The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1906-08-31
PANIC FOLLOWS
BANK ALLURE

G0llHuclpnldy Ed., Aug. co.
cial Philadelphia is in panic tonight |
as result of the failure of the Real |
Estate Trust company, this afternoon,
and 1t is feared that some other in
situtions may yet be involved as re-
suit of the placing of this, the second
largest trust company, in the hands of
a receiver. Since yesterday morning,
when the announcement of the sud-
den death of President Frank K Hip
Pile, was made, the affairs of the Real
Esate company have been widely dis
cussed In financial circles.
The rumors became sinister in char
acter today and when 1t became known
that the clearing house committee had
been called In Sby the officials Of the
institution the suneasiness Increased,
and when. fnaify,s at 2; 80 this after
noon. the doors were closed, and the
announcement was made that George
II Earle, Jr., had been named as re-
Ceiver, business circles we're so dis
turbed that many shut down on out
side business for the time being 1t
was we'll for the strength of other
banks In the city that the announce
ment was not made until almost the
hour for the closing of the banks of
the city, as it Is likely q run would
have set In on other banking institu-
tions, but now 1t is certain all of the
local banks are ready to take care
of any rush to withdraw funds that
may come in the morning.
r. RUNS INTO MILLIONS.
In the offices of the failed concern,
at the corner of Broad and Chestnut
streets, the officials and large force
of clerks are working by electric light
tonight in the hope that they will be
able to compile some kind of state
ment indicating just how great the
failure is That the amount involved
runs into the millions is Of course
known, but 1t is thought that several
days must elapse before it will be pos
sible to say Just what the exact state
of the banks affairs are. One thing
is insisted by these who know most
about the situation and that Is the
stockholders are to be protected from
all loss Most of the directors of the
trust company are wealthy men, in
stock and it is reported that they have
decided to subscribe any amount ne
cessary to safeguard the interests of
all depositors. Among the directors
are John F. Getz, John H. Converse,
r. Dale Benspn,g Bayard Henry, and
J. Def. Juildn.
HINT AT SUICIDE.
Frank X. Hippo, the president of
the bank, whose sudden death at his
home Saturday precipitated the cri-
sis in the affairs of the bank, is to-
night alleged to have committed sui
eide although this is denied by mem
bers of his family. However, the re-
port of suicide continues to spread
and the authorities are to institute a
searching inquiry into the circum-
stances surrounding hisSdeath. The
following is the latest statement con-
corning the condition of the Real Es-
tate Trust company, as filed with
the state banking department:
RESOURCES.
Cash and cash items-$506,011
due from banks, ETC., $270,941; call
loans on collateral, $6,O59,031; time
loans on collateral, 1891 1,050; loans on
bonds and mortgages, $150,000; in
vestments securities owned, stocks,
hondc aod mnrtoooaS eA10ooo. raaI
estate, etc., $1,726,O69; overdrafts,
1881; assets $344,336; total, $1O,45s,'
321.
LIABILITIES.
Capital stock paid in, $1,5OO,OOO;
surplus funds, $1,050,000 unlisted
profits, less expenses and costs paid,
$369,429; depoits, $7,264,42s; due to
commonwealth, $125,OOO; liabilities,
$149, 9,466; total, $1O,458,321.
The company held $26,680,074 in
trust funds, of which the sum of $685.
377,440 was invested.
BIG SUMS INVOLVED.
The announcement of the suspen.
pension followed the failure of the
leading local f1nanciers, who were
called in to subscribe $7OOO,o00 which
was needed to tide the bank over
notes to that extent being due. The
!men whoswere called on were willing
TO subscribe $3,5OOO0O but that was
not enough. and the officials of the
bank went at once before Judge Aud
enried, told him the condition of the
bank and asked for the appointment
of temporary receiver. He at once
named Mr. Barle, who is president Of
the Finance company of Pennsyl
vania, and the latter qualified al
once. When told that it was reported
that the bank failed because of the
operations Of President Nipple. in con
nection with Adolph Segal, owner oi
the Majestic hotel, and a big real es