Arizona republican., 1898-09-18
FAMOUS BANKRUPTS.
Modern Men and Commercial Enter
 prises Forced to the Wall.

The sensational and unexpected failure of Mir. Hooley, man who not lcng ago was supposed to have clear ed couple Of million sterling out of a single deal, recalls to mind several other similar colossal commercial ca- tastrophes.
 One Of the most dramatic, if not ac- tually one of the largest so far as the liabilities were concerned, was that Of Baron Albert Grant of Emma Mine" notcricty Grant was the uncrowned king cf the financial world Of his day and generation. He made millions al most as deftly as the late Barney Bar nato, and he spent them right royalty. He bought Leicester square, and pre- sented it a free gift to the people of London. He gave a dinner to nearly 1000 city magnates at 6 cost which was popularly reputed at the time to have exceeded 100 guineas a head; and which, in any event, undoub.edl es- tahlished record in extravagant din- rer giving, which has yet to be beat en. And he started out to build pal ace in Hensin gton which should knock the spots off all other private resi- delices, past, present or to come. Every thing was gotten up regardless of ex- pense. The ball room walls were inset with panels Of pink Italian marble, costing 500 guineas apiece. In the en- trance hall were four pillars of DOT Dhyry, worth 4,000 pounds. The build ing was scarcely finished when the crash came, and it remained for a long time a brick and ii 3rtar white ele- phant on the hands of the trustees in bankruptcy. Eventually most Of the interior fittings and decorations were disposed or piecemeal; the grand stair case which had cost to build some 4o,- 090 pounds, being acquired by the rep resentatives of the late Mme. Tussaud fO. . trife over a fourth of that sum. l. now forms the main approach to the upper and principal suite of rooms Of the new exhibition buildings in the Marylebone road.
 Of colossal as distinguished from sensational failures none have occa- sicued more widespread ruin than that of the great bill discounting house of Overend. Gurney 6 Co. This took place on May Il, 1856, a day known ever afterward throughout the mercan- tile world by the significant appella- tion Of Black Friday" The suspen- sion was announced at 10 in the morn ing. and at half past the Bank of Eng land raised it's rate of discount to 9 per cent. An hour later the English Joint Stock bank and it's thirty branches closed their doors Next was announced Inc failure of Messrs. Beto and Estts, with liabilities estimated at over 4.000, ,000 pounds; and by f o'clock in the afternoon more than forty firms had gone under. including the Imper- iai Mercantile Credit association and the Consolidated Discount company with capitals of 5,000,000 and l ,0G0, 600 respectively The panic was terrible. and for months afterward there oc- cured from time to time, the ether great failures directly attributable to that unparalleled financial cataclysm. ! One of the most distressing features Of these commercial debacles is that 1t is largely the innocent who are in- voived and ruined. In thousands Of homes today, women and children are suffering for the criminal reckiessness of Jabez BalfOur. The failure of the City of Glasgow bank, again, caused widespread and acute distress among the unfortunate shareholders.
 It is satisfactory to note that, while there have been several English fail ures that have run into eight figures, we by no meals hold a record in "big bankruptcies. America has beaten Us several times within the last dozen years or so; as has also France on at least two occasions. The worlds rec ord however, rests with Egypt, whose late ruler, Ismail Pasha, failed in 1878, with personal de5ts exceeding $91 ,00o,- 000 No ether single individual has ever approached anywhere near this figure. Probably TO one ever will, Financiers and merchants are no long e. in these latter degenerate days SC conidirg as they once ware.-Loldon Daily Mail.
 
 There gre fifteen ProtaStant churches