The Providence news. (Providence [R.I.]) 1891-1906, 1898-08-03

English Mushroom MllIioualrss Who
.Went Broke" Before H00ley.

"Went Broke" Before n0oiey.
The sensational failure of a man who
not long ago was supposed to have
cleared a couple of millions sterling out
of single deal recalls to mind several
other similar colossal commercial cata-
strophes.
One OF the most dramatic. IL not ac-
tually one OF the largest so far as the
liabilities were concerned was that or
Baron Albert Grant of Emma Mine
notoriety. Grant was thes uncrowned
king of the financial world of his day
and generation. He made millions al
most as deftly as the late Barney Bar
nato, and he spent them right royalty.
He bought Leicester square and pre-
sented it, free gift, TO the people or
London. He gave a dinner TO nearly
thousand city magnates at a cost which
was popularity reputed at the time TO
have exceeded a hundred guineas
head, and which, in any event, un-
doubtedly established a record In ex-
travagant dinner giving which has YET
10 be beaten. And he started out -
build a palace In Kensington WINCH
should knock spots off" all other pri-
come. Everything way gotten up re-
gardless of expense. The ballroom walls
were inset with panels OF pink ltalian
| marble, costing 800 guineas piece. III
| the entrance hall were four pillars OF
| porphyry worth $4,000. The buiioins
| was scarcely finished when the crash
| came and IL remained for long Drlck-
| and mortar white elephant on the
| hands of the. trustees in bankruptcy.
l Eventually most of the interior nttings
| and decorations were disposed OF piece
| meal; the grand staircase. when nad
| cost to build some 100000, being ac-
4 ouired by the representatives OF the
late Nine. Tussaud for a trifie over a
| fourth OF that sum- 1t now forms the
main approach to the upper and prin-
4 cipal suite OF rooms of the new exhlpi-
tion buildings in the Marylebone road
OF colossal as distinguished from
sensational failures. none mas occa.
| stoned more widespread ruin than tnat
OF the great Understanding house OF
Overend, Gurney & Co. This TOOK place
| on Nav II. 1866, a day known ever az
terward throughout the mercantile
world by the significant appeliation OIL
BLACK Friday" The suspension was
announced at 10 o'clock IN tne Inornins
and at TO- 80 the Bank of England raised
its rate of discount TO 3 per cent AN
hour later the English Joint Stock Bank
| and its 20 branches closed their doors
Next was announced the faiiure OF
Messrs Peto q Belts. with liaDiiities
estimated at over G4,000,0O0. and by
| O'clock i'm the afternoon more than ~
| firms had gone under. including the I'M.
| perial Mercantile Credit association anc
| the Consolidated Discount company
with capitals of 45,000.000 and Sl,Ooo.
900. respectively. The panic was terri
BILE. and for months afterward there
occurred, from time to time. other grea
failures directly attributable TO tna
unparalleled financial cataciysm.
One of the most distressing features
| Of these commercial debacles Is tnat
Is largely the innocent who are invove'
and ruined. In thousands OF MONIES 20
| day women and children are sunerint
for the criminal recklessness Of .Jabe'
Balfour. The failure OF the City %
Glasgow Bank, again, caused wide
snread and acute distress among tn
unfortunate shareholders.
II Ia satisfactory to note that, whli
there have been several Englisn ran
| ures that have run into eight figuref
| we by no means hold record In 'oi
, BANKRUPTCIES" America has beaten
| several times within the last doze
) | of years or so; as has also France, o.
| Mt least two occasions. The woriu
rceord however, rests with Egyp
/ | whose late ruler. Ismail Pasha, faile
| In 1876. with personal debts exceedin
| fef 600. 900. No other single individus
) | has ever approached anywhere "Har I
this figure. Probably no one ever vii
4 Financiers and merchants are no longe
in these latter degenerate days so cor
fiding as they once were.-Lonoo
e Mail.