the stock market crash of 1907, he experienced severe financial difficulties. Added to this, mismanagement kept hidden by the officers running his Montreal brokerage house, one of whom committed suicide when his discrepancies were revealed, caused Dunn more financial grief. In 1913, his partner Fischer disappeared and went to ground leaving him with monstrous debts, as their firm was a partnership, not a limited liability vehicle, but he managed courageously and with help from his creditors to cover them all. Nine years later, Dunn forgave Fischer when the latter was "in virtual destitution", even to the point of giving him a job. At the height of the Great War in 1915, his associate Pearson was killed when the Germans sank the RMS Lusitania. Despite these setbacks, he would quickly recoup and go on to become a multi-millionaire. It is reported that Dunn partnered with the Belgian financier Alfred Loewenstein in several business ventures, the duo emerging with more than £1,000,000 profit from their 1920s investment in British Celanese alone. Dunn's close friendship with Max Aitken continued after the wealthy New Brunswicker also chose to live in England. Still very much in touch with his roots, after a 1911 fire destroyed the bells of Christ Church Cathedral in Fredericton, James Dunn donated the replacements for the original 1849 five-ton bells. The First World War provided him with a number of business opportunities and to the ability to serve Britain. For his World War I efforts, he was created a baronet in the 1921 New Year Honours. During his lifetime Dunn became a major industry leader rivaling even the Rothschilds as a central figure in British finance. Although he lived primarily in England during his stockbroking years and maintained a villa in France, Dunn frequently traveled to Canada to spend time at his fishing camp on the Nigadoo River not far from his birthplace. Algoma Steel A number of Sir James Dunn's Canadian investments were in Northern Ontario mining ventures and he began a business relationship with Algoma Steel, a company in Sault Ste. Marie, Ontario. Founded by Francis Clergue, Algoma Steel had been taken over by Philadelphia, Pennsylvania investors after its 1903 bankruptcy. Overly dependent on the production of rail tracks, the steel company suffered through numerous problems and in 1908 Dunn had partnered with a British group of investors who included Robert Fleming to cooperate with an American consortium to