The City has been startled this week by a very
heavy failure. Mr. W. E. Blakeway, head of the stockbroking firm of P. W. Thomas, Sons, and Co., said to be one of the oldest in London, absconded, and it was discovered that he owed nearly f.800,000, nearly the whole of which will be lost. Of this sum, only £35,000 is due to members of the Stock Exchange, the runaway having habitually used securities belonging to his clients to pay his "differences," which at the last account amounted to £200,000. One lady, the widow of a former pother, loses £200,000, and a country bank also suffers heavily. Mr. Blake- way, in fact, according to the statements in the City articles, robbed those who trusted him rather than rob the corporation to which he belonged. We hope the occurrence will warn in- vestors against their strange trick of leaving masses of stock payable to bearer in the bands of brokers, who do not want the liability, who have no special means of protecting securities, and who must, of all men, be under an occasional temptation to make use of such trusts. The junior partner of the firm, Mr. Percy Thomas, was, it is stated, entirely ignorant of his senior's speculations, and the moment be discovered the state of affairs filed a petition in bankruptcy.
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