Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-18
TWO CONCERNS FAIL
Produce Exchange Trust Co. and
Henry Allen & Go.
FORMERS LIABILITIES SS,3ls,6OO
Inability to Convert Securities into
Cash Caused Collapse,
NO STATEMENT FROM ALLEN

NEW YORK, December Is.--The Produce
Exchange Trust Company of this city has
closed its doors
notice upon the door says that the
company has suspended payment pending
an examination of its books
The notice posted on the door of the COM
! pany's Office reads:
The board of directors of the Produce
| Exchange Trust Company has deemed it
to the best interests Of its depositors and
| stockholders to suspend payments pending
| the reimbursement OF its affairs. The fol-
! lowing special committee Edwin Gould
I. L. Armstrong, George r. Bidwell, Ed
| ward y. Maher and Frank Brainard has
| been appointed by the board of directors
| to take charge Of the property and az
fairs of the company and ara in possession
| thereof for the board of directors tSignedJ
Almon Goodwin and William Nelson Crom
| We'll, counsel for committee"
Organized Two Years Ago
The Produce Exchange Trust Company
| was organized couple Of years ago, with
| capital of 5000 oJu, and had reported
surplus and undivided profits at this time
| Of over $2.Joo.00o. It's business was chiefly
with merchants, tradesInen and corpora
tions in its immediate vicinity and it was
ing business Of the Standard oil Company.
1t Rad been designated by the banking de-
partment of the states as a legal depositorA
for state moneys and municipal moneys.
as Wen as Tor the funds Of savings banks
and state banks. The officers OF The COM
pany are: President. Turner \ BeaH: vice
presidents Edwin Could Thomas A. Nc
lntyre and s. u. Scudder; secretary and
treasurer, S l.. Chamberlain: assistant Sec
retary- -tre asurcr, William Laws
The trustees Of the company are CharleJ
Armstrong. AMI Il. Barber Franz
Brain ard, Turner A. Beall George II Bid
well, Charles a. Deshou. A Goep-l EdwiL
Gould, y. Irvine Keyser. Edward X La
dew, Henry A. MCGee. ". Willis Merrill,
J. w M:ddendorf, Edward Maer $ u.
ScuGder. John a. Shibley. John j. Trues-
dell. c. NJ Warner. John Shelton Williams
L. f, c. Young, Thomas \. Mcintyre.
Statement From the Company.
The officers of The company declined TO
See anybody or to give anything for publi-
cation beyond this supplementary notice
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
its securities into cash in time To meet the
sudden and abnormal demand made upon it,
A statement of the company's affairs at
the close of business Saturday last. in round
figures, is as follows:
'Assets-Cash on hand. SlIS.0eo; cash in
'''7eN1- i -NdAiBAAi ASdilh. S-tsNh,thhT cash IN
National City Bank. 100000 cash in First
National Bank, Jersey City, Sl25. 900; cash
in Standard Bank, $4,000; New York CITY
bonds, S2,J0o.Oa0: other bonds, SSJ0.o00: de-
mand loans, S6S-,.090. bills receivable ss47-
900; due from banks. $4,000: syndicate
loans. s4.423.5o0: time Si5ao 900 Total as
sets, S11.7I9, 800.
''Liabilities-Capital and surplus. $1,000
900: individual deposits. 81 92S $50: trust
funds. sd coo: due to banks $3.50. .O0D Total
liabilities, Ss:i19eO0.
baltimore Financiers Interested
BALTIMORE. December Isl William
Middendorf Of the firm of Middendorf. OIL
Yer & Co. and X. Irvine Keyser of this city
are directors in the Produce Exchange
Trust Company of New York as is also ],
Shelton Williams Of Richmond, Va. who is
president CT the Seaboard Air Line Railway
Company
Mr.. Middeudorf. speaking Of the failure,
said:
most unWelcome, but Ii viii not be 50 far
reaching as some people suppose. The af-
fairs of the concern We're recently investi-
gated by an expert and found to be in good
condition: hence, | believe the suspension
has been brought about by the unsatlsfac-
tory state of the money market. The COM
pany was interested a subscriber to the
syndicate formed for the purpose of finauc-
ing the proposed reorganization of the Sea-
board Air Line, but its suspension win in no
way impede the progress Of that reorgan-
lzatton, which is now practically an ac-
complished fact"