Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-01-07
TO REORGAN|zE
LONDON & GLOBE BANKRUPTS
MAY RESUME.
THE UNDERGROUND ALWAYS.
Americans May Buy Up the Stock Of
the Defunct Corporation-Big
Enterprise

New York. Jan. "A dispatch to the
Tribune from London says:
The reconstruction of the London and
Globe Finance corporation now seems
probable as "A result of the recent furry
in the mining market and the failure
of sixteen or twenty operators A
scheme of reorganization has been ac-
Cepted in principle by SO creditors of
the corpora ton. and Lord Dufferin.
when a meeting of the shareholders is
held this week. will probably he en-
abled to present Il more faNora BILE state
ment of liabilities and resources than
has been expected. Strong interests are
behind this movement since the West
Australian market has been depressed
and other undertakings have been Grip
pied by the emharrassments of the
company. which was promoting a group
of over-capitalized enterprises. If Lord
Dufferin and his friends can convince
the shareholders that there has not
been reckless mismanagement. to say
nothing of fraudulent misrepresentation
a legal inquiry may be avoided and
the company may he reorganiZed with
or without the voluntary winding up of
the business. The directors ana share
holders, with the help of the creditors
may save the situatin and a new and
highly speculative system of stock pro-
noting may escape close scrutiny.
Rumor mon@ers interested in helping
in this adjustment have been disposins
of the Waterloo and Baker Street under
ground line to various purchasers. The
Nerkes syndicate is credited with buy
ing the contracts of that enterprise held
by the London and Globe, and secondly.
the
which had virtually supplied the cap
ftal for the Waterloo and city line, was
reported to have purchased them. These
rumors not having been confirmed. a
second syndicate of American investors
has been invented and armed with re-
sources for finishing this electric en-
terpriSe
The London and Globe holdings in
preference and ordinary shares of this
diminished line exceed S.. 000, 600. and the
total share capital is something like
Sl3,o0o,oOo The transfer Of these con-
SolluatOn interests is clearly too COM
pick a matter to he worked out abrupt
~ Inc process OF financing the electric
lines, urgently needed by the METROPOLIS
mas become most serious problem.
ofulnary investors are frightened by the
ghost OF the work and cannot be baited
by preference shares.
Inc projectors Of these railways are
hoping that good viii come from thu
SCIENTIFIC inquiry ordered by the board
or trade respecting the vibrations at
baysWater. They are Convinced that
Lord Rayleish and his associates cam
not saddle upon the Central London lima
responsibility for damages to property
IN the west end from deep level vibra-
lions and they are assuming that the
methods of construction required nv
law VIII be condemned by law. One of
THESE is the IRON lining. which largely
increases the cost Gt construction A
1noolhcation of this requirement and thu,
lessenlng of the depths of the tunnals
would tend t. cheapen the cost of Under
ground railways. Engineers cannot nm
uerstahd how either electric power or
Sra"eily strata can ire held accountable
Tor the Bayswater vibrations.