FATAL FAILURE TO CORNER OIL SHARES

Sun (Auckland), Volume 1, Issue 86, 2 July 1927, Page 5

FATAL FAILURE TO CORNER OIL SHARES

DEATH OF FINANCIER SHORT OF £750,000 By Cable.—Press Association.—Copyright LONDON, Thursday. The “Daily Chronicle” states that if Mr. James White, the wellknown financier, who died yesterday under exceptional circumstances, could have found £750,000 he would have retrieved His fortunes by “cornering” the shares of the British-control led cilfields. His death did not affect the Stock Exchange as much as was at first feared, and most shares in which he was interested have recovered somewhat. He had been devoting himself to the gamble for two years, although he had no official connection with the oilfields. He treated the shares as pawns in a great game which he played in connection with Standard Oil shares in America. Finally Mr White came to the conelusion that he had purchased or controlled 500,000 more preference shares than the British-controlled oilfields had issued, thereby placing the “bears” in a terrible predicament. He planned to demand delivery of all the shares on Wednesday, but this necessitated first paying for his own shares. As he was still £750,000 short °n Tuesday evening the “corner” failed.

The Chancery Court lias granted an application made by the Westminster Hank to appoint a receiver for Mr. White’s estate. The Westminster Bank also applied for the appointment °f a receiver for the Beecham Trust, which is due to complete a contract >or the purchase of the buildings at Wembley for £ 300,000. Counsel said that since Mr. White’s death there was nobody really in control of the concern, which was indebted fo the bank for upwards of £450.000. The application was adjourned.—A. and N.Z.