Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-24
CREDITORS GET LITTLE
BIG SHRINK IN ASSETS OF DE-
FUNCT WRIGHT COMPANIES.

The report of the official Nquldator of
the ]. Whitaker Wright Companies, at
London, contain some startling figures.
The assets which were estimated to pro
duce sl4,505 100, realized s2575,970. To
realize this cost over 81 10000 The I'M
secured creditors, whose claims aggre-
gated S12, 959, 375, received 1921, $50. There
was nothing to return to the share hold
ers.
High finance" has had few more dis
tinguished opponents than ]. Whitaker
Wright. whose failure IN December, 1900,
brought ruin to thirteen firms and thirty
members of the London Stock Exchange,
and swept away tse fortunes of probably
thousands of persons, the crash involving
also the regulations of many men high
IN British political and social circles.
Sensational as was the failure of
Wright 1t paled before the startling eli
max of his death by poison, self-admin
istered within the very hour of his con-
Viction on the charge of fraud of direc-
tor and his condemnation to seven years
penal SerVitude.
Wrightis Meteoric Career.
Whitaker Wrights financial career be-
gan at LeadviIle. Col. where. before he
was twenty-five years old, he was engaged
AKA ScNci "a iblllIAlS SIISEpEI WHICH dLQ
not result in great profit. In 1885 he went
to Philadelphia. where he entered the brok-
erage business, There he was naturalized
and married, and from 1887 to 1891 he
maintained a costly establishment at HAY
erford
Then he came to London with the in
tention of retiring from business on the
100000 which he had accumulated In
America. The shrtnkage in the value of
some of the securities which he carried in
duced him, however, to go to the West
Australian gold fields In 1893, where he
entered more largely into the exploitation
or mining properties.
Then. IN 1897, having returned to Lon
d9n, Wright organized the London and
Globe Finance Corporation, the parent
e e OF eleven other corporations. the
something like s23, ITS. 600. The crash came
in December, 1900.
Marquis Of Dufferin Victim.
Among those who were hard hit was tha
late MARQUIS of Dufferin and Ava. once
governor general of Canada, later viceroy
OF India, and afterward British ambassa-
dor to Paris, who was left comparatively
poor man by the failure Of the Wright
companies, in which he was a director
Other men In high places who were
brought INTO the scandal were Lieut. Cen
Sough- Calthrop and Lord Edward William
Peiham- Clinton, son of the fifth Duke OF
Newcastle. 80
There was long delay in bringing action
against Wright, which caused reports 70
circulate that he was being shielded NV
persons high in the British government who
wished to avoid the scandal of bringing into
the affair persons very near the throne
Finally, however on March 10. 1902, the
high court of chaneery made an order
directing the official receiver as liquida-
tor of the London and Globe Finance
tn
on criminal charges.
Arrested In New York.
The following day warrant was issued
for Wrights arrest, but Wright had fed.
A year later. on March 10, 1903 Wright
was arrested in New York as he was
leaving the French line steamer La Lor-
raine on which he had sailed from Harve
All the money he had at that time was
$1,000. The extradition proceedings were
protracted, but finally Wright was returned
TO London, where he was brought to the
bar for fraud of a director" Of the London
and Globe Finance Corporation, the sum of
which he was said to have defrauded the
company being from 100000 TO s10,0 Goo
The trial lasted twelve days, ending
Bigham was uncompromisingly severe
Only an hour was taken by the Jury in
reaching a verdict of guilty.
Seven Years In Prison.
AS the word was spoken by the fore
man, Wright did not finch. but be sat
down though mechanically. Justice
Bgham peremptorily ordered the prisoner
TO stand UP, and then sentence of seven
years penal eervitude. the most severe al
iowable under the statute, was pronounced
81 am" declared Wright In firm voice.
"as innocent OF any intention to deceive as
any one In this room" He would have con-
tigued, but he was conducted from the.
oourt room to the cQnspltatton room to take
farewell OF bIs solicitors.
For ABOUT twenty minutes Wright dis
cusssd the verdict with his solicitors and
gave some directions as to the disposition
bf wat waB left Of bis estate. Suddenly
were sent for, but Wright was beyond
human help. Jife wac extinct within al
hour How be obtained the poison with
closed.