Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1906-08-29

to examine the books. have every
reason to believe all trust funds are in
tact"
Thus far there has been no hint that
securities deposited as collateral for
loans were tempered with by late
President Nipple or that the trust
funds were misapplied. The hopeful
view of Earle is shared by financial
interests generally.
Sensation of Hour.
John K. Converse, one of the heads
of the Presbyterian church and direc-
tor of the failed company, 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, and except for an occasional
outbreak from an excited individual,
it is easily kept in check by the police.
Suicide Theory Sustained.
Philadelphia. Aug. 20 The story
that President Nipple of the failed
Real Estate Trust company committed
suicide was borne out last night when
it was authoritatively stated that he
took his life at his home last Friday
morning Mr.. Nipple is said to have
taken a dose of laudanum with suicidal
intent While still conscious he filled
his bathtub with water and later was
found apparently drowned
In all it's aspects the failure of the
Real Estate Trust company is the most
startling financial wreck the city ever
has experienced. President Nipple
was regarded as one of the most con-
servative and surest bankers in the
community. He was a power in the
Presbyterian church and looked up to
as philanthropist
Specialized Wildly.
His death and the resulting exposure
of his administration of the bank re-
veal him as speculator of the widest
type, as a man who cunningly and sys-
tematically falsified the banks books
to cheat alike the government inspec-
tor and his directors. who had implicit
faith in his integrity. Only his death
saved him from overwhelming disgrace
at the close of a career held up to the
city's youth as a model.
Besides the dead president one other
man is intimately involved in the
banks ruin. He is Adolph Segal. pro-
noter and real estate speculator on
scale of millions. On security declared
now to be worth less than a tenth of
its given value President Nipple lent
to Segal more than 100000 of the
banks funds.
Loans Direct Cause.
These loans to SegaI were the direct
cause of the banks failure, and, it is
limited, of Nipples sudden death. After
the first shock of amazement, friends
Of the dead president last night ex-
pressed the belief that Nipple was I'M
comfortably fascinated by SegaPs
schemes. some going SO far as TO say
the promoter held some sort of hyp-
motto sway over the banker On no
other theory can they account for the
vast loans made by Nipple on securi-
ties he must have known to be dan
gerously insecure.
Presbyterian Church Hard Hit.
The failure of the Real Estate Trust
company is felt throughout the entire
community 1t hits hardest of all per-
haps the Presbyterian church, which
had more than $1,000.000 of it's funds
deposited in the bank. When it closed
it's doors the bank had also on deposit
100000 of the city of Philadelphia
money and state deposits amounting to
$175 900
When the end came the condition of
the bank, put briefly, was as follows:
Total liabilities $40. 900 900