Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-16
Pessimistic Sentiment in London
Over General Buffers Defeat.
PANIC ON STOCK EXCHANGE
Special Meeting of Cabinet Call.
ed to Consider Crisis.
COMMENTS OF THE PRESS

LONDON. December 1G-As might have
been expected. the desperate state Of the
British arms in South Africa as revealed
by the defeat of General Butler at Tugela
river, where. at one stroke, he lost treble
the number of guns Wellington left I'm the
hands of Napoleon during the six wears
lighting in the peninsula, while adding to
the determination of the authorities to send
every available man to the front caused
something in the nature Of a mnmentary
panic among the public.
1t is long since the tone of the news
papers and the comment In the clubs and
other resorts has been so chastened and
pessimistic. Some of the comments go SO
far as TO say the crisis is so far-reaching
that Great Britain stands where she stood
over a century back. when the American
colonists, men Of British and Dutch blood.
were in arms"
\ hastily summoned meeting of the cabi-
net was held at the foreign office this after
noon for the purpose of dealing with the
war crisis
Panic on Stock Exchange
The news Of the defeat of Gen. Butler at
Tugcla river caused a momentary manic ON
the stock exchange here today. where there
was intense excitement in all departments
Immediately after the opening iobhars
started realizing. and all prices opened from
one to six points below the closing prices
OF yesterday. consols being down IL. Rand
mines were heavily affected. starting at 3g
as against yesterday evenings closing price
OF ~. Debeers opened at 2SJ2. as against
q; Charte-eds at 3. as against 3ia. and gold
helds at 5fs. as against SIG. Americans
were very fiat ami were freely offered by
LEGAL and continental holders at prices
which they found difficulty in obtaining.
Foreigners moved in sympathy with the
other securities. Partisan stocks however,
held their own comparatively well
After the first rush the market steadied
somewhat; still spectators were reluctant
to engage in fresh commitments. contininl-
themselves to the closing Of open accounts
The market views of the situation are
of the most serious character, both politi-
cally and monetarily. the latter mainly he
cause fresh defeat OF the British troops
viii delay longer the supply Of South AZ
rican gold.
Two unimportant failures were announced
early in the day.
Flag Presented to the Maine
The West India docks were gay this af-
ternoon with about 5000 prominent people
present including number of royal per-
sonages, on the occasion of the presenta-
ton of the queens flag to the American
hospital ship Maine. The Duke of Con-
naught, surrounded by the ladies' of the
committee, on the poopdeck, presented the
flag to Lady Randolph Churchill. He said
that in the name of the queen he thanked
the American men and We men here and on
the other sile" who had so nobly contrib
uted to help the English sick and wound
ed" The duke also referred to the unique
occasion OF a ship sailing under the Union
Jack and the Stars and Stripes" as evidence
OF affection existing between the two coun-
tries.
Lady Randolph Churchill replied. thank
irg the queen and the Duke of Connaught.
The bishop Of Islington blessed The ship
and the flag was hoisted by the duke. After
several unsuccessful tugs he broke out the
stops and IN immense union jack with a
red cross in ITS center, few out in the sun
shine. The Star Spangied Banner and
God Save the Queen were played by the
Scots Guard Band. The crowds cheered
and fhe dockers clustered along the river
banks Joined in applause. Lady Randolph
called for three cheers for the Duke OF
Connaught, which were given heartily
The royal party included the Duchess of
Connaught and Princess Louise OF Lorne.
They drove away after having inspected the
Maine, which is expected to sail for South
Africa in about week.
Rumor About Irish Troops Denied.
In addition to the denial from Waterford,
cabled yesterday 10 the Associated Press,
the commanding officer of the LIST Battalion
of the Royal Irish Regiment at Aldershot
has telegraphed to the Associated Press
saying that there is absolutely no truth I'm
the statement cabled to the United States
that the reserves of the battalion cheered
for President Kruger and threw their rifles
and accouterments into the river when
leaving Waterford on their way to South
Africa He adds:
The Royal Irish reservists arrived here
complete as dispatched from Clonmel.
There were deficiencies in either men,
arms or accouterments."