Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-08-29
BIC BANKS lO AID
FAILED CONCERN
Likely That the Real Estate
Trust Company Will Again
Open Doors
TRUST FUNDS MAY BE INTACT
Rseeiver Qualities and Holds Confer
snes With Clearing House Directors
Hopeful View Taken by Officials
Church May Not Lose Any
ihino. -

Philadelphia, Aug. ga meeting is
IN progress at the Office of the Large
National bank, and it isi stated that
s. .>nt funds have been pledged to
enable the Real Estate Trust Company
to reopen its doors within forty-eight
hours.
AS preliminary to this the court will
be pstitioned to dismiss the temporary
receivership.
With the closing of the doors of the
Real Estate Trust Company yester-
day officers and directors of the banks
who attended the clearing house asso-
citation meeting took immediate steps to
fortify them against any possible run
which might follow the failure of the
trust company. AS result every bank
tng house was prepared today to meet
any demand made upon it, altho no
institution other than the suspended
company required assistance Offers Of
aid were conveyed from bank to bank
by the largct concerns. In each case
they declined, altho many banks wired
correspondents In other cities to for
ward Immediately any balances due
the local banks. As consequence
large sums of money arrived here to-
day.
Moo Attacks Son.
The will Of the late President Nipple
was filed today. The document was
executed July 1st last, and reads: IT,
: nsvo nj Il nj 5<,
queath and devise all rny estate, real,
personal and mixed unto my son Frank
Whsrton, Nipple, his heirs, and as
( signs, knowing he will give one-half
thereof unto his aunt, ssallie, If she is
living. and hereby appoint my son to
sbe executor of this WILL The son
qualified. The estate is valued as fol-
lows.
Personal property, 100000 and up
wards; real estate, $4,000
The son had rough experience to-
day when he emerged from the bank
building. A man in the crowd saw
him and shouted:
There goes the son Of the rogue
who said he had no faith in men who
smoked cigars and chewed tobacco
Immediately the mob took up the cry
and made a rush for Nipple. For a
few moments it looked as tho heswould
be roughly handled, but the police
succeeded in beating the mob back
and rescuing the frightened man from
Its wrath. He was hustled into a car
riage and taken away.
Inquiry today among, the prominent
authorities of the Presbyterian church,
Z and directors of the real estate trust
company, as to the amount of church
money involved in the failure, showed
that the sum will be small compared
with the large sums OIL money in pos
session Of the church. John H. Con-
verse, chairman of the trustees gen
era1 assembly, and a stockholder in
the real estate trust company, said to-
day that the trustees had on deposit
In the trust company about $4,000.
which is involved in the failure. The
remainder OF the trustees money,
amounting to $936,S59, is invested in
mortgages, bonds and other securities.
Examination Of these securities by the
auditors, late as last Sunday, showed
that they are all intact. On this
point, Converse said:
.sThe way the matter stands now,
only about $4,000 Of the general as
sembly's funds are Involved, and will
have to take the same chance as the
money OF other depositors. This
money, it must be understood, is not
4 total loss I firmly believe the de-
positors will receive most OF their
money back /, feel sure that none of
the securities OF the general assembly
have been tampered with"
Receiver Earle this afternoon ap-
peared in. court and qualified as receiv-
er. He filed bond of million dol
lars At the conclusion of a protract-.
ed conference with the directors Earle
said in his estimation the receivershsp
will be only temporary and that the
bank will be able to resume business
at an early day. Regarding the trusts
in custody Of the company Earle said:
ssWhile have not had an opportunity
to examine the books have every rea.
son to believe all trust funds are ir-
tact Thus far there has been no hint
that the securities deposited as coll
lateral for loans were tampered with
by the late Presj sj-4-iH Nipple or that
trust funds were yplied. The hope
ful view of Earl. IS shared by fnan-
cial interests generally John K. Con-
verse, one of the heads of the Pres
byterian church and a director OF the
failed company, is confident the church
funds and investments are intact. The
banks failure continues to be the SEN
sation OF the hour. a large but order
" crowd surrounds the building and
except for an occasional outbreak
from some excited individual, it was
easily, kept in check by the police.
STOCK MARKET STRONG.
Activity Was But Slightly Hinged To-
dav With PhiIadedphia Troubles