Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-13
A PANICKY FEELING
In the European Money Markets With
Fears of Impending Trouble.
PORTUGAL SECURITIES GO DOWN.
Paris FinancierS Suffer the Most in the
Present Crisis.
LISBON BUSINESS AT A STANDSTIIIL
rBY pUNLAp's CABLE coMpANY.l

rBY DUNLAP's CABLE coMPANY.l
LONDON, May 12-The money markets of
Europe in general are undoubtedly in q
panicky condition, and that of London in
particular, has been in a fit of terror for the
last few days while rumors have been rife
OF the weakness of several houses, and one
OF big bank. The causes which have led
up to this condition of affairs are particu-
larly interesting at this time. To-day's news
from Paris, which is the chief sufferer by the
suspension in Portugal, created further
alarm. The London market, however, has
been q constant bear on Portuguese stocks
for several months past, and had it not been
for this fact these securities would have
fallen much more heavily than they have.
Paris is tho chief sufferer in the matter as
the Parisians have recently taken the finan-
cial troubles of Portugal upon their own
shoulders, with the most disastrous re-
suits. The keenest alarm has been created
among the holders of all international
stocks, and as heavy sales have resulted from
these growing fears, other markets have
been more or less adversely affected.
Loaded With Foreign Securities.
1t is generally recognized that one of the
main reasons for the depression in our
market has been the persistent selling
which has taken place from Paris. All
through the crisis in London last autumn, and
during the later weakness in Berlin, Paris
presented a bold front and bought stocks
freely, and this went on until quite recently.
1t did not matter who was the seller of
foreign securities, Paris was the buyer, and
the result Is the operators of that city are
loaded up with foreign Securities of all de-
scIiptiOns including even South American
issues.
The Bourse may be able to right itself
without going through any great disaster,
but it must be owned that the position
causes a great dealOf anxiety to all those
who are Interested m the securities of for
eign governments. Il is well known that
one or two large operators have had to be
assisted recently, and it is believed that
many more are carrying inconveniently
heavy loads of stocks. South American is
sues fell in sympathy with the general mar
ket to-day. 1t is now stated on good author
ity that the guaranteers Df Barring Bros. Will
have to pay at least 10 tS Is per cent of the
liabilities, which were 81, 100000.
At a Standstin in Lisbon.
\ dispatch from Lisbon says: Business is
at standstill in consequence of the financial
crisis. In an interview the Finance Minister
said, regarding the Portuguese loan, that al
though it has failed in PortusaI the whole
amount had been taken in Parts. Up TO this
time he had received 100, 900 francs, of which |
amount 5000 francs remained abroad TO pay |
the foreign holders of the floating debt. Be |
tween G5.0OGOO0 and fGO00,000 in English gold 4
and currency were at present looked up in |
Portugal. 1t would no doubt be better to have |
Portuguese gold and currency Instead of /
using English Sovereigns, but Portugal pos /
sessed no gold mines, and to expert gold |
from Brazil was not desirable. The Govern
ment would therefore be compelled to use 1
foreign gold and currency. 1t was intended, /
however, to issue silver coins superior in /
value to those now in circulation.
1t is true that the Government is passing
through 4 serious financial crisis, but hopes
are entertained that all difficulties will be
eventually overcome. 1t is reported that
the Bank of Portugal has authorized the IS
sue Of notes OF the face value of dollaB
and half dollars. 1