The Financial Panic

Feilding Star, Volume XII, Issue 67, 22 November 1890, Page 2

The Financial Panic

I PEE UNITED PREBS ASSOCIATION. I ...'•". London, November 19. The London money market i» further depressed. The Bank of \ Australasia, the Union Bank of Australia, \ and Anthony Gibbs and Company are parties toBarings' guarantee. Stocks are at present unsaleable. Another considerable bankinghoriee is reported to be in a critical condition. The Stock Exchange rallied -yesterday afternoon, and the p^nic is- abating. ■<■:■'■■■■■> ;--■•' :.'.:■..:-■ It is reported that Lord Eoseberry, backed by a strong committee, will undertake the task of readjusting thefinances of tbe Argentine Republic.. The Eothschildß are willing to accept the agency, provided they aregiven control of tke Government. . November 21. The Governor of the Bank of "P-nglan^' assured a meeting of bankers to-day that there was nothing to justify a panic.. The Bank, he said, was in a strong position, and would freely support the credit of bankers. The latter are now re-assured-. Strenuous efforts are being made to reform Baring Bros., and tbey will pro* bably succeed Mr T. 0. Bating wiii .put in a million, of fresh oapitaL It is understood that Lord Northbrook*. head of the Baring family, will re-enter the firm. Washington, November 21. Barkers Bros, of Philadelphia, bankers, haye failed for £1,000,000.