Show FINANCIAL SITUATION I 1 I 1 baring brothers and the argentia Argen tim I 1 I 1 I 1 republic THE OF theia THEM 1 argenti boms dooms threatened with hither failure ii Is lew tork lag B 1 nath nates the lh 1 I 1 mi FLO will STREET another bank closes iti ila doers to kill late a Re Rl tain clonin I 1 new YORK nov 17 it ia Is rumored on the street this evening that the manhattan bank had borrowed 1 I 1000 on a loan of certificates from the clearing house the officers of the bank would not talk on the subject and presided edt lappan of the clearing house hoase would not deny or affirm the minor rumor it was said by several brokers I 1 that the manhattan bank was in a P perfectly ar factly sound condition and the borrowed million wag was for the usa use of sever a al ot of the banks customers who had given gilt edge security lor for the fame panic this Thi evening the state superintendent N of banking preston said it in definitely decide that the north river bank will not resume the directors were unable to secure bec eec ure tie tl e required funda it was pretty well understood the res result a it made it necessary because 0 of I 1 the stand taken by two of the wall street banks which insisted that unless actual cash to the amount of deposits in to the bank was in possession of the bank to meet the deposits the bank should not be allowed to clear through the clearing house preston I 1 laid from closer examination of 1 the collaterals collate rals held by the bank aa as security for loans he hd had found there I 1 would la be a shrinkage in their actual acta I 1 value this lie believed would make 1 1 a nominal deficiency of about HOW BEDS 1103 LOST they wot brott broke on cathi the lid and engual I 1 boom speciale S P F service NEW bonx nov 17 A prominent inerd merchant hant from buenos ayres ay res who had bad very va ry rev recently u aly lett left there and tor for I 1 I 1 business rea reamona aona 0 O ng was very deeply interested in the trouble that has overtaken the great house of baring brothers said today to day baring bros were the great financial backers of the argentine and the trouble which I 1 baa line befallen them must react most disastrously upon the finances of that country in my opinion it means meane a complete collapse of the phenomenal enal acom which that country h has as been enjoying t so many years the Is facility cillay with which the argentine R republic Ke spa public c obtained foreign loans I 1 t through froug the aid of baring brothers fo fostered all minner manner of prodigious en an terp risea and caused the country to develop at a tremendously rapid rate I 1 doubt it any other country baa has gone ahead I 1 liko i ke ours it has produced a I 1 passion tor for speculation and bred an I 1 iol optimistic 0 spirit among the people which makes them impatient ol 01 anything like sober counsel oar our new capital la IA plata plate furnishes an exam example ale of this spirit it kasint born of necessity it was the product of national pride it was begun only a few years a ago go and Is now a beau beautiful city lighted gt d b by y electricity I 1 ornament ornamented ad with parks and containing all sill the modern improvements the c cour out try is proud of it it is regarded I 1 as the crowning growth of our pro progress eress east but the more sober minded among us have seen in it a co amongal ossa in monument to debt it was built with loaned money its marvellous marcellous marv ellous progress has been I 1 founded on borrowed capital we have contracted debts that will hang bang to our necks like millstones tor for a great man many years for these debts muot be paid or at least the interest on them I 1 the more conservative among ns 11 ba have va ceen seen for some time a day of reckoning must come and this disaster that has overtaken baring brothers will precipitate it I 1 dont cee see how wo we shall be able to continue conti oue to pay be the interest on our debt which amounts to not including the interest on the cost of railroads and other enterprises on which the government has haa guaranteed I 1 the interest it must be remembered that this interest hag has to be paid I 1 in gold while taxes are collected in currency which has tremendously depreciated in value and I 1 fear ear it haa a not struck bottom yet between th the e national and Provi provincial neW banks the I 1 I 1 10 bupt have t issued acm ething like OW in paper currency A corn comple pie a nn ila ancial collapse ie is I 1 i hink inevitable the earnings of the railroads rail roada have to RO go oat out of the country to pay foreign 1 1 stockholders and the country is practically t 11 mortgaged to foreign investors 1114 the hemor l ignoring boring government ot of is in the fame same fix baring brothers are also their financial back era ere I 1 know that baring brothers are interested in the central national bank of 0 I 1 uruguay and have something like twenty thousand shares on which they must have lost loat heavily these shares were above par some yeara years ago when they the bought them and now t they y are thing like sixty or seventy per cent below baring brothers have made two loans to the uruguayan government the first loan which war was made two years ago waa was for the second which was made fix six months ago was for 10 OD I 1 gaess guess that firm very vory much regrets making maki ng these I 1 loans losing now I 1 hae have spoken frankly eaid said the informant in conclusion 0 1 be causel depend en on you not to betray my identity in bunos A ayres res th the plain unvarnished troth truth T fi r regarded as rank treason |