Real Estate Trust Company (Philadelphia, PA)

Episode Information

Episode UID
2439269091273
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
243926909 hash
Start Date
January 1, 1906*
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c260fc3f8279aebc

Response Measures

None

Description

The articles discuss the 1906 failure and receivership in the context of a 1911 congressional investigation into the Sugar Trust.

Events (2)

1. January 1, 1906* Receivership
Newspaper Excerpt
George H. Earle, Jr., receiver for the trust company
Source
newspapers
2. August 28, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Wrecking of the company due to a fraudulent deal involving the Pennsylvania Sugar Refining company and the suicide of the bank president.
Newspaper Excerpt
the failure of the trust company and the suicide of its president and the closing of the Pennsylvania Sugar Refinery were direct results of a conspiracy
Source
newspapers

Newspaper Articles (7)

Article from Rock Island Argus, June 29, 1911

Click image to open full size in new tab

Article Text

matter of prosecuting the sugar trust with Roosevelt, but the latter did not accept the challenge. Earl read letters he said Roosevelt did not send to the senate with the correspondence in the case. Roosevelt, he said, told the senate it was right to send the correspondence to the senate and then did not send communications from him (Earl) that might have reflected upon Roosevelt himself. # JOLT FOR T. R. That Roosevelt had lost "his preference for, large game" because of the failure of the government to prosecute former heads of the American Sugar Refining company for the wrecking of the Real Estate Trust company of Philadelphia Sugar Refining company deal in 1906, was asserted yesterday before the house sugar investigating committee by George H. Earle, Jr., receiver for the trust company. The Pennsylvania refinery was acquired by the American company and promptly closed. # LETTERS SUPPRESSED. Mr. Earle also said that considerable of his correspondence with Mr. Roosevelt in relation to the case was not communicated to the senate when a resolution was passed calling for all papers. Mr. Earle submitted to the committee two letters he said he wrote to Mr. Roosevelt subsequent to the date of September 21, 1906, submitted to the senate.


