The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-30
Twenty-Ninc Members Concerned 4,
the smash-Up, Mainly Jobberx
and stock Brokers
LORD DUFFERIN IN HARD LUCK
Is CHAIRMAN OF THE BIG CORpoR
TION'S DIRECTORATE.
other Titled Englishmen Caught
Darkest Day I'm Mining Circles
since the Barring Failure.

LONDON. Dee. 29.-The London and Globe
Finance Corporation, Limited, has suspend
ed payment. When the brokers Yesterday
delivered stock purchased on account of the
London and Globe and asked for payment
they received checks which were dishon-
ored. This was followed to-day by the
failure on the Stock Exchange of thirteen
firms, as follows: Haggard Hale & Pixley.
Garle & Driver, Douglass, jr., & Co., Corn
foot Bros, f. A. Cohen, Blockley & Buck
ingham. Gum & Aubrey, Richards &
SlOper, Baker & Smith. F. c. Watts & Co.
Flower & Co, +. Boulley & Co and Bar
tholomew & Jacks. The frst-named is a
big firm with important connections. 1t is
feared number of small jobbers will be
affected. 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.
The chairman of the London and Globe
Finance Corporation, Limited, is the Mar
oris of Dufferin and Ava, the former Gov
bassador at Paris. The failure of the con-
cern 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 Duff
fcrin, in consequence of the serious condi-
ton OF his son, Lord Frederick Temple
Blackwood. the lieutenant in the Ninth
Lancers who was wounded Monday at
Glenfontein. 1t is scarcely year ago since
Lord Dufferin lost his eldest son. the Earl
OF Ava, who died at Ladysmith. He is
now encompassed by family grief, to which
are added these serious financial troubles.
Lord Dufferin's feIlow-directers are Whit
aker Wright, who is we'll known in connec-
ton with many companies; Lieut.. Gen. the
Hon. Somerset Goul-Calthorpe, who has
been colonel-in-chief of the Fifth Dragon
Guards since 1892, and Lord Pelham Clinton,
master of the Queens household. and son
of the former Duke of Newcastle. Lord
Dufferin holds 500 shares of the London and
Globe and 1900 British Americas
A BLACK SATURDAY.
The failures to-day involve twenty mine
members of the Stock Exchange and are
equally divided among jobbers and brokers.
1t is generally regarded in the mining mar
ket as being the blackest day since the
Barring smash, which was disastrous to all
departments. To-day's 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 interested
IN Americans.
The Globe and London Corporate is said
10 be largely interested in the Water-street
Electric Railway, and the trouble is par
TALLY attributed to the money it has tied
Up in that road.
Almost the whole interest on the Stock
Exchange to-day centered in the west Aus
tralian market. the condition of which sym
patheticalIy 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 yes
terday quoted at %. but to-day they were
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 circles. The
fact that a crisis had been reached in the
speeuIations Of the Whitaker-W Wright group
Of mines and that the worst was known
occasioned a feeling of relief after the
strain of anticipation. While the mining
market continued depressed other markets
quickly recovered from the excitement
Many of the shares of the West Australian
and other groups were absolutely un-
salable to-day. Since Thursday Lakeviews
have lost 5A. The British American cor
poration shares, which were quoted Thurs
day at 70, Sd, to-day are los. Though i'm
probable, speculation is rife as TO whether
the bank rate will rise before Jan. 1. The
gold reserve is the lowest since 1895. and
small packets of gold are leaving almost
daily.
The Investors Review says; The
symptoms are ominous in many directions.
Trade is shrinking and bringing Herewith
the collapse of prices not only Ior the
Stock Exchange. but for cotton, iron and
textiles. The effect must be to seriously
impugn banking credit. The government
Is steadily putting away our means and
Is still unable to cope with its liabilities
The burden of increased war taxation be-
gins to press severely upon the community
whose incomes already have been curtailed
by the arrangement of business which the
lighting has caused. Owing to the holi-
Gays the weeks business on the Stock Elk
change was small The tone, however.
Was wonderfully good in most directions
Without adequate reason being assigned.
As nothing has happened to improve the
outlook fundamentally. But dealers are
preparing for the expected easier money
after Dec. 81 Americans maintained their
eAcitement IL spite of holiday distractions.
ehd the settlement disclosed heavy bull
account The position looks decidedly dan
ssrous Canadians were benefited by the
s'fength Of Americans and by the salts
'~e'ofy traftic relations India was steady