The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-30
LONDON Z GLOBE BREAKS
BLACK SATURDAY IN THE FINAN-
CIAL WORLD OF GREAT
BRITAIN
MARQUIS OF DUFFERIN IN IT
Downfall of HIS Company a Severe
Blow to the Former Gov
ernOr General of
Canada.

LONDON, Dec. 29.-'The London and
Globe financial corporation, limited, has
suspended payment. When the brokers.
yesterday delivered stock purchased on
account of the London & Globe, and
asked payment, they received checks
which were dishonored. This was fol-
lowed today by the failure on the stock
exchange of twelve firms, as follows:
Haggard, Hale & Pixley; earle & Driv-
er; Douglas Jr. & Co.. Cornfoot Brothers,
F. A. Cohen; Blockey & Buckingham;
Gum & Abrey; Richards & Sloper, BaK-
er & Smith; F. c. Watts & Co.; Flower
Co., and F. Boulley & Co.
The first named is big firm with i'm
portant connections. 1t is feared a num-
Der of smaller jobbers will be affected
While the difficulties of the firms close
ly connected with the London and Globe
division were largely discounted the re-
peated fall of the hammer this morning
caused a great sensation. 1t is feared
the full list of failures is not yet known
Some trouble was disclosed on the
stock exchange yesterday in the West
Australian market, resulting in a con-
siderable fall in the shares of the Lon
don and Globe finance corporation, linn
tied; and LIE Roi Mining company, lin
tied. Seven firms had checks returned by
NNAo NAN~A ms 1AOuS0. Ills, the
ADDS, does not imply failure, however,
as 1t is expected that the usual period of
grace allowed will enable the firms to
meet their engagements
Almost the whole interest on the stock
exchange today centered in the West
Australian market; the condition of
which sympathetically affected the 9th
ers. All the shares Of the London and
Globe group toppled, especially Lake
Views and To ROi No Tho cI,ora. 30
the latter We're yesterday quoted at 90.
put today they are unstable at four
The London and Globe is also heavily
involved in the British Columbia market
The situation is not yet cleared I'D. as
the rumors Of arrangements to assist the
London and Globe are not credited in
Well-1nformed circles. There Is the great
est 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.
DUFFERIN AT THE HEAD.
The chairman of the London and Globe
FINANCE corporation, limited is the Mar
qu1s 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
of his life, for he is today preparing to
start for South Africa, in company with
Lady Dufferin, in consequence of the Sc
rtous condition of his son, Lord Frederick
Temple Blackwood the lieutenant in the
Ninth lanciers, who was wounded Mon
day at Glenfontein. 1t is scarcely a
year ago since Lord Dufferin lost his
Oldest son. the Earl of Ava, who died
a. Ladysmith. He is now encompassed
bV family crrof 10 x1yLio
these serious financial troubles
Lord Dufferin's fellow directors are
Whitaker Wright, who is we'll known in
connection with many companies; Lieut.
Gen. Hon. Somerset Cough Calthorpe,
who has been colonel in chief Of the Fifth
dragon guards since 1892, and Lord Pei
ham-Clinton. master of the queens
household, and a son of the former Duke
of New Castle. Lord Dufferin holds 5000
shares of the London and Globe and TO-
600 British-Americas. The thirteenth
failure of stockholders was announced
before the close of the exchange. It
was that of Bartholomew & Jacks.
The fact that crisis had been reached
In the speculations 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 mining market continued de-
pressed other departments quickly re-
covered from the excitement
BLACK DAY IN LONDON.
The failures today involve twenty-eight
members of the stock exchange and are
equally divided among jobbers and brok-
ers. 1t is generally regarded in the min
ing market as being the blacklist day
since the Barring smash, which was dis
astrous to all departments. Today's
crisis, however, did not extend to the
Of lyAfe
closed depressed. Americans were Incl
dentally affected, owing to some of the
firms which failed being interested in
American securities.
The London and Globe is said to be
largely interested in the Baker Street
Waterloo Electric railroad, and the
trouble is partially attributed to the
money it has tied up in that road.
Many of the shares of the West Aus
tralian and other groups were absolute
ly unstable today. Since Thursday
Lakeviews have lost 5A. The British
American corporation shares. which were
quoted Thursday at lbs Sd, today are los
Globe shares fell from 14s to IS 3D. They
are now IS Cd. Although there is some
nervousness in regard to speculative
shares generally, lest the public should
become alarmed. it is thought that prob
ably the worst is known
The London and Globe, in one of the
subsidiaries of which, namely, Lakeview,
all the trouble originated, is a highly
speculative financing company and has
met with much adverse criticism during
the last few years.
LONDON, Dec. 3O.-The Sunday Spe-
cials financial article explains that the
failure of the first three firms mentioned
in yesterdays dispatches left three
blocks of stocks unprotected and in self
protection ten more firms announced
their suspension. Other suspensions
may occur on Monday. Several of the
suspended firms will turn out to be per-
fectly solvent when time is given them.
The London and Globe Finance corpor-
alton group were largely the victims of
circumstances. They had at the last
moment exceptionally heavy calls from
banks at q time when fresh loans were