The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-09-10
DIRECTORS AGREE
TO EARLE'S PLAN
VIII Reorganizc the Real Estate
Trust Company With Aid
Of Directors
CONTRIBUTE MONEY NEEDED
The Money Given Without
Promise OF Return "
Security

PHILADELPHIA. PA. September @
note regarded with suspl i1u by District
Attorney Bell and Receiver Earle has been
found among the papers of tlc wrecked
Real Estate Trust Company.
II s. Tor $1,000. and bears tle SIGNATURE
Of Joseph a. Baker. who has been dead
three years The loan ls secured by
$4,000 IA first preferred Is per cent bonds
OF the Champion Iron and Separator
Company. one OF Adolf segsIs many en-
t,rprises
Baker. was in the real estate business
while Segal was conducting "a brokerage
business.
The two were close friends Bakers
family did not believe ker was ac-
quainted wi.s Nipple conference Of
attorneys representing dep,sitors and
stockholders viii be h-id tomorrow 10
discuss the company liability
The sum OF cocoon In dividends was dis
bursed last july ny the Trust Company.
and the depositors are anxious 20 learn
n the concern was ar the tme insoivent
PHILADELPHIA. PA September o.
All Of tho directors OF tne Real Estat,
Trust Company. which was wrecked hv
It's suicide president. Frank * Nipple.
principally through heavy loans made
Go Adolf Segal. promoter. on nImsy
collateral. have agree GO Receiver
Earle's plan for reorgaulzIrc tne COM
pary To-day MI Earle rr.ei.L "A tcle-
gram from Dr : Weir 81 h-l. t.e only
member ~ the board of director who SIS
away from the city. as aeirs 20 tae
proposition that the directors contribute
the amount deemed necessary ay tho
receiver. The other directors he'd pre-
viouslv assented 20 the plan
Receiver Earle spent to-day M his
home in Bryn MaWr working on the de-
tails ~ his proposition ~'t.h no hopes
20 be able 20 present 20 tae 1ire, tors ~
morrow lie also expects O. rau "a gen
e-al meeting ~ stockholders and deposit
ors in order t. Thoroughly a.quaint them
with his purpose.
It is slow work" Poe safi. "but hope
70 have 81 90 shape Tomorrow am not
IN position A. present On say anything
more definite than has alro sdv been pub
iished concerning my proposition. bat
wish ~ understood that tile directors. IN
signing the "a greeulsnt have pledged
them selves % raise the amount which
consider necessary. This money L.
given absolutely without promise ~ r.
turn or security
They are putting up ta- money from
their own pockets 90 make 49, tie losses
which have been sustained through the
bad Segal loans.
The loans made L. So2l hy President
Nipple aggregate more than S5.F"."".
and his securities are believed to Poe worth
aiM subscribe something more than 81
n'"0oo. IL was stated that some of the
eeal securities. which are Considered
or little value. wolld hc given the direc-
tors for the money advanced hy them
Receiver Earle denied this
Mr.. Earle was emphatic in his denial
OF the published statements that he had
euggested certain men for the OH e.
of president Of the reorgauized company.
a statement Issued tonight hy Rev. Dr
Roberts. stated clerk Of the General As
mhiy ~ ue Presbyterian Church. an
rounces that in addition 20 the 10000
% the trust funds 81 the trustees 81 the
church which We've lost i'm the collapse
deposits amounting o. about 1885, are
also involved These deposits We're the
current funds ~ The BOARD ~ Ministerial
Relief. the trustees Of the Board OF Pub
LEGATION and Sahhath-school Work
the trustees ~ the General Assembly. the
stated clerk ~ the General Assembly and
the Womens Foreign Missionary So
Cieties