Los Angeles herald., 1890-11-19
The Shrinkage in Business
Continues.
The Bears Renew Their Old
Tactics.
The Market Weak and Many Losses
During the Day.
Two More Brokerage Firms Succumb t
the Pressure-Baring Bros. Will
Not Cease to Exist.
Associated Press Dispatches.

existing, induced more selling by bears,
and the tone of the market was weaker
than it had been since Saturday, result
ing in many marked losses for the day,
among which are Pacific Mail, 81 per
cent. Union Pacific, 23s Atchison, IA |;
st. Paul, 49, Burlington, 1ss.
There was renewal of the old bear
tactics of spreading reports rejecting
upon the financial standing of prominent
firms in the street, etc. The monetary
situation was one of the most influential
factors, however, in restricting buying.
Two failures were announced, and while
neither had much influence to lower
prices, they acted as further deterring
from buying.
The Two Failures.
At 10 :45 a. m. the announcement was
made of the failure of P. N. Gallaudet
& Co., stock brokers; liabilities, $780,
O0O They assigned to G. E. Minor.
The failure was owing to several banks
calling loans.
The assignee said the suspension was
due to a general depression in the val
ues of collaterals, which had gone so
far when loans to the firm were called,
that they could not be met, although the
firm have what, in ordinary time,
would be amply sufficient to pay bor-
rowed money. The firm holds such good
securities that if the market improves
they will be able to pay their indebted
ness, and have surplus left.
Mr.. Fitch of the suspended firm said:
f'Of course we hope to resume busi-
ness shortly. Our being able to do so,
however. depends largely upon the
banks and trust companies. II they are
lenient with us, we may come out all
right. Ii they press US, the termination
of our suspension is not 80 clearly lore
SEEM"
At2:45 D. m. w. F. Owens announced
his suspension on the stock exchange.
He has no outstanding contracts on the
exchange.
The Forenoon Market.
Stocks during the forenoon were still
irregular and unsettled, both here and
in London. AS yesterday, there was a
great deal of arbitrage in business,
owing to the great differences in prices
IN the same stocks in the two markets.
The scarcity of money in this market,
owing to the timidity of lenders, was
the most important factor in the market.
The opening was quiet and irregular
without excitement, with prices we'll
sustained. The general list advanced
small fractions over opening, with Viii
lards in the lead.
North American, Northern Pacific
preferred and St. Paul were the only
conspicuously active stocks, and trading
in Northern Pacific preferred was re-
markable for the transfer of some large
blocks.
At IL the market was fairly active and
steady, at about opening prices.
In the Afternoon.
After IL liquidation assumed larger
proportions with a marked increase in
business. Material losses were sus-
tanned in all the leading stocks. The
feature of the dealings was Pacific
Mail, which had been extremely
dull during the forenoon, but now
BECAME suddenly very active. 1t
was knocked down to 281a, against 331a
last night; recovered 2. The rest of the
list also suffered severely in short
drive Union Pacific lost l y; Western
Union, IA Atchison, 1. No recovery
of note.
At 2:15 the market was quiet but
weak at the lowest prices of the day.
Money was tight at to 80 per cent.
The last loan was at 3.
Bar silver dropped down to 98.
Stocks in the last hour showed no ami
nation. After further slight losses,
some recovery was shown, but the mar
ket closed quiet, heavy to weak, at or
near the lowest prices OF the day.
The North River Bank.
Judge O'Brien issued an order today
requiring that cause be shown forthwith
why a receiver should not be appointed,
pending the suit which the attorney
general has brought to dissolve the
North River bank. A temporary in
junction was also secured restraining the
officials from interfering with its affairs
The case was argued during the day. AT
the conclusion of the argument the judge
reserved decision.
eBaring Brothers will Not Dissolve.
Thomas Barring, member of the firm
of Kidder, Peabody & Co., American
agents of Barring Brothers, said thit
morning: II wish to deny in most EN-
phatic terms the statements that Barring
brOLnerS Will go lntO liquludIlOu duo
cease to exist within few years. There
is absolutely no other foundation for the
statements than the possible retirement
of Lord Revelstoke from the head OF the
house. To accomplish this there may
possibly be nominal liquidation, but
the business of the bank would continue
as before, in the hands of the reconsti.
tuted firm. 1t is not even certain that
Lord Revelstoke will retire, though as
he is sixty years old, it is not improba
BILE. If the matter has been definitely
settled, 1, being his brother, ought to
have heard of it,
Clearing House Certificates.
Frederick D. Tappan, chairman OF the
clearing house, says considerable
amount of certificates were taken out to
day by banks, not with the intention O.
using them Immediately, but for the
purpose of easing the money market ]
necessary. Clearings went through al
right this morning. The transactions
we're very large, aggregating $2lS, 900 900
Stocks in Foreign Marts.
LONDON, Nov. 18.-12 :30p. m.-Stockf
opened better, but business dwindled
and grew stagnant. Stocks closed bet
ter for foreign securities; others dull.
PARIS, Nov. 18. - A dispatch from