The representative. [volume] (St. Paul, Minn.) 1893-1901, 1901-01-03
PANICKY DAY
lin LONDON
THIRTEEN FiRsis OF BROKERS ARE
FoRCEDw TO SUSPEND
PAYMENT.
TwENTY-EIGhT MEMBERS OF THE
ExcH1NsE INVOLVED.

Globe Finance Corporation, limited, has
suspended payment When the brokers
yesterday delivered stock purchased on
account OF the London & Globe and ask
ed for payment, they received checks
which were dishonored This was fol-
lowed today by the failure on the stock
exchange of II firms, as follows: -.
Haggard, Hale & Pixley, Carrie & Dew
er. Cohen, Blockey & Buckingham, Gum
& Aubrey, Richards & Sloper, Baker &
Smith, F. c. Watts & Co., Flower &
Co., and F. Boully & Co. The first named
is big firm with important connections.
1t is feared number of small iobbers
will be affected.
While the difficulties OF the firms
closely connected with the London &
Globe division were largely discounted.
the repeated fall of the hammer this
morning caused a great sensation. It is
feared the full list of failures is not yet
Known
Almost the whole interest on the stock
exchange today conferred in the West
Australian market, the condition of
which alphabetically affected the
others. All the shares of the London &
Globe group toppled, especially Lake.
views and Leroi No. 2. The shares IF
the latter were yesterday quoted at 90
but today are unsaleable at 4. The Lon
don & Globe is also heavily involved in
the British Columbia market. The sit
uation is not yet closed up, as the ru-
mors OF arrangements to assist the Lon
don & Globe are not credited in we'll in
formed circles. There is the greatest in
dignation against Whitaker Wright, who
is the fountain head of the concern, and
others of the London & Globe group.
There has been somewhat of a recovery
in Lakeviews since last evening.
The chairman Of the London & Globe
Finance Corporation, limited, is the mar
quis of Dufferin and Ava former gov
ernor general of Canada, and British
ambassador at Paris. The failure of the
concern, of which he is the head, adds
one more sorrow TO the closing chapter
of his life, for he is today preparing to
start for South Africa in company with
Lady Dufferin. in consequence of the
serious condition of his son, Lord Fred
erick Temple Blackwood, the lieutenan.
in the Ninth Lancers. who was wounded
Monday at Glenfohtein.
1t is scarcely a year ago since Lord
Dufferin lost his eldest son, the earl of
Ava, who died at t.ddysmith. He is now
encomnassed In family grief, to which
are added these serious financial
troubles
Lord Dufferin holds 5000 shares OF
the London & Globe and 10000 of British
Americas.
The thirteenth failure of stock brok-
ers was announced before the close of the
stock exchange. 1t was that of Barth-
olemew & Jacks. The fact that crisis
had been reached in the speculations of
the Whitaker Wright group of mines,
and that the worst was known, OCCASION
ed a feeling of relief after the strain OF
anticipation. While the mining market
continued depressed other departments
quickly recovered from the excitement
The failures today involve % men,
bers of the stock exchange and are equal
ly divided among jobbers and brokers.
1t is generally regarded in the mining
market as being the blacklist day since
the Barring smash, which was disastrous
tc all departments.
Today'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 failea being interested
in American securities. The London &
Globe is said to be largely interested in
the Baker Street-Waterloo Electric rail-
road, and the trouble is partially attrib-
uted 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 unsuitable today. Since Thursday
Lakeviews have lost 81. The British
American corporations shares, which
were quoted Thursday at lbs Sd, today
are los, after being SIS. London & Globe
shares fell from las to IS Cd. They are
now at 9s Cd Although there is some
nervousness in regard to speculative
shares generally, lest the public should
hacOme alarmed if is thought that DrOb-
ably the worst is known.
London & Globe, in one of the subsi-
daries, of which, namely, Lakeview, all
the trouble originated, is highly specu
lative financierihg company, which has
met with much adverse criticism during
the last few years.
The Sunday Specials financial article
explains that the failure of the first
three firms mentioned in yesterdays dis
patches left three blocks of stock un
protected, and in self-protection ten
more firms announced their suspension.
Other suspensions may occur Monday.
Several of the Suspended firms will turn
out to be perfectly solvent when time
is given them. ~
The London & Globe Finance Corpora
ton group were largely the victims Of
circumstances. They had at the last mo-
ment exceptionally heavy calls from
banks at time when fresh loans were
practically impossible to obtain.