Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-12-29
London and Globe Finance CorpOr-
alton Suspends Payment,
THIRTEEN HOUSES FAILED.
British Ambassador at Paris f. Head
Of the Concern-Indignatio az His
Partner, Mr.. Wright

London, Dec. 29.-The London and
Globe Finance Corporation. Limited.
has suspended payment, When the
brokers yesterday delivered stock pur-
chased on account OF the London and
Globe and asked for payment, they re-
ceiyed checks which were dishonored
This was followed today by the failure
on the stock exchange OF twelve firms,
as follows: Haggard, Hale & Pixley,
earle a. Driver Douglas. Jr, & Co,
Cornfoot Bros, f. A, Cohen, Blockey &
Buckingham, Gum & Aubrey Rich
ards & Sloper, Baker & Smith, +. c.
Watts & Co.. Flower g. Co.. and f,
Boully & Co.
The first named is a big firm with
important connections. II Is feared
number Of smaller jobbers will be af-
fected.
While the difficulties OF the firms
closely connected with the London and
Globe division were largely discounted,
the repeated fall Of the hammer this
morning caused great sensation. II
IS feared full list OF failures is not
yet known.
Almost the whole interest on the
stock exchange today Centered in the
West Australian market, the condition
OF which sympathtcally affected the
others. All the shares OF the London
and Globe group toppled. especially
Lakeviews and lie Roi No. 2. The
shares OF the latter were yesterday
quoted at %, but today are unstable
al 4. London and Globe Is also heavily
involved In the British Columbian mar
ket The situation 10 not yet cleared
up, as the rumors Of arrangements to
assist the London and Globe are not
credited In well informed circles. There
Is the greatest Indignation against Mr..
Whitaker Wright who Is the fountain
head Of the concern, and others Of the
London and Globe group, There has
been somewhat OF recovery In Lake
Views since last evening.
The chairman Of the London & Globe
Finace Corporation Limited, IL the
marquis OF Dufferin and Ava, the form
er governor general Of Canada and
British ambassador at Paris. The fail
ure OF the concern OF which he Is the
head adds one more sorrow 10 the
closing chapter Of his life, for he IL to-
day preparing to start for South Africa,
in company with Lady Dufferin, In con-
tANANhNN " AuN 0filVuo ANlAAAAAhu VI MS
son, Lord Frederick Temple Biackwood.
lieutenant In the ninth lancers, who was
wounded Monday at Glentontein 1t is
scarcely year ago since Lord Dufferin
lost his eldest son, the earl OF Ava, who
died at Ladysmith. He Is now encom-
passed by family grief, TO which are
added these serious financial troubles.
Lord Dufferins fellow directors are
AIkNgalrar NNVfuht NH l..
In connection with many companies;
lieut.. Gen. The Hon. Somerset Cough
Cahhorpe, who has been colonel in chief
OF the fifth dragon guards since 1892,
and Lord Pelham-Cllnton. master Of the
Queens household and a son Of the
former duke OF Newcastle. Lord Duffer-
in holds 5000 shares OF the London &
Globe, and 10000 British-Americas.
The thirteenth failure Of stockbrok-
ers was announced before the close OF
the exchange. II was that OF Bartho-
lomew and Jacks. The fact that
crisis has been reached In the specula-
tons OF the Whitaker Wright group of |
mines and that the worst was known
occasioned a feeling OF relief. after the !
strain OF anticipation While the min !
ing market continued depressed, the |
other departments recovered early.
The failures TODAY involve twenty !
eight members OF the stock exchange, !
and are equally divided among jobbers |
and brokers. II is generally regarded |
In the mining market as being the |
blacklist day since the Barring smash |
which was disastrous TO all depart |
ments Today's crisis. however did not |
extend to the other markets, though |
a number Of them closed depressed |
Americans were incidentally affected. !
owing 10 some Of the firms which failed
being interested In American securities.
The London & Globe is said to be |
largely interested in the Baker Street.
Waterloo Electric railroad, and the
oIe ~ partially attributed 10 the
money II has tied up In that road.
According TO last nights dispatches
from London, some trouble was dis
closed on the stock exchange yesterday
In the West Australian market, result
l.. d a