New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-28
TO REOPEN ON JANUARY H.
Erwin GOULD PRESIDENT OF THE Rhoh-
Canned PRODUCE EXcHAN'N
TRUST COMPANY

-,r,,>,r SUGGESTION THAT POWER
It'll RAILROAD INTERESTS ARE ~
rrREsrEp-cAPITAL SAID TO
RB UNIMPAIRED.
,,oo Exchange Trust Company "hlcn
i"e 80 80 on December 10, VIII reopen "
t,,ross IN January 10. under what WI, rt,a do
=, 10 Dev management and ne" capita" .,,a y,
,,an was arrived at yesterday ai'er d M Corr-
,rustees the Special or Reorgahiza'i0"' o,hers
,ttee headed by Edwin ooulu, ,rSoroos the
~ horo was General Samuel Iho"a 49,
a"oNe e., many large financial enterprises % t
'"' Sanotor calvin s. Brice. The nouce Vi w
ia'e -.',a rehabilitation is contained IN 'he 81
,erded formal statement. issued ai''i
>,au,-york December 27, 1899;
49, so,,efaction Of announcing 10 r Ene
s,tnrs and stockholders OF the fotion Of its
Change Trust Company that rf fSe Board Of Trus
ana nsii ,hi , daV approved the same ,oi Thomas
ices ti Edwin Gould and General samuel enable
MessIs. d 70 advance sufficient funds 10 ei h,s
M company to open its doors ana 20 1onmary next
ness heretofore on the it all the executive
ecere 81 the company together WIN o Nc and
tive Commltiee, We're accepted. Mr.. Edwin Could
was elected president and Genera ,S Sai rompany
was elected first vce-presidenn1 on 'i'e
WILLIAM NELSON CKoM " ELL
- Informal talk following the meeting ana ~,
.ha nresence OF Mr. Gould General Aho,i"' 80
49,. ,ho coronany's condition warranted the acuoi.
t''i' ~, ~, 49, mon concerned. 1t question OF
A., 20 tbe depositors and stockholders OF 'ne IN
Many and he saw no reason to DOUBT 'h"' WV
many would do a successful business. s.id.
Another man active in the reorgahiza'io" 60
81, had been understood that MI Goufu anu W.,
.roi THOMAS would not be able to agree on pc
ei" - 4, a measure represents Thomas A
,,Int,re. Int the meeting ended In a love ieaS''
AR MCINTYRE was not present at yesterua! WI
farence but Turner A. Beal, president Oh 'he Gun,
pany at the time of its suspension: We" hSt said he
had nothing to say regarding the new & good
control It is reported that M sio SSa4i ho'O'
The date selected for the resumption Of
Ing Change made in the Boar Board ersd ess
year for three year term Tnree vacacieS nn ma
exist in the Board that at the coming aI ract
meeting eleven NJ trustees Rdee Will DC eie'''O "a
AT the time the trust up tSe chief causes of
its trouble was the number OF syndlcate IoagS II
T nae loans aggregated over $4,000 part Of
which represented moneys advanced 10 syhulca ~
Southern railroad properties into the seaboard Air
Line system Tn w Shsd G Of %ho
also trustee Of the trust company 1t has been
the scene means that he is acting for some power
ful railroad interests whose business might be al,
syndicate's protect or this. however. General
Thomas and the other men interested in the trust
company's affairs had nothing to say yesterday.
William Nelson Cromwell. of counsel to the spe-
cial committee said yesterday: The rehabilitation
no sale of assets Of the company-neither Seaboard
Air Line any other securities.
II was learned unoffcially that General Thomas
and Mr. Gould satisfied. after their experts had
made a careful examination Of the trust company
books and securities that not only the cap
1tal Of the company unimpaired but that within
less than a year these securities would prob
ably be worth the price at which they were APP
praised when they taken collateral for
loans II is understood further that Messrs Gould
and Thomas advancing the necessary funds
to the trust company on the security Of the stocks
the Produce Exchange Trust Company as collateral
>Yor loans.
1T is expected that Mr.. Gould and General
Thomas will bring great deal OF profitable busi
ness to the trust company. which will be con-
Quoted conservative lines than marked
There has been talk that the Produce Exchange
Trust Company might in the course Of the coming
year be merged with one Of the trust companies
recently organized. for instance the Federal Trust
Company, which organized largely by Frank
Jay Gould. Edwin Gould's yo lngest brother II can
panes named will not be consolidated. although
II is understood that In time some other trust
company may absorb the Produce Exchange Trust
Company.
1t has leaked out that defalcation had
been discovered In the course Of the examina-
ton Of the books Of the Produce Exchange Trust
Company. The theft Is comparatively small
one 50 500 It is said and the alleged defaulter
of the clerks OF the company, who was draw
ing salary of $1,000 year. This clerk has made
restitution, and trustees Of the company say they
will not prosecute him.