New-York tribune., 1910-05-24
GRAIN FIRM INVOLVED
Albany Banks Hold Durant &
EImore's Paper for S5O0,000.
TOTAL AMOUNT NOT KNOWN
Manipulation of Bills of Lading
Alleged-Offices in Several
Cities.

Albany Nav S-The firm of Durant Il
Elmore grain merchants, with offices in
Albany, Chicago; Buffalo and Boston, is
practically in the hands of the officials of
the National Commercial and First Ma
tionaI banks, of this city, who are its cred
itors to the extent of nearly S500,0e0. By the
alleged manipulation of bills of lading the
company is said to have been able to bor-
row hundreds of thousands of dollars from
banks in Albany and other cities. The total
amount involved has not been ascerta1ned
It is understood, however, that the flrm
has outstanding paper aggregating between
s5000oo and $4,000, but just what proper
ton of it is secured probably will not be
known for several days. Representatives
of the banks were busy to-day examining
the company's books and papers and queS-
tioning its employees in an endeaVor 70 get
at the truth of the allegations
z. A Durant, of Albany, is president OF
the corporation, Edwin w. Elmore vice
president, Gibson Oliver treasurer ana
William S. Dyer secretary. The company
is canitalized at $4,000 Mr.. Durant mas
not taken an active part in the manage
ment of the company's affairs Tor solne
time. Mr. Elmore looked after the Chi-
cago end of the business While MI oliNei
was the executive officer of the concern
According to a statement by James h
p.rl,ins 1,ice-nresident of the National
Commercial Bank. the company Is nope
| Iessly involved I'VE are informed, says
MIR. Perkins that eight or nine banks hoid
the firms paper, besides grain commission
brokers with whom the firm has dealt ana
| number of individuals"
Frederick A. Mead, president of the First
National Bank, said to-day that his oank
| held s77 90 of the Durant & Elmore paper
hearing the personal Endorsement OF
| Messrs Durant, Elmore and OliVer' ana
secured by original bill of lading drafts de-
posited as collateral security for the loans
The company, he said, had been graouaily
! Withdrawing its business from the bank for
some time Careful investigation led MN
TO believe that the bank would be amply
protected from any loss.
| II do not believe the banks will lose any
money!" said Mr.. Mead. 'They will hold
the railroads responsible. We look to the
railroad officials to take the initiative
The Delaware & Hudson company Is
| understood to have already taken up the
matter. but as ice-Presdent Sims and
Lewis E. Carr, counsel for the company
| wore both out of the city to-day. no in
| formation was obtainable.
| Durant & Elmore are understood to have
grain in Oneonta and in Boston valued at
about 100000 and considerable addltlonal
grain is transit from the West. The com
pany also owns the business of the Oneonla
| Milling COMPANY Edward A. Durant, one
| of the firm, is said to have agreed, il nee
essary, to turn over to the creditors of the
| company all the property he possesses.
Some time ago Henry c. Palmer freight
g. HudSOn COmDanY
| in this city, was dismissed from the COM
nanv,s employ and a few weeks later de-
married. for Chicago where, it was said, he
had entered the employ Of Durant d Ell
more Mr. Palmer returned to Albany
to-day, and said he was innocent and ready
TO face any charges that might be made
| against him.
Boston. May 23.-The grain firm of Durant
& Elmore. of Albany, whose accounts are
under examination, has an agent in this
city. but other grain firms stated to-day
that the Albany merchants had curtailed
their business in this part of the country
considerably during the last year.
| Chicago. Nav 23.-The Chicago business of
Durant & Elmore is done in the name OIL
E. w Elmore. At the local office OF MT
| Elrnore to-day a statement was given out
to the effect that the Chicago house is not
affected by the trouble Of the Albany con-
cern.
| Welding Ring. president of the New YORK
Produce Exchange, said yesterday that, so
far as he was aware, no member OF the
exchange was affected by the trouble OF
Drrant &s Elmore, and that no of1ciai &c
ton would be taken by the Produce EN-
| ha a the firm IN QuoS-
tion was not member Of the institution
At the Mechanics and Metals National
pe,1x II was said that whatever business
had been done with the firm had been
transacted through the banks Albany cor
respondent, the National Commercial Bank,
and that all information would have to
come through that quarter.