FORGED BILLS OF LADING

New Zealand Times, Volume XXXII, Issue 7111, 25 April 1910, Page 1

FORGED BILLS OF LADING

A CO'iTON GAMBLE FORCED BANKRUPTCY OF BROKING FIRM. HEAVY EUROPEAN LOSSES. By Telegraph—Press Association— Copyright. (Received Aoril 24, 5.5 p.m.) LONDON, April 23. Much attention is being directed to the bankruptcy firm of Alabama cotton brokers, Kmghrt, Yancey and I Co., whose liabilities total 3,000,000 ■ dollars, and tho assets 500,000 dollars j (not including equities). It is alleged by tho Manchester " Guardian" that the firm had been in tho habit of sending forged bills of lading to themselves, retaining the genuine bills. | AVhen irregularities were discovered Liverpool and other European importers forced Knight, Yancey and Co. to file their petition. It is. still doubtful Whether there is cotton against bills held in Liverpool representing 45,000 bales amd valued at £75,000. ' New ,York oahles state that most of the spurious bills are held abroad. The losses in Europe amount to 4,000,000 dollars, those of ono Russian firm , alone being estimated at 750,000 dolj lars. Firms in New York havo lost ! 1,000,000 dollars. ' Tho " Shipping Gazette" reports that there is excitement in Liverpool owing to the discovery of forged bills of lading for from 15,000 to 20,000 bales of cotton, purporting to have been snipped from the United States. The names of eighteen prominent Liverpool firms have been forged. CONFIDENT MiR PATTEN. A DICTATOR OF PRICES.

NEW YORK, April 22. Mr Patten, of the well-known stockbroking firm, predicts that mills in America and Europe will close in August unless they pay his price. It is estimated by men. acquainted with the " bull " market that 142,000 bales are held by " bears" in New York, a quantity which is inadequate to enable them'to meet their liabilities.. The report of an interview -with Mr Patten on "Tho Ethics of Corners" appears on page d~ven.