The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1906-08-29
FAILED FOR
I MILLIONS
Real Estate Trust Of Phila.
deIphia Gone Up.
PRESIDENT A SUICIDE
Frank K. Nipple Died Suddenly at
Bryn Mawr Under Suspicious
Circumstances.

PHILADELPHIA. Aug. 90 Unable
10 meet lis obligations because OF the
large amount Of money loaned on In
sufficient security 10y It's president now
dead, the Real Estate Trust company
OF Philadelphia, which up n last sat
urday was considered one OF the stron-
gcst financial institutions IN the city,
has closed liz doors. Soon after the
doors closed George H. Earle, Jr.,
prominent inancler. was appointed re
celver
The liabilities of the company are
placed at SlO.OOOOOO. against which
there are quick assets Of about $500.
900 aud collateral OF about Ss,OOOOOO.
which Is not negotiable or readily con
vertible This doubtful collateral Is
held mostly as security for loans OF
about $5.30OOOO made 10 Adolf Segal
a promoter OF this city.
The man responsible for the failure
was Frank X Ripple. one Of Phlladel
phla's best known citizens, who died
INST lAlNf III AAN
country home at Bryn Mawr, near
here. under circumstances which In the
light Of late developments lead TO the
suspicion that he may have committed
suicide.
Mr.. Nipples death occurred suddenly
last Friday morning at his summer
home In Bryn Mawr. Pa. The cause
Of death was given as cerebral hemor
rhage by his physician. DR. William c.
Powell. whose statement was con
firmed by Coroner King The latter
said that he did not perform an su-
topsy. but accepted the statement OF
Or Powell. In speaking Of the death
Of his father F. Wharton Nipple said
My father came home I'm his usual
health and spirits. He arose about 9
O'clock in the morning and appeared
perfectly we'll He had the bath filled
as usual and went 90 the bathroom.
So far a. we can learn he must have
died instantly for no cutlery Of any
kind was heard and he was dead when
found by Mrs. Nipple"
Rumors that Mr.. Nipple had com
mitted suicide were at the time quickly
silenced by DR. Powell and Coroner
King who declared that death was due
TO natural causes.
Mr. Nipple in addition to being presi-
dent OF the Real Estate Trust compa-
ny was treasurer of the board OF trus
tees of the general assembly OF the
Presbyterian church in the United
States and Of several other church
funds and was a director OF the Frank
lin National bank. Recently Mr.. Hip
pies accounts of the Presbyterian
church were examined by certified ac-
countants and were found TO be cor
rect. but il cannot be stated positively
whether all the securities belonging to
the general assembly are intact, al
though 1t is hoped they are.
Or. w. H. Roberts. stated clerk of
the general assembly of the Presbyte-
rlan church, who is at Mount Pocono.
said he was greatly shocked at the
news of the failure. In addition to the
deposits of the general assembly the
real estate trust also had about $25, 900
Of funds placed there by DR.. Roberts
as stated clerk.
The Presbyterian hospital Of Phila-
delphia and the Presbyterian board Of
relief he said, also had sums of mon
ey in the failed institution. DR. Rob
erts was asked If he could say whether
the securities of the general assembly.
to 1858 1896, in Nipples Gus
tody were intact He replied, 81 have
no reason to believe otherwise, but
cannot say positively"
Were those securities in such shape |
that they might have been hypothe
Gated or transferredY
81 do not know positively ms to that. |
but do not think that they We're"
AS treasurer of the board of trus- !
tees of the Presbyterian general as
Sembly Mr.. Nipple had on March 1,
1906. $1,000 in cash and 100000 in Sc
Samuel F. Houston, vice president of |
the trust company, said: "ln round |
numbers the failure will amount to |
S7,0OO000. At meeting of the banks |
and trust companies of the Philadel- |
phia clearing house an effort was
made to raise money to tide the com
pany over its difficulties, but all we
could get was S35O0.OO0, or about one
half what was needed"
nEEnnM