Telegram-herald., 1890-11-16
a OAv.sE OaAAl.
Bsring BFos., TIE Noted Bankers,
Narrowly Escape Rala.
The Baak o. Englaad ann ire hoths-
ehii1s Gene 10 Tasir Aias
AseFsink FaIl4ra-
IIAnilIrlss O. 81 eea Goa

SEs lsRE. Aey. a. Private cables
received before T. opening 81 tts
St0ck Excaaage announcing the
Troubles q Barring Brothers. @nd stat
iug thz: tae bsnk u Eng .nd. koths-
ehil5s zud ether bankers had taken
up accounts q Barring Brothers
amounting % laooo 90 created
= profound sensation. Conferences of
brokers' we're AZ oaeS held. and IL VAS
decided 70 have brokers il every stock
th.t could be handled % bid an advanced
price - The opening. 50 as 70 avert =
sudden shock As = result prices for
neaFl al the native stocks opened = 70
: percent above Friday Right'seiose the
sxtreme gain being m4de by Northern
Paclde preferred Then the liquidation
of wesk accounts set IN IN full force,
and prices gave way rapidly IN all di-
reetioas. Atchison fell ? per cent,
Sugar 2t1. Lsckawanna 2, New En-
gland X. Western Union ~ and Big
Four 2 y PER cent in the frat fifteen
minutes
Atlla.m. asemi-pauie prevailed, prices
gave way IN every direction and brokers
were dismsyed At the prospect. Lack
awanna, the f&yorite investment stock.
led In the downward rush, with do
,lins OF 9 per cent from 1924 10 1854.
Atehison sold down 10 "a, Rock Island
70 63i< and Sugar to 80, the low
! eat prices on record for those stocks
/ Can ada Southern and other regular div
Idend payers were thrown over as we'll
as the speculative stocks, Canada South
srn dropping TO 43.
A London special says: The guaran-
Zee fund 10 Barring Brothers & Company
5 stated 20 amount 10 so 000, 900. The
various financial, banking and discount
houses guaranteeing the accounts
state that the crisis is over and the fail
ure of the firm has been ayerted.
Kidder. Peabody s. Co, who are tho
agents here OF Barring Brothers & Co.,
London, say they have private advices
/ from London that whatever trou BILE
| there may have been there is complete
/ ly arranged. The trouble was doubtless
caused entirely by the depression in
Argentine securities Our house is in
no wise affected.
Another cablegram says: Barring
Bros acceptances due to-day and Mon
day are guaranteed by fnanciers and
/ the Rank of England. The total liza
bilities are estimated at els, 900. o0o
The estate on adeprecisted value shows
surplus of 81 900, 600. The firm has
not failed, but protracted liquidation
will follow.
Tho Bank OF England has advanced
$1,000. .ooO and other bankers have ad-
vanced "a, 600, coo 10 help the firm. The
conditions are that all assets for three
years shall go TO the Bank of England
and the other houses advancing the
money.
"Owing to tho extent OF their opera.
tions in railroad land in South America
the Messrs. Barring have been more OF
less embarrassed for over six months. II
was not thought that their trouble
was serious owing to the reputa-
ton of the firm in respect
to its resources and in rcspec,
to nearly century of the most success
full conduct of the banking business up.
on high and honorable basis, which
had given the house worldwide repu-
tation equal almost to that of the Bank
OF England itself. On last Thursday
week the Messrs Barring, at tho conclu,
sion of business, decided that it was
impossible for them to continue. On
Friday morning, the 7th inst, they SC
notified the directors of the Bank ot
England, who Immediately convened
and. as will be recalled, startled the
whole financial world by raising the
rate. The proceeding was almost unpre
cedented and called a halt in specu
lation at every money center in the
world. The embarrassment of tho firm
was kept QUOT pending investigation
and resulted in the directors Of tho
Bank OF England holding a meeting, a