Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-12-30
THIRTEEN FIRMS
Fail IN London.
THE SUSPENSION OF THE LONDON
AND GLOBE FINANCE COR
PORATIONS,
FOLLOWED BY TWELVE OTHERS.
THE HEAD OF THE BIG CONCERN
MARQUIS DUFFERIN
row to the Closing Chapter of His
Life-Many Big Men Involved in
the Series of Disasters, Which
May Spread to Other Firms.

and Globe Finance Corporation, Linn
tied, has suspended payment. When
{ the brokers yesterday delivered stock
purchased on account of the London
and Globe and asked for payment they
received checks which were dishonored
This was followed to-day by the failure
on the stock exchange of twelve firms,
as follows: Haggard, Hale & Pixley,
earle & Driver, Douglas Jr. & Co.,
COrnfoot Brothers, f. a. Cohen, Block
ey & Buckingham, Gum & Aubrey,
Richards & Sloper, Baker & Smith, F.
C. Watts & Co, Flower & Co. and F.
Boully & Co.
The first named is big firm with
/ important connections. 1t is feared a
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 reported fall of the hammer this
morning caused a great sensation. 1t
q
yet known.
Almost the whole interest on the
stock exchange to-day centered in the
West Australian market, the condition
of which sympathetically affected the
others. All the shares Of the London
and Globe toppled, especially Lake
views and LIE Roi No. 2. The shares Of
the latter were yesterday quoted at %,
but to-day they are unsuitable at 4.
The London and Globe is also heavily
involved in the British Columbian
market. The situation is not yet
cleared up, as the rumors of arrange
ments to assist the London and Globe
are not credited in well-informed cir
cles. 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 a recovery
in Lakeviews since last evening.
The chairman of the London and
Globe Finance Corporation, Limited,
is the Marquis of Dufferin and Ava, the
former governor general to Canada,
and the British ambassador at Paris.
The failure of the concern of which
he is the head adds one more sorrow
to the closing chapter Of his life, for
he is to-day preparing TO start for
South Africa, in company with Lady
Dutferin, in consequence of the serious
condition of his son, Lord Frederick
Temple Blackwood, the lieutenant in
the Ninth Lancers, who was wounded
Monday at GlenfOntein. 1t is scarcely
a 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 the serious financial troubles.
Lord Dufferin's fellow directors are
Whitaker Wright, who is well known
in connection with many companies;
Lieut.. Gen. the Hon. Somerset Cough
CalthOrpe, who has been colonel-in-
chief Of the Fifth Dragon Guards since
1892, and Lord Pelham-Clinton, master
OF the Queens household and a son of
the former Duke of New Castle Lord
Duflerin holds 5000 shares Of the Lon
don and Globe and 10000 British Amer
icas.
, The thirteenth failure Of stock brok-
ers was announced before the close of
omew & Jacks. The fact that a crisis
had been reached in the speculations
of the Whitaker Wright group of mines
and that the worst was known, occa-
stoned a feeling of relief, after the
strain of anticipauon. While the min
ing market continued depressed other
departments quickly recovered from
the excitement
Though improbable, speculation is
rife as 70 whether the bank rate will
rise before January 1st. The gold re-
serve is the lowest since 1895, and
small packets of gold are leaving al
most daily.
The Investors Review says:
The symptoms are ominous in many
directions. Trade is shrinking and
bringing there with the collapse OF
values, not only for the stock ex-
change. but for coal, iron and textiles
The effect must be TO seriously i'm
pugn banking credit. The government
is steadily pulling away our means and
still unable to cope with its liabilities
The burden Of increased war taxation
begins to press severely upon the COM
munity, whose incomes already have
been curtailed BY the arrangement of
business which the fighting has caused.
. Owing to the holidays the weeks bus
mess on the stock exchange was small.
The tone, however. was wonderfully
good in most directions. without ade-
quate reason being assigned, as moth
ing has happened TO improve the out
/ look fundamentally. But dealers are
preparing for the expected easier mon
ey after December 81. Americans main
tanned their excitement in spite OF the
holiday distractions, and the settlement
disclosed a heavy bull account. The
position looks decidedly dangerous
/ Canadians were benefited by the
strength of Americans and by the sat
isfactory traffic returns.
India was a steady purchaser OF
silver throughout the week and the
position Of the India currency depart
ments points to heavy purchases at a
not distant date
Examining the money outlook the
Statist says:
The large sum borrowed by the
Bank Of England AZ ~ disclosed that
the serve amounted to only G16,500,-