Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1906-08-30
NIPPLE HoNoReo.
Confidence That Was Reposed In Him
Was Truly Great

Philadelphia. Aug. $50 great was
the confidence reposet in Frank X.
Nipple. late president OF the Real Es'
tate Trust company. which was forced
20 the wall because OF the secret bush
ness transactions OF Mr.. Nipple. that
the institution was virtually the bank
I OF the Presbyterian church. ont only
the general assembly. which was a
large deposition. but even the smallest
Sunday school organizations and hun
dreds OF individuals. with an abiding
| faith In the integrity Of the late presi'
dent. entrusted their funds aud saw
/ ings 90 the institution.
II almost dostroyes persons faiih
I IN human nature" said II. =. Ford. pri'
yate secretary 10 III. Alexander Hen
~, secretary OF the board Of publlca
| tlOn and Sabbath school work OF the
/ Presbyterlan church. AS treasurer
I OF the trustees OF the general assembly
/ Mr.. Nipple controlled over Sl.oOO'uno,
and as treasurer OF the permanent
committee on home missions and sus'
tenation In the synod of Pennsylvania
and Presbyterian hospital Of this city
other large amounts were at his com
mand"
Since the failure u has been learned
| that only few months ago this insti
tuition was under consideration as the
possible depository for the foreign
missions OF the Presbyterian church.
II is likely investigation OF the man
ner In which President Nipple came
TO his sudden death will now be made
Coroners Physician Read OF Norris
town admits Mr.. Nipple may have
committed suicide. The few friends
who attended the private burial OF
the late president on Monday acknowl
edge his difficulties. but none OF them
were aware OF his greatly involved
financial condition. He was not known
10 have been a stock Spectator, al.
though financiers say he was one OF
many who lost heavily In Consolidated
Lake Superior stocks several years
ago
Adolph Segai. his counsel, and Dis
trict Attorney John c. Bell held con
ference. Mr.. Bell said he had been
called In by Mr.. Segal because the
promoter thought II entirely feasible
10 raise s. 100000 needed by the trust
company Sir. Bell said he was In no
way connected with the case other
than he might aid In raising funds
necessary to place the company again
on a sound basis.
IL Is the expressed opinion OF bank
ers that the Real Estate Trust com
many failure does not Involve any oth'
or banking house In the city. The de
nositories for the funds OF the trust
company were the Franklin National
hank the Market street National bank
and the First aNtlonal bank. Aside
from deposits OF the trust company "
ls declared by officials OF these instltu'
tlons they are in no way involved IN
the failure.
Ellis Z. Passmore. cashier OF the
Franklin National bank. stated the
three institutions and Finance Com
many Of Pennsylvania advanced s5OO'
0OO 10 tie Real Estate Trust company
for current needs The very best form
Of securities were pledged. he said
consequently the banks and finance
company are amply protected.
According 10 John NJ Kitchener, pres
ident OF the Clearing House assocla'
ton. that body Stood ready 10 advance
all the money required by the trud
company. provided proper security
was offered The directors OF the trust
company are severely criticised by
members % the Clearing House asso-
citation for their failure 10 acqualht
themselves with the conditions OF the
company and transactions OF President
Nipple
Tho name of Adolph Segal Is on the
Inns of everybody In Philadelphia. Ills
rise from a toiler over a soap caul
dron In a IONi2 cellar In West Philadel'
mia less than twenty years ago 10 the
handler OF millions OF dollars has been
spectacular Little was known OF MS
personallty until the newspapers We're
,ead wednesday. After the building
of a large independent sugar rehhery
nj Camden. y. j., across the peiaWaIe
river from Philadelphia. and selllhs
10 the American Sugar Refining com
many al an alleged profit OF 100000
he built another In the sugar district
NJ this city along the river front. nut
as far as known his second venture
was never bought by the purchaser OF
the first. although the statement Is
made that those whose money Is tien
nm In the structure will receive per
cent on the investment from the same
source. segal has been a promoter OF
several enterprises in the state outside
Of Philadelphia II Is said the Real
Estate Trust company has been IN
yolyed In all OF them TO some extent
A crowd gathered early "Wednesday
NJ the corner OF Broad aud Chestnut
streets. surrounding the handsome sky
scraper In which the distressed con.
Germ Is located Included 10 the crowd
were many deposltors anxious for news
about their money. A squad Of police
men surrounded the Offices and kept
the people hack. The corner Is the
most prominent In the city and Il was
difficult to force teams and trolley cars