Connecticut western news., 1890-11-19
A GIGANTIC CRASH,
Barring Bros. & Co. Compelled to Ash Financial Aid.

Barring Bros. & Co. Compelled to Ask
 Financial Aid.
 NEW YORK, Nov. 17.-Financial circles are decidedly uneasy. Yesterday was Sun- day: but it is safe to say that there were few men with work-a-day interests in the financial, the speculative commercial or the mercantile community who could for get-even for a few brief hours-the start ling fact that Barring Bros & Co.,, the great London bankers and merchants, the largest and most famous house of it's kind in the world, with connections reaching out to every important city in the universe, had become embarrassed for the want of ready money in spite of their illimitable credit and had been obliged to accept the aid of a syndicate of enormous wealth, headed by the Bank of England and the Rothschilds.
 "What will be the effect of this calamity upon the financial and business situation of the United States"
 That was the question which was upper most in every mans mind. ''Will the people of the country understand that the Earrings have not really failed nor gone into liquidation, or will they put the worst construction on it and lose confidence in every financial or commercial concern be- cause a house which for century has been deemed impregnable has shown that it's directors are but men-weak and fallible?''
 The prominent bank presidents of New York city are, as 8 rule, not given to the discussion of the affairs of the respective corporations over which they preside, but yesterday the rule was more honored in the breach than the observance. The gen. eral tenor of their remarks was of the most favorable nature. The times were such that the bankers were perfectly will ing te give any information that might allay the feeling of disquiet that pervsdes the entire business and financial com munity. The chief points from which they extract comfort and extend hope for better things in the near future are the improved condition of the London market, made apparent in the statements that the united credit of Great Britain would be offered to sustain the credit of the house of Barring Bros. & Co.,; the favor able bank statement of Saturday. showing large increase in the reserve, and the ex- cellent condition of commercial credits, as shown by good collections, prompt settle ments of loans, and a falling off in the amount of discount offered to the various city banks.
 LONDON, Nov. 1.-The Barring Bros.' en- barrassment was due to the action of the Russian government, which alarmed by the financial troubles in the Argentine re- public during the summer, suddenly with drew from the Earrings a2, 500, ,OOO, just as it withdrew e1, 100000 from the Compton d d'Escompte in the spring of 1889, it's action at that time resulting in the suicide of the manager of that institutions and the col lapse of the copper rings. Except the rise in the bank rate to no trouble occurred, and the e2,5O0, 900 was quietly transferred to Berlin. After this things apparently regained their former smoothness.
 It is rumored that Russia's agent in Paris withdrew recently another e2, 800 ,OOO on rumor that Earrings had stopped pay ment. The latter's assets include 7,OOO,. 900 of the finest paper in the world. It is believed that three years will be ample time to bring the firms affairs to sub stantial position,