| Show THE MONEY MARKET London Barely Escapes a Financ I cial Crisis BAKING BROTHERS COMPANY Are Sorely Pressed but are Saved by the Bank of England and the Eostkchlids The Effect In New york NEW YOIIK Nov 15 The stock market today during the two hours of its session was tho liveliest brokers brok-ers have had since the great slump December 15S6 and for the space of an hour or more there existed a perfect panic among holders of securities especially rail road stocks and the declines established L during that time were greater than ever bej fore seen in tho same time The only cause iI I for the excitement was the announcement from London that the great firm of Baring i Brothers had been forced to seek assistance iI I to tide them over the present financial I crisis and holders of stocks became panic stricken over the news without reflecting that the danger had already passed when 1 the Bank of England and Rothschilds came to the rescue Early advices from I London were reassuring and the crisis was represented as over and a continuing improvement im-provement began First prices were gen orally fractionally higher than yesterdays figures The announcement aboutBarings was thrown at the market immediately however and the good feeling disappeared msianuy ana irom prospective buyers tno whole room became sellers at the best prices obtainable The force of tha decline may be gathered from the fact that in the short space of an hour Lackawanna had dropped away 93s Jersey Central 7M Atchison At-chison 59i Pullman 5J < f Canada Southern G J Burlington 73 Rock Island 7U and ik otners from 2 to 5 per cent The drop however soon brought into the market class of buyers who arepaying outright for their securities and the current was soon turned by this support when the bears joined in the buying to realize the profits accrued upon the tremendous drop Early Eary selling soon developed the fact that they were at last giving orders in the mar ket ana the trading of the pro fessional element soon took away from the sellers and innumerable stop orders were quickly uncovered rendering the stampede more serious every minute After the downward movement was checked the bank statement was issued showing a material cain in the surplus reserve and growing strength in the banks There is no further feeling of ap prehension among Wall street houses and the great impression is that as soon as London becomes really quiet there will be no disturbing influence found here The rally obtained m the last hour ex tended to 4 per cent and over in somo of the most pronounced cases but the upward movement was notsuflicent to make up any thing like losses incurred and an extremely feverish unsettled condition marked the tra ding throughout The close was very active I and strong with material losses for Dele waro Lackawanna which is 4 Jersey Jer-sey Central 5 Rock Island 4 Missouri I Pacific 3 Atchison 3 Burlington 2 > < Silver certificates 2 Nothwestern 1j Governments steady petroleum dull December closing 7131 1045 a mStoclts opened active and excited ex-cited Northern Pacific is up 2 but on rumors of financial trouble in London prices declined The market is now active excited and weak Atchison is 4X down since last night A scene of the wild excitement and posi tire panic existed in all portions of the list Stocks were thrown over in the most reck less manner and losses in the first hour exceeded ex-ceeded anything seen since the present decline de-cline began everyone trying to sell out holdings without regard to loss or gain I The dealings were simply enormous and I the rapidity with which quotations melted I away was something unprecedented there being no halt in downward movement move-ment before tho end of the hour Lacka wanna dropped S to 121K > Jersey Central 6 Northwestern 4 Rock island 4 Pullman 53 Atchison 5 > 6 most other active stocks 2 to 4 Villards were best held and showed less excitement but the recent heavy shrinkage in these stocks left less room for further losses The downward movement was finally stayed however and atllJO a better tone prevails with improvement in prices Various financial banking and discount houses guaranteeing accounts state that the crisis i over and a failure has been averted Kidder Peabody Co agents here for Baring Bros Co London say they have private advices from London that the trouble has been completely arranged The trouble was doubtess caused by the depression de-pression in Argentine securities Their House is in nowise affected At 1 a semipanic prevaled but gave way and brokers were dismayed at the prospect Lackawanna lead the downward rush with a decline of 9 per cent from 132J to 12331 Atchison sold down to 24 Room Island to G1J and sugar to 50 the lowest prices on record for those stocks Canada Southern and other regular divi dead payers were thrown over as well as speculative stocks Canada Southern drop ping to 43 After 11 15 there was a rally caused by the following cable from London The guarantee fund to Baring Bros Co is stated to amount to 10000 sterling |
