New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-04
BIG FORGERY CHARGED
Pitt Brothers & Co., Baltimore
Grain Dealers, Suspend.
HEAD OF FIRM ACCUSED
Said to Have Obtained $500, OO0
on Forged Bills of Lading--
New York Bank a Loser.

Baltimore, Nov. "a receiver was ap-
pointed this afternoon for Pitt Brothers *
Co, one Of the oldest and best known grain
firms in this city. The liabilities aggregate
sl6s,00o. with four of the largest national
banks In this city involved
on the testimony of Henry 3. Wilcox.
president OF the First National Bank ana
]. Albert Hughes. vice-president Of the
National Bank of Baltimore, the Srand
jury presented Pembroke W. Pitt, senior
member OF the grain iirm. on the charSe
Of forging certificates on bills OF iadihs'
II is alleged that Pitt obtained nearly
$1,000 in this manner.
NJ H. Ever. cashier OF the National farS
Bank Of New York. who came here to-day
said tonight that his bank had been MT
for at least $4,000 Most of the money he
said, had been lent on bills Of lading, "hiie
the rest had been issued on other paper
which had beer considered good security.
Mr.. Ever also said that the situation was
graver than he first thought, and that nc
would cooperate with the local banks in
trying to realize on what could he saved
from the assets Of the firm.
An indication OF the extent OF the al
legged forgcrics Is the fact that Judge Duhy
fixed bail at $4,000 In the ono case In
which Pitt was presented, and it was said
that many more presentments could he
found against him. He Is believed to have
left tho city.
Pembroke w. Pitt ard Clarence NJ. Pit
trading as Pitt Brothers & Co, are the
defendants in the suit and the complain
ants are the National Bank of Baltimore,
the First National Bank OF Baltimore the
Farmers and Merchants National Bank Oh
Baltimore and the National Bank OF Cohl-
merce. Blanchard Randall grain e%-
porter of this city, was appointed receiver
by Judge Bond. in the Circuit court VII"
bond fixed at $4,000.
Chicago Nov. 3.-One grain brokerage
firm suspended to-day and another trans
ferred its trades TO avoid going TO the wall
when the heavy holders of wheat poured
their grain into trade channels to clear the
decks. # is believed. for the threatened IN
spection by federal authorities on q hunt
for wheat corners.
The suspended firm, small one, was tia'
of sam Finney Pringle &c Wing got tnder
cover by transfer of trades when the can
for margins went out.
Wheat. opening a point off Thursday
close. gave tine market depressed tone
from which it did not recover, and big
holders, as we'll as weaker firms, were re-
ported TO have sustained severe losses.
BROKERS attempted TO compute the supposed
losses OF \. J. Licntstern. who bought APP
proximately $4,000. 900 bushels OF May
wheat at the close OF May. and forced the
price TO an unusually high mark. COM
nutine his price loss at nine cents and his
storage charges at another nine cents, the
estimate approximatcd $3.250.000. The UNI
loading is being done carefully to aVoid
severe financial uphcaval.
No evidence Of any action against the So
called wheat ring was apparent at to-days
meeting of the United States Grand Jury
and no ono in the District Attorney Or
fee would assert o. deny that an alleged
corner was being investigated.
Robert Watke, a Spectator on the hoaru
or Trade. said he had been Intercepted by
representatives of tho Interstate Commerce
Commission several times within the last
few weeks as TO his knowledge or the OPP
erations Of the grain brokers here.
II was said unoficialiy at tine Federal
Ruildine that two Investigators from the
Department of Justice spent two weeks in
Chicago recently and conducted an inquiry.
There was heavy liquidation in the wheat
market here yesterday. when reports that
the Department OF Justice was investigat-
ing an alleged corner were confirmed. The
market was demoralized i'll the early trad
ing, but prices hardened later. and the
close was only slightly below Thursdays
figures