The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-11
las OPEN !! ]! IT'S !! DOORS ]!
Produce zExchan1c Trust Company
& M, Il. 800 -


Produce Exchange Trust Company
esnileSs Bushes ss
h NEW ORR, an. 10. Special. The
Produce SExchangeT Trust Company opened
sitsE doors and resumed business today Y
The withdrawal OF deposits g 9
amounting 10 q smarl percentage ofathes
total; and a. onsiderable amour. ofsneW
money was placed ssons deposit by GUS Y :.
s. Statements were submitted by the Off
GERS of the cOmpanys showing ITO Dsalla z
strong financial condi and prspsa,ts e,l
to pay all sdepositors In full should they
The officers OF the company stated TO
the stockhol ders that the COMPANY tt.;
sustained no losses ..4ya,.f.
that an undue ton OF ITS ass I,
had been invested in time loans aIu IA !, =
investments not readily lizaple, taas,
should not be worth 500 per share, the 7 1'e,
amount originally paid In. - n =. =,
The stockholders also elected seven
trustees to fill he vacancies occasionaes ,a
.class' of 1900. ir. John Skelton..Hs!l " "
Sliams,s of 'Fefchmond,I Va, a member 0I5iIs
former board, was unanimously re-electea
director or trustee off the company,slt.o23
serve for the ensuing three years, or until
January 10, 1903. Il. !.
- Much satisfaction was expressed Ds. Inc IN
stockholders at the solid condition. OF stns
company, as shown by the reports a; anu 4
statements at the Estockho ders meeting
Mr. John Shelton Williams has been. a an
active influence in bringing aboutasthe
prompt reorganlzat ton ana cary re5 hanp
Trust Company under its new mana8e-
ment The funds required for TINS Ire-
sumption were furnished by Nlessrs. II;
Thomas the new first vice-president. but
the following offer, which was submitted
by Mr.. John Shelton Williams Ito the
Board of Trustees at their meeting on
December q, 500. when the question of
reorganization was brought up, Is inter
esting in this connection:
IT feel that. it Is. our duty. as trustees.
to give to the creditors and stockholders
of this company some more. definite as
surance as to the condition of Its affairs,
and. as one Of the stockholders of the
Produce Exchange Trust Company. beg
leave to respectfully submit, in behalf Of
proposition:
..IVc are prepared to furnish all of the
funds necessary to enable this company
to pay every depositor In full by the 18th
of January 1900, and to pay every. stock
holder of the company 500 per share Cor
$500. OOO) by the list of February, 1900,
provided the resignation; Of "a majority OF
the disposal of myself and Z. the other
stockholders with whom L am in co-opera-
ton. and t hat the holders of q majority
of the cap tai STOCK OF EthiS company 5udi
| accept these terms. the acceptance OF this
offer to be dependent upon the nominal
ton by the interests represent OF a new
management, which shall be made up OF
| New York men Of experience and ability,
| who shall possess the highest confidence
of the banking interests of this city.
| lit is also proper for me to add that, In
| my Judgment it is practicable, with the
! proper cooperation Of the present trus-
| tees Of this company, to arrange an i'm.
mediate resumption of business without
! outside assistance, and that If its affairs
are wisely !. managed its stockholders
| should receive nearly, If not quite. the
full amount of their original Investments
in view, however. of the fact, as above
stated, that no positive assurance has
| been given to them as to the condition OF
! their Investments, have thought this
offer would not be inopportune.