New-York tribune., 1899-12-19

ha
o,,,d unv not tell He maintained. however. that
| seaboard was one OF the best OF these syi'u'-
! cate loans made by the trust company, ,,.r,
Another director. who agreed with MI 'i0iIi
,,,ra IN saving that the closing was unneces-
sarv said that Yesterday morning the odnh
had on hand nearly S6OO0Oo on deposit anu 90 ~
meet a possible run had $s10.WO cash. SI,osSoo0" 300
| e. citv bonds and in accounts receivable SUD
0O This fell short OF the deposits ny IS auou,
S2JOOOOO one director opposed 10 o mr .Uar
offered to lend the company Sl.yp,0o u ,,o',id
would make up the balance. but no one NouIu
lend the other 81 100000 and 80 the doors "e'o
closed
Late yesterday afternoon the following state
ment was issued by the Special Committee:
The Special Committee consisting Of Messrs Ed
win Could George r. Bldwel. Edward A. ManeI
pointed by the Board OF Directors Of the Produce
Exchange Trust Company to look after us asses G
company as fully as the limited time at their as
posa has permitted They are well assured as ine
result Of such exaIninat tion thai every depVSito'
will be paid I'm full and that large surplus VIII To-
main for the stockholders. ,. =
The difficulties OF the company are inc result o. y.
in loans not Immediately reaiiznbe, and which IT IS
believed VII eventually oSad rsaze very large p''
The committee are endeavoring TO effect arrange;
mens for the early payment Of the depositors, anu
also expect to issue fuller statement nj an carry
date
HISTORY OF THE COMPANY.
The Produce Exchange Trust Company began
business on March I. 1898. with capital Of
100000 and a surplus Of like amount. DR.. j..
H. Parker its president. BY January lSSo.
It had made Sl15.OO0 profits. DR.. Parker then
got out Of the company because OF the loans to
the Seaboard syndicate. II Is reported Inc
trust company took $4,000 OF this syndicates
| underwriting and lent $4,000 on its securities.
according to common report The company ala
! not however. become conspicuous in wall street
! until about year ago. when II made the hiHh-
est proposal for S12OO0VpO issue OF city bonds
! Vermilye & Co. and Kuhn. Loeb &c Co Jointly
offered higher price. but they inserted a condi-
tional clause In their bid regarding the Legality
Of the issue which Controller Coler objected to-
and he gave the preference 70 the trust com
pany. Mr. Coler made no secret OF the fact that
the Produce Exchange Trust Company was COM
posed OF friends of his and intended to break
the power of any attempt TO organize monop-
oily in bidding for city bonds.
The officers Of tho trust company at present
Presldent-TURNER A BEALL.
Vice Presidents 60 EDWIN GOULD. THOMAS A
stcrsary and T5ea,qrec5 L cHAMREWRIhAHJTHiTv WIHTiv NJ
Z ARMsT6822Nxs fT62xa ANzF EAf
TURNER a BEAL1 GEORGE r. BIbWEIi- T1i1fLEs Al.I11s
KEYsER' EpWARp n LAbEW HEXRT ! MGEE GEE,
4. 'is siuTsEY JoHN P TRrEspELI. 9 n ,lwARNlEE
JOHN SHELTON WILLIAMS. OF Richmond. Va and r..
| Y. G. YOUNG. Of Jersey CITY.
on July 90. 1899 the capital and surplus Of
| the company were increased from 100000 each
81 900 900 total-to S2.5OO0D each. or the
/ present total Of SJ00OpO. and the undivided
profits to July were distributed to the original
/ stockholders on that date. 1t is understood that
! the increased capital was secured from promi-
| nent local bank
THE FLOUR MILLING COMBINATION.
The United States Flour Milling Company
was incorporated on April 2S last in New
Jersey as a consolidation Of entyfour mills
In Duluth. West Superior Milwaukee. Buffalo
/ Syracuse and New-York. Thomas a Mcintyre
! engineered the combination. and the officers
were George Urban. jr.. ot Buffalo. president.
/ Jacob Amos. Of syracuse. vicc-prcsident, MI
Mcintyre, treasurer ana Joseph y. Knox. secre-
| tary II was announced that the tWeniy-four
/ mills were all owned absolutely by the company
/ except the Hecker-J r-Jones-Jewcll Milling Com
panV OF which only 30 per cent OF the stock
/ was owned. The aggregate capacity ~ the mills
| was estimated at nifty thousand barrels day
! and the elevator and storage capacity az Z-l-
/ 600 bushels. The stock and bonds were divided
] rs follows. stock. authorized. common. Sl--
/ 800 900. prefcrrcd q per cent accumulated. Sl2-
/ 10000. outstanding. common. S@.JoOpp. pre-
| ferred SJW00OO. bonds. authorized. Sl'WD-
! 600: issued. S1.Jor.W0.
! At the time the Flour Milling Company made
It's decline Mr.. Mcintyre. who IS vice president
and director Of the Produce ENchange Trust
! Company. made statement. tho substance "
| which was that certain interests had played
! false thus creating scare among Flour Mining
/ stockholders. Flour Milling shares had been
/ very lnartiue the last few weeks. aud had made
/ but a slight change Nom the price recorded al
/ the time OF their greatest declines