Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1906-09-07
PHILADELPHIA BANK
MAY RESUME Soon
RECEIVER FOR TRUST COMPANY
SPEAKS ENTHUSIASTICALLY
OF FAILURE.
is NOT AS BAD AS
AT FIRST REPORTED
Other Institutions of Quaker City May
Pledge Funds to Cover Deficiency
Trouble Mainly Due to Large
Loans to Promoter.

Loans to a Promoter.
Philadelphia, Aug. 30.-At the con-
clusion of protracted conference
with the directors of the embarrassed
Real Estate Trust company Wednes-
day afternoon, Receiver Earle said
that in his estimation the receivership
will be only temporary and that the
bank will be able to resume business
at an early day. He said it would
take several days before he will be
able to make definite statement. He
spoke optimistically and said he did
not think the failure would prove to
be as bad as it at first looked.
Regarding the condition of trusts
In the custody of the company, Mr..
Earle said: While l have not had
an opportunity to examine the books,
have every reason to believe that all
trust funds are intact"
Thus far there has been no hint
that securities deposited as collateral
Tor loans were tempered with by the
late President Nipple or that trust
funds were misapplied. The hopeful
view of Mr.. Earle is shared by finan-
cial interests generally.
May Reopen Within 48 Hours.
It was reported that an effort was
being made to help out the bank with
the view to reopening it within 40
hours, but it was denied by the heads
of the larger banks. Some directors,
however, have not abandoned hope of
accomplishing this object and have
been using their personal influence
with the object of raising the required
$3,5OO,000 to meet a similar amount
subscribed by the Clearing House as
ISOLATION Tuesday, and thus making
up the deficiency of $7,000,OO0 in the
banks funds. One prominent banker
subscribed 100000 Wednesday and
others are willing to advance large
sums.
John K. Converse, one of the heads
of the Presbyterian church and d.
rector of the failed company, is con-
fident the church funds and invest
ments are intact. Mr.. Nipple was
treasurer and custodian of these
funds
The banks failure continues to be
the sensation of the hour and is the
genera, topic of discussion every
where. A large but orderly crowd
surrounds the building and except for
an occasional outbreak from some ex-
cited individual is easily kept in check
by the police.
Many cIersymen Among Losers.
MANY aged clergymen are among
the 1epositors, and they are made
paupers by the trust company's fail
ure.
1t Is expected that an investigation
OF the manner in which Nipple came
to his sudden death will now be made,
CoroDer's Physician Read, of Norris
town admits that Mr. Nipple may have
committed suicide.
The shortage which caused the clos
ing of this great bank is estimated
at from 100000 to s1O,OOO,OOO.
Arrest and prosecution of other off,
cials Of the bank, which is said to
have been looted on colossal scale,
1t is now declared, will follow the
tuted by the receiver.
Among those who may face prose-
cution is Adolph Segal, promoter and
real estate Spectator on a scale of
millions. On security declared now
to be worth less than tenth of it's
given value President Nipple, it is
alleged. lent to Segal more than S..
30
These loans to Segal were the direct
cause of the banks failure, it is de-
clared. and, it is limited, of Nipples
sudden death. After the first shock
of amazement. friends of the dead
president expressed the belief that
Nipple was uncontrollably fascinated
by Sesals schemes, some going so far
as to say the promoter held some sort
Of hypnotic sway over the banker.
On no other theory can they account
for the vast loans madc by Nipple on
securities he must nave known to be
dangerously insecure.
Friends Ignorant Of Facts.
The few friends who attended the
private burial of the late president of
the trust company on Monday had
knowledge of his difficulties, but none
OF them was aware of his greatly in.
volvad financial conditions.
Nipple was not known to have been
. stock speculator, although f1nanciers
say he was one Of the many who lost
heavily in Consolidated Lake Superior
company stock several years ago.
Real estate investments seem to
have engaged Nipples attention and
money almost exclusively. This is
borne out through his connections
with Adolph Segal and the latter's en-.
terpr;ses.
Sega, his counsel and District At.
torney John G. Bell held conference.
Mr.. Bell said he had been called in
by Segal because the promoter
thought it entirely feasible to raise
the $3.5OO,OOO needed by the trust
| company. Mr.. Bell said he was in
no way connected with the case other
than that he might aid in raising the
funds necessary to place the company
again on sound basis.
ITO Cure Felon"
says Sam Kendall, OF Phillipsburg,
Kan "just cover it over with Buck
lens Arnica Salve and the Salve will
do the rest " Quickest cure for Burns,
Bolls, Sores, Scalds, Wounds, Piles,
C,lt H., l,o uon