The Topeka state journal., 1899-12-18
Henry Allen & Co., Bankers and
Brokers, Suspend.
New York, Dec. 18. - Call
Money loaned on Stock Exchange
today at 125 per cent.

New York. Dec. 1S.-A special to the
Herald from Washington says;
Secretary Gage viii not discuss the
question of what further action, if any,
he VIII take to relieve the monetary
stringency. The gravity of the situa-
tion is thoroughly appreciated by the
treasury department. but just what viii
be done it is impossible to predict,
though it is probable that some meas
ure of relief viii be afforded by increas-
ing the government deposits in national
banks.
An offer to purchase another block Of
government bonds may be considered,
though the results of the last offer were
not Vet encouraging. officials think that
in a time of StrIngency the government
ought not to be expected to offer more
than the market price for its bonds
1t is apparent, however, that. if bonds
are TO be bought more must be offered
for them, as under the last offer the
government received only S-O.OOO,444 out
of the So. 600 600 which Secretary Gage
was willing to buy.
Treasury officials attribute the pres
ent stringency largely TO the fact that
business is prosperous and is absorb
ing large amounts OF currency that IN
less prosperous times would flow to
New York and would be available for
loans 1t is agreed that If the pres
ent conditions continue New York must
get along with a smaller amount OF
currency than formerly and business
must be adjusted to meet the new con-
ditiOuS.
The following statement of its cOndi-
tion was issued by the Produce ex-
ASSETS.
Cash on hand Sis 600; cash in West
ern National bank. $533.000; cash in Ma
GOnal City bank, $1,000 cash in First
National bank, Jersey City, S125,OOO;
cash in Standard bank. 1853 600; New
y Ork city bonds, $2,5O0,00 other bonds,
4 hill HEs
receivable, SS47.0O0; due from banks,
$4,000; syndicate loans, S4,433500;
time loans, 1888, 900; total assets, $11,-
$500.
Capital and surplus. IS 600 900; ;individ-
ual deposits, $2,92S, 600; trust funds, $21,-
500; due to banks, $3,7O0,o00; total IL
abilities. S11.649.6 500.
The notice posted on the door of the
cOmpany's office reads:
The board of directors of the Produce
Exchange Trust company has deemed
1t to the best interests of its depositOrs
and stockholders, to suspend payments
pending the readjustment of its affairs.
The following special committee, Ed
win Gould Q. p. Armstrong, George r.
BidWe0, Edward A. Maher and Frank
Brainard, has been appointed by the
board of directors to take charge of the
property and affairs of the company
and are in possession thereof, for the
board Of directors. (Signed),
ALMON GOODWIN,
WM. NELSON CROMWELL,
Counsel for Committee.
The Produce Exchange Trust COM
pany was organized two years ago, with
a capital of s.. 500 600 and had a report
ed surplus and undivided profits at this
time OF over s.. 500, 600 Its business was
chiefly with merchants, tradesmen and
corporations in its immediate vicinity
and it was also supposed to do some of
the banking business of the Standard
Oil company. It had been designated
by the banking department OF the state
as a legal depository for state moneys
and municipal moneys. as we'll as for
the funds OF savings banks and state
banks. The officers of the company
are:
President. Turner A. .BealI: vice pres
idents Edwin Gould, Thomas A Nc
1ntyre and s D. Scudder; secretary and
treasurer. s L. Chamberlain; assistant
secretary treasurer, VIM Laws.
The trustees of the company are
Charles P Armstrong, Amzi B. Barber.
Frank Brainard, Turner A Beau. Geo.
r. Bidwell. Charles A Deshon. A Goe-
pei, Edwin Gould, \. Irvine Keyser. Ed
ward r. Ladew, Henry A. MCGEE, W.
Willis Merrill, J. W. Middendorf. Ed
ward Maer. s. d. Scudder. John A. Hib-
ley John P Truesdell, c. NJ Warner,
John Shelton Williams, Z. F. c. Young,
Thomas A Mcintyre.
The Allen firm is not prepared to
make a statement, but the suspension
is attributed to the failure of some of
its customers to respond to calls for ad-
ditional margins made necessary by re-
cent declines. The house has been
known as a trader on rather an exten-
sive scale
RATE FIXED AT PER CENT.
New York, Dec 1S-It is announced
that the clearing house banks have
made a rate of 6 per cent for renewals
for time loans today. It has been de-
cided that no extreme rate for money
shall be charged if it can possibly be
avoided
TWO FAILURES
New York. Dec. 1S.-The Produce Ex-
change Trust Co, of this city has closed
its doors. A notice upon the door says
that the company has suspended payment
pending an examination of its books.
The suspension Of the hrm of Henry