The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-07-16

them right royalty. He bought Leicester
square, and presented It, a free gift, to
the people of London. He gave a dinner
to nearly a thousand city magnates, at
cost which was poplarly reputed at the
time to have exceeded a hundred guineas
a head; and which, in any event, un-
doubtedly established a record in extrav-
agant dinner-giving which has YET to be
beaten. And he started out TO build n
palace in Kensington which should
knocks spots off" all other private res
licences, past, present or to come. Every
thing was gotten up regardless of ex-
pense. The ball room walls were inset
with panels of pink Italian marble cost
ing 800 guineas apiece In the entrance
hall were four pillars OF porphyry worth
$4,000. The building was scarcely finish
ed when the crash came, and it remained
for long brck-and-mortar white ele-
plant on the hands 90 the trustees in
bankruptcy. Eventually most of the in
terror fittings and decorations were dis
posed of piecemeal; the grand staircase,
which had cost TO build some 100000. be-
ing acquired by the representatives of the
late Nine. Tussaud for a trife over a
fourth of that sum. Ii now forms the
main approach to the upper and principal
suite of rooms of the new exhibition
buildings in the MarylebOne road.
OF colossal as distinguished from SEN
sational failures, none has accustomed
more widespread ruin than that of the
great Understanding house of Overend
Quincy e Co. This took place on May
II, 1866, a day known ever afterward
throughout the mercantile world by the
significant appellaton of BLACK Friday"
The suspension was announced at 10 in
the morning, and at half-past the Bank Of
England raised its rate of discount to Q
per cent. An hour later the English
Joint Stock Bank and its thirty branches
closed their doors. Next was announced
the failure of Messrs. Peto & Belts, with
liabilities estimated at over 100000; and
by o'clock In the afternoon more than
forty firms had gone under, including the
Imperial Mercantile Credit Association
and the Consolidated Discount Company.
with capitals of f5,O000C0 and $1,000. CO.,
respectively. The panic was terrible, and
for months afterward there occurred, from
time to time, other great failures direct
ly attributable to that unparalleled finan-
cial cataclyem.
One of the most distressing features Of
these commercial debacles is that il is
largely the innocent who are involved and
ruined. In thousands of homes to-day
women and children are suffering for the
criminal recklessness Of Jabez Balfour
The failure Of the City Of Glasgow Bank
again, caused widespread and acute dis
tress among the unfortunate sharehold-
ers.
II is satisfactory TO note that, while
there have been several English failures
that have run into eight figures, we say
no means hold a record in "big bank
ruptcies" America has beaten us sew
eral times within the last dozen years or
so; as has also France, on at least Two
occasions. The worlds record. however,
rests with Egypt whose late ruler, Is
mail Paena failed in 1875. with personal
debts exceeding f9l, 10000. No other sin
gle Individual has ever approached any
where near to this figure. Probably no
one ever will Financiers and merchants
are no longer in these latter degenerate
DAYS, so conhding as they once were.