The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-29
DOLLAR FOR DOLLAR
Receiver Hopes to Meet ALI Liabilities
of Trust Company.

1k0Co4H0I 11OpSS w N4COV IA! SAAe'SH@@~~~S
Of Trust Company.
Journal Special Service. ..' '"'~1
Philadelphia, Aug. 29.-Tho chaos
still reigns and no definite statement
can be obtained, it is reasonably certain
that the crash of the Real Estate Trust
company was brought about by unsnc-
cessful speculation by its. president,
Frank H.. Nipple. Adolph Segal, a
nue. thru which the funds of the COM
pany were drained by the dead presi-
The sudden. death Of Mr.. Nipple is
still the topic of discussion, and on all
sides it is insisted that he committed
suicide, realizing his inability to re-
cover the misplaced funds in time to
avert exposure.
It has developed that Mr.. Nipple
loaned $5,30O,000 Of the company s
money to Segal for various enterprises
without knowledge or consent Of the
directors. -. 800. ..-,-.~.. -,
Practiced Deception.
Announcements that Receiver George
n. Earle, Jr., hopes to pay more than
dollar for dollar for the depositors Of
the institution has served to quiet x-
citement and restore confidence in the
institution. Mr.. Earle warns the cred
itors not to be too hopeful;- however. 8
He did more, than this, he:kept two
accounts, one true, one false. To$the
statement and the examiner would GER
tify it.. Then the president@wouldes
nit to the directors the "fake" State
ment of the, company's investmente
with the certifcation of the examiner.
Having the most implicit confidence
in Mr.. Nipple, the directors never
doubted his reports and the imposition
continued until the president 8 death
last Friday morning at his home,> near
Bryn Mawr. .xn.... -
T It was a very sudden and unexpected
death. = Coroner Joseph N. King of
Montgomery county gave q verdict to
cerebral hemorrhages Of the brain, or
apoplexy. He denied Indignantly the
rumor that Mr.. Nipple had committed
suicide by means Of some su bile poison.
But the coroner's physician, DR.. A. II.
Read, said that if the bankers death
had appeared to him as mysterious then
as it does now he would have insisted
upon holding an autopsy.
Confidence in Nipple.
ct went to the Nipple house intend
ing to hold an autopsv,' said DR.. Read,
"but I was met there by DR.. w. c..
a cursory examination in his presence,
I agreed with him that death had been
due to natural causes.'
"However, Mr.. Nipples body now
lies under six feet of ground in Laurel
Hill cemetery, and all whisperings as to
the cause Of its being there have been
officially set at rest by the edict of
Coroner King.
Frank Nipple, as has already been
said, was a man above reproach. He
was an active worker in the Tenth
Presbyterian church, and in. financial
circles was looked upon as belonging to
the "safe and conservative element
Many of the officers are leaders IL
the Presbyterian church and thus the
Real Estate Trust company became thu
Presbyterian bank.' Presbyterian
ministers all over the city deposited
their savings there. Church and Sun
day school funds and all sorts. of Pres
byterian charities were put into thu
keeping Of Mr.. ,Hipple., His own church
], and Sunday school and his own. pastor
the Rev. DR.. Marcus A. Brownson
banked with him.
|, Il Directors Rich Men.
J., He was treasurer Of the board Of trus
tees of the general assembly, said to b,
the wealthiest church organization il
the world, with the exception Of tn,
Vatican. A million dollars or more o.
it's money is in the Real Estate Trus
company and arrangements were OF
| foot to transfer it's entire funds, some
thing over $1O,O00,OOO. to the institu
/ Most Of the directors are. million
aires OF. multimillionaires, and they ar,
the good, .old-fashioned sort Of capital
lists who are, content to make none.
slow but sure.'
Thus, the company had from tn.
start the confidence Of the f1nancia
j. world and It's business grew until, rae
cording to statement made BY. Nj
Converse in his petition for a receiver
Ssp sa had Tsa'sed TO soG
~ eYnecte1 That MANY Hhrokars ara nra