FINANCIAL CRASH

Dominion, Volume 23, Issue 56, 29 November 1929, Page 11

FINANCIAL CRASH

PROMINENT LONDON MAN BANKRUPT HEAD OF GROUP OF COMPANIES METEORIC CAREER .United Press Association.—By Electric Telegraph.—Copyright.) (Rec. November 28, 9.50 p.m.) London, November 28. Henry Spence Horne, a prominent city financier, has filed a petition in bankruptcy and simultaneously resigned directorships including British Cement Products, Anglo-Foreign Newspapers, Limited, Carmelite Trust, and others of the so-called H. S. Horne group which were subject to considerable speculation during recent years. It is understood that the companies are not seriously affected by Horne’s failure. H. S. Horne is only 36 years of age. He joined up in war-time and was invalided Home. He entered a London stockbroker’s office as a clerk, became a partner, and ultimately head of the firm. He decided in 1920 that there were big possibilities in cement, and launched the Anglo-Atlantic Corporation. In 1923 he became one of the most discussed men in the City. He bought a beautiful old manor house in Sussex with 4500 acres —a wonder farm where he spent the weekends. ■ His concerns were amazingly successful. A few years ago, even in 1927-8. the profits of some of the shares were over 300 per cent. Sir Robert Donald, deputy-chairman of Anglo-Foreign Newspapers, told the "Daily Chronicle” that the company would not suffer loss. It was separated about a week ago from the other Horne companies, and went into new offices, changing the personnel of the board. OKLAHOMA BANKS CLOSE RESULT OF FROZEN ASSETS (Rec. November 28, 8.10 p.m.) New York, November 27. A message from Oklahoma City states that the Oklahoma State Banking Department closed twelve banks near here after the unexpected death of A. McCauley, the principal owner. Frozen assets were the principal reason for the closing. The October banking report showed the deposits of the twelve affected banks, which are small institutions, amounted to 2,520,000 dollars, and the combined capital stock 310,000 dollars.