Article from The Topeka State Journal, June 29, 1911

Click image to open full size in new tab

Article Text

# LOST HIS TASTE. Witness Tells the Sugar Trust Investigating Committee That Roosevelt Gave Up His Interest in Big Game. # READS TWO LETTERS Which He Wrote to the Former Chief Executive Urging Prosecution of the Heads of the Concern. Washington, June 29. That former President Theodore Roosevelt had lost "his preference for large game" because of the failure of the government to prosecute former heads of the American Sugar Refining company for the wrecking of the Real Estate Trust company of Philadelphia in the Pennsylvania Sugar Refining company deal in 1906, was asserted before the house sugar investigating committee by George H. Earle, jr., receiver for the trust company. The Pennsylvania refinery was acquired by the American company and promptly closed. Mr. Earle also said that considerable of his correspondence with Mr. Roosevelt in connection with the case was not communicated to the senate when a resolution was passed calling for all papers. Mr. Earle submitted to the committee two letters he said he wrote to Mr. Roosevelt subsequent to the one bearing date of September 21, 1906, submitted to the senate. "That letter was not all I wrote to Mr. Roosevelt," said Mr. Earle. "I wrote several that never saw the light of day, and I have been able to find two of them." "Read them," said Mr. Hardwick. "On October 1, 1906," Mr. Earle replied, "nothing having been done by the government in this case, I wrote another letter to Mr. Roosevelt." Earle's Letter. The letter follows in part: "Seriously, I mean still seriously, the matter of the wrecking of the Real Estate Trust company by the sugar trust, if justice should be done, needs the promptest attention from the attorney general. I have seen a number of the conspirators who wrecked this institution for the benefit, and at the instigation of the sugar trust and I am, in myself, a magazine of evidence against them; but while we have been waiting and doing nothing, others have been intensely active and these very persons who were not to help me are now withholding all documents and evidence at their command. If we could have jointly acted a little earlier we might have gotten some original papers which we greatly need and may find it very difficult to do so now; but I have copies of and can prove them, although not all the facts that establish the infamy of this conspiracy. "It has often happened that you have been able to punish the oppressors of the public, but there has really been no occasion where there has been substantial evidence against so many of the first rank; and I totally misjudge your character if you have lost your preference for 'large game.'" "Mr. Roosevelt had lost his preference for large game and I was mistaken," said Mr. Earle when he concluded. He then read another letter which he wrote to Mr. Roosevelt under date of October 27, 1906. In this letter, after apologizing for his importunity, he said: # He Tries It Again. "I thought that the case that had come to my attention in the performance of an unsought trust both might enable the government to enforce a most important statute hitherto unused, and, at the same time, to demonstrate that the oft-made assertion of the trust that they were but technically not morally guilty of crime was untrue. When men, for pecuniary ends, violate one class of laws they do not stop at infringing others; but when they so charge that the government is persecuting them for making mere necessary business arrangements, it is difficult to prove the untruth of their assertion. And so when I found a case of first impression where there was prof of what I considered pure villainy, I thought it my duty to lay it directly before you. And I have or had no other end to serve. "I have followed your suggestion and visited the attorney general, who, in turn, referred me to Mr. Purdy, at which I greatly rejoiced. For, unless I have misread his character, he is intelligent, fearless and devoted to the performance of his duty I think he now understands the importance of this case; and so I am content and wish to thank you for whatever trouble you may have been put to by my appeal to you." # He Expected Action. Mr. Earle declared he had not talked with Attorney General Moody because the latter had been appointed to the supreme court bench and could not undertake the case. He had seen Assistant Attorney General Purdy, explained the case to him and thought that the government was going to press the case. "Mr. Purdy told me," said Mr. Earle, "that he wanted all the details. I gave them to him. After he heard them he jumped up and said, 'We'll send them all to jail.' He said they wanted to get the best man in the United States as special counsel in the case and asked me how James M. Beck, former assistant attorney general, would do. I said I thought he would be all right." "That was before Mr. Beck became counsel for the American Sugar Refining company, was it not?" asked Chairman Hardwick. "Yes, you know after a man makes a success as a trust buster he does not continue to serve the people long." The witness criticised former Attorney General Bonaparte and said that when he assumed office he despaired of government action and began civil suit in the federal court of the southern district of New York. "Mr. Bonaparte never submitted anything except briefs favorable to the American Sugar Refining company and they were very bad briefs at that." Mr. Earle declared. Mr. Earle related the history of the case of the Pennsylvania Sugar Refining company, organized by Philadelphia capitalists, and how Adolph Segal borrowed money on his stock from Gustav Kissell, who turned out to be an agent for the American Sugar Refining company. Woman's Garter Saves Life.


Article from The Daily Ardmoreite, June 29, 1911

Click image to open full size in new tab

Article Text

TRUST PIRACY TALE TOLD REVEALING SOME UNWRITTEN HISTORY ON SUGAR to the supreme bench and could not Washington, June 28.-That former undertΓ₯ke the case. He had seen AsPresident Theodore Roosevelt had sistant Attorney General Purcy, exlost "his preference for large game" plained the case to him and thought because of the failure of the governthe government was going to press ment to prosecute former heads of the the case. American Sugar Refining company Attorney Beck Favored. for the wrecking of the Real Estate "Purdy told me," said Mr. Earle, Trust company of Philadelphia in the "that he wanted all the details. I Pennsylvania Sugar Refining deal in gave them to him. After he heard 1906, was asserted today before the them, he jumped up and said: "We'll house sugar investigating committee send them all to jail.' He said they by George H. Earle, Jr., receiver for wanted to get the best man in the the trust company. The Pennsylvania United States as special counsel in refinery was acquired by the Amerithe case and asked me how James M. can company and promptly closed. Beck former nacistent et men


Article from Omaha Daily Bee, June 30, 1911

Click image to open full size in new tab

Article Text

# EARLE SAYS HE IS IGNORED Asserts Roosevelt Overlooks Sugar Trust as "Big Game." # DEAD FIRM'S RECEIVER TALKS Testifies that Government Fails to Move Against Big Organisation When He Finds Valuable Evidence. WASHINGTON, June 29.-That former President Theodore Roosevelt had lost "his preference for large game," because the government failed to prosecute former heads of the American Sugar Refining company for the wrecking of the Real Estate Trust company of Philadelphia, in the Pennsylvania Sugar Refining company deal in 1906, was asserted today before the house sugar investigating committee by George H. Earle, jr., receiver for the trust company. The Pennsylvania refinery was acquired by the American company and promptly closed. Mr. Earle also said that a considerable portion of his correspondence with Mr. Roosevelt in relation to the case was not communicated to the senate when a resolution was passed calling for all papers. Mr. Earle submitted to the committee two letters he said he wrote to Mr. Roosevelt subsequent to the one bearing date of September 21, 1906, submitted to the senate. "Read them," said Mr. Hardwick. "On October 1, 1906," Mr. Earle replied, "nothing having been done by the government in this case, I wrote another letter to Mr. Roosevelt." Letter to Roosevelt. The letter follows in part: "Seriously, I mean still seriously, the matter of the wrecking of the Real Estate Trust company by the Sugar trust, if justice should be done, needs the promptest attention from the attorney general. While we have been waiting and doing nothing, others have been intently active and these very persons who were hot to help me are now withholding all documents and evidence at their command. If we could have jointly acted earlier, we might have gotten some original papers which we greatly need and may find it very difficult to do without now, but I have coples. "It has often happened that you have been able to punish the oppressors of the public, but there has really been no occasion where there has been substantial evidence against so many of the first rank; and I totally misjudge your character if you have lost your preference for 'large game.' "Mr. Roosevelt had lost his preference for large game and I was mistaken," said Mr. Earle when he concluded. He then read a letter which he wrote to Mr. Roosevelt under date of October 28, 1906. Would Break Down Defense. In this letter, after apologizing for his importunity, he said in part: "I thought that the case that had come to my attention in the performance of an unsought trust both might enable the government to enforce a most important statute hitherto unused and at the same time to demonstrate that the oft-made assertion of the trust that they were but technical, and not morally guilty of crime, was untrue. "I have followed your suggestion and visited the attorney general, who in turn referred me to Mr. Purdy, at which I greatly rejoiced." Mr. Earle declared he had not talked with Attorney General Moody because the latter had been appointed to the supreme court bench and could not undertake the case. He had seen Assistant Attorney General Purdy, explained the case to him and thought the government was going to press the case. "Purdy told me," said Mr. Earle, "that he wanted all the details. I gave them to him. After he heard them he jumped up and said, 'We'll send them all to jail.' He said they wanted to get the best man in the United States as special counsel in the case and asked me how James M. Beck, formerly assistant attorney general, would do. I said I thought he would be all right." "That was before Mr. Beck became counsel for the American Sugar Refining company, was it not?" asked Chairman Hardwick. "Yes. You know after a man makes a success as a trust buster he doesn't continue to serve the people long." Criticises Bonaparte. The witness criticised former Attorney General Bonaparte and said that when he assumed office he despaired of government action and began a civil suit in the federal court of the southern district of New York. "Mr. Bonaparte never submitted anything except briefs favorable to the American Sugar Refining company, and they were very bad briefs at that," Mr. Earle declared.


Article from New-York Tribune, June 30, 1911

Click image to open full size in new tab

Article Text

Ex-President Roosevelt Defended by Representative Madison. LIVELY SUGAR HEARING Adolph Segal Tells Committee He Was Ruined by Kissel's Exactions. [From The Tribune Bureau.] Washington, June 29.-The failure of President Roosevelt to take the advice of George H. Earle, jr., receiver for the Real Estate Trust Company of Philadelphia. who insisted that proceedings should be instituted against the American Sugar Refining Company in 1906, led Mr. Earle to indulge in further criticism of the ex-President before the House investigating committee to-day. Mr. Earle had just warmed up in expressing his opinion of Mr. Roosevelt when adjournment came yesterday. and he resumed operations to-day without missing a stroke. "I used to think Mr. Roosevelt the greatest man in the universe. and the people of Kansas still do," said Mr. Earle, looking straight in the direction of Representative Madison. who a little later defended the ex-President. Mr. Earle then reviewed his efforts to obtain prosecution of the Sugar Trust on the theory that It had wrecked the Real Estate Trust Company and the Pennsylvania Sugar Refining Company, which were linked together financially. Every few minutes Mr. Earle would take a slap at ex-Attorney General Bonaparte, who, he said, had declined to proceed against the trust because he thought the decision in the Knight case made such proceedings impossible. Finally Representative Madison read Attorney General Bonaparte's views, as set forth in a Senate document. "You will never have an administration of law if you try to find excuses for officlals who fail to do their duty," interposed Mr. Earle. "I am not making excuses for anybody, sir." retorted Mr. Madison. "but I admit that I am from Kansas, and that I, like numerous others. still have faith in the sincerity and faith of Theodore Roosevelt. The President relied upon his chief law officer for advice, and there is no evidence before this committee that he had improper motives. I do not agree with the Attorney General's interpretation, but It is not fair to criticise Mr. Roosevelt for accepting the advice of his chief law officer." Mr. Earle amused the committee by saying that he had had only one-personal conversation with the ex-President since the two left college, and then Mr. Roosevelt slapped him on the back and talked Latin to him. "Mr. Roosevelt said. 'I see you understand me,' but I did not understand him, and it made me feel silly to have the President of the United States talk Latin to me," said Mr. Earle. Mr. Earle said he had offered to debate the issue with Mr. Roosevelt in New York last fall but the ex-President declined the opportunity to "overwhelm" him.


Article from The Sun, July 8, 1911

Click image to open full size in new tab

Article Text

# TO QUESTION JUDGE PURDY. Sugar Probe Committee Wants to know Why He Dropped Case. WASHINGTON, July 7. Judge Milton D. Purdy, trust buster of the Roosevelt administration and now a District Judge at Minneapolis, has been requested to appear before the special committee of the House which is investigating the American Sugar Refining Company and the sugar industry generally. Judge Purdy was acting Attorney-General in the interim between the promotion of Justice Moody to the Supreme Court bench and the appointment of Attorney-General Bonaparte. Judge Purdy when he appears before the committee next Tuesday will be asked about statements made recently before the committee by George H. Earle, Jr., receiver of the Real Estate Trust Company of Philadelphia, that Earle laid before Judge Purdy when the latter was Attorney-General evidence that showed that the failure of the trust company and the suicide of its president and the closing of the Pennsylvania Sugar Refinery were direct results of a conspiracy in violation of the anti-trust law for which the American Sugar Refining Company's officials were responsible. Mr. Earle said that when he gave this evidence to Attorney-General Purdy the latter exclaimed: "That is just the kind of a case the Government wants. We will put the in jail" Earle told the committee that Attorney-General Purdy afterward became lukewarm and dropped the case. Attorney-General Bonaparte later refused to rake the matter up and advised President Roosevelt that there was no cause for action The committee wants to know the reasons why Judge Purdy changed his mind and what influences, if any, were brought to bear upon him.


Article from The Guthrie Daily Leader, July 14, 1911

Click image to open full size in new tab

Article Text

# EARLE VERSUS ROOSEVELT Between the position of George H. Earle, Jr., and that of the gentle-man from Kansas who "still believes in Theodore Roosevelt" despite what Mr. Earle has to say about his refusal to hunt big game there is, of course, room for disinterested persons to stand. Mr. Earle's intimate knowledge of the affairs of the Real Estate Trust company, Philadelphia and his interest in the case may have caused him to feel more ardent-ly and intemperately the gravity of an alleged sin of omission upon the part of the then president and was wholly warrantable, remarks the Kansas City Journal. (Rep.) Perhaps there is something to be said on the other side of the question. Possibly the president and the attorney general were not, as Mr. Earle believes determined to protect the Sugar trust and bent upon snubbing all who should attempt to inaugurate movements against that coddled corporation. But Mr. Earle nas been importunate for some time and has been met with silence that some persons may consider ominous in view of Colonel Roosevelt's penchant for returning fire. The fact, coupled with the fact that the Sugar Trust has been one of the "sacred cows" of the Republican party, will probably create a popular curiosity as to what Colonel Roosevelt has to say in response, or whether he will say anything. That the American Sugar Refining company did wreck the Real Estate Trust company of Philadelphia has been repeatedly asserted by a man, who as receiver for the wrecked concern ought to know whereof he has spoken. That there was ground for action against the American Sugar Refining company under the Sherman law seems to be an undisputed fact. That no action was taken is not open to discussion. The opportunity to overwhelm Mr. Earle, which Mr. Earle says President Roosevelt let slip when he invited him to discuss the matter in New York, is still open to Colonel Roosevelt, and no man is more fond of ercising the stimulating function of one mer.