New-York tribune., 1899-12-29
GorID AND THOMAS IN CONTROL.
THE PRODUCE EXCHANGE TRUST COMPANY
IN THEIR HANDS.


,,,,at charge NJ the affairs OF the Produce E1-
hang. Trust company was assumed yesterday by
Edwin Gould and General Samuel Thomas 'ho
uea president and vice president respeet'ep, Va
the reorganized concern. They were al 'no o"iee'
-, the cournny most OF the day examining the
hooks and looking into everything appertaihihS 10
the administration Of the company up to the time
q, i,a suspension. T. c. Bea. the former president
lef, his desk carly In the day. taking with him
several boxes filed with private papers ana docu-
rnents Just what Mr. Bears standing In the re-
organlzed company viii be IS not entirely clear as
q, ls said that he still retains block OF the COM
many. stock but there IL reason TO believe. II this
,e irp. that ne Will be Induced to dispose OF his
holdings 20 the new interests. II is generally con-
coded that Mr. Beall will play absolutely no part In
the reorganlzrd company
There will probably be- a meeting o, the stock
holders to-day ard perhaps the new Executive COM
r,ittee will Doe named some OF the committeeman
who resigned on Wednesday TO facilitate the re-
habIitaton OF the company It is expected. will be
reappontcd but b. was said on good authority yes
terdav that nobody IN the slightest degree antag-
onstlc 10 the new officers will be- selected Messrs.
Gould and Thomas are said 20 have received assur-
ances that fully - per cent ot the old depostors
will remain on the books of the new company.
When General Thomas was asked yesterday II
tho friction which at time developed between
Mr. Gould and Mr. Mcintyre over the companys
| loans had subsidized he said the reports OF its
Intensity had been greatly exaggerated but what
ever friction did exist had now disappeared. Re-
garding the eleven vacancies to be filed at the
next annual meeting OF the Board OF Directors.
General Thomas would not say who were likely TO
be elected but said he would try To get in some OF
| the best known nnanciers in the city. General
Thomas said that the amount OF money advanced
TO rehabllitate the company was S2.5oo.0o.
In view OF the fact that no definite statement has
been made as TO what loss II any. the stockholders
Of the company likely to sustain the following
extract from letter which was submitted to the
Board OF Trustees at their meeting day before yes
terday by John SHELTON Williams OF tho largest
stockholders OF the company. may be OF interest to
stockholders:
feel that It is our duty as trustees to give to thu
more definite assurances as TO the condition OF af-
Of the Produce Exchange Trust Company I beg
leave to respectfully submit; In behalf OF myself and
We are prepared to furnish ali the funds neces-
sary to enable this company TO pay every depos-
stockholder Of the company 500 per share Tor say,
2No@O by February t. 1890 provided the res
shall he placed at the disposal Of myself and the
other stockholders with whom am In cooperation
and that the holders OF majority OF the capital
stock OF this company shall accept these terms.
the nomination by the interests which / represent
Of new management. which shall be made up OF
New-York men OF experience and ability. who shall
possess the highest confidence OF the banking in
/ terests OF this city.
ment It Is practicable. with the proper co.opera ton
OF the present trustees OF the company,
an Immediate resumption Of business. without out
side assistance. and that II It's affairs are wisely
. managed its stockholders should receive nearly III
not quite the amount of their original Investment
In view however, OF the fact above stated that
no positive assurance has been given to them ms TO
the condition Of their investment, | have thought
this offer would cot be inopportune.
The proposition which submitted at the same
time by Edwin Gould and General Thomas provided
for the rehabilitation OF the company under its
present nagement. The action OF the Board I'm
accepting the proposition OF Mr.. Gould and General
Thomas was unanimous. Mr. Williams has ex-
pressed himself as now being In fun harmony with
their plans. Mr.. Williams arranged he saws To
make his offer without knowing that the plan pro-
posed by Mr.. Gould and General Thomas would be
submitted at the meeting.
Mr. williams said yesterday. In regard to the
statements Of Thomas +. Ryan. In the matter OF
the Seaboard Air Line consolidation:
What he says is misleading. and In due time /
shall answer him. The various protests he IL filing
at meetings will accomplish nothing for the
consolidation plans have now got beyond the stage
OF legal protests"