Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1906-08-30
easas alsss 11s OF ASSISTANCE is Of
rERED ALL BUT THE
TRUST COMPANY
ALL DECLINE THE AID
Call in Money From Correspondents in
Other cltles-officers and Directors
Who Attend Clearing House Meeting
Take Immediate Action.

Philadelphia, Aug. 29.-With the
closing OF the doors of the Real Estate
Trust company yesterday, the officers
and directors of the bank who attend
ed the Clearing House association
meeting. took Immediate steps to forti-
fy themselves against any possible run
which might follow the failure of the
trust company. AS result every
meet any demand made upon it. AL
though no institution other than the
suspended company has required any
assistance, offers of aid are conveyed
from bank to bank by larger concerns.
In each case they were declined, al
though many banks wired their cores
pondents in other cities to forward
Immediately any balance due to local
banks. AS a consequence, large sums
of money arrived here today.
Receiver Qualities.
Receiver Earle this afternoon ap-
peared in court and qualified as re.
ceiver. He filed bond of million
dollars at the conclusion Of protract-
ed conference with the directors.
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. Re-
garding the trusts in the custody of
the company Mr.. Earle said: 'While
have not had an opportunity to ex.
anime the books, have every reason
| to believe that all trust funds are in
tact"
Funds Not Msapplied.
Thus far there has been no hint that
securities deposited as collateral fol-
loans were tampered with by the late
President Nipple or that the trust
funds were misapplied The hopeful
view of Earle is shared by financial
interests generally. John K. Converse
one Of the heads of the Presbyterian
church and director of the failed com
pany, is confident the church funds
and investments are intact. The banks
failure continues to be the sensation
of the hour. A large but orderly crowd
surrounds the building, but except fo,
an occasional outbreak from some ex
cited individual it is easily kept in
check by the police.
Mr. Nipples financial downfall was
due largely to his advancing money O
the bank in aid of enterprises O
Adolph Segal, owner of the Majestic
hotel and a promoter known for thu
boldness of his operations. Friends o
the dead banker express the belief tina
Segal exercised a hypnotic influence
over him.
Method Of Hiding Losses.
One of the most prominent banker
of the city, who attended the meeting
of the clearing house association, sait
of the failure and it's causes:
"Mr. Nipple has simply taken $1,000
900 Of other peoples money and devot
ed it to himself and enterprises o
! Adolph Segal, which are possibly good
i but may be some time before they reaI
i ize on them.
Nipples scheme to cover up hi
j dealings to the board of directors wa
as simple and as old as could be. H
kept two accounts of the trust CON
pany's investments, etc, himself; on
was correct and the other bogus. H
would call in the auditor, who woul
u go over the bogus list. He would the
certify that this was correct. H
would take the statement containin
the correct account of the trust CON
pany's affairs, with the auditors Gel
; tification to the bogus list, and Q
course the board of directors passe
the account when they saw it wa
properly certified by the auditor.
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