Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-12-19
sUspENDs PAYMENT.
produce Exchange Company. of New
York. Closea Its Doors.

New York, Dec. 1s.-(B Associated
Press. 1.-The Produce Exchange Trust
Co., according to notice upon the
door, has suspended payment pending
an examination of it's books.
The following is statement issued
by the company: Cash on hand, S11s,-
900; cash in Western national bank,
$533,000; cash in National City bank,
100000; cash in First National bank
of Jersey City, $125,O00; cash in
Standard bank, 100000; New York
City bonds, $2,500,0OO: other bonds,
SS5O.000! demand loans, $685.; time
loans, $359,000; bills receivable, SS47;
due from banks, 100000; syndicate
loans, $4, ,423 500; total assests, $11 ,719, :
500; liabilities. capital and surplus,
$5,0O0,000; individual deposits, $2,92S,-
900; trust funds, $21 900; due to banks,
So, 700, 900; total liabilities, Sill $780, 900.
The notice posted on the door of the
company's Office reads: The board of
directors OF the Produce Exchange
Trust company deemed it to the best
interests of the depositors and stock
holders to suspend payments pending
a Te-adjustment of its affairs. The
following special committee, Edwin
Gould, c. p. Armstrong, George i. Bid
well, Edward A. Afaher, Frank Brain
ard, has been appointed by the board
OF directors to take charge of the pro-
perty and affairs of the company, and
are in possession thereof, for the board
of directors" The company was or
ganized a couple of years ago with a
capital of $2,500,000, and had reported
surplus and undivided profits at this
time of over $2,500,000. Its business is
chiefly with merchants, tradesmen and
corporations in its immediate vicinity,
and it was also supposed to do some
of the banking business of the Stan
dard Oil company.> 1t had been desig-
mated by the banking department of
the state as legal depository for state
monies and municipal monies, as we'll
as the funds of savings banks and state
banks.
Another Failure.
New York, Dec. 1s.-(By Associated
Press 1.-The suspension of Henry AL
len & Co., bankers and brokers, was
announced on the stock exchange to-
day. The firm is not yet prepared to
make statement. The suspension is
attributed to the failure OF customers
to respond to calls for additional mar
gins. The house has been known as a
trader on rather extensive scale.
Stock Exchange Affected.
New York, Dec. 1S.-(By Associated
Press. )-There was an air of apprehen-
sion and uncertainty at the opening
of the stock exchange this morning.
For time the supporting orders pre-
vented serious break in values, but it
soon became evident that these were
only furnished in order to make hard
base to sell on. Widespread liquidation
followed in which the most substan-
tial stocks were thrown over as readily
as the newest industrials, showing that
n large and important interest was be-.
ing forced to make sacrifice to secure
ready money. All commission houses
We're demanding large additional mar
gins, and the suspension of one of the
many new trust companies demoralized
The market. The banks, however, as
sisted in stemming the tide by de-
cision to charge no higher than 6 per
cent for renewal of call loans, and the
market quieted down somewhat. Mean
time, however, industrials had fallen
3 to 12 points and railroads from 2 to
6K points.
Money In Demand.
New York, Dec. 1S.-By Associated
Press On the Stock Exchange this
afternoon. bids of 80 per cent We're
made for call money. Seventy per cent
was asked.