Show Baring Brothers Cos Trouble NEW YORK Nov HThe Evening Sun says The facts regarding the extraordinary extraordi-nary monetary situation which has prevailed pre-vailed in London the past ten days may bo summed up authoritatively as follows Owingto the extent of their operations on railroads and land in South liroads America the Barings have beemoto o less embarrassed ove aixr mo tb Last Thursday week Baringsatthe conclusion business decided de-cided it vas impossible for them to continue con-tinue Friday morning tho 7th inst they notified the directors of the Bank of Eng1 land who immediately convened and started st the whole financial world by raising rais-ing the rate of discount The proceeding was most unprecedented and called a halt in speculation at every money centre in the world The present week has been one of most painful suspense in banking circles and this feeling is reflected in a minor degree in New York There were only a few of the moro important houses having European connections that have been aware of the real nature of the uif ficulty in London The article goes on to say of the 11000 0 furnished the Barings the lOO1 England furnished 7000000 and other members of the relief party the remainder The Barings are allowed three years to readjust re-adjust their affairs All actual peril is now believed to be past In an interview this afternoon Thomas Baring said it was true that the Bank of England Rothchilds and other largo English banking houses had agreed to guarantee tho credit of Barings to the ex tout of 11000000 sterling Banker Seligman speaking of the condition I condi-tion of affairs in Wall street said he pre j sumed i within a reasonable time the market takes a favorable turn here and j 1 I abroad the Barings will take up their collateral and go on as always No one can say that this is the beginning of the I end of Barings for the simple reason that no one knows anything about it The Evening Post says Three months ago when Argentine securities first began to cripple the resources of houses floating Argentine securities an examination of the affairs of Barings showed a clear balances of 14000000 over and above all liabilities A shrinkage of 11000000 or say about fiftyfive millions of dollars in three months shows what a tremendous strain London finances haye been subjected sub-jected to The present resuscitation of tho value of these Argentine securities is good I is reported that a meeting of the bank presidents of NeW York is to be held between now and Monday morning to consider con-sider the financial situation and determine de-termine upon the policy of conservation if events should justify or necessitate joint interpretation in that direction I I |