Mexico Missouri message., 1906-09-06

of the city Of Philadelphia and $175,-
900 of state funds.
Liabilities ...s. .S1O,OOO,OOt
Quick assets .............. 100000
doubtful .......... ..... S,OOO,OOO
Persistent rumors that President
Nipple committed suicide we're borne
out when It was authoritatively stated
that he took his life at his home last
Friday morning, taking laudanum.
While still conscious, he filed his
bathtub with water, and later was
found apparently drowned.
Philadelphia. Unable to
meet its obligations because of the
large amount of money loaned on in.
sufficient security by its president,
now dead. the Real Estate Trust Co.,
of Philadelphia, which up to last Sat.
urday was considered one of the
strongest financial institutions in the
city, has closed its doors.
Soon after George H. Earle, Jr.,
prominent financier, was appointed
receiver.
Liabilities and Assets,
The liabilities of the company are
placed at S1U,00O,OOO, against which
there are quick assets of about ST.
100000, and collateral of about 3d.
100000, which is not negotiable or
readily convertible, This doubtful col
lateral is held mostly as security for
loans of about $5,30O,00O, made to
Adolf Segal, promoter of this city.
The Man Responsible.
The man responsible for the failure
was Frank X. nipple, one Of Philadel-
phia's bestknown citizens, who died
suddenly last Friday morning in his
country home at Bryn Mawr, near
here. under circumstances which, in
the light of developments, lead to the
suspicion that he may have commit
ted spicide.
Presbyterian Church May Suffer Loss.
Mr.. Nipple. in addition to being
president of the Real Estate Trust Co.,
was the treasurer of the board of
trustees of General Assembly of the
Presbyterian church in the United
States, and of several other church
funds, and was a director of the
Franklin national bank. According to
last Mays minutes of the Presby-
terrain general assembly, Mr.. Nipple
was treasurer of the board of trus-
tees, and had In his charge funds
amounting to $96S,s96.
The segaI Loans.
For the loans to Adolf Segal, Nipple
accepted as collateral securities of the
Majestic hotel, a big new apartment
house operated by Segal; the Swedish
Steel Co., of Lancaster, Pa, and the
Pennsylvania Sugar Refining Co., of
this city The steel company and the
sugar refining concern have never
been placed in operation. Segal claims
the collateral he gave is good, and
that he will meet all his obligations.
There are others to whom Nipple
loaned money on insufficient security,
but their names have not been made
public, and the sums are not believed
to be large.
Was He the Tool Of others7
How far Nipple benefited in the
loans made, or whether he was merely
the tool of others, is not yet to be de
termined. All the directors are re
naming silent on that point, and Sc
on the question whether there will be
any criminal proceedings.
Falslfled His Reports.
In order to hide the true condition
OF the company, and also to Save him
self, Nipple resorted to the falhfica
tion of his reports.
When the state bank examiner
called, Nipple presented to him gooC
securities to Offset the loans made
and when the president made his re
ports to the directors, he would SHOW
them a bundle OF other securities anC
other paper. and along with these b
would exhibit the certificate Of thu
bank examiner, which showed that hill
accounts were correct.
Bank May Reopen.
1t is the. hope of the directors h
reopen the doors of the bank, and
with this end In view they held NJ
merous meetings One of the meet
ings was attended by Adolf Segal
Frank Wharton Nipple, son of tn
, ldLb pEGbluCAl8 VIM 10 y IASAh III VI
bank, was set up by crowd Of an
. cry depositors as he was leaving tn
building, Wednesday, and would prol
ably have been roughly handled ha
the police not interfered.
The Board Shocked.
) AS soon as the directors heard {
Z the sudden death Of President HippI
: they began an investigation Of his a
fairs. and were shocked when the
! learned the true condition Of the con
! pany. This was after the close {
business on Ffiday A meeting Of u
board was hurriedly called, and ever
enort made to tide the bank owe
Fifty bank president assembled at II
clearinghouse. but when told that 81
2 100000 would be required to put h
institution on itn feet. they decline
and fho crash cana