The news-democrat. (Providence, R.I.) 1906-1909, 1906-08-29

BANKS PREPARE
FOR A BIC RUN


of the doors Of the Trust Company yes
terday the officers and directors OF banks
who attended the Clearing House Asso-
ciation meeting went 10 their respective
institutions and took immediate steps TO
fCrtify them against any possible run
which might follow the failure OF the Real
Estate Trust Company.
As the result every banking house IN
Philadelphia was prepared today to meet
any demand made upon Il.
Although no institution other than the
suspended company required assistance.
offers OF aid were conveyed from bank TO
bank by the larger concerns. In each case
they were declined. although many banks
wired their correspondents in other cities
10 forward Immediately any balance due
the local banks. AS a consequence large
sums OF money arrived here today.
crowd gathered early at the corner
OF Broad and Chestnut streets, surround
ing the handsome skyscraper In which
the distressed concern IL located. Includ-
ed in the crowd were many depositors
anxious for news about their money. A
squad OF policemen surrounded the offices
aud kept the people back. The corner is
the most prominent in the city and II was
difficult 10 force teams and trolley cars
through the crowd There was no at
tempt at a demonstration.
distressing feature OF the disclosures
regarding President Hipple was the
crushing blow that fell upon #. Wharton
Nipple, son Of the dead man. Young
Nipple is employed as a clerk by the Real
Estate Trust company and all day yes
terday while rumors were flying, all re-
flecting upon his fathers name. he stuck
mGnfully 70 his desk.
The local stock market showed some re-
covery at the opening today from the
drop which followed the announcement OF
the banks failure yesterday Lehigh VAL
ley railroad. which fell 50 yesterday. re-
covered a part OF the loss. as did United
Gas Improvement, Cambria Steel Penn
sylvania railroad and Reading railroad
A meeting is in progress at the office
OF large National bank and II II stated
that sufficient funds have been pledged TO
enable the Real Estate Trust company TO
reopen it's doors within IS hours.
As a preliminary 10 this the court will
be petitioned TO dismiss the temporary
receivership
Frank w. Ripple. son of the late presi-
dent OF the Real Estate Trust company
had an unpleasant experience today when
he emerged from the bank building. A
man in the crowd saw him and shouted:
There goes the son OF tho rogue who
said he had no faith in men who smoke
cigars and chew tobacco"
Immediately n mob took UP the cry and
made a rush for young Nipple. For a fow
moments II looked as though he would
be roughly handled but the police suc-
ceeded In beating the mob back. Nipple
was hustled into a carriage and taken
away.
The will OF the late president. Frank K.
Hipple was filed today II was dated July
/. 1905, and leaves all OF the testator's es-
tate to his son knowing that he will give
one half to his aunt, Sallie II she be llv-
ing"
The estate is valued as follows:
Personal property 100000 and up
wards. real estate $40. 900. John II. Con-
verse chairman OF the trustees OF the
general assembly Of the Presbyterian
church and stockholder In the Real Es-
tate Trust company said that the trus-
tees had on deposit in the Real Estate
Trust company about s4,O00o00, which
Is involved In the failure. The remain
der OF the trustees money amounting to
Sg63 500 is invested I'm mortgages. bonds
and other securities. An examination 'of
these securities by auditors last Satur-
day showed that they are intact.
The board Of ministerial relief had
s4s. 900 on deposit when the company
closed its doors. and the board OF publ
cation had a few thousand dollars In the
institution At the office OF the board
of ministerial relief. II was announced
today that the benefciaries OF the board
would not lose a cent nor would their
payments be delayed n day.
There are ample funds on hand 10 meet
Ali demands for three or four weeks anl
I'm the meantime a special meeting OF
the board will be held to convert some
OF it's investments which amount 10 hum
dreds OF thousands OF dollars into cash.
At the conclusion OF a protracted con-
f,rences with the directors Of the ReaI
Estate Trust Company this afternoon Re
ceiver Earle said that in his estimation
the receivership will be only temporary
and that the bank will be able TO resume
business at an early day.
He said Il would take several days be-
fore he will he able TO make n definite
statement He spoke enthusiastically and
said he did not think the failure would
prcve TO be as bad as IL at first looked.
Regarding the condition OF trusts In the
custody of the company Mr.. Earle said
'Whle | have NOT had an opportunity
To- examine the books. / have every rea-
sen 60 believe that all trust funds are In
60