The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-12-19

of succumbing to adverse influences In
the effort to protect these securities
others were also involved, including
some of the most substantial stocks on
the list The fall in prices, instead of
relieving the situation, added to the
weakness with cumulative force, by rea-
son of the shrinkage in the value of
cOllaterals.
Before the concerted relief by the
clearing house banks the money rate
leaped to so, 20, LOG. and, according to
the official record 125 per cent. Cred
table reports assert that Io6 per cent.
was paid for money during the day.
The official report of such a reaction
was lost in the struggle. An idea of
the severity of losses may be gained
from a few specifications. Thus, Amer
lean Tobacco fell an extreme 2113. Met
ropolitan 2014, Peoples Gas 1872. Con-
tinental Tobacco 1171a, Tennessee Coal
II, Manhattan g. and Leather preferred
914, all in the list of industrials.
In the railroad list such stocks as
Northwest, New York Central, Great
Northern preferred, Rock Island, South
ern Pacific, the Union Pacifics, the
Northern Pacifics, Atchison preferred.
and, in fact, the most prominent and
active railroad stocks in the whole list
showed losses all the, way from 4 to 3
points
The rallies, with the final easing down
of the money rate to 6 per cent, ran
from 5 to 10 points. The days trans
actions ran up to a total of nearly
/, 65OOOO shares, which is the record
for days business.
The excitement was intense all day,
and there can be no doubt that large
volume of transactions and a record OF
many quotations were entirely lost IN
the seething turmoil of brokers and OPP
orators, which surged over the floor OF
the exchange and about every post all
day long. The changes in prices be-
tween sales run up to one, two and even
three points, both on the downward
grade and in the recovery.
After the close of the exchange there
was a meeting of the clearing house
members to consider further measures
for safety and relief. An issue of clear
ing-house certificates was discussed, but
the bank Presidents present decided
that that would not be advisable at
| present A meeting of the Clearing
house Committee was called for IL
o'clock tomorrow, with view of be-
ing prepared for action in case of fur
Their necessity.
The decentralization in stocks effected
the bond market more or less, but losses
were largely confined to the lower grade
issues, which have been subject to
speculation. The volume of investment
issues brought on the market by the
severe money stringency is as yet
small.
TRUST COMPANY FAILURE.
NEW YORK. Dec. 1S-The Produce
Exchange Trust Company of this city
has closed it's doors. A notice upon the
door says that the company has sus-
pended payment, pending an examna
ton of it's books.
The following statement of its condi-
ton was issued by the Produce Elk
change Trust Company to-day:
Assets: Cash on hand, $l1S.0O0: cash
in Western national banks, $533,uv
cash in National City Bank. 9Ivv, :;
cash in First National Bank, Jersey
City, $125,0OO; cash in Standard Bank,
S269,0O0 New York City bonds, $500
600; other bonds, $S5O,Ovo; demand
loans, $685., 900; time loans, $359,OOo;
bills receivable, $S47 900; due from
banks, $4,000; syndicate loans, S4,-
433 500; total assets, $11,7l9,500
Liabilities: Capital and surplus, So
600, 600; individual deposits, $2,92S,OOO
trust funds, sd, 600; due to banks, So
10000; total liabilities. $11,649,6OO.
The notice posted on the door of the
door of the companys office reaas:
The Board of Directors of the Pro-
duce Exchange Trust Company has
deemed it to the best interests of its
depositors and stockholders to suspend
payments pending the readjustment of
it's affairs. The following special COM
mittee, Edwin Gould, c. P. Armstrong,
George R. Bidwell Edgar A. Homer and
Frank Brainard, has been appointed by
the, Board of Directors to take charge
of the property and affairs of the COM
pany and is in possession thereof for
the Board of Directors.
"ALMON GOODWIN,
civilian NELSON CROMWELL,
Counsel for Committee"
The Produce Exchange Trust Com
pany was organized a couple of years
ago with a capital OF $25OO,OOO. and
had reported surplus and undivided
profits at this time of over $500, UOU.
It's business was chiefly with merchants,
tradesmen and corporations in it's i'm
mediate vicinity, and it was also sup
posed to do some of the banking bust
ness of the Standard Oil Company. 1t
had been designated by the Banking
Department of the State as a legal de-
pository for State moneys and munich
pal moneys, as well as for the funds
of savings banks and State banks. The
officers of the company are: President,
Turner A. Beall; Vice Presidents, Ed
win Gould, Thomas A. Mcintyre and S.
D. Scudder; Secretary and Treasurer.
S. L. Chamberlain; Assistant Secretary
and Treasurer, William H. Laws.
The trustees of the company are:
Charles P. Armstrong, AMI B. Bar
bour Frank Brainard, Turner A. Beall,
Geo. r. Bidwell, Charles A. Deshon, A.
Goepel Edwin Gould. N. Irvine Keyser,
Edward R. Ladew, Henry A. MCGEE,
W. Willis Merrill, ]. w. Middendorf.
Edward Maer, S. D. Scudder, John A.
TIibley John p Truesdell, c. NJ War
ner. John Shelton Williams, E. F. C.
Young and Thomas A. Mcintyre.
A letter from Edwin Gould, dated
December 9th, to the Executive Com
mittee of the Produce Exchange Trust
Company, is published, in which Mr..
Gould indicated his intention to resign
from the Vice Presidency. The letter
was written after an examination Of the