The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-11-18
ALL AccEPTAH cEs GUARANTEED.
Banks Behind the BarlnRs Assume
the Whole Load,

LONDON, November 1.-THE banks sup
porting the Barings now propose to guaran-
tee the whole 9l5,OOO000 Of acceptances. The
management Of Barring Brothers Is expected
70 go into commission. Lord RevelstOke,
the head OF the firm, and a director Of the
Bank OF England, withdraws as chief, al
though he wnl continue 70 advise the other
are Hon. John Barring, also a director OF the
Bank OF England; Brewer Guinness
HOdson, director OF the Royal Exchange
Assurance Corporation; Halhed, Of the
Union Marine Assurance Company; Hon.
Henry Barring. half brother Of Lord North
brook; and Henry Mildmay. all men Of solid
financial repute.
1t Is stated the guaranteed fund raised for
the Barings so far Is Rl4,O00.0O0. Tele-
grams are constantly received from home
and foreign houses offel ing help.
Three leading Scotch banks have sub
scribed e250,c00 each for the Barring fund.
The scope Of the fund and the period over
which 1t will extend are still indefinite. De-
tails will be settled according to circum-
houses will be formed to investigate the con-
dition Of the Argentine Republic finances.
An unc0nhrmed rumor says the Argentine
financial agency will be transferred from the
Barings to the R0thchilds, In which case the
debt OF the Republic will be reconstructed
and consolidated. Country bankers are
drawing large sums from London, causing
continued pressure on the Bank OF England.
The third installment Of ei,000,000 pounds
has not yet arrived from Paris.
The Times, In its financial article, makes
the statement that the story that the Argen-
tine agency will be transferred to the Roth
child's is without foundation. The Times
l-arns that Russia had give notice to the
Barings Of the withdrawal, in three install.
ments. OF II, 100000 Of Russian funds, the
first instalment to be due about the middle
OF December and the second In January.
The whole OF Russia's deposit OF e., 100000
Is therefore still with the Barlngs. Tue
latter decided to ask assistance not
on account Of Russia's action but on a re-
view Of the whole situation. At meeting
of joint stock bankers at the Bank OF Eng
land. the governor of the latter Institution
promised assistance wherever justidable
and needed. In view OF the pinch
through country bankers are Withdrawing
balances. A meeting Of country bankers 10
to be held shortly and will tend TO allay the
undercurrent OF anxiety. The Barings' share
In the Buenos Ayres water and drainage
syndicate Is 81, 100000, Their responsibility
extends 70 the liabilities Of other members Of
the syndicate In the event OF their failure to
meet their engagements. The report that .
meeting was held at which scheme was de-
vised to prop up the Argentine credit Is de-
clafed untrue.
The markets for foreign and other securi-
ties showed better tone today COnsols
were higher. American railway securities
were very excited.
NEW NoRK, November ia special from
London saye the Earrings declare their nnan-
cial position to be sound now, as the banks
have guaranteed the three years supply.
The firm will realize four million pounds
serplus. They now hold eight million
pounds Of the best commercial paper In the
world and their total liabilities are twenty
one million pounds.
1t Is conceded that while they were embar-
rassed by a steady depression In ArgentiHes
to considerable extent, the principal and
precipitating cause TO their trouble was Rus
sia's withdrawal Of five million pounds In all
from the firms account.
BosToN. November 17.-Kidder, Peabody
4 Co have received a cablegram from Bar
ing Bros. h Co., stating that all their mat
ters are arranged satisfactorily and per-
manently, and authorizing Kidder. Peabody
u Co., to proceed with business as usual.
The Boston banks met at IL O'Clock TO
agree upon concerted action II precautionary
measures were deemed necessary. The
clearing house committee voted to issue
clearing house certificates, As banks voting
In favor and none against. The rate OF in
terest on certificates will be $40 per cent
No certificates will be asked today. The
amount Is not limited.