The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-12-19

NEW YORK. Dec 1S.-The Produce Ex-
change Trust Company of this city has
closed its doors. A notice upon the door
says that the company has suspended
payment pending an examination OF its
books. The officers OF the company de-
clined to see anybody or to give anything
for publication beyond this supplementary
notice that was posted on the doors some
time after IL o'clock:
The immediate cause OF the suspension Of the
company is its inability 10 convert It's securities
into cash in time to meet the sudden and alb
normal demand made upon IL. A statement OF
the company's affairs at the close OF business
Saturday last In round figures is as follows:
Assets: Cash on hand, llS,000; cash in West
ern national banks 1888 900; cash in National
City Bank. 500. 600; cash in First National
Bank. Jersey City. il25. 600: cash in standard
Bank. 1863 900; New York City bonds. S2.5o0 900:
other bonds. $3.50. 900; demand lolls. s6Sj,00O.
bills receivable. $s47 600. due from banks. SglO-
0oo: syndicate loans s. iS5, 500; total assets. Sl
LiabilitIes-CapitaI and surplus. s.. 200. 600: in
dvdual deposits s. 92S coo: trust funds. ssl 6ou
due TO banks, $4,000; total liabilities S'Sis
The notice posted on the door OF the
company's office reads:
The board OF directors Of the Produce tx
change Trust Company has deemed II To the
best interests OF its depOsitors and stockholders
to suspend payments pending the readiustment
OF its affairs. The following special commit
tee, Edwin Gould. G. +. Armstrong; George X
~ .
has been appointed by the board OF directors 10
take charge OF the property and affairs OF the
company and Is in possession thereof for the
board OF directors.
ALMON GOODWIN.
WILLIAM NELSON CROMWELL.
Counsel for Committee.
At the office of the City Chamberlain
keenan, to-day. IL was said that the city
had about Sl5OOO0 on deposit with the Pro-
duce' Exchange Trust Company.
The Produce Exchange Trust Company
first became prominent as bidder for a
$lZ 000. 900 bond issue in opposition 10 Yer
milyea * So. and others, who were part OF
a syndicate that had hitherto controlled
the traffic in city bonds.
The Produce Exchange Trust Company
was organized a couple of years ago with
a capital of S25OO.0OJ and had reported
surplus and undivided profits at this time
of over $2.5000D0. Its business was chiefly
with merchants, tradesmen and corpora
tions in it's immediate vicinity. and II was
also supposed TO do some of the banking
business OF the Standard OIL Company. IL
had been designated by the Banking De-
partmeut OF the State as legal deposit
Ory for State moneys and municipal
moneys as we'll as for the funds OF saw
ings banks and State banks.
The officers Of the company are: Presi-
dent, Turner A. Beall; vice president, Ed
win Gould. Thomas a. Mcintyre and 5.
D. Scudder; secretary and treasurer. $. L.
treasurer, William II. Laws.
The trustees OF the company are:
Charles p Armstrong. AMI B. Barbour.
Frank Brainard. Turner a. Beall. George
Edwin Gould. n. Irvine Keyser, Edward
r. I.adew, Henry A. MCGEE, W. Willis
Merrill. J. w. Middendorf. Edward Maer
s. D. Scudder, John y. Hibley. John p.
Truesdell, G. NJ. Warner. John SHELTON
Williams. L. F. C. Young and Thomas A.
NTeInfxrre