Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-08-29
The institution Was Virtually The
Bank OF the Presbyterian
Church.
ALL CONFIDENCE IN NIPPLE.
%t Almost Destroys a Persons
Faith in Human Nature" Says
Or. Henrys Secretary.
No Other Banking House In philadcl.
phia said 10 he lnvolycd-Di-
rectors severely Criticised.

rectors severely Criticised.
Philadelphia. Aug % So great was
the confidence reposed in Frank X. Hip
pie, late president of the Real Estate
Trust company, which was yesterday
forced 10 the wall because Of the secret
business transactions Of Mr.. Nipple.
that the institution was virtually the
bank OF the Presbyterian church Not
only the general assembly, which was a
large deposition but even the smallest
Sunday school organizations and hum
dreds of individuals with abiding faith
in the integrity Of the late president,
had entrusted their funds and savings
10 the institution.
DESTROYS ONES FAITH
1T almost destroys persons faith
IN human nature said n. p. Ford, pri-
Nate secretary TO Dr. Alexander Henry.
secretary Of the board Of publication
and Sabbath school work Of the Pres
byterisn church.
AS treasurer Of the trustees OF IT,
general assembly. Mr.. Nipple had con-
troll ~ over 81, 900 0O0 and as treasurer
81 the permanent home missions ana
sustentation IN the synod Of Pcnnsyl-
vania. aud the Presbyterian hospital ~
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 un-
der consideration rs q possible deposit
tory for the foreign missionary funds
Of the Presbyterian church The inhu-
ence Of Mr.. Nipple. it Is said might
have eventually prevailed. The annual
contributions TO foreign missions
amount "a over sl.200 900, and It's sur
plus on hand almost equals half that
amount.
TO INVESTIGATE Nipples DEATH
1T is likely that an investigation
81 the manner in which President
Nipple came TO his sudden death Will
low be made COrOner's Physician
Reid. Of NorristOwn admits that MI,
liipple mav have committed suicide,
A few friends who attended the FUN
cral Of the late president OF the Real
Estate Trust company. had some
knowledge of his difficulties. but none
of them knew Of his greatly involved
affairs. lie was not known to have
been stock Spectator. although
fnanciers say. he was one Of the many
who lost heavily IN Consolidated Lake
Superior COMPANY stock several years
ago. Real estate investments seem
10 have engaged his attention and
money almost exclusively. This Is
borne out through his connections
with Adolph Seal and The laiters
enterprise
Late last night Segal. his counsel.
and Dist Atty. John g. Bel held a
conference. Mr. Ben said he had been
called iu By Segal because the pro-
moter thought Il entirely feasible To
raise the $500 600 needed hy the
trust company Mr. Bell said he was
IN no way connected with the case
other than he might and In raising
The funds necessary TO place the COM
pany again on sound basis
40 OTHER HOUSE INVOLVED
II IS the expressed opinion Of bank
ors that the Real Estate Trust CONF
pany failure does not involve any
other banking house in the city The
three repositories Tor the funds uf the
trust company were the franklin Ma
iional bank, the Market Street Ma
tional bank, and the First National
bank Aside from having deposits for
The trust COMPANY. 70 Is declared by
officials OF