The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-19

Before noon the doors OF tho Trust Com
panys ofices were pacnrded with the follow
ing notices:
All checks OF the National Bank of Orange county.
Goshen. " Y, on tbs Produce Exchange Trust
Company. will be paid at the Mercantile National
Bank.
All checks drawn by tho New Haven County Ma.
tonAl Bank. New Haven. Conn, on the Produce FL.
change Trust Company, will to paid at the Mercan-
tile National Bank.
Tho Now York National Exchange Bank. Cham.
bers street and West Broadway. will take up
drafts drawn on the Produce Exchange Trust
Company. by the National Rank Of Orange county.
Goshen. ". Y.
Please pro sent to the Hanover National Bank for
payment. checks drawn on the Produce Exchange
Trust Company by tho following banks. Bank Of
chsteAueay. ChAtsaugay. NY; Citizens National
Bank. Manshcld. o.; Bsnk OF Summit summit
Miss: Peoples Bank. Hanover Pa
Later in tho day, Frederick D. Kilburn. SUI
perlntendent OF the State Bank Departm ent.
gave out the following statement In reference
to the condition Of the company and certain
facts leading up to It's suspension OF business:
"A special examina alton OF the Produce Fx.
change Trust Company was made Nv the bank
ing department. as of the 9TH day OF Deccm Der.
I. Ms to I'M WAS sfssS o. in
tion in and about Wall street. II wins com
hls s 3D. on tho oh. and had an inteEyIov with
dent, Mr.. Scudler on that day with refer
encs 70 the company's condition. told them
aud thar in1adiato s,o presShr, , 0nI,tlon:
iortity Themselves against large wiIhirSwaIs
WHICH benevei would result on account ~ the
called syndicate innns yory sayns .ho go,
pointed out tho fact that they had not sufIi.
Client anlcE assets with which TO meet the de-
II learned Inst N lrhi thnt NJ nHIS s,Ti ana ,o,
communicate my suggestions TO his Board OF
N ha had
condition OF The oSm,amy nnne ~ ,n ~ tne
was Informed OF Its true condition until Satur-
aay sm .s or yesnrerhay evening. The re-
make EXTRAORDINARY whicb p'b rtenaneh 10
Wise could have been made. 10 tide the COM
PLY Ell, sti no uoupt that all depos'tors
Iaw'h "ou'u made statement explaining
ms connection with the Produce Exchange
COMPANY. he SAID ne mad been with 1t only
sh"t' tims' having como into It upon the
strength OF statements made to him about tho
assets ana ''ao'iities OF the company, A. well as
s'n'e,heh's regarding the business done He
, n OUT a,ter ne had become director and
s ''oe,i leS'neht 'hat IN" statements
na'o 10 MN were misleading and that
the assets were not at all OF the char
sT. Nv "",un nau peeh represented to
nun, ne 'hete'ore resigned on Sept. IL
S director ana vice-presldent. The Board OF
Dree'ots "'u not immsdiately act upon the
resignation but set to work to induce him to
recall IT, This he did on Nov. % upon promiass
that certain interests In the company would
withdraw ut the annual meeting In January
and that reorganization would Ina efyoc,.a
Uo haro,.d ha ..I5 H.. 4, ~ "e'e''
were made good. and the company were
properly managed In the meantImo n could
n,L IS W. .,'""''no' ~ couiu
"o"'hef 'hs s'orh that was threatening 1t and
could be put on q sound and paying basis. |
Rumors which were SGT afoat about tho
oonditio, -, tho as,.. 80. ".ous '"o
eonu'''oh Vi 'no company several days ago
led to an examination OF the books OF the
concern by Albert C. Judson thu STATE nj,
F,amInor ond H. 49, N'o '."'o na"R
,. a"u "noh 'hs examination was
completed iresh rumors about the instability |
OF tho concern Were started Tbeso Io,oa,
rnr,nr. nraoini,.,od ,neSo ia'est
iuno pieeip''a'o9 run on the company !
during the past few days which made 1t i'm !