Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-12-31
LONDON'S SMASH.
London and Globe Finance
Corporation Goes Under.
Followed by Slump Of 10 Firms on
the Stock Exchange.
Many Of EngIand's Titled People involved
Some Suffering Heavily.

London Dee 2J.-Thc London *
| CIohc Finance Corporation. limited.
has suspended payment. When the
brokc.s. Friday, delivered stock pur-
chased On account of the London q
Globe ard asked for payment, they re-
cciycd checks which were dshonorcd.
This was followed. Saturday, by the
| failure an the Stock Exchange Of IL
firms. as follows:
Hagcard. Hale & Pixlcy, earle &
| Diver, Douglass. Jr.. &. CO., comfoot
Bros. f. A. Cohen. BIockey & Buck
! inrham. Gunn &, Aubrey. richards &
SIopcr. Eakcr & Smith, #. q. Watts *
90. Flower 4 CO.. +. Boully & co.r
! q IA Bartholomew e. jacks.
The lirst named IL a big firm with
important connections. II IS feared Il
number III small jobbcrs will ~ affect
ca
While the difficulties Of the firms
closely connected with the London &
Globe division were largely discounted.
the repeated FAN Of the hammer. Sat
urday morning, caused great sensa-
tian. 1t Is feared the fun list Of fail
ures * not yct reported
Almost the whole interest on the
Exchange centcrcd in the West Aus
tYaIian market. the condition Of which
sympatheticalIy affected the others. All
the shares DC the London & Globe
group toppIci. especially Lake Views
ana LIZ Roi Nj y The shares of the
latter were. Friday. quoted at g. but.
Saturday. they were unsaleable at 4.
The London & Globe is also heavily
inyoI-cd III the British Columbian mar
ket.
The situation Is not yet cleared up,
az the rumors Of arrangements TO as
sist the London & Globe are not credit
cd iii Well informed circles.
There is the greatest Indignation
against Whitaker Wright. who is the
foundation head Of the concern, and
| others Of the London & Globe group,
The chairman Of the London &, Globe
! Corporation is tho Marquis of Dufferln
ana Ava. the former governor general
! Of Canada. The failure of the concern
! az which HI il the head adds ono more
sorrow to the closing chapter OF his
4 life. for he is preparing u start for
! South Africa in company with Lady
4 Duffcria in consequence Of the serious
condition If his son. Lord Frederick
I Tc,.lrIc HIackwccd, the lieutenant IN
/ Tie 9TH Ianccrs. who was wounded,
! Monday. ut Glenfontcin. 1t is scarcely
/ a wear since Lord Dufferin lost his
eldest son, tie Earl of Ava. who died
/ at I.adysmith. He is now cncompassed
| Nv family grief and his honored name
its DRAGGED III the financial miro.
Lord Dufreiin'a fellow directors are
! Whitaker Wright who is WcI-6nown
! in connection with many companies;
| Lieut. Cen. Hon. Somerset j. Cough
/ Caithorpc who has been coloncl-in-
! , hicf NJ tie 9Th Dragon Guards since
| 1892 and Lord Pcham-C Clinton, master
,f the Queens household. and a son of
! tic former Duke of Newcastle Lord
puffcrin holds 5000 shares Of tile Lon
don & Globe. ana 2o,G00 Of British
Americans.
Thc fat that crisis had been
reached il the spcculationS of tho
| Whitaker Wright group of mines. and
that the worst was known, oCcgsion
Il feeling Of relief after the strain Of
authorization. While the mining market
cont nued depressed. other departments
quickly recovered from the excitement.
The failures. Saturday, involve q
members Of the Stock Exchange, and
IL equally divided among jobbcr5 and
brokers. 1t is generally regarded III
the mining market as being the black
est day since the Barring smash. which
was disastrous to all departments. sat
urdays crisis however, did not extend
to the other markets, though most OF
them closed depressed. Americans were
incidentally affected owing TO some
of the firms which failed being inter
cstcd in American securities.
Tie London & Globe is said to be
largely interested in the Baker Street
Waterloo Electric Railroad. and the
trouble is partially attributed to the
money il has tied up in that road.