Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1906-09-08

Adolph Segal. prises. SegaI alone
owes the trust $3,3OOOOO, and the
liabilities are approximately $1OO0O,-
900, with real assets of about So 100000.
On petition of John NJ. Converse, one
Of the board of directors which con-
tains many eminent names, George
II. Earle, Jr., was appointed receiver.
The deposits included savings of many
Presbyterian clergymen, and $1,1OO,OOO
Of the general assembly's funds. be-
sides funds of many individual
churches and Sunday schools. Segal
claims that he got only $3,OCo,OOO, and
that he gave 100000 security, but
the latter Is regarded as of question
able value. The bank held also S175.-
600 belonging to the state of Pennsyl-
vania
President Nipple used the novel
method Of a double list of loans, one
bogus and one real. The directors
were kept posted on the bogus list,
which contained only gilt edged names.
The bogus list corresponded in amount
to the real loans, which Nipple was
making, and 1t was not until the &C
counts were examined after his death
that the facts came to the surface.
Receiver Earle said that the trust COM
pany would be saved and all deposits
made good by the voluntary, action
Of number of wealthy directors pos
sessing a high sense Of their obliga-
lions. Wharton Nipple, only son of
the dead president, was mobbed by a
crowd Of indignant depositors as he
was leaving the bank the day after
the crash. Segal's principal source of
fortune building was to erect factories
In lines where trusts were seeking
monopoly and then sell out to the
trust
Two Cent Fares In Ohio.
On and after Oct 1 the Pennsyl-
yania lines west Of Pittsburg will
charge only 2 cents a mile within the
state of Ohio. Travellers from that
state upon crossing the line will be
charged with higher rate and tickets
from points out of Ohio will be figured
at the two cent rate only at the Ohio
line. On the same day the Baltimore
and Ohio and the Western Maryland
will issue 1000 mile transferable tick
cts for 500 good for any number Of per-
sons.
Worldwide Match Trust.
San Francisco hears that the Dia-
mond Match company has entered into
a compact with the Japanese govern
ment for the purpose of controlling the
entire match trade Of the world.
Insurance Rebates Cut Of.
The first decision rendered by ex-
President Grover Cleveland as referee
for the Big Three life insurance COM
panfes will prevent English policy
holders from continuing to get reduc
ton on account Of the income tax law
and will result in big saving to the
companies According to the English
law those who were subject to the pay
ment of the income tax are allowed to
deduct the amount paid by them for
life insurance premiums on English
policies, but not on American policies.
Consequently the American companies
have been in the habit of absorbing this
tax by granting rebate. Mr.. Cleve-
land holds that this can no longer be
done under the new rebate law. One
effect will be to curtail the amount of
foreign business.
Oil Trust to Make Whisky.
At Peoria, ILL.,, one Of the leading
whisky manufacturing centers, it is
said that the Standard Oil company
has decided to buy all of the big distil-
leries in the United States in order to
meet the conditions under the free
alcohol law. The Standards experts
find that, although alcohol will not be
a serious competitor Of gasoline, never
theless it can be used fI%the manu-
facture of mercerized cotton and will
be a profitable product to control.