The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-29
ALL DUE TO SEGAL
Promoter Got Funds Of Burst
Trust Company.
lie Worked as a Soap Boiler
Twenty Years Ago.
HIS ASCENT WAS RAPID
Built a Sugar Refinery aud Sold
to tho Trust.
Built Another Which Has Never
Been Operated.


the confidence reposed in Frank K Hip
pie. late president Of the Real Estate
company. which was yesterday forced
to the wall because of the secret BUSH
ness transactions of Mr.. Nipple. that the
institution was virtually the bank OF
the Presbyterian church. Not only the
general assembly, which was large de-
positor. but even the smallest Sunday
school organizations and hundreds Of
I individuals. with abiding faith in the
integrity Of the late president, had en-
trusted their funds and savings to the
institution.
ct almost destroys a persons faith
In human nature" said H. P. Ford.
private secretary to DIR. Alexander
Henry. secretary OF the board Of pub
listers and Sabbath school work of the
presbyterian church. LAS treasurer OF
the trustees OF the general assembly Mr..
Nipple had control of over $1,0o0,o0O and
as treasurer of the permanent commit
Z tee on home missions and sustentation
in the synod of Pennsylvania and the
kPresbyterian hospital of this city, other
large amounts were at his command. -
Since the failure of the trust COM
pany It has been learned that only a few
tmonths ago the institution was under
consideration as a possible depository
k6or the foreign missionary funds OF the
Presbyterian church. The influence OF
s1dr. Nipple. 1t is said, might have event
EuaHy prevailed. The annual contrlou-
Efions to foreign missions amount to over
Isl zoo, 900 and it's surplus on hand al
ways equals half that amount.
Coroner VIII Investigate.
1t is likely that an investigation of the
manner in which President Nipple came
Ito his sudden death will now be made.
3 s~r-~.v----s- Read 0f Nnrrizf0VVf
admits that Mr.. Nipple may have COM
tmitted suicide The few friends who
attended the private burial of the late
president Of the trust company on Mon
day had knowledge OF his dirrlculties
but none Of them was aware of his
greatly involved financial conditions. He
was not known to have been a stock
Spectator although fnanciers say he
was one of the many N@IO lost heavily
in Consolidated Lake Superior company
stock several years ago Real estate in
xestnents seemed to have engaged his
attention and money almost exclusively.
This is borne out through his connec-
tons with Adolph Segal and the latter's
enterprises.
Late last night Segal, his counsel,
and District Attorney John c. Bell held
a conference Mr.. Bell said he had
been called in by Segal because the
promoter thought it entirely feasible to
raise the $500 600 needed by the
trust company. Mr.. Bell said he was
in no way connected with the case
other than he might aid in raising the
funds necessary to place the company
again on a sound basis. 1t is the ex-
pressed opinion of bankers that the
Real Estate Trust company failure
does not involve any other banking
house in the city. The three deposit
tories for the funds of the trust com
pany were the Franklin National bank
the Market Street National bank and
the First National bank. Aside from
having deposits Of the company, it is
declared by officials of these institu
lions that they are in no way involved
IN the failure
Help Was Ready.
According to John K. Miehner.
president of the clearing house associa-
Efion, that body stood ready to advance
all the money required by the trust
company provided the proper security
was offered The directors of the trust
company are severely criticized by
members of the clearing house ass0-
citation for their failure to acquaint
themselves with the condition of the
company and the transactions of
President Nipple.
"They knew nothing more than We
had heard, declared Mr.. Michner,
land they were not even familiar with
the securities in their possession The
company was also engaged in a bond
ing business and its fidelity depart
ment had much money tied up in out
standing assurances which could not
therefore be touched and on which il
was unable to realize at the present
time. No statement of the condition
of this branch of the business was
made to the clearing house, though 1t
might have been possible to devise
some means by which at least por-
ton of this money could have been
realized and used in aiding the institu-
ton out of its troubles"
Today the name Of Adolph SegaI is on
HHar ~
His rise from a toiler over soap
cauldron in a 10 by u cellar in West
Philadelphia less than 20 years ago to
handler Of millions of dollars has Ger
tainly been spectacular. Although he
has figured for years as a builder of
sugar reflneries railroads. apartment
houses, handsome residences and modest
houses for working men, little was
known Of his personality until the news
papers were read today.
Built Sugar Refinerfes.
after building large independent
sugar refinery in Camden. N. j. across
the Delaware river from PHILADELPHIA
aEd selling it to the American Sugar
Refining company at an alleged profit
Of 5000 he built another in the sll-
gar district Of this city along the river
front. But as far as is known the sec
ond venture was never bought by the
purchaser Of the first, although the
statement is made that those whose
money IS tied up in the structure re-
ceive 6 per cent on their investment
from some source.
The sugar refinery is, as a refinery,
what the Majestic is as a hotel Nov
ing platforms automatic cranes. tur-
bile engines make it place which
works itself. The raw product can be
unloaded from the ship lying at one of
the most completely equipped wharves
On the river front, by these automatic
cranes and. save for the Sitting Of the
bag at the head of the filter ana the
occasional turning of a directing rod.
the agency of the human hand is not
required elsewhere IN the course of the
evolution Of sugar One who has been
through it says that man might work
90 any part Of it in evening clothes.
Tiled bath rooms and copper hnishings