New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-20
GOILD INTEREST TO RULE
THE PRESIDENCY OF THE PRODUCE
EXCHANGE TRUST COMPANY, WHEN
REORGANIZED. WILL BE OF
FERED TO EDWIN.
FERED TO EDWIN.

|
FERED TO EDWIN.
| 1,au,r Could Charles p. Armstrong. George
| Y Ridvel Edward A. Maher and FRANK BRAIN
| ard The committee appointed by the boaro VI
| directors Of the Produce Exchange trust |oi"-
! many TO take charge Of its property ana anahs
were in session for the greater part or yesterod!
| AZ The companys offices examining the poohs
ona ,r the morning announced that statement
| would be given out for publication ABOUT =
| o,o,ocr IN the afternoon About o'clock, how
| ever. the committee sent word to the "a''ns
! renorters that no statement would be maze
| ,u today Soon afterward the committeeman
! went home.
| ono If them was seen later in the evening
! and though he declined to tell exactly what the
| committee had done he admitted in a general
| vav that all its members more than ever
| convinced that the company could be placed
on a strong basis. and he had little doubt that
| this would soon be done. While naming no
names he intimated that at least half the pres
ent directors would he supplanted at an carry
| date and that new and conservative interests
would be added 10 the Gould faction in the
Board To Mr. Gould. IT was also intimated
would be offered the position of president OF the
| reiuvenated company and II he declined IT the
new president is not unlikely to be man OF his
seloction not Mr. Beall President Beall was
| before the special committee for a long time
Yesterday afternoon. and looked much preoccu
| MED when he retired from the room. He de-
| clined absolutely 10 say what had passed be-
tween him and the committee, neither would he
talk about the rumors which declared that he
must go
MR.. BEALL SAYS LITTLE.
"All l care to say at this time" said he. us
| that the entire story has not yet been told
When it is made public some OF the people who
| now appear to be my enemies will be more than
ready 10 take my part"
Just what Mr. Beall meant to convey by this
could not be ascertained. 1t is reported. how
ever, that his connection with the company will
soon cease. as will that OF all persons who have
been recognized as his supporters
The offices OF the company were closed all day.
| and several depostors who called in the morn
| ing to ask when they might expect to get their
| money were turned away without any definite
| Information beyond the assurance that there
| was enough money to pay all depositors in full.
S D. Scudder one of the vice presidents of the
company, who is also secretary of the commit
! tee said:
Several propositions looking toward a
| sumption Of business have been made to us, and
!
slider them. Things look promising BY the
! way, desire TO correct an item in the state
ment Of our finances given out yesterday.
make the correction because the statement has
| been criticised. The item in question reads: In
! Western National Bank, S533.OO0; in City Ma
tonal Bank. 100000 The item should read
Western National Bank. $633, 600 The money
/ was transferred from the City Bank after the
draft OF the statement drawn"
While Mr. Scudder was talking, a man who
! announced himself stakeholder in the trust
| company and depositor to the amount of
| $4,000 demanded admission He was indig-
| nant when 1t denied to him. and he made
] this statement TO the reporters standing about
the door:
ION Wednesday of last week one Of the d.
| reCtors urged me to take more stock in the com
pany. He told me it was in a fiourishing condi-
| ton and intended paying a 10 per cent dividend
| and that the first half yearly dividend would
| be paid in January. Mr.. Beall made the same
statement to me two days previously" Five
| minutes after the man. who refused his name,
| had gone away President Beal passed down
| the hallway. The statement just made was read
| to him. and he said: There is no use trying to
stop that sort of talk. OF course. there is moth
| ing in It," He would say no more.
KILBURN SUPPORTS GOULD.
| Mr. Gould and Superintendent Kilburn Of the
State Banking Department. had long con-
versation over the telephone in the afternoon
| and when II was over Mr.. Kiburn said:
4 agree with the stand taken by Mr. Gould
that ne VIII not lend his name and influence
toward building the company I'D again unless
a change is made in the directorate I shall not
look with favor upon resumption OF the
| produce Exchange Trust Company unless the
| scheme involves the selection Of strong Board
| OF Directors and one which will be recognized
| as such ny the financial interests Of the city"
Mr.. Kilburn was anxious to have ii under
STOOD that when he said strong Board OF
J Directors he did not mean necessarily a
| wealthy Board Careful conservative honora
bic men who understand the banking business
ano the control OF other persons money was
the definition he gave Of the words as he had
used them.
Beng asked how much money the trust COM
pany had tied up in the syndicate loans" which
are blamed for its suspension, he said that the
underwriting syndicate OF seaboard and Roa-
noke got S65oOO0 from the company; for this
loan the trust company's interest in the Sea-
board Air Line was S350OOO and in the Florida
| Central and Peninsular 100000 As collateral
the syndicate put up stock and bonds Of those
| two concerns. which now said to be in the
vaults of trust company in Baltimore. and the
details OF which have not yet been furnished 10
| Mr. Kilburn.
! The Banking Superintendent also said that
the United States Flour Milling Company had
borrowed 100000. which is due on January /
To secure that it had put up $500 900 Of its own