New-York tribune., 1899-12-23
PROPOSITION BY GEN. THOMAS.
TO ADVANCE MONEY TO PAY DEPosTToRs OF
PRODUCE EXCHANGE TRUST COMPANY IF
SATISFIED BY AN EXAMINATION
OF ITS AFFAIRS.

General Samuel Thomas yesterday made prop
osltion to the trustees OF the Produce Exchange
Trust Company which closed its doors on Monday
Of this week. advance the money necessary 10
pay the depostors in full provided that after an
examination OF the company's affairs by his rep
resentatiye they should be found In such a condi-
ton as to Justify him in assuming the RESPONSE
blllty. General Thomas will thereupon assume the
presidency OF the trust company ana nave the
power to make such changes in the directorate or
among the officers of the company as he sees Mt
1t is estimated by familiar with the AFFAIRS OF
the company that 1t will require between
81 900 900 and g 900 in cash TO meet the demands
which will be made on the company az soon as Its
doors are again open for business. The trustees
adjourned to meet on Wednesday Of next week oy
which time II is expected General Thomass repre-
sentatives will have had an opportunity to satisfy
themselves to the value Of several millions OF
dollars in securities held by the company.
The trustees held a two hour session yesterday
afternoon in President Bealls room. on the second
floor Of the Standard oil Company's building one
Of the trustees said the following were present
Charles p. Armstrong. Amzi l.. Barber. FRANK
Brainard. Turner A. Beall, George r. Bidwen
Charles A. Deshon. A. Goepel Edwin Gould. H.
Irvine Keyser Edward r. Ladew, Thomas A. Nc
Intyre Henry A. McGee. w. Willis Merrill. j. W.
Mlddendorf Edward A. Maher s D. Scudder. John
A. shibley, John p. Truesdel. c. NJ. Warner. John
Shelton williams and Z. F. c. Young
William Nelson CrOmWell, counseI 10 tne sPe-
cial committee appointed take charge Of the
business after the company suspended, and +. d.
Kilburn. State Superintendent Of Banking, and one
or two others intimately interested In the trust
company were present II is said that General
Thomas was not there. At o'clock Mr.. Cromwell
gave out the following statement
New York December o. 1899.
At the meeting Of the Board Of Trustees OF the
Produce Exchange Trust Company held this after
noon a proposition made by General Samuel
Thomas TO advance the money necessary 20 pay the
depositors in full, provided that. upon an examina-
ion OF its affairs by his representative they should
be found by him TO be In such condition as 70
Justify him in assuming the responsibility. II was
Understood that IN the event stated General Thomas
would accept the presidency Of the company, and
that such changes Of officers and trustees should
be made as he should determine. The Board there
upon adjourned to Wednesday next 10 await the
result Of such examination.
The special committee In charge has in contem-
plation the making Of a dividend to depositors at
early date.
AIMON GOODWIN,
WILLIAM NELSON CROMWELL.
Counsel.
II is said 70 be doubtful about General Thomass
representatives getting through with their exami
nation by Wednesday next there are IS 10000 or
81, ,O00 900 in securities 20 look
Thomas A. Mcintyre and President Beall were
seen after the meeting adjourned, but they had
nothing 10 say II is rumored that II they are re-
tained in the directorate OF the company Edwin
Gould and one two others will resign.