The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-11-16
Barring BROS. SHAKEN.
Only Saved From Ruin by Aid
Of Other Bankers.
ARGENTINE SECURITIES DID IT.
Weakness Of the Great London Firm
Alarmed the Whole World.
ARGENTINE SECURITIES DID IT.
Panic on New York Exchange wilder
Than Ever. and Without Keason-The
Crisis Is Past--vnlard in Hurry to
Get Home.

NEW YoRK. Nov. 15.-The stock market
today. during the two hours session, was
the iveliest We have mad since the great
slump OF December Is. 1855, and for the
space OF an hour or more there existed q
perfect panic among holders of securities,
especially railroad stocks, and the declines
established during that time were greater
than ever before seen in the same time.
The only cause of the excitement was the
announcement from London that the great
firm of Barring Bros. had been forced to
seek assistance to tide them over the pres
ent financial crisis, and holders of stocks
became panic-stricken over the news.
without rejecting that the danger had
already passed when the Bank OF England
and the Rothschi.ds came to the rescue.
Early advices from London were reassur-
ing. and the crisis was represented as over,
and continuing improvement was begun.
The first prices were generally fraction
ally higher than yesterdays figures. The
announcement about the Barings was
thrown at the market Immediately, how
ever, and the good feeling disappeared in
stantly, and from prospectiva buyers the
whole room became sellers at the best
prices obiainable. The force of the de-
cline may be gathered from the fact that
in the short space OF an hour Lackawanna
had declined 9H, Mexican Central ~,
Atchison 5A. Pullman 5H. Canada South
ern 81, Burlington rs Rock Island 5N,
and others from 2 to s. The drop, how
ever, soon brought into the market class
OF buy ers who are paying outright for their
securities. and the current vas soon turned
by this support, when the bears joined in
buying to realize the profits accrued on the
tremendous drop. Early selling soon
developed the fact tnat there were large
selling orders in the market,
and the trading professional element
soon took the market away
from selling. 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 re-
serve. The growing strength of the banks
leaves no further feeling of apprehension
among Wall street houses, and the general
impression is that AZ soon as London be-
comes real quiet there will be no disturb
ing influences found here.
The rally which obtained in the last
hour extended to per cent. and over in
some OF the most pronounced cases, but
the upwardfmovement was insufficient to
regain anything like the losses incurred,
and an extremely feverish and unsettl ed
condition marked trading throughout.
The close was very active and strong for q
moment. There were very material losses
for the day in Lackawanna of 6s<, Jersey
Central S, Rock Island 4, Missouri Pacific
3ss, Atchison 8. Burlington 25<. siver GER
incaies 2. Northwestern ~. Govern
ments steady.
The bank statement shows . reserve In.
crease of 81. 1.7ll.000. The banks hold $780,
600 less than the requirements.