Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1906-08-31
FUNDS LOST
PRESBYTERIAN CASH TIED UP IN
TRUST FAILURE.
IN HANDS OF RECEIVER
Big Philadelphia institution, With
Liabilities Of $4,000, 900, Closed
When Death Of President Re.
veaIs Its Condition.

| Philadelphia to meet its
! obligations because of the large
amount OF money loaned on insufficient
security by its president, now dead.
he Real Estate Trust company Of
Philadelphia, which up to last Satur-
lay, was considered one of the strong
est financial institutions in the city,
! closed its doors Tuesday. Soon after
the doors closed George H. Earle, Jr.,
prominent financier, was appointed
receiver. The liabilities of the com.
pany are placed at s10,000,000 against
which there are quick assets of about
$3,500,0O0 and collateral of about
sS,000,000 which is not negotiable or
readily convertible. This doubtful col
lateral Is held mostly as security for
loans of about s5,3O0,000 made to
Adolf Segal, promoter of this city.
The man responsible for the fail
ure was Frank X. Nipple, one OF
Philadelphia's best known citizens.
who died suddenly last Friday morn.
ing 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 committed suicide.
Mr.. Nipple, in addition to being
president of the Real Estate Trust
company was the treasurer of the
board of trustees of the General AS
sembly of the Presbyterian church in
the United States and of several 9TH
er church funds, and was a director
of the Franklin National bank.
In addition to the deposits of the
General Assembly, the Real Estate
Trust also had about $4,000 of funds
placed there by Dr.. Roberts as stated
clerk. The Presbyterian hospital of
Philadelphia and the Presbyterian
board of relief, also had sums OF
money in the failed institution.
For the loans to Adolf Segal Hip
pie accepted as collateral securities
of the Majestic hotel, big new apart
ment house, operated by Segai; the
Swedish Steel company of Lancaster,
Pa, and the Pennsylvania Sugar Re-
fining company of this city. The steel
company and the sugar refining con.
Germ have never been placed in op-
GRAFTON. 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 in.
sufficient security but their names
have not been made public and the
sums are not believed to be large.
How far Nipple benefited in the loans
made or whether he was merely the
tool of others is yet to be determined.
delphia.-Receiver George H. |
Earle, Jr., Wednesday took charge of |
the affairs of the Real Estate Trust !
company which failed Tuesday be- |
cause of the heavy loans made by |
Frank K. Nipple, late president, to
Adolf Segal, a promoter, upon INSULT
cient security.
John H. Converse, director of the |
company, and one of the foremost
Presbyterian laymen in the country,
upon whose petition the receiver was
appointed, said he was satisfied that
llC SSCullI1Co VI tuC SdIIouo lCSOs
terrain church boards are safe.
The presbyterian hospital, of which |
Mr.. Nipple was treasurer, elected the
Fidelity Trust company as his sue.
cessor and through that concern
learned that the institutions securi.
ties, amounting to s1,500,000 are in
tact.
Hollidaysburg, Pa.-Adolf Segal, !
of Philadelphia, Wednesday sold
the town of South Altoona to Dor
land & Waddell, of Pittsburg. Thi
town had been developed by th
Contracting company,
Of which Segal is the head, at re.
puted outlay of s1,S00,Oo0. The price
paid by the purchasers was 100000.
Mr.. Segal is the promoter who figured
in the failure of the Real Estate Trust
company.