Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-16
MEN OF THE MAYORALTY CAMPAIGN
George Earle Jr Has Rehabtaed So Many Bankrupt Enter
prses That His Friends Are Saying He Is the Kind of
Business Doctor" the City Needs at This Time.
Bv HERBERT S. WEBER

crowds in their own downtown, denouncing
the brothers as contract grabbers and false
friends of the poor, buying proxies with
buckets of coal and baskets of food.
If McNichol ran Earle again, in the event
Of factional war to the knife it would be
as business DOCTOR" and as such the
banker has an enviable reputation. Here
you have city Ut would be said) which
has plunged into some big financial under
takings a great transit enterprise particu-
larly. What could be more needed than a
financial expert, who has pulled dozen or
two companies out of the jaws Of perdition,
and who can handle millions as defty as a
shrewd housewife handles pennies? The
trouble would probably be that Earle has
not taken any part in the political world
since his defeat, except for brief service on
the Mayors vice investigating commission,
He has stuck very persistently to business
with his usual success, and only the other
day received silver loving cup from the
employees of a department store, whose
positions he had made tenable by rescuing
the concern from it's difficulties
Succeeds Where Others Fail
His first feat in business doctorlng was
performed when he was a young lawyer
His family owned a considerable amount of
WarehOusinp
and Safe Deposit Company. They had
bought 1t at so and 1t hung around 5. Then
Earle told the directors they had better
make him president. He cut deadwood out
OF the concern and bought lot of dock
property. People said he was a visionary.
but later the railroads were scrambling for
water terminals and he had his turn The
company sold some Of it's land at a price
which put 1t permanently on It's feet One
after another he took the Guarantee Trust
and Safe Deposit Company, the Finance
Company of Philadelphia, the Tradesmen,s
Bank and the Market Street National and
made them fourishing institutions. When
the Chestnut Street National Bank and tbe
Chestnut Street Trust Company went N
the wall, Earle became receiver Roth
banks were full OF the paper of the PbiIa-
delphia Record. The Comptroller could NOT
allow the receiver to protect these loans
WIN the cash assets that were left so
harie' and Richard Y, Cook. after securing
the Records equity with their own money
got control of the paper ran It successgn1i,,
TOT -FOUR years and sold 1t at a big proAt
Instead of pocketing the profit thew maid
the banks creditors 100 cents on the dollar
with back interest, and nearly as much 20
the creditors OF the trust company This 90
the achievement Of which Mr.. Earle is most
proud. 7'
His next success was with the Real
Estate Trust Company. Frank Hipple. the
president shot himself in 1906 when he
found that Adolph Segal had made tooI
OF him. The big building and an emptv
safe In it were all Earle had 10 20 on ua
asked the directors to give him the use ~ |
sz'OOooOo' With this he offered the deposi-
TORS VINO at one time would have taken 50 |
cents on the dollar, one-third of their de-
poslts In cash and two-thirds in cumulative
preferred stock In 90 days the doors were
Ieopened Tor business, and on the first dav
ne" deposits OF nearly SlOOO.O0O were taken
IN ms war on the Sugar Trust followed
ana the trust surrendered in the middle OF
savage lawsuit. and gave several millions
back to the Real Estate Trust Comnsn,'
A Rapid Transit
In 1904 Earle was made a director 90 A..
Philadelphia Rapid Transit comnanv ~
NOT only represented $4,000 shares OF stool,
put ne became one OF the most Infiuer,i.i
street railway men in the countr,, thra,,s.s'
MS various holdings. In 1905 when tha -, 80
pany faced severe criticism he ros,.,
tha' ne might state his opinion al a c,ts-'.
ne returned 20 the directorate IN T,,ns ,ooo
ana urged an investigation 10 d,soo,,a
whe.her the six-for-a-quarter strlp t,el.s.s
could be restored He succeeded n sa.s,--
under way the consideration of ! ss.iis sA
sharing plan FOR the carmen. p'oh'-
i was natural that two years LATER NJ.
Fenrose brought him forward ~. ,r @l.sn
ne was heralded as the ehanpion - .-ssor. ,s,'
sne me defender OF the rights of ~ nsa-.,s
lof cheap transportation" Tbs sn,,l,se'l ssopi0
nent Or his candidacy followed iaa.. e.,se-
lsssnee Win Penrose al Earle's eotts.s so.l.