Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-19
"APENTA"
The Best Natural Purgative Water
in Bilious Attacks and
Disorders OF the Liver.
CT, rx.ox,>,e. THE APOLLLNARLS co, Id, London
rRusr COMPANY sUsPENDs.,
New York Produce Exchange the i"'
stitution-It VIII Pay Ont.

NEW YORK, December ls.-lhe ffo-
duce Exchange Trust Company, OF this
city. closed It's doors to-day. notice
upon the door says that the company
suspended payment pending readjust-
mont of its affairs.
A statement OF the company's condition
az the close OF business Saturday last
shows as follows Assets, Ai,7l9,5oo, in
Guiding syndicate loans of Si,i23,Joo; de-
mand loans $6S5, 900; cash on hand, Slls,OO;
cash in Western National Bank, S533,JCO;
cash in National City Bank, 100000; cash
in First National Bank, Jersey city,
10000; cash in Standard Bank, $4,000.
The Produce Exchange Trust Company
was organized a couple Of years ago, with
a capital Of $2500,Oo0, and had reported
surplus and undivided profits at this time
Of over 100000. It's business was chiefly
with merchants tradesmen, and corpora
tons in its immediate vicinity, and 1t was
also supposed TO do some Of the banking
business of the Standard oil Company.
1t had been designated by the Banking
Department Of the State as legal depos-
itory for state moneys and municipal
moneys, as well as for the funds OF
savings banks and State banks.
The officers OF the company are: Presl-
dent, Turner a. Beall; Nice-Presldents-
Edwin Gould, Thomas 4. Mcintyre, and
s. d. Scudder; Secretary and Treasurer.
). l.. Chamberlain; Assistant Secretary.
William Laws.
CAUSE OF THE FAILURE.
The officers of the company declined to
see anybody, or give anything for pub
LEGATION beyond this. supplementary state
meLt that was posted on the doors some
time after II O'Clock:
THE immediate cause Of the suspension
Of the company is its inability to convert
It's securities into cash in time 10 meet
the sudden and abnormal demand made
upon IT,"
The special committee appointed to ex-
anime into the affairs of the company or
ganized by electing Edwin Gould chair
man. The committee was in session all
afternoon and the early part Of the eve
ming The result Of the committees de-
liberations IS given in the appended state
ment:
THE special committee. consisting OF
Messrs. Gould, Bldwell, Maher, Brainerd
and Armstrong. appointed by the Board
Of Directors of the Produce Exchange
Trust Company TO look after It's assets
and affairs have examined the condition
Of the bank as fully as the limited time
at its disposal has permitted.
BANK WILL PAY OUT.
"The committee is well assured, as a |
result OF such examination, that every
depositor will be paid in full and that
large surplus will remain for the stock
holders. The difficulties Of the company |
are the result of the locking up OF am
undue proportion OF its funds In loans
not Immediately realizable. and as O. 7
which. il Is believed. il will eventual
realize "a very large percentage OF ID
amount loaned. The company Is endea
voring TO effect arrangements Tor ~ |
early payment OF the deposit0rs, and ais i
expects TO issue a fuller statement az
later date"
Superlntendent Kiburn. OF the STATE |,
Banking Department. says that he warn |
ed President BeaH Of the condition OF |
the bank. but that the facts were not
communicated 10 the directors
WILL NOT AFFECT S. A. /.
BALTIMORE, December ia promi
nent hnancier Of this city, who is one of |
the directors I'm the Produce Exchange
Trust Company Of New York speaking |
OF the suspension Of that company, SAID:
"Of course the news Of the failure Is |
most unwelcome, but IL will not be so
far-reaching as some people suppose. |
The affairs OF the concern were recently
Investigated by an expert. and found to
be in good condition; hence i believe the
suspension has been brought about by
the unsatisfactory state OF the money
market. The company was a subscriber
TO q syndicate formed for the purpose OF
financing the Seaboard Airline reOrgaE-
izatlon, but its suspension viii i'm no
wise impede the progress OF that reor-
ganzation which is now practically an
accomplished fact