The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-11-16
THE MONEY MARKET.
London Barely Escapes a Finan-
cial Crisis.
Barring BROTHERS 6 COMPANY
Are Sorely Pressed, but are Saved by the
Bank Of England and the ROsthchilds
The Effect in New York.

NEW YORK, Nov. Is. = The stock
market to-day during the two hours
OF its session, was the liveliest brok-
ers have had since the great slump,
December ID, S6, and for the space of an
hour or more there existed perfect panic
among holders of securities, especially rail
road stocks, and the declines established
during that time were greater than ever be,
lore seen in the same time. The only cause
for the excitement was the announcement
from London that the great firm of Barring
Brothers had been forced to seek assistance
to tide them over the present financial
crisis and holders OF stocks became panic
stricken over the news without rejecting
mat the danger had already passed when
the Bank OF England and Rothschilds
came to the rescue. Early advices from
London were reassuring and the crisis was
represented as over and continuing i'm
provement began. First prices were gen
orally fractionaliy higher than yesterdays
hgures. The announcement about Earrings
was thrown at the market immediately.
however, and the good feeling disappeared
instantly, and from prospective buyers the
whole room became sellers at the best
prices obtalnable. The force of the decline
may be gathered from the fact that in the
snort space OF an hour LackaWanna had
dropped away 98, Jersey Central IA At
Gibson 81, Pullman 80. Canada Southern
615, burlington Is, Rock Island II, and
others from 2 to per cent. The drop,
however. soon brought into the market
class OF buyers who are paying outright for
their securities, and the current was soon
Je!ned IN the buying to realize the profits
accrued upon the tremendous drop. Early
selling soon developed the fact that they
were at last giving orders in the mar
ket and the trading of the pro
fesslonal element soon took away from
the sellers, and innumerable stop orders
were quickly uncovered, rendering the
stampede more serious every minute.
After the downward movement was
checked the bank statement was issued
showing material gain in the surplus
reserve, and growing strength in the
banks. There is no further feeling of ap-
prehenslon among Wall street houses and
the great impression is that as soon as
London becomes really quiet there
VIII be no disturbing influence found here.
The rally obtained In the last hour ex-
tended to per cent and over.
In some of the most pronounced
OooOo puG GuS upward movement
was not sufficient to make up any thing like
losses incurred and an extremely
feverish unsettled condition marked the ira
ding throughout. The close was very active
and strong with material losses for Dele
ware " Lackawanna, which is Az. Ter.
sey Central ., Rock Island 4, tssouri
Pacific 3%, Atchison 8, Burlington 27I.
Silver certificates 2, Northwestern II.
governments steady petroleum duh,
December closing ~.
:45 a. m.-Stocks opened active and ex
cited. Northern Pacific is up 2, but on
rumors of financial trouble in London
prices declined. The market is now active.
excited and weak. Atchison is 40 down
since last night.
A scene of the wild excitement and posi-
tive panic existed in all portions of the list.
Stocks were thrown over in the most reck-
less manner, and losses in the first hour ex
ceeded anything seen since the present de-
cline began, everyone trying to sell out
holdings without regard to loss or gain.
The dealings were simply enormous and
the rapidity with which quotations melted
away was something unprecedented.
there being no halt in the downward move
ment before the end of the hour. Lacka.
wanna dropped to 1.24115, Jersey Central
q, Northwestern 4, Rock Island 4. Pullman
515, Atchlson 81, most other active socks
Z 10 4. WIZARDS were best held and showed
less excitement, but the recent heavy
in these stocks left less room for
further losses. The downward movement
was finally stayed, however, and at / 80 a
better tone prevails with some improvement
in prices.
Various financial, banking and discount
houses guaranteeing accounts, state that
the crisis is over and failure has been
averted.
Kidder, Peabody & Co., agents here for
Barring Bros. & Co., London, say they have
private advices from London that the
trouble has been completely arranged. The
trouble was doubtlessncaused by the de-
preston in Argentine securities. Their
house is in nowise affected.
AT II a semi-panic prevailed, but gave
way and brokers were dismayed at the
prospect. Lackawanna lead the downward
rush with decline of 8 per cent. from
1929 to 1885,. Atchison sold down to "a.
Rock Island to 6l15 and sugar to so, the
lowest prices on record for those stocks
Canada Southern and other regular diyi-.
dend payers were thrown over, as well as
speculative Stocks Canada Southern drop
ping to 43. After II Is there was raliv
caused by the following cable from London:
The guarantee fund TO Barring Bros. 81
90. is stated to amount to e10,0 900 sterling },