New-York tribune., 1900-12-30
LONDON BUBBLE BURSTS
FAILURE OF ONE CONCERN INVOLVES
THIRTEEN LESSER SAIAsHEs
LONDON AND GLOBE FINANCE CORPORA
TON GOES DowN-woRsT DAY SINCE
THE Barring COLLAPSE

THE Barring COLLAPSE.
London. Dec. 29.-The London and Globe FL
nance Corporation. Limited. has susnendoa =.
-8ent When the brokers yesterdav SoI,,.ses, 20 !,
stock purchased on account of the T.oo,so1
and Globe and asked for pavman+ tt,o.-
received checks which were dishonorad TIT
was followed this morning by the failure on the
stock Exchange Of twelve firms a. q,
lows: Haggard. Hale & Pixley. earle & Dri9er
DOUGLAS. Jr, & Co. Cornfoot Brothers. r A
cohen, Blockey & buckingham, Gum & Aubrey
Richards & Sloper Baker & Smith. F. c. Watts
& Co. Flower & Co, and F. Boully & Co. The
first named is a big firm with important con-
nectons.
The thirteenth failure OF stock brokers was
announced before the close OF the Exchange II
vas that Of Bartholomew & Jacks.
The fact that crisis had been reached in the
speculations Of the Whitaker Wright group NJ
mines and that the worst was known occssionea
afeeling Of relief after the strain of anticipation
While the mining market continued depressed.
other departments quickly recovered from the
excitement.
While the difficulties OF the firms closely con-
nected with the London and Globe division were
largely discounted, the repeated fall Of the ham
mer this morning caused a great sensation
Almost the whole interest on the Stock Ex-
change to-day was centred in the West Aus
tralan market, the condition OF which SYM
pathetically affected the others All the shares
Of the London and Globe group toppled. espe-
ciaIly Lake Views and lie Roi No 2 The shares
Of the latter were yesterday quoted at %. but
to-day they were unstable at f. The London
and Globe is also heavily involved in the Brit
ish Columbian market. The situation is not vet
cleared up, as the rumors Of arrangements to
assist the London and Globe are not credited in
well informed circles. There is the greatest in
6ignation against Whitaker Wright who is the
fountain head Of the concern, and others Of the
London and Globe group. There has been some
what OF q recovery in Lake Views since yester-
Gay evening.
The chairman Of the London and Globe FL
nance Corporation. Limited, is the Marquis OF
Dufferin and Ava the former Governor General
Of Canada and British Ambassador at Paris
The failure OF the concern Of which he is the
head adds one more sorrow TO the closing chap
Ter of his life for he is to-day preparing 70 start
for South Africa, in company with Lady Duff
fsrn, in consequence Of the serious condition Of
his son, Lord Frederick Temple Blackwood the
lieutenant IN the 9th Lancers who was wounded
Monday at Glenfontein- 1t is scarcely a year
since Lord Dufferin lost his eldest SON. the
Earl CT Ava, who oieo from wound at Lady
smith. be is now encompassed by family grief
and his honored name is dragged in the inan-
cial mire.
Lord Dufferin's fellow directors are Whitaker
Wright. who is well known in connection with
many companies: Northumberland the Hon.
Somerset J. JGough-C -Calthorpe, who has been Colo
nel-in-Chief Of the 9th Dragon Guards since
1892 ard Lord Pelham-C Clinton, Master of the
Queens Household. and a son of the former
Duke OF Newcastle. Lord Dufferin holds 5000
shares Of the London and Globe and 10000 Brit
ish Americas
The failures to-day involve twenty-eight mem
bers Of the Stock Exchange, and are equally
divided among jobbers and brokers. II is gen.
orally regarded in the mining market being
The blackest day since the Barring smash, which
disastrous 10 all departments. To-day's
crisis, however, did not extend 20 the other
markets. though most Of them closed depressed.
Americans were incidentally affected owing TO,
some Of the firms which failed being interested
The London and Globe is said to be largely
interested IN the Baker Street Waterloo Electric
Railroad, and the trouble is partially ettributed
10 the money il has tied up in that road.
Many Of the shares Of the West Australian and
other groups were absolutely unstable to-day.
Since Thursday Lake Views have lost 51z- The
British America Corporation shares were quoted
Thursday al 13s Sd. To-day they were los,
after being S.. London and Globe shares fell
from 14s. TO 6s. Cd They are now 9s. Sd.
Although there is some nervousness in regard
70 speculative shares generally, lest the public
should become alarmed, II is thought that prob
ably the worst is known.
The London and Globe, in one Of the sub
salaries Of which, namely Lake View, all the
trouble originated, is highly speculative fnanc-
ing company which has met with much adverse
criticism during the last few years
The local stock market opened weak yesterday
On the news Of tho London failures, but quickly
covered strength Prominent hnanciers took the
view that the trouble in London would have little
adverse influence upon the New-York market. The
situation in Germany, IN their opinion much
more serious than the English financial crisis,
which was really q localized trOuble but conditions
in Germany showed decided Improvement as com
pared with the state OF affairs there a fortnight
ago. A member Of the banking house Of Laden
burg. TshaIrnann Co., said yesterday. as quoted:
The London firms which have Just failed were all
concerned in West Australia mining shares, ana
the failures therefore be regardec as entirely
local and as unlikely 10 have any influence what
ever the market here None of the hr1ns were
very substantial although Haggard, Hale & PIX
ley was at one time quite an important concern
but not recently.
A member OF the firm Of Flower & CO. explained
that that house had no connection whatever with
the London stock brokerage firm OF Flower Co
which carried down IN the London and GLOBE
Finance CORPORATION disaster.