The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-19
SAVANNAH. GA TUESDAY DECEMBER 49, 1892

eys and municipal moneys, as well as for
the funds of savings banks and state
banks.
Inc officers of the company are: Pres
ldent, Turner A. BeaH; vice presidents,
Edwin Gould, Thomas A. Mcintyre and
5. D. Scudder; secretary and treasurer, S.
l.. Chamberlain; assistant secretary and
treasurer, William Laws.
Ine officers of the company declined to
see anybody or give anything for publica-
ton beyond this supplementary statement
that was posted on the doors some time
after IL o'clock:
THE immediate cause of the suspension
of the company is its inability to convert
its securities into cash in time to meet the
sudden and abnormal demand made upon
it,"
The Committees Report.
The special committee appointed to ex-
anime the affairs of the company organ
lied by electing Edwin Gould chairman.
The committee was in session all the af-
ternoon, and the early part of the even
ing. The result of the committees deiib-
erations is given in the appended state
ment:
THE special committee, consisting of
Messrs. Gould, Bidwell, Maher, Brainerd
and Armstrong, appointed by the Board of
Directors of the Produce Exchange Trust
Company to look after its assets and af-
fairs have examined the condition of the
bank as fully as the limited time at its
disposal has permitted. The committee is
well assured, as result Of such examina-
ton, that every depositor will be paid in
full, and that large surplus will remain
for the stockholders. The difficulties of the
company are the result of the locking up
of an undue proportion of it's funds in
loans not Immediately realizable and
which it is believed it win eventually re-
alize a very large percentage of the
amount loaned. The committee is endeav-
oring to effect arrangements for the early
payment of the depositors and also ex-
poets 10 issue fuller statement at a later
date
Superintendent Kilburn of the state
banking department says that he warned
President Beall of the condition of the
bank but that the facts were not commun-
icated to the directors.
Brokers Also suspend.
The suspension of Henry Allen & Co,
bankers and brokers, was to-day announc-
ed on the Stock Exchange.
The suspension is attributed to the fail
ure of some of its customers to respond
to calls for additional margins made neces-
sary by recent declines, The house has
been known as a trader on rather an ex-
tensive scale.
Henry Allen & Co.'S liabilities are sad
to be in the neighborhood of 81 100000. The
firm failed during the panic of 1898.
SeabOard Not Affected.
Baltimore, Dec. IS. j. William Midden-
dorf, of the firm of Middendorf, oliver &
Co, and H. Irvine Keyser, of this city,
are directors in the Produce Exchange
Trust Company of New York, as is also
j. Shelton williams of Richmond, Va,
who is president of the Seaboard Air Line
Railway.
Mr.. Middendorf, speaking of the failure,
said:
"Of course the news of the failure Is
most unwelcome, but it will not be so far
reaching as some people suppose. The af-
fairs of the concern were recently invesd-
gated by an expert and found to be in
good condition, hence I believe the sus-
pension has been brought about by the
unsatisfactory state of the money market.
The company was interested as a sub
scriber to the syndicate formed for the
purpose of financing the proposed reor-
ganization Of the Seaboard Air Line, but
its suspension win in no way impede the
progress of that reorganization, which is
now practically an accomplished fact"