The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-18
A REMARKABLE CAREER
THAT OF WHITAKER WRIGHT, WHO
Is NOW in HANDS OF POLICE.
Promoters Vast Schemes, Begun In
New York, Secured for Him Great
Wealth and Social Recognition.
New York Times.


The career of Whitaker Wright has been
remarkable one. He is said to have been
born in Cheshire. England, and about
twenty years ago came to the United
States. settling in Philadelphia, where he
engaged in the grain and petroleum bro
kerage business. From Philadelphia he
came to New York. where he was a grain
broker. In this city he is understood to
have started his Australian gold mining
business. He formed a number of COM
panies to exploit those mines. and as re-
suit of this exploitation is credited with
having made something like $15,0oo,Oo0. 1t
was his success in this Australian venture
that was the foundation of his London
operations.
The London and Globe Finance Corpora
ton, Limited, formed to take over the
securities of the various mining concerns
in which Wright was interested, as we'll as
such other securities as the corporation saw
fit to deal in. This was the beginning of the
promotion of those gigantic affairs that
gave to Whitaker Wright the reputation Of
being one of the greatest promoters in the
history of London.
With his rise in the financial world he
also became prominet to a certain extent
numbered among his friends many of the
highest peers In the realm, and is said to
have enjoyed the friendship of King Ed
ward. In London he lived in magnificent
house located on Park Lane, while his Of
fees in Montague street. near the Bank of
England, were said to be the most gorgeous
In the city. His country home at Godal-
ming, Surrey, was especially sumptuous, be-
ing embellished with precious woods and
rare works of art.
He became an enthusiastic yachtsman.
and In 1898 bought from Lord AShburton
the beautiful steam yacht Venetta, which
| he renamed the Sybartia, and on which he
made many extended cruises He made
| donating many valuable prizes for British
and Riviera yacht clubs to compete for. At
one time ne was Gr the rear commodore of
| was member of the Royal Cirque Ports,
| Royal Dorset, Royal Temple, Royal
| Thames and Royal Victoria Yacht Clubs.
THE LONDON AND GLOBE CRASH
| 1t was in December, 1900. that the financial
| crash due to the failure of the London and
Globe Finance Corporation, Limited, oc-
CURED. 1t came with a suddenness that
paralyzed many great business houses, and
| which resulted in the ruin of many men,
bers of the Stock Exchange. The Marquis
of Dufferin and Ava was the honorary pres
ident Of the concern, and his grief and wor-
ry over the disaster FASTENED that honored
| noblemans death.
| On Friday, Dec. Is, when the brokers on
| the Stock Exchange delivered stock pur-
! chased on account of the London and Globe
| Finance Corporation, and asked for pay
| ment, the checks presented in payment
| were dishonored. The next day the concern
| suspended, and with that suspension came
| the failure of thirteen firms, included in
which were twenty-eight members of the
London Stock Exchange.
| The concern was a speculative financing
| affair." capitalized at $50, $4,000. In addition
| to the Marquis of Dufferin, the directors in
| cluded Lieutenant General the Hon. Somer-
set j. Cough Calthorpe, colonel Of the Fifth
| Dragon Guards, and Lord Edward William
| Pelham-Clinton, mastor of the Queens
| household. After the suspension an ex-
| traordinary general meeting of the corpora
g. At this meeting Lord Dufferin and Whit
| aker Wright were present. When Lord
| Dufferin arose to speak he was hooted.
| When Lord Dufferin finally got chance to
| be heard he made such frank and sincere
| statement of his connection with the con-
Germ than he won not only the sympathy of
Lord Dufferin's wealth, at one time large, is
| believed to have been practically used up
in the companies of which the London and
When Lord Dufferin had concluded his ex-
PLANTATION Whitaker Wright took the floor
| and announced that the directors had prac-
| tically completed arrangements with the
creditors and that the concern would be on
| a smooth-sailing basis in short time. He
| then asked for an adjournment until the
following Monday, when, ne SAID, ne would
| insure the company's future prosperity. The
| reconstruction plan failed.
On Aug. 80 following Wright figured in an
| other exciting session, the occasion being
/ the meeting of the shareholders of the lie
| Roi Mining Company, one of the subsidiary
| concerns of the London and Globe Finance
| Corporation. At this meeting Wright was
| not present, and when the reports of officers
/ were made there were angry cries as to his
whereabouts. HE is on the telephone" an
| swered one of those present, land says to
| elect some new directors, as all but two of
| them have resigned" One month later JUS
tice Wright ordered the compulsory liquida-
| ton of the corporation, owing to serious al
| legations of fraud in its management. When
| this was done Lord Dufferin Lord Pelham
| Clinton, Mr.. Leman and Wright asked for
| the fullest investigation of the affairs of the
| concern.
| In two weeks the official receiver of the
| corporation made a gloomy report to the
/ nothing left for them. He said that APP
| parently none of the directors except
| Wright knew anything about the enor-
NOUS transactions of the corporation The
| balance sheet for 1900 he characterized as
| "a work of art" some of the entries in
fating the assets by as much S, as esi LOO
| co., had within few days been offered at
| e764, 900. OF the reverse he said 100000
| had been absorbed, and that there was
| nothing to show for it, Concerning lie Roi
| No. mine he said that Wright was the
| only director who made anything out of IL.
He got about $4,000 The receiver then
| figured as asset on the balance sheet
| of the London and Globe Finance Corpor
alton, then on the balance sheet of the
| British-American Company. and then again
! on the London and Globe, all within the
space of three months. The big corpora
TONS fiotations numbered forty-one., with
| a capital of Sill. $4,000. all of which are
either in liquidation, absorbed, or defunct.
DEMAND FOR PROSECUTION
All of this time Wright had not been ar
| rested, and finally there was a great out
cry against the authorities for not prose-
cutting him and his fellow-directors of the
concern. This outcry reached a head In
January last, when a petition circu-
lated on the London Stock Exchange sign
ed by many influential men. asking for the
prosecution of the promoter. as IL was con-
sidered that the credit Of the city and Of
| the London Stock Exchange demanded a
| thorough investigation BY this means a
fund of $4,000 was raised to prosecute
| Wright.
Arnold White. the author. at meeting
said the reason the prosecution was not un-
dertaken by the government was that the