Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-08-30
PROMPT RELIEF
Will Soon Open the Real
Estate Trust Cos. Doors.
Phi|ade| phia Financiers Sub
scribing Needed S3,5OO,0OO.
Trust Funds Intact and Failure Not So
Bad as al First Feared.

Philadelphia, Aug. 29.-At the cOnclu-
sion Of a protracted conference with the
directors of the embarrassed Real E.S-
tate Trust 60. this afternoon, Receiver
Earle said that in his estimation the
receiVership will be only temporary
and that the bank will be able to re-
sumo business at an early day. He
said It would take several days before
lie Will be able to make q definite state
ment. He spoke enthusiastically and
said he did not think the failure would
prove to be as bad as it at first looked.
Regarding the conditions Of trusts
in the custody Of the company. Mr..
Earle said: while | have not had an
opportunity to examine the books,
have every reason to believe that I'll
trust funds are intact"
1t WAS reported that an effort was
being made to help out the bank with
| the view to re-opening it within As
hours. but it was denied By the heads
| of the larger banks. Some directors.
however. have not abandoned hope OF
| accomplishing this object, and have
| been using their personal influence with
the object of raising the required $3,500.-
| 600 to meet Il similar amount subscribe
l
| yesterday, ana thus make up the de
ticiency of 81 600 600 in the banks funds.
| One prominent banker subscribed $500
| 900 today, and other are willing to adj
| vance large amounts.
| The banks failure continues to be the
sensation of the hour and is the gem
| eral topic Of discussion everywhere. A
| large but orderly crowd surrounds the
| L, 81 al
| outbreak from some excited indiVid-
| ual. is entirely kept in check by the
| police. Receiver Earle, this afternoon
| qualified as receiver. He filed q bond of
| 81 900, 900, and Immediately went to the
| comnany's offices where he took charge
| and called the directors into confer
enco.
| Frank w. Nipple son of the late
president of the Real Estate Trust Co,
had an unpleasant experience today,
| when he emerged from the bank build
| ing. \ man in the crowd saw him and
| shouted There goes the son of the
| rogue who said he had no faith in mon
| who smoke cigars and chew tobacco.
| Immediately 4 mob took up the cry
| and made 4 rush for young Nipple. For
| q few moments it looked as Though he
| would be roughly handled. but the po-
lice succeeded in beating the mob back
Nipple was hustled into a carriage and
| taken away.
| The will of the late president, Frank
| NJ. Nipple, was filed today. 1t was dated
July /, 1906. and leaves all of the tesla
tors estate to his son, knowing that he
will give one-half to his aunt Sallie il
She be living" The estate is valued as
follows: Personal property, 100000 and
upwards; real estate, $4,000.
John II. Converse, chairman of the
trustees Of the General Assembly Of tbs
Presbyterian church, and a stakeholder
in the Real Estate Trust Co, said today
that the trustees had on deposit in tho
Real Estate Trust Co. about $4OOO,O0o
which is involved in the failure The
remainder of the trustees money
amounting to 5000, 500 is invested in mort
cages, bonds and other securities. An oX-
animation of these securities by auditors
last Sunday showed that they are intact
| The board of ministerial relief had $iS,-
OCO on deposit when the company closed
its DOORS and the board of publication
had 4 few thousand dollars i'll the insti
tuition. At tho offices Of the board OF
ministerial relief it was announced today
that the beneficiarics Of the board woulC
not lose a cent nor would their pay
ments be delayed a day. There are am
pie funds on hand to meet all demand;
for three or four weeks and in the mean
time n special meeting of the board will
he held to convert some of its invest
ments which amount to hundreds Of
thousands of dollars. into cash.
Adolf SAgal. who is the central figure
! in the collapse of the Real Estate Trus
Go. tonight stated that some days ago
he placed in the hands Of the official:
several million dollars worth Of bonds il
order to make his borrowings absolutely
secure.
Mr. Scgal declined to give a list Of hi!
securities. consisting Of bonds and mort
cages which the trust company holds.
ut was rumorad today that l intended
| leaving town. concluded Mr.. Segal. 50
, intend to stay right here and see thi:
matter through" .