Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-06-11
BIG LONDON BANK
FAILS IN EFFORT
TO BACK PLUNGER

London, June S.-Chaplin, Milne.
Grenfell & Company. limited. the we'll
known firm of merchants and bankers
in Princess street, suspended today. The
company was registered in 1899 to lake
over the business of Morton, Chaplin G.
Company. (formerly Morton, Rose &
Company. Its authorized capital is
ST. 1900.
The firm is an old established one,
with nigh reputation and excellent
family connections. 1t conducted gem
eral n private banking md a COM
pany for promoting business. The df-
rectors include Ernest Chaplin, G.
Grinell Milne and R. w. Skipwith.
Speculation Is Blamed.
The failure is believed to be the re-
suit of large operations In Grand
Trunk by Arthur Morton Grenfell, for
merly a member of the firm and whose
1ect OF much gossip. 1t is said saveral
Canadian and other companies where
In he was interested are involved. Earl
Grey, whose daughter was GrenfelPs
first Wife is reported among the heavy
losers
Banking and other interests have
been working for some weeks 10 re-
establish Grenfells affairs in the in
terest of many stockholders of the
companies he controlled. The firm re-
Gently issued a notice that Grenfell had
not been connected Herewith since
February II.
The affairs of the bank were largely
involved with those of the Canadian
agency. limited, which is controlled by
Arthur Grenfell. He and the Canadian
agency had been engaged in a cam
paign for the purchase of a controlling
irtarnct in {1,n- rrn,I fHr,1r1y ,.oJlyyou
but when those securities deprecated
the obligations he had created We're
taken over by a strong group Of finan-
cha sources in order to protect the
many, stock exchange firms involved.
Think Bank Ia solvent.
The banks loss through loans to
Grenfell and Withdrawals of business
/ the bank to suspend. 1t is believed,
however, to be entirely solvent, but
time will be required to liquidate the
assets in order that depositors may be
| paid.
The total of the deposits is under
stood to have been greatly diminished
in the last month and h amour out
standing is believed to be about 81 $780,
600.
Further failures in connection with
this one are not expected.
Arthur Grenfell recently formed a
SyHulCdte LOT the purchase Oh u con-
trolling interest in the General Pc
troleum company of California and
Earl Grey has been in California In
connection with the negotiations. Gren-
fell is retiring from the transaction
which will now be carried through by
other members Of the group.
Family to Aid Him.
The Grand Trunk transaction at
tempted by CREME is considered as
one Of the most daring stock opera
lions launched here in years.
In the notice posted on the doors Of
the bank, which has been surrounded
by a crowd since morning. the firm ex-
presses regret at having to suspend
and states that it's books have been
| placed in the hands of chartered ac-
countants to prepare a statement.
The members of GrenfelTs family are
coming to his assistance in the settle
ment of his affairs.
New York, June 6.-The suspension
of Chaplin, Milne, Grenfell & Co.. ex-
cited some surprise in this market, pri-
vate assurance having been received
here a fortnight ago, when Arthur