Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1890-11-15
PANIC \!
GREAT EXCITEMENT ON The new
YORK STOCK MARKET.
PRICES OF BEST STOCKS CO.
DOWN WITH A RUSH.
SOME RECOvERlES ARE MADE.
BUT LOSSES ARE HEAVY.

NEW ioRk. >ov. lJ.--privatc cables
received before the opening of the stock
exchange annuuncin" the troubles of the
Barring Brothers and stating that the
Bank OF England, Ruthschilds and other
bankers had taken up the accounts OF
Barring Brothers amounting 20 S75, 900, :
600, created a profound sensation. A
conference OF brokers was at once had
and it was decided to have brokers in cv-
cry stock that could he handled to bid
advanced prices at the opening so as to
avoid sudden shock.
As a result prices Tor nearly all the ac.
tive stocks opened ie to . per cent. al owe
last nights close, the extreme gain being
madeby Northern Pacific preferred. Then
liquidation OF the weeks accounts set in
in full force and prices gave way rapidly
IN all directions.
Wild excitement prevailed, stocks being
thrown over in a most reckless manner
and losses in the first hour of trading en-
ccdcd anything seen since the present de-
cline began. The dealings were simply
enormous and the rapidity with which
the quotations melted away was some
thing unprecedented, there being no halt
in the downward movement.
At 1 a. m. a panic prevailed. Prices
gave way in every direction and brokers
were dismayed at the prospect.
Lackawanna, the iavorite investment
stock. led in the downward rush with de.
cline OF pc. cent. Atchison went down
to -; Rock Island to 63i2, and sugar to
80, the lowest prices on record for those
stocks. Canada Southern and other reg.
ular dividend PAYERS were thrown over
as well as were the speculative stocks.
After ll;l5 there was a rally caused
by the following cable from London:
"a guarantee fund To Barring Bros. e. |
Co., stated to amount to S50OO0. 900. |
has been made, by various financial, |
banking and discount houses, guarantee
ing their accounts. The crisis is over |
and the failure OF the firm has been aver |
ted"
Vcddcr, Peabody & Co., who are
agents here of Barring Bros. " Co., Lon
don, say they have private adviccs from
London that whatever trouble there
may have been there has been completely |
aycrtcd. The trouble was doubtless
caused entirely by the depression in Ar.
gentine securities and the branch house
here in New York is in nowise affected.
At ll.3O Il better feeling prevailed and
the market WAS stronger. The London
market was con parativcly quiet, the
feeling being that the crisis wasover and
where any change occurred from ycster-
day.
NooN-Moncy has been easy with no
loans, but those offered at D and q per.
cent. The market after II O'Clock was
influenced for the better by dispatches
firm London which placed a somewhat
better face upon the troubles there
and prices in this market went but
little further in the downward
direction. The recovery which followed
was very irregular but amounted to as
much as four in Lackawanna, while many
stocks were again brought up to near the
opening figures. The close was still very
active, but with less excitement and un-
settled at material losses for the day.
At RosToN.
BosroN, Nov. l5.-kiddcr. Peabody &
Co., said to-day that there need bc no
anxiety on the part OF creditors of the
London firm OF Barring Brothers as their
assets exceed their liabilities by as much |
probably, as 100000, 900. They are
carrying the Argentine Rcpub.
lie loan and taking back holdings OF those
customers to whom they had
sold any part thereof
IN LONDON.
LONDON. Nov. 15.-The Times, reierr-
ing to the financial situation says;
"Thc city has passed through crisis
NCIpUH Upph ~ l''"'N' '""" " ''~ '""
not been known since the suspension of
Ovcrcnd,G C urny 4 Co. We rejoice that |
we are able to announce that the worst |
is over. The Dank OF England has added |
to its historic services to the state and |
the commercial community by its
action IN avtrting what |
would have been lamcntablc
catastrophe. The administration of the
bank has not only provided vast REIN
to its stock oi gold to meet !
exceptional demands in the event of a |
panic, but also stepped out of the ordi-
nary routine of business to prevent the
downfall of one of the greatest and most |
respected English financial houses, which
has for some days been in peril which
II it had fallen would probably have
brought down in widespread ruin large |
number OF small but important firms"
weekly Cotton Report.
New YORK, Nov. 10 The total visible
supply OF cotton for the world is 2,623,-
O2D bales, of which 2,12i,229 is Amcri-
can against 1884, l73 and 2,030,373 re-
spcctiycly last year. Receipts Of cotton
his week at all interior towns, 216,571;
receipts at plantations, 313,604; crop in
sight, 3,20t,05i.
Two More Democrats.
DETROIT. Nov. 1G.-Thc struggle in the
,.,,L,h IA ,,d ,;,,b conversational dist rict y