MILLIONAIRE'S DEATH.

Hawera & Normanby Star, Volume LXII, Issue LXII, 2 August 1911, Page 2

MILLIONAIRE'S DEATH.

DROWNING STORY DISCREDITED.

CHICAGO, July 27.

Considerable interest is being centered in the affairs of the Peavey Grain Co.

This is the company of Avhich the late Charles Petitt, a millionaire grain broker, Avas the guiding spirit.

The remarkable circumstances under Avhich Mr Petitt was droAvned last Aveek Avhilst bathing have already been reported.

An examination which the doctors made, hoAvever, did not altogether substantiate the drowning theory, and certain banks that have made heavy advances to the dead broker have accordingly demanded that an investigation be made.

The readjustment of the company's affairs has been undertaken by a committee of bankers, Avho propose to hold assets to the amount of £950,000 until all obligations have been paid.-

Mr Pettit Avas a most daring speculator. He confined his operations almost exclusively' to anticipating rises in the market, and his heavy gambling in "options" caused anxiety as to the company's staßility.

The chairman of the committee says that the banks do not stand to lose anything.