The Madisonian. (Richmond, Ky.) 1913-1914, 1914-06-09
BIG LONDON BANK
FORCED TO WALL
Chaplin, Milne, GrenfeII & Co,
Suspend 0perations-Lia-
biIitieS Over Million.
HIT BY GRAND TRUNK FIGHT
A. M. GrenfeII's Sensational Opera
tions involves His Financial House
With Its Deposits of
$1,25O,O0o.

London, England, June S.-Chaplin.
Milne, Grenfen & Co, Limited, the
well-known firm of merchants and
bankers in Princess street, suspended.
1t was registered in 1899 to take
over the business of Morton, Chaplin
& Co. formerly Morton, Rose &. Coz.
Its authorized capital is $1,750,000.
The business is an old established
one, with high reputation and excel
lent family connections.
1t conducted a general and private
banking and a company for promot-
ing business. The directors include
Ernest Chaplin, G. Grinell Milne and
R. w. Skipwith.
The failure is believed to be the re-
suit of large operations in Grand
Trunk by Arthur Morton Grenfell, who
was formerly a member of the firm
and whose dealings recently have
been the subject of much gossip. It
is said several Canadian and other
companies wherein he was interested
are involved
Crowd at Bank Doors.
In the notice posted on the doors Of
the bank, which has been beset by a
crowd, the firm expresses regret at
having to suspend business and states
that its books have been placed in
the hands of chartered accountants to
prepare a statement.
The members of Grenfelps family
are coming to his assistance in the
settlement of his affairs.
Earl Grey, whose daughter was
Grenfell's first wife, is reported
among the heavy losers.
Powerful banking and other inter
ests have been working for several
weeks to re-establish Grenfell's affairs
in the interest of the many stock
holders of the companies he con-
trolled. The Chaplin firm recently is
sued a notice that Grenfell had not
been connected with it since Feb. II.
FIoF1t for Grand Trunk Control.
Affairs Of the bank were largely in
volved with those of the Canadian
Agency Qimited), which is controlled
by Arthur Grenfell. He and the Ca
madam Agency had been engaged in
a campaign for the purchase of con-
trolling interest in the Grand Trunk
railway, but when those securities de-
preciated the obligations he had in
Cured through the purchase of large
quantities of them we're taken over by
strong group Of financial houses to
protect the many stock exchange firms
involved.
The Grand Trunk transaction at
tempted by Grenfell is considered as
one of the most daring stock opera
tions launched here in years. The
banks losses through loans to Gren-
fell and Withdrawals of business con-
sequent on his operations caused the
bank to suspend 1t is believed, how
ever to be entirely solvent but time
will be required to liquidate the as
sets in order that depositors may be
paidA
The total of the deposits is under
stood to have been greatly diminished
in the past month and the amount
outstanding is believed to be about
$1,25o,000.
No Other Failures Expected.
Further failures in connection with
this one are not expected.
Arthur Grenfell recently formed a
syndicate for the purchase Of con-
trolling interest in the General Pc
, troleum company of California and
Earl Grey has been visiting California
; In connection with the negotiations.
Grenfell is retiring from the transac-
ton, which will be carried through
: by other members Of the group.
: Failure Surprises New York.
New York, June 8.-The suspension
!. Of Chaplin, Milne, Grenfell & Co. ex-
: cited some surprise in this market, as
private assurances had been received
: here fortnight ago. when Arthur
Grenfel1's embarrassment became
generally known. that the firm was In
nowise involved.