The sun., 1890-11-16

stock. did not count for much while the scare
was on. Declines Of 8 TO 8 p cent during the
first hour OF business brought in some large
buying orders for the account Of interests that
do not attach as much importance to fluctua-
tions OF = cent. as the average trader does to
an eighth. Buying Of this character, together
with q very favorable showing BY the Assoc-
ated Banks, turned tho market, and the rally
continued to the close.
Upon reflection after the close OF business,
tho street camo to tho conclusion that 1t was
worth something to know tho exact size Of the
heaviest weight which has been depressing all
OF the security markets OF the world. 1t 10 I'm.
possible to mako light OF 20 serious matter
as the liquidation Of the second largest COM
mercinl house in the world; still. there is
reason for concentration that other In
forests aro powerful enough to prevent
forced liquidation \ By giving tho I'M
fortunate firm nil the assistance necessary
TO a gradual adjustment OF Its vast affairs.
The creditors OF Messrs. Barring Brothers
4 Co. are now guaranteed against loss by tho
Bank OF England and the leading private
banking houses Of Europe. namely, Messrs.
Glyn. Mills 4 Co.. the Rothschilds. Messrs.
J. &. Morgan 4 Co.. G.. J. Hambro. Morton,
Rose 4 Co.. and tho Raphaels.. These con.
corns have subscribed to a guarantee fund ag-
Rregnting s65,000,000. OF which 1t is probable
that only small proportion will actually have
to be paid into the embarrassed firm on securi-
ty Of Its assets. but the underwriters hold
themselves in readiness to supply their pro
rata share OF that amount from time TO time rs
funds may I've needed pending liquidation TO
meet the obligations Of the Barings. We do
not understand that 1t is the intention Of that
firm to retire from business. though Il will
probably mako no new engagements OF i'm
portance until it has worked out Of its ArRen-
tine and other securities. which are now un-
marketable.
Tho shock OF to-day's news caused some
people in Wall street to loso their heads. for
We hear Of certain extraordinary demands for
margins on loans in few cases It rests
largely with those who have loanable funds to
limit tho effect in this market OF the events
that have taken place abroad. Tho embar-
rnssment OF the Barings does not mean that a
largo amount OF our railway securi-
ties are 10 be thrown upon this mar
ket BY foreign holders Foreign in
vestors and epeculators who have been
appreEensive OF what has occurred. sold their
securities long ago. Thoy may buy them
back. but until they do 80 they cannot
sell them second timc. The philosophical
view OF the matter is that, having confessed
their embarrassment. Messrs. Barring Brothers
4 Co. cannot disturb the markets OF the world
W AcpenliuE that cohlcSsAou. 1uS shihc
Is done and no one can .s suffer & q od5 iossss
capital IN the hands q people WHO
she sc Of
The Wall street view should be; and after
s eysn a bssn S
widespread sentimental effect must be ex-
pected. but owing to swift communication be;
the irankness which has been displayed By
those most interested in this misfortune, that
be denied that Wall street has accepted its re-
We have taken % Back large Of Gn our rail:
way securities. which London has been COM
ta 9 hsw to se hsF me nsd wa
Of is own s Which were not The ~" result. ., % gem
North American flasco, co ior % Instance. % was not 1
brought a about by tho hsonditons Of railway
sstency that ha1e never failed 10
produce disaster. And right here it may be
esa e1s'd fasc the sooF and in The h Soh
fhe isst named closed only ) cent
Jed the list in point Of activity. closed little
that and LAS baea
LARGELY sd cprS1d Than other
ception OF ST. Paul common. recovered all OF
@ seriously y the days oEerstion!s: TIE SHARP:
their jadsmsnt had very little TO do with their
resyns the aG rressure @ tSas hsas Weighed tho
Ws street now nov that the tension % at that eensTe
has been en- re,axed by the q 's dis
securities in the near futqie. Tho liquidation
by domestic investors and speculators has: we
A. sna IT,, 49, sSssiiS%s WORTHY
ihe readjnstment; which has be IN going on
from an assumed three and four ror cent
money mHrke, few yenrs ego to an actual stx
completed. Money is deareI the world over he
the a.. for It hHs increased more
effort has been mado TO comply with that CON
ditiop BY . partial remoHetzation q silver.
long by an increase of about ten per cent
n our n nationsi hHnk s mo note , Sirculaiion and
10 eompes S BEEN e
IT, Steps ne dtsGton be called
and hat The bpned p sass has IS
tnken the initistiye in supplying the wants OF
dsaiins Wiz the issusand thsreby rotaTl @ r tSsirr
de- in n
to place GO very large % percentage Of our railway
eomnT es Ths
proFtess in that direction. = M In the mean time
commercial communities and not because an
shoa C5 Mondsy sapp
themselves with . sufficient AMOUNT, Of
balances with ono another IN order to
place thei, cash at The disposal q their Gus:
the day CAMP wi,hissoh sudden ness said force
| to SO pnnY bnsihess, peohle that tho banks
opinion IN euoh an ,endeavor to restore conf:
dence. BESIDES such action would dispose Of
the assumption that certificates are only
issued to weak institutions.
The statement OF tho Associated Banks is
sued to-day shows large liquidation Of loans.
which is accurately reflected In smaller depos-
crease in lawful money, has enabled tho banks
TO recover the greater part Of last weeks deficit
columns Of The SUI VIII be found al that can
while as to the details OF this mornings brief
but excited and erratic market, reference mutt
be had to the statistics which accompany this
report.