Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1906-09-06
WAS CHURCH BANK.
Large Sums Belonging to Prcsbyter
ian Societies In Wrecked Real
Estate Trust Company.
SOME SECURITIES SAFE.
The Directors still Hope to Open
the Doors of the Bank and
Are Striving to Raise
s7,OOO,OOO.


the confidence reposed In Frank X
Hi>ple, late president of the Real Els
tate Trust company, which was Tues
day forced to the wall because Of thu
secret business transactions of Mr.
Nipple, that the institution was vir'
tually the bank Of the Presbyterian
church. Not only the general assem-
bly,, which was a large depositor but
even the smallest Sunday school or
CARNATIONS and hundreds Of individ.
uals, with abiding faith In the integ.
rity OF the late president had en-.
trusted their funds and savings to the
institution.
1T almost destroys persons faith
in human nature" said H. p. Ford,
private secretary to DR.. Alexander
Henry. secretary of the board Of pub
lication and Sabbath school work of
the Presbyterian church. las treas
urer of the trustees of the general as
sembly. Mr.. Nipple had control Of
over $1.0OO,0O0 and as treasurer Of
the permanent committee on home
missions and sustenation in the synod
Of Pennsylvania and the Presbyterian
hospital of this city, other large
amounts were at his command"
Since the failure of the trust COM
pany 1t has been learned that only a
few months ago the institution was
under consideration as a possible de-
pository for the foreign missionary
funds Of the Presbyterian church. The
influence Of Mr.. Nipple, 1t is said
might have eventually prevailed. The
annual contributions to foreign mis-
sions amount to over $1,20O,oO0 and
its surplus on hand always equals
half that amount.
Receiver George H. Earle, jr., Wed.
nesday took charge of the affairs OF
the Real Estate Trust company which
Tuesday failed because of the heavy
loans made by Frank K. Nipple, late
president, to Adolph Segal, a prot
moter, upon Insufficient security.
Until Mr.. Earle completes his in
vestigation the exact condition Of the
company's affairs can not be told.
The receiver, however, expressed
the belief that the trust funds are in
tact.
John H. Converse, director Of the
company and one Of the foremost
laymen in the country
upon whose petition the receiver was
appointed said he was satisfied that
the securities of the various Presby
terian church boards are safe. The
hospital, Of which Mr.
Nipple was treasurer, Wednesday
elected the Fidelity Trust company
Is his successor and through that
concern learned that the institutions
amounting to $1,50O,0O00,
re intact.
While it is believed that the Sc
urities of the board of trustees OF
he General Assembly are equally
afe it will be necessary to elect
lew treasurer before the fact can be
1t developed Wednes
ay that Mr.. Nipple had on deposit
Or various Presbyterian church or. (
$150,O00 in cash. Includ. ,
d in this was the sum of $4,000 de- {
osited by the Woman's Foreign Mis-
ion society to be used in rebuilding
le home for rescued Chinese slave
iris in San Francisco, destroyed by
le earthquake.
One of the many rumors Wednes
ay was that the local banks hat
volved a plan to raise a guarantee
ind of 100000 with which to re-
affiliate the trust company, but this
,uld not be verified. 1t is the hope t
the directors, however, to reopen '
e doors Of the bank, and, with this 4
id In view, they held numerous
ceilings, comforting with ReceiV.
arle. One of the mee a!ngs was u
tended by Adolph segal and later ii D
as learned that he had sold the town P
South Altoona which he had bull v
It'll money borrowed from the trust p
mpany. The purchaser, 1t is said
i'd $500, 900 for the various proper L