The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-07-11
INSURANCE MEN
MADE REQUEST
FOR SUCH step
A Committee of Bankers in
Charge Of Affairs Calls q
Hasty Meeting
ESTIMATE OF LIABILITIES VARIES
BUT runs OVERSIZE, FIGURE
Announcement That Company Sus.
pends Operations Created Stir This
Morning-Declares Their Creditors
Will Not Lose By New Plan.

Chicago, July 11.-Mystery in the
death of James Petit, whose financial
difficulties came to light last night,
was probed further today when the
interested insurance officials asked
Deputy Coroner Conrad of Waukegan
for re-opening of the inquest and
post mortem examination to determine
whether death was from drowning as
was reported or some other cause.
Meantime the news that the late
reputed millionaire grain dealer and
president of the Peavey Grain COM
pany had been in financial straits
caused stir in LaSalle street, and
meeting Of committee Of bankers hav-
ing the dead brokers' affairs In hand
was called.
The committee will endeavor to
learn the exact amount of his assets
and debts, variously estimated from
$750,00O to twice that amount
Chicago. July 11.-Close upon the
I death of James Petit, who was found
dead from drowning in Lake Michi-
gan, near the Lorraine hotel Saturday
morning, came the announcement of
the retirement from business of the
firm OF which he was president and
general manager Last night num-
Der OF kilograms were sent out by
the Peavey Grain company to its
agents and customers all over the
country. 1t was stated that owing to
the death of Mr.. Petit, the company
had decided to retire from the COM
mission business in Chicago.
The Peavey Elevator company-
which is separate corporation and
whose trademark Pv), may be seen
on the elevators of almost every ag-
rlcultural center in the country and
lake and Mississippi steamboats,, is
not affected however.
Big Amount Involved
The retirement of the grain COM
psny followed meetings of officers of
the First National bank, Corn Ex-
change National bank and possibly
other Chicago financial institutions.
The tragic ending of Mr.. Pettit's life
is said to have significant bearing
on this action. 1t is pointed out that
the inquiry was set afoot by the banks
on the first business day following
his death. An official of the Corn
Exchange bank put the amount of the
money involved at s75O,000. He said,
however, that he thought the banks
would be secured by the warehouse
certificates for wheat put up as COL
lateral and also by the Peavey inter-
ests in Minnesota, although the Pea
vey Grain company is a separate cor
poration from the Peavey Elevator
company
Our directors held no meeting
Yesterday said the Corn Exchange
official, but some of the officers Of
our institution got together and dis
cussed the matter of the Peavey COM
pany's debt to the bank. I think a
committee was appointed to look fur
ther into the matter"
Retiring From Grain Business
1t was at 5 p. M, that the Peavey
Grain company's telegram to agents
and customers stating that owing to
the death Of Mr.. Petit, the company
had decided to retire from the COM
mission business in Chicago, confining
its efforts in the future to elevator
operations. Customers with open ac-
counts were required to transfer them
to other firms. The notice was sign
ed by F. H. Heffelfnger and F. B.
Wells of Minneapolis, who have been
in charge of the business since Mr..
Peayey's death.
The offices of the Peavey Grain
company. 915-917 Postal Telegram
building. were open until late last
night. Samuel T. Graft of Hinsdale,
secretary Of the company. and Mr..
Livingston, local manager Of the COM
pany, were there until $3.50 o'clock,
when they were called out, presume
bly, to attend conference. In the
meantime. the full ofiice force was
kept busy going over the accounts,
checking up on day books and ledg-
ers new and old. and preparing a,
statement of the standing Of the COM
pany, as they found it. One Of them
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