Real Estate Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: September 26, 1898
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e390065c

Response Measures

None

Description

Article (Bellows Falls Times, 1898-10-01) reports the company was placed into the hands of a receiver following a petition by the Real Estate Trust Company of Philadelphia and a stockholder. No run is mentioned; the appointment of a receiver indicates permanent closure/receivership. Date set to the Monday before publication (receiver appointed Monday).

Events (1)

1. September 26, 1898 Receivership

Newspaper Excerpt: Otto T. Barnard, president of the Continental Trust company, has been appointed receiver, and according to him more than $1,500,000 of these bonds are held in Philadelphia; about $500,000 in New York city ... It is reported ... into the hands of a receiver Monday on the petition of the real estate trust company of Philadelphia and Savillian S. Allen ... who is a stockholder and bondholder in the concern.
Source: newspapers

Newspaper Articles (1)

1. October 1, 1898 Bellows Falls Times Bellows Falls, VT

Article from Bellows Falls Times, October 1, 1898

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Article Text

# REAL ESTATE TRUST COMPANY into the hands of a receiver Monday on the petition of the real estate trust company of Philadelphia and Savillian S. Allen of St. Albans, who is a stockholder and bondholder in the concern. The company was organized in Iowa on September 21, 1882, with a capital of $875,000, though its permanent offices have always been in New York city. Its purpose was to loan money on Iowa, Nebraska and other western property, and to purchase municipal and to issue debenture bonds based on real estate mortgages. Under agreement with the Farmers' loan and trust company, the Atlantic trust company and the Real Estate trust company of Philadelphia, the concern has outstanding bonds, based entirely on western mortgages, aggregating $5,090,486. Otto T. Barnard, president of the Continental Trust company, has been appointed receiver, and according to him more than $1,500,000 of these bonds are held in Philadelphia; about $500,000 in New York city and the majority of the remainder are owned in New England. It is reported that of the bonds held in New England about $2,000,000 worth are owned by residents of Windham county, and $750,000 worth by Brattleboro investors. So far as can be learned Bellows Falls people loaned the company but very little, and not over $2500 worth of the debenture bonds are held here, what loans were made being secured by mortgages, which for the most part are considered good. It such is really the case, the loss to this and surrounding towns by the failure of the company will not be large.