News that one of the oldest stockbroking firms in Cork had been ordered to cease trading by the Central Bank came as a complete surprise to the local business community in the city last night. Mr John Cashel, president of the Cork Chamber of Commerce, of which the firm of W & R Morrogh is a member, said he knew the senior partner, Mr Alec Morrogh, and knew the firm as a long-established stockbroker which had a wide customer base throughout the Cork region. "The company would have a considerable and extensive client base and being a firm with a long history and a long association with Cork, it would be one which was widely trusted and which enjoyed a very good reputation down the years," he said.
"That's why I'm extremely surprised at this information. Like all long established firms, W & R Morrogh would have enjoyed the trust and confidence of a lot of people. Its reputation would have attracted them to it," Mr Cashel said. Last night the company's offices at 74 South Mall, in Cork's business district, were closed and there was no sign of activity. Neither was there a notice to warn members of the public that its activities had been brought to a halt by the Central Bank and the Irish Stock Exchange. Telephone calls to Mr Morrogh's home near Blackrock Castle in Cork were greeted by a curt response, saying he wasn't in. At the family home, a period residence set in its own grounds with commanding views of the Lee estuary, the Georgian windows were half- shuttered and the front door remained closed. The gates to the residence leading to the driveway were open and four cars were parked outside the house, but neither the doorbell nor the knocker was answered.
The firm of W & R Morrogh claims on its letterhead to have been established in 1887 although the company's office at the South Mall says the firm was established in 1895. Mr Morrogh is well-known in Cork business circles and news that the company was in trouble was greeted with shock last night. One business associate said: "I can't believe it, this is a very reputable firm and you wouldn't expect something like this to happen. I heard nothing about it and I don't think I should say any more until I have more information. The firm employs a staff of 12 people and , according to Garda sources in Cork, although they have been notified by the Central Bank that W & R Morrogh has been forced to cease trading, no formal complaint has been received by the fraud squad in the city and no investigation is under way at present. It is understood the firm specialised in the small investor market and offered highly competitive commission rates. Yesterday in Cork, the Chamber of Commerce held a breakfast meeting which was well attended by a cross-section of the business community, but according to one member who was present, there was no suggestion from any quarter that W & R Morrogh was in trouble.
"It was a normal breakfast meeting and normal business issues arose during it, but nobody present mentioned anything. There was no wrinkle whatsoever and I certainly left it with no clue that a firm might be in trouble. I think everyone will be taken by surprise when this news becomes public," he said.
