The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-09-10
DIRECTORS WILL
PAY SHORTz.GfE Y {
Must Rarse Sonet' = More
Than $30' 200
LEGAL SECURITIES NO GOOD
Receiver Earle Denies That He Has
Suggested Certain Men for
President of Real Es-
tate Company.

Philadelphia September "a note
which is regarded with suspicion by Dis
trict Attorney Bell and Receiver Earle
has been found among the papers of the
wrecked Real Estate Trust company. 1t
is for $4,000 and bears the signature of
Joseph A. Baker, who has been dead for
three years. The loan is secured by $t2e-
900 in first preferred per cent bonds of
the Champion Iron and Separator COM
pany. one of segars many enterprises.
Baker was in the Real Estate Trust
company a the same time Segal was con-
ducting a brokerage business The two
were close friends. Members of Baker $
family professed entire ignorance regard
ing the note. They did not believe Baker
was acquainted with Nipple As similar
notes secured by worthless collateral and
signed apparently by fictitious persons
have been found, the fear is expressed
that this note may be another evidence
Of Hipples wildcat financiering.
Philadelphia. September 9.-All the direc-
tors of the Real Estate Trust company
wrecked by its suicide president, Frank
X. Nipple, have agreed to Receiver Earle 5
plan of reorganization.
Today Mr.. Earle received a message
from DR.. S. Weir Mitchell. the only MEM
ber of the board who is away from the
city, agreeing that the directors contrib
ute the amount deemed necessary by the
receivers.
The other directors had previously as
sented
Receiver Earle spent today at his home
working on the details of his propositions,
which he hopes to present to the directors
tomorrow.
Il am not In a position at present" he
said, ito say anything more definite than
has already been published concerning my
proposition, but | wish 1t understood that
the directors have pledged Themselves TO
raise the amount which 1 consider nee
essary. They are putting up the money
from their own pockets to make up the
losses which have been sustained through
the bad Segal loans"
The loans made to Segal by President
Nipple aggregate more than $5,0O0,0O0 and
his securities are believed to be worth
about $1,000 coo, consequently the directors
will subscribe something more than 3,O00.-
600. 1t was stated that some of the Segal
securities which are considered of little
value, will be given the directors for the
money advanced by them.
Receiver Earle denied this Mr.. Earle
denied that he had suggested certain men
for president of the re-organized COM
pany.
THAT is neither my province nor busi-
ness" he declared. 1.-THE stockholders
should have their own will in this mat
ter"
A statement issued tonight by the Rev.
Dr. Roberts, stated clerk of the Presby-
terian general assembly, announces that
in addition to the $4,000 of the church s
trust funds lost in the collapse, deposits
amounting to about $13OOOO are also in
volved These were the current funds OF
the board of ministerial relief, the trustees
of the board of publication, and Sabbath
school work, the trustees of the general
assembly the stated clerk of the general
assembly and the Womens Foreign Mis-
sionary society.