AMERICAN CARLE NEWS

Hokitika Guardian, 6 September 1926, Page 2

AMERICAN CARLE NEWS

(■Australia & N.Z. Cable Association.] company failure. NEAV YORK, Sept. 3. The most sensational failure among tlie American financial institutions in the last decade occurred to-day, with the announcement that the affairs if the G. L. Miller Coy., dealers in real estate bonds, has been placed in the hands of a receiver. Technically, the liabilities amount to 6,915,060 dollars', and the assets are estimated in the vicinity of nine million dollars, but, behind these ledger figures lurks the possiblity of tragedy for more than 20.000 small investors, who have put their life savings into the company’s securities, .the total of which now outstanding is fifty million dollars. >j The firm was recognised as the sceoiul largest first mortgage bond house in America, and its business chiefly consisted of lending large sums of money to the builders of flats and office structures on first mortgage, and reselling these indebtednesses to the public in the form of small bonds. The company lmd underwritten property all over tlie country, and particularly of late in Florida, during the boom there. An attempt was made recently to have this organisation affiliate with certain labour organisations, which in the last few years have gone into bonking, but the plans ncvbr materialised.

TITLES NOT AY ANTED. ST. JOHN (New Brunswick, Sept. 3. The final business session of the Convention of the Canadian Bar Association to-day declined to take any action on a proposed resolution that expressed regret that the Canadian Dominion Parliament had passed a resolution requesting His Majesty the King not to confer any more rights or like honours on Canadian citizens. NEAA r PROTECTION. AA r ASHING TON, Sept. 3. Dr Doran, the Chief Prohibition Che- / mist has reported to the Acting Secretary of the Treasury, Mr AA’instoue, that the prohibition chemists have developed a new complex oil compound, for injection into industrial alcohol so strikingly marked that it can only ho consumed by a deliberate wilful act. According to Dr Doran, lawful industries are already being protected by such new compound. POSER FOR PRESIDENT. (Received this day at 9.0 a.m.l AVASIiING TON, September 5. President Coolidge will he faced with a poser when the teurperance organisa-. t-ions of Omaha demand the dismissal of AA'illiam Corcoran, American Consul at Boulogne, on the ground that when Miss Ederlo swam, the Channel lie is alleged to' have offered his countrywoman a glass of wine when she was passing through Boulogne. For this anti-dry action Omaha ladies want him to. bo officially decapitated. MURDER CHARGE. AA’ASHINGTON, September 5. Ben Ruddenar, Chicago’s reputed millionaire bootlegger, was arrested at Canton, Ohio, on a charge of procuring the murder of Don Mallet, editor of tlie “Canton News,” who was shot six weeks ago. The crime is connected with illegal liquor traffic. The grand jury returned indictments against Ruddennr, as well as Pat McDermott and Louis Mazer, who are accused of firing the fatal shots. Mnll'ett had conducted a lively campaign against Bootlegging and civil vice in a newspaper owned by Cox, ex-Governor of Ohio and had received letters warning him. to quit spoiling the rum-running business.