all his friends have
the fu Hest confidence in his properties and
are not seriously disturbed by their present
general depression in the markets of the
world"
A BREAK AT CHICAGO.
CHICAGO, Nov. 15.-Prices on Change
here were strongly in sympathy with the
movement on the New York Stock EX-
change. The opening was rather weak and
when the news of break in the New York
stcckS was received, in spite of the an
,louncement that Barring Bros. had received
heavy support, panic set in and everybody
sold and prices went off with such rapidity
that it was almost impossible to do business.
December wheat went down from 81 to So,
May corn dropped to 50% and January pork
to S11 40. The news of better tone on the
New York Exchange was received and re-
covery followed, December wheat advancing
to SO and the remainder of the list proper
tionately. During tie remainder of the
session the market was steady.
THE LONDON MARKET.
LONDON, Nov. Is. - Stocks to-day
opened buoyant on the news that the large
firm reported yesterday in trouble had ar
ranged its difficulty. The market after
ward declined. American securities re-
acted. Per cent quotations are now better
all around.
At the close prices showed fractional ad-
yances for most American stocks.