Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-08-30
Trust company has been involved In all
! Of them 20 some extent.



Trust company has been involved In all
Of them TO some extent.
PIaah atNew Town.
one Of these big enterprises was a build
ing operation at Altoona. Pa. seGal Sc
cured a large plot OF ground and planned
the new town OF South Altoona. II was
planned to ercct go houses. built In rows.
city style. People here did not take
kindly TO this method Of Twins.
Few of the completed dwellings were sold
and few fented. Most OF them are idle to-
day.
segai IL IS years old. about 1--WE feet ten
inches In height. Direetness and frankness
OF manner. habit OF going to the point Of
the proposition he had to present to a
man are said to have been the means OF
his success. He has made many friends
and has spent money lavishly.
George II. Earle. jr.. who has been APP
pointed temporary receiver of the Real
Estate Trust company. is one OF the best
known figures in the financial world and
has had experience in Strengthening out
the tangled affairs of a number OF fnan-
cial wrecks. He Is president of the Penn
sylvanla Warehousing and Safe Deposit
company. the Finance Company OF Penn
sylvania, Market Street National bank and
Tradesmen's National bank.
Every banking house in Philadelphia
was prepared today to meet any demand
made upon It, 49,
Although no institution other than the
suspended company required assistance,
offers OF aid were conveyed from bank to
bank by the larger concerns outside the
city and large sums of money arrived here
today.
DepOsitors Held in Check.
A crowd of depositors gathered early at
the corner of Broad and Chestnut streets.
surrounding the handsome skyscraper IN
which the distressed concern is located A
squad of policemen surrounded the offices
and kept the people back There was no
attempt at a demonstration.
distressing feature of the disclosures
regarding President Nipple was the crush
ing blow that fell upon f. Wharton Nipple
son of the dead man. Young Nipple is en-
ployed as a clerk by the Real Estate Trust
company and all day yesterday while ru-
mors were flying, all rejecting upon his
fathers NAME he stuck msnfully to his
desk.
The local stock market showed some re-
covery at the opening today from the drop
which followed the announcement Of the
banks failure yesterday
Receiver Hopeful.
At the conclusion of a protracted confer
ence with the directors of the embar-
raised Real Estate Trust company this
afternoon Receiver Earle said that in his
estimation the receivership will be only
temporary and that the bank will be able
to resume business at an early day. He
said 1t would take several days before he
would be able to make a definite state
ment.
Regarding the condition of trusts in the
custody of the company Mr.. Earle said;
while l have not had an opportunity to
examine the books, 1 have every reason
to believe that all trust funds are intact"
The hopeful view of Mr.. Earle is shared
by financial interests generally.
1t was reported an effort was being made
to help out the bank with the view to re-
opening It within forty-eight hours. but
1t was denied by the heads of the larger
banks Some directors. however. have not
abandoned hope OF accomplishing this OBJ
ject and have been using their personal
influence with the object of raising the
required $4,000 to meet a similar amount
subscribed by the Clearing House associa-
ton and thus make up the deficiency of
q. 10000 In the banks funds. One promi- |
nent banker subscribed $4,000 today and |
others are willing to advance large sums
John H. Converse, one of the heads OF |
the Presbyterian church and a director of |
the failed company, is confident the church |
funds and investments are intact Mr.. |
Nipple was treasurer and custodian Of |
these funds.
The banks failure continues to be the |
sensation OF the hour. A large, but or |
derby, crowd surrounds the building and. |
except an occasional outbreak from some |
one, the excitement is kept in check by the |
police.
Receiver Earle this morning appeared In |
court and qualified as receiver. He filed |
a bond OF 100000 and Immediately went |
to the company's Offices, where he took |
charge and called the directors into con-
ference.