FAILURE OF ADELAIDE STOCK BROKERS.

Press, Volume XLVII, Issue 7552, 15 May 1890, Page 6

FAILURE OF ADELAIDE STOCK BROKERS.

- The following Adelaide telegram, dated April 26th, appeared in the Bydhey Daily Telegraph r—There was unusual excitement at the mid-day meeting of the Stock Exchange of. Adelaide to-day when it became known that one of the leading speculators was unable to deliver a large quantity of stock which be had sold. The broker was what is known as a spec seller," that i% a speculator who sold shares in anticipation of a fall, intending when they had come down to buy in and supply the people to whom he had sold at a higher price. Unfortunately for the dealer in question, the market went against him. rising rapidly, and he found himself oversold on 2790 shares, including all the leading lines of stock of mines on the Barrier. A large number of the members of the room are "hit" by the broker who has "gone up," but as the amounts are distributed among a good number it is not thought that any of them will suffer heavily. It was only yesterday that a meeting of the creditors of another broker named Simeon Barnes was held, his liabilities being £13,900, against assets, mostly book debts, of £1890, and the second smash coming so soon upon the other has occasioned both excitement and resentment.