The Barre daily times. (Barre, Vt.) 1897-1959, 1906-08-30
TRUST co. MAY
RESUME SOON
0uteIOOk For Real Estate
Trust Company
PHILADELPHIA BANKERS
consideripg TIE Situation Rersiyer Has
Very Optimistic yiew--sis Belieses
All ths Trust Funds Are
Intact.


the directors 81 TIE embarrassed zeal
Hstats Tfust Company ycsserdag sfssr
nco1, fseeelsef Earie said th4t III bin
estimation TIE seaefynshSp wall ~ onIy
temporary AHA shat The bank will l,e
sble a resume business III AN esrly .iav.
ife asid thar II would take seyersl ,lays
before If alll be able 10 make definite
statement. If spoke alphabetically
and said he dld not think tbe failure
1pslld Prove to be a. bad hs Il III isst
iooked Regarding ne condition Of
trusts II he custody II the company,
Mr. Earle said:
While | haze not Mad an 0pportunit8
~ examine the bo0ks, have every fea
son ~ lseliese that all trust funds are
lntset.
Az MaA reported that aB effort was w
ina made IL help out the bank With the
YAeM n feppeKsinG II within forty eiRht
hours pms Il was denied BY ibe beads IN
me larger banks. Nemp directors. isow
ifscfy have MOI abandoned hope III ae-
completing this object and have been
nsing their personal influence with TIE
object u raising the required $500. oOD
/ y meet similar amount subscribed by
the Clearing iiouse Associstion. yester
day, and tine make mp the deficiency ~
~ ,Qpg0.Vfl0, ii the bank's funds. One
prominent banker subscribed s5g0N00
yesterday ard others are willing Ii al
fanes large sums.
Receiver Eatie qualified ~ receiver.
iie flied bon1 Of si 100000 and iii.
mediately weat 10 the eoinpany's Offices.
vliere IT, t00k charge ind called the di
rect0rs into conference.
The bank failure continues 10 * TIE
sensation 81 sae hour and n the general
topic of discussion everywhere. "A large
but orderly crowd surrounds the build
ing and except for an occasional out.
break from s9me excited individuals i
entirely kept il check rs the police.
Frank Vi. Nipple had an unpleasant
experience Yesterday when b. emerged
from The bank building. A man in the
crowd saw hirn and Ebonted There goes
The son n tie rogue who said be- had
No faith In men who smoke cigars aud
chew tobaeeo Immediately mob
took up the rfy and made i rush fof
young Nipple For 4 few moments ii
looked a. though he would W roughly
handled, but the police succeeded II
beating the mob iack. fiippir WAS
hustled into carriage and taken away.
The will of the late president, Frank
=. Nipple, wa filed yesterday. n vas
dated july I 1906, and leascs al 81 the
testatafse estate % his son, knowing
that be will give one.half 70 his Aunt
Sally, il she be living.
The estate Is valued as follows. Per
sonaI property, 100000 and Hpwards
real estate $4,000
With the closing 81 the doors OF The
trust companY Monday tile officers and
directors IF hanks who attended the
Clearing House Association meeting went
70 their respective institutions and took
immediate steps to fortify them against
any possible run which might follow
the failure Of the Real Estate Trust
Company.
A. the result every banking house in
Philadelphia was prepared yesterday 10
meet any demand made upon II, AL.
though No institution other than the ssis.
pended company required assistance 81
fefs Of aid we're conveyed from bank TO
bank By the larger concerns. In each
case they were declined although many
hanks wired their correspondents N
other cities 70 forward Immediately any
balances due he local banks. AS 4 eon.
sequence large sums 81 money arrived
hare Yesterday
a distressing feature 81 thc disclos-
nFes regarding President Nipple was the
crushing blow that fell upon r. Wharton
Nipple. son OF the dead man. Young
Nipple is employed as clerk by the
Real Estate Trust Company and an day
Tuesday while rumors were flying. al /
rejecting upon bis fathers shame, he
stuck manfuilv to his desk.
Late Tuesday night Adolph Segcl, bis
counsel and District Attorney John &. |
Bell held d conference Mr.. Bell said |
he had been called IL ~ Seael because
the promoter thought Il entirely feasible
TO raise The sJ.bnn,O0n needed by The
trust company. Mn Boil said hc was III I
40 way connected with the case other
than that be might AID IN raising the (
funds necessary 10 place the company /
again on Il sound baSs
M Sepnl says;
My business relations with President I
Nipple were only Of borrower. The I
loans ri money made by the trust com
pany 10 me were all made on collateral /
Ia the usual course of business. Nv IN,
debtcdneas and that Of the companies I
with which am associated Is surely |
not over Init the amount stated In the I
newspapers. ! think II il about $4,000,
600.
Nipple wuH not personally interest.
~ With me ~ any oi NY enterprises 10
ne extent Of . dollar or d shnrc OH
stock never pail him cert in com.
missions OF gave bin bond or share
OF stock OF remuneration Of any kind
whatever
"lfor AL my indebtedness the Trust
Company Is amply secured by collateral
worth from ss,0O0,0000 to SD,00o,000
This collateral consists largely OF first
mortgage bonds secured upon my yaii-
Gus properties
II is the expressed opinion OF bankers
that the failure does not involve any
other banding house in the city. The
three Repositories for the fund Of the
trust company were the Franklin Ma
tional bank. tile Market Street Nation
IN Ilank aud tile First National Bank.
Aside from having deposits of The trust
company. II il declared by officials Oh
these institutions that they are III no
why involved ID The failute. Ellis Y.
passmore, eaahier Of the franAlin Ma.
tional Bank, states that the three in /