The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1906-09-07
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Nh Rhih delphia, Aug. 81. Hope 50
pesay rs1amp tion Of business ~ y ' the
Real Estate Trust company. which y
clicked its doors On Tuesday afternoon
this Ii the net result OF numerous
conferences yesterday between direct
ors ofsthe company, its principal cred
.itors and between ofncers OF Dig pank.
ing institutions both in this city ana
m New York. Although no formal DEF
Unite statment was made concerning
the developments Of the day. # y
known: 81
THAT directors Of institutions which
have trust funds in the vaults OF the
company are satisfied that their hold
ings are not seriously affected by the
crash and have expressed their. desire
to cooperate in the rehabilitatioh OF
the concern. +;
Frank Wharton Nipple, son Of the
late, president. who is a clerk I'M tho
bank, was set upon by a crowd Of an
cry depositors as he was leaving the
building yesterday, and probably would
have been roughly handled had the DO
lice not interfered.
.5'9 Stolen by Nipple. =
Philadelphia, Sept. Examination
of the list Of securities held by, the
defunct Real Estate Trust company
yesterday developed the fact that
Frank K. Nipple, president of the in
stitution. who committed suicide, was
an embezzler. The authority for this
statement is George H. Earle. Jr.. re-
ceiver for the trust company. Mr..
Earle declined to say what securities
are missing, but he declared Nipple
had hypothecated $1,000 worth Of tho
paper, securing $4,000 for the securi-
ties. which he never returned. p
ceiver Earle further declared that
President Nipple embezzled the So
100000 he loaned to Adolf Segal, tho
promoter. These loans. Mr.. Earle as
serted. were personal transactions.
Although made in the name of the
bank, the directors had no knowledge
of them. consequently the money was
stolen by Nipple" said Mr.. Earle.
Charges staeger the City.
The statement of Receiver Earle
that Frank X. Nipple, the late presi.
dent of the concern, had stolen securi.
ties valued at $4,000, and that the
lending of $5,0OO,0OO to Adolf Segal
on insufficient security amounted to
as much as theft, created a profound
sensation throughout the city yester.
day. The revelation was an especial
ly cruel blow to his many intimate
friends. most Of whom are prominent
in the Presbyterian church, either as
clergymen or laymen.
criticism heretofore expressed
by depositors of the failure of the di.
rectors Of the company to discover
Nipples transactions have increased,
and many of the largest creditors ara
angry at what they term the negli
gence of these men.
Sndr9ee against Directors.
Philadelphia, Sept: Additional
Developments, sensational in charac.
ter. continue to crop out in connection
with the failure Of the Real Estate
Trust company, which closed its
doors last Tuesday.
Monday it became known that there
had not been meeting of the direct.
ors for nearly three years, every ,le
tail having been left to the president
of the company, Frank X. Hippie.
Receiver Earle said he unearthed
yesterday in the bank securities az
gregating about 100000, face value
In the name of Adolf Segal. Until he
investigates more FUZZY he will not
be able to say how much they are
worth.
Mr.. Earle reiterated his firm belle,
that the officers of the bank must GER
tainly have knowledge of President
Nipples transactions with Seeal and
others.
i am investigating" he said, "thc
charge that some of the directors
taking advantage of their exclusive
prior knowledge of the company,
embarrassment, sold stock and with.
drew deposits in order to save them.
selves and others.
7 have not yet received reports IN
this connection, but If any are guilty
they will have to suffer-"