THE WHITAKER WRIGHT TRAGEDY.

Star (Christchurch), Issue 7922, 29 January 1904, Page 2

THE WHITAKER WRIGHT TRAGEDY.

-. ♦ ■ VERDICT OF SUICIDE. United Press Association— By Electrio Telegraph— Copyright. • (Received) January 29, 8.42 a.m.) LONDON, January ,2B. I At the inquest on Whitaker Wright a verdict of suicide was returned. It is supposed that he- took prussic acid while visiting the lavatory. Afterwards tie talked to friends and attempted to light a* cigar, when he suddenly expired. A MILLIONAIRE AT THIRTY-ONE. Had Whitaker Wright lived in the eighteenth century the story of his enterprises would have taken its place in history. In the present day there are so many huge convulsions in the financial world that the rise and decline of the greatest "financier is but an incident quickly fbrgotten by all but those who have the best of reasons for recollection. But though only one of many, the Whitaker Wright crash had features which rendered it on© of- the most striking stories of the last two decades. The interests involved were co enormous, the personages connected with his schemes so distinguished, the events leading up to his arrest so dramatic, that not only city folk, but the pwblic at large,, have taken, intense interest iv the case. Whitaker Wright looked an American, spoke like an American, and had most of the characteristics of a Transatlantic "boss"; but Cheshire had the' honour of giying him birth. He went to America* to seek his fortune soon after his twentieth year, minus capital, but soon discovered the way to make money. He himself has said': "There was never any difficulty about my making money. I had to struggle at first, of pourse, as any young man without capital hns, but after I had macte my, first ten thousand dollars the rest was easy." His start was made in the West, where he did a little speculation in mining shares. Then he came back East, and made a hit on the New York Stock Exchange. He was a millionaire at thirty-one, and returned to England in 1899. He wae then- forty-three, and thought he had' made enough money. But the value of his securities had shrunk, and at the time he began operatio^ on the London Stock Exchange he had only a moderate fortune. A GOLDEN OPPORTUNITY. He first -became known in the city as a company -promoter . about- 1891, but it was not until 1894 that his name began to be a " household word " in company-mongering circles and the public began to hear of him. In that year came the Western Australian mining boom, and Mr Wright found his opportunity. He was not slow to make use of it. He promptly brought out the West -. Australian Exploring and Finance Corporation for the -purpo'vas -of- promotion. The "venture was profitable, and.in 1895 the famous London and Globe Finance Corporation followed!. The two companies floated 1 venture after venture — the Lake View Consols, the Mainland Consols, the Paddington! Consols and the Wealth of Nations Consols. In 1897 the West Australian, and the London and Globe were amalgamated, the " combine " being called by the old name of the London and Globe Finance Corporation. Wright made, the capital of the new London and Globe two million sterling, and induced! many notable people to attach themselves to his fortunes, including the laite Marquis of Dufferin, who became chairman of his Board. \ THE CRASH. The Ivanhoe mine, at Kalgoorlie, was floated with a capital of a million, although in the colony ifc had only been capitalised at £50,000. The British- America Corporation was brought out with a ca/pital of a •million* and a half to purchase British Columbian mining enterprises, a whole collection of which were quickly 6n the market at- big premiums, Le Roi £5 khares, ior instance, being raised to £22. A new concern called the Standard Exploration Companyi amalgamating a number of more or less unsuccessful ventures, was n.xfc brought to light, and the whole of the Whitaker Wright group obtained public favour for some considerable period. Then the London and Globe undertook the financing of th© Baker Street and' Waterloo Railway, and locked up money that was soon to be needed very badjy indeed. Troubles came upon Wright's group of companies towards the end of 1899. Jjoke View shares, which had risen from £9 t-o £28, fell suddenly. Other shares followed- suit, and) the London and Globe,' the Standard Exploration and the British-American Corporation crashed 1 one after another in the beginning of 1901. The amount which Wright received on account of the promotion of the companies must have made him a , millionaire at one stage of his career. He received 605,000 shares in the London and Globe, which at one time were quoted at over £2 each. How much Wright was worth at the time of his death is a matter for speculation. ■He was never an extravagant mam- so far as his cwjn personal expenditure was concerned;, but he ladled money out like water when creating his country' 1 seat at Lea Park, in Surrey. The house is palatial, and the grounds, worth- miles of travel to see. Altogether ifc is calculated thafc over a million must have been spent upon the plaoe. Artificial ' lakes and hills were constructed, with a . total disregard 1 alike of expanse ahd to the views of Dame Nature. Marble fountains were dotted There is : a private theatre in>the "house, and the stables would accommodate fifty horses. Five hundred workmen were employed' at "one time on the ' works at Lea. Park, which is surrounded by a; stone wall some twelve miles in length. Wright had! a racing yacht, which beat the German Emperor's Meteor three or four, times in succession, and was one of the finest steam yachts afloat.