The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1903-06-17
TORONTO BANKERS FAIL
Liabilities Of A. {. Ames & Co.
Estimated at $40, 100000.
DECLINE IN STOCKS THE CAUSE
A Henvy Fall In Canadian Securities
Brought on the Collapse Of the Trim
Montreal Has Panic and Hundreds
Lose All They Possessed-The Failures

Toronto. Ont. - A. E. Ames g. Co.,
bankers and brokers, have closed their
doors. The firm in times past has had
large dealings with Boston brokers.
Mr.. Ames, its head, is a son-in-law of
Senator George A. Cox, of Toronto,
one Of the leading tinanciers in Can
ada. Senator Cox is President of the
Canadian Bank of Commerce, Cana
dian Life Insurance Company and other
concerns, besides being Vjce-President
of the Dominion Coal Company and
Dominion Steel and Iron Company, i'm
mense companies formed largely by
Boston money. Of late the control Of
the coal and iron companies is supposed
to have been largely held in Toronto.
Dominion Steel common. purchased
around $40, is selling at S15. share.
Twin City, which has declined from
1913 to 81. was another stock held IN
large blocks by the firms clients.
The last statement Of the Savings
Bank Department of the firm showed
100000 on deposit 1t is impossible
to figure the firms total liability at the
present time owing to the wild tuctua-
tions in the prices Of securities in
which the company and its clients are
heavily interested.
It Is stated on good authority that
Mr.. Ames has put $1,000.000 into; the
business. and the other members Of the
firm, a. r. Tudhope, E. D. Fraser and
A. E. Wallace, sums aggregating nearly
the same amount.
It is known that one Of the Toronto
banks recently advanced S2OO,OOO to
Ames s. Co. in the hope the amount
would be sufficient to tide over the
firm. The bank is well protected, how
ever, and will not suffer.
Ten million dollars is the amount Of
the firms liabilities, as generally
agreed upon by bankers and brokers.
Against this amount the company holds
securities which in any half normal
condition Of the market would be
ample.
The suspension Of Ames & Co. will
have no effect on the many institutions
in which Mr.. Ames Is interested, eX-
cept perhaps, his withdrawal from the
presidency OF the Metropolitan Bank.
Two or three years ago successful coups
brought him handsome results. The
tide Of fortune turned few months
ago, when the stock Of companies in
which he was interested began to de-
cline sssetes'" 'Hc::. :.:s..,is.ss. issss.n
Montreal, Que.-The worst panic in
the history of the Montreal stock mar
ket was caused by the announcement
Of the failure Of A. E. Ames & Co.. of
Toronto, which resulted in the bottom
falling out entirely. Prices declined
to the lowest level Of the year. Hun
dreds in Montreal have lost all they
possessed. and among these are 4
number of well-to-do people who had
gone deeply into Dominion Coal and
Iron on the strength Of the great Ca
madam names connected Herewith.
Boston, nIass.-News of the failure
of A. E. Ames C Co., Of Toronto. threw
the Canadian stocks listed on tie Bos-
ton Stock Exchange into complete de-
moralizatiop. The firm several weeks
ago cleared up practically all its inter-
ests here.
New York City.-Wall Street was not
affected adversely by the report of the
big failure in Toronto. The local cor
respondents of the house said that the
general impression was that prcpara-
tions had been made here for the col
lapse of the Canadian brokers. The
firm had a commercial rating Of more
than 81 100000.