Omaha daily bee., 1911-07-12
MYSTERY IN PETIT DEATH
Insurance Companies Ask Coroner to
Reopen Inquest.
DEAD MAN OWES GREAT sums
Peavy Grain Company is Closing Up
Its Commission Busines I'm Chi
caEO-Pettit SpecuIated
Heavily.

CHICAGO, July 11.-Msstery in the death
of James E. Petit, whose financial diff
culties came to light last night, was probed
further today when interested insurance
officials, asked deputy Coroner Conrad of
Waukegan for a re-opening OF the inquest
and a post mortem examination to deter
mine whether death was from drowning
as was reported. or some other cause.
Meantime news that the late grain dealer
and president of the Peavy Grain company
had been in financial straits caused a stir
in banking circles and meeting of the
committee of bankers having the dead
brokers affairs in hand was called. The
committee will endeayor learn the exact
amount OF Petit debts vasipusly estimated
at from t75O,oOO to twice that amount.
On the Board of Trade the heavy brokers'
were busy in the pit closing out accounts
Of customers. or transferring them as
preliminary to the closing up OF the Chi
cago end of the commission department
OF the business
Signature Worth Million.
In financial circles last night It was
said Petit as president OF the grain firm.
one OF the largest in the country, had alb
solute freedom in the matter Of borrowing
money. His signature on a note. 1t is
1t is also said that Petit began specuiat-
ing several years. ago, dong so quietly
and only few persons knew of his pri-
vate operations. Two years ago he was
said to have been caught in the May oats
deal that he and an associate lost $7OO,O0O
and that the September oats deal in the
same year also cost him heavily.
According to persons In the street Pet
tit had recently plunged heavily in wheat
associating with the bulls" 1t is said the
first inumation gained by the bank that
all was not we'll was a month ago when
more than S1.00O0OO of the Peavy con-
GERMS paper suddenly appeared on the
market.
Pettits body was found floating in the
lake last Saturday morning. 1t was dis
covered by his chauffeur, who had APP
peared at the Moraine hotel TO take him
to the city.
Minneapolis Company Affected.
MINNEAPOLIS July 11.-As a result of
the belief that a shortage of s1,OO0OO0 ex-
lists In the accounts OF the Peavy Grain
company OF Chicago. of which James
Petit was president. and that this money
was lost IN speculation, bankers and Off
GERS of tho company met today at the +.
H. Psavy company offices to discuss the
situation.
F. H. Peavy & Co. IL q stockholder in
the Chicago corporation. 1t is understood
that officers of F. H. Peavy & Co. are
willing to turn over to a committee of
Minneapolis bankers its assets as protec-
ton for $4,000 OF commercial paper out
standing.
After the meeting Fred b. Wells. vice
president Of F. H. Peavy q Co.. gave out
the following:
"On Saturday afternoon. July 8, follow
ing the death Of Mr.. James Petit, a rep
resentativs of F. II. Peavy a Co., who had
been sent TO Chicago TO assist in the offices
OF the Peavy Grain company during Mr..
Pettit's illness. discovered that certain un-
authorized and concealed speculations had
been going on in the business which subse-
quent investigation proves win result in a
shortage OF approximately H,ooO0oO.
Mr.. Petit, general manager Of the busi-
ness. had apparently in no way profited by
these speculations. and they were carried
on absolutely contrary TO the instructions
OF and without the knowledge of f. II.
Peavy & Co. and in direct violation Of the
policy OF the Peavy interests"