New-York tribune., 1901-01-07
THE LONDON AND GLOBE.
REORGANIZATION OF THE CORPORA
TION PROBABLE.
EFFECT OF THE SMASH ON ELECTRIC
UNDERGROUND ENTERPRISES
LORD BLOOMFIELD.

Copyright: 1901: BY The New-York Tribune,
[BY CABLE TO THE TRIBUNE.l
London, Jan. z 6 a. m.-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 reorganiza-
ton has been accepted in principle by thirty
nine creditors of the Corporation, and LORD
Dufferin, when a meeting Of the shareholders is
held this week. will probably be enabled to pre-
sent a more favorable statement 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 crippled by the
embarrassments of the company, which was pro-
noting a group of overcapitalized enterprises.
II Lord Dufferin and his friends convince
the shareholders that there has not been reck-
less mismanagement to say nothing OF fraudu-
lent Misrepresentation, legal inquiry may De
avoided and the company may be reorganlzed
with or without the voluntary winding up OF the
business The directors and shareholders with
the help of the creditors may save the situation
and a new and highly speculative system of
stock promoting may escape close scrutiny.
Rurnor nnongers interested in helping on this
adjustment have been disposng of the Waterloo
and Baker Street Underground Line to various
purchasers The Yerkes syndicate was the hrst
credited with buying the contracts of that enter
prise held by the London and Globe and, sec
ondlv the London and Southwestern Railway
which had virtually supplied the capital for the
Waterloo and City Line, was reported to nave
purchased them. These rumors not having been
confirmed, a second syndicate of American cap
italists has been invented and armed with re-
sources for finishing this electric enterprise.
bA hOIdiDgs preference
and ordinary shares OF this unfinished line ex-
ceed S3OOOOOO and the total share capital is
something like S13OO0OOO The transfer Of
these construction interests is clearly too COM
pIex a matter to be worked out abruptly The
processes of financing the electric lines urgently
needed by the metropolis have become most
serious problem. Ordinary investors are fright
ened by the cost Of the work, and cannot be
baited by per cent preference shares.
The projectors of these railways are hoping
that good. will come from the scientific inquiry
ordered by the Board Of Trade respecting the
vibrations at Bayswater. They are convinced
that Lord Rayleigh and his associates cannot
saddle upon the Central London Line response
bility for damages to property in the West End
from deep level vibrations. and they are assum-
ing that the methods Of construction required by
law will be condemned. One of these Is the iron
lining which largely increases the cost Of con-
struction Of the tubes. modification OF this
requirement and the lessening OF the depth a.
the tunnels would tend TO cheaper electric rail-
ways below the surface. Engineers cannot un-
derstand how either electric power or gravelly
strata can be held accountable for the Bays
water vibrations.
It seems impossible TO expect authentic in
formation concerning the movements OF Boer
raiders in Cape Colony. The kilograms from
Cape Town to-day are as contradictory ever,
but their general tenor is distinctly pessimistic
'The Standard" hints that special announce
ment will be made by the Cape Cabinet remind
ing colonial burghers that il they should now
Join the Boer forces they need expect no mercy
we'll known European statistician. contrib
utes an interesting article to The Mali
the question of European birth rates during the
last quarter of a century He conclusively
proves that England is steadily falling behind
her great trade rival. Germany. in the all i'm
portant matter of reproduction OF the race. and
is gradually following in the dangerous track Of
France.
Lord Leconfeld who has died at seventy.
was popular Guardsman in his prime and a
famous horseman and sportsman. being Master
Of the Fox Hounds. He has left an estate of over
one hundred thousand acres to his son, Charles
II. Wyndham, now under thirty. /. N. +.
RAMAPO MEN IN TT, HE SAYS: