New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-16
PANIC IN LONDON AvERTED.
A MIGHTY FINANCIAL PROP.
TEN MILLION POUNDS TO HELP OUT BAR
IS ING BROTHERS & co.
ENORMOUS INTERESTS THREATENED WITH DE
sTRUcrIoN-rHE RoTusCHILDs AND THE
BANK OF ENGLAND TO THE RESCUE
ARGENTINE INVESTMENTS THE
CAUSE OF THE GREAT FIRMS
TROUBLE-A RELIEVED

ARGENTINE INVESTMENTS TIE
CAUSE OF THE GREAT FIRMS
TRouBLE-A RELIEVED
STOCK MARKET.
London, Nov. 15.-The great financial house re-
ferred 10 in this mornings Times us having
been in peril for some days is that Of Barring
Brothers e. Co. They have been helped
through by the Bank of England, the Rothschilds
and several London joint stock banks, who made
large advances to the firm. The Barring Brothers
position is now believed to be secure.
The Pail Mall Gazette" referring to this firm,
says that the trouble mainly lays in Its South
American commitments.
The Bank of England subscribed 100000
pounds. three joint stock banks gave 7j0,0oo
pounds each, and two others 500, 900 pounds each
to assist the Barring Brothers. Several other
houses have subscribed smaller amounts, all the
subscriptions making a total Of 100000
pounds This will constitute guarantee fund for
three years.
It is roughly estimated that the total habili-
tics of the firm, including 100000 pounds
in acceptances, amount to 81 100000 pounds,
while the assets, at present prices. valued at
"a, 900, 900 pounds.
The Government has authorized the Bank Of
England, if necessary, to issue an additional
2,OO0, 900 pounds in notes and will suspend the
Bank act il requisite.
The original cause Of the firms trouble was
Russia's withdrawal of several millions depos-
its on learning Of the firms dealings in Argentine
and Uruguay bonds. 1t is expected incoming
investments will gradually relieve the strain on
the market.
THE Times" referring to the financial situa-
ton. saws: "The city has passed through crisis
verqing upon panic. Such a time has not been
known since the suspension of Overend. Gurney
g. Co. We rejoice that we able to an
nounce that the worst is over. The Bank of
England has added to its historic services to the
State and the commercial community by Its prompt
action in avertfng what would have been a
lamentable catastrophe. The administration OIL
the bank not only provided vast reinforcements TO
it's stock of gold to meet exceptional demands in
the event of q panic, but also stepped out OF the
ordinary routine of business to prevent the down.
fall of one Of the greatest and most respected
English financial houses, which had for some days
been in peril, and which, II it had fallen would
probably have brought down in widespread rum
O. large number of smaller, but important firms. =
The stock market opened buoyant. on news that
the firm which was reported yesterday 10 oe IN
trouble had arranged its difficulty. The market
afterward declined. American sccuiitieo Ae"o'c"
per cent, but quotations afterward were better
all around.
AS compared with last nights closing prices at
the Stcek Exchange. prices at ] 80 p. m to-day
showed an, advance Of is Tor consols for money,
an advance of IA for consols for the account, an
advance of Is for Atlantic and Great Western
first mortgage trustees certificates. 10 changes
for ditto second mortgage, an advance OF Ia 1or
Canadian Pacific, an advance Of Ia for Erie, an
advance of for Erie second consols an advance
of for Illinois Central, decline Of 1.S for 81
Paul common, an advance Of IA for Ncw-York
Central, an advance of 3-4 for Pennsylvania, and
no change for Reading. . -,
At the close prices, as compared with those
ruling at 12 80 p. m, showed an advance OF l-s
for consols for money, an advance OF IA for con-
soils for the account, an advance OF "a for AT,
lantic and Great Western first mortgage trustees
certificates no change for Atlantic and Great West
cm second mortgage trustees certlficates nm ad
vance of 3-s for Canadian Pacific, an advance
of 7-s for Erie, no change for Erie second cOnsols
no change for Illinois Central decline Of l-s Tor
St. Paul common, an advance Of IA for New-York
Central, no change for Pennsylvania. and an ad-
vance of 1-8 for Reading.