The London Stock Exchange.

Thames Star, Volume XXXIX, Issue 9830, 31 December 1900, Page 2

The London Stock Exchange.

A SERIOUS CRISIS. A WILD GAMBLE (Per Press Association). LONDON, December 30. A serious crisis has occurred in the Australian section of the Exchange. A large number of shares in the Lake View Consols mine, Western Australia, were delievered yesterday to buyers with requests for payment of differences in bank | notes. This action led to a. drop in the price of shares to £10. The delivery surprised those operators for a rise, who thought) that sellers were bare of stock. The stock was dealt with at still lower figures in the street. The cheques of several firma were returned. The group hovering round the London and fjlolje Finance Corporation Ltd is virtually collapsing. The London and Globe Finance Corporation had arranged to borrow large sums for the purpose of taking the Lake View Consols shares off the market but at the last moment could not obtain the loan and was unable to meet ita obligations. The Standard Exploration Company Ltd. is in a sim'tar position. Lake View shares to the number of fifty thousand were put on the-market yesterday and were pressed for sale. Prices fell to £7 8s 9d but recovered to £8 7s 6d. The cheques of seven firms besides those of the London and Globe Finance Corporation were returned. The wild gamble originated in an endeavour by a section of speculators in Western Australian stock .to corner the party ofWhitaker Wright, Deputy. Chairman of the London and Globe Finance Corporation and the Chairman of the Standard Exploration Company. Last week the London and Globe Finance Corporation passed its dividend. On Saturday fourteen Stock Broking Companies, comprising twenty nine members of the Stock Exchange, were "hammered." These include Messrs Haggardj Hall, and Pikley, brokers for the London and Globe Finance Corporation, Messrs Blockey Buchanan and A. Cohen, Comfort Bros., Ricknrds and Sloper. Business on the Exchange is practically at a standstill and further failures are expected on Monday. Shares in the London and Globe Finance Corporation fell from fourteen shillings to seven and sixpence, but afterwarefs recovered to nine shillings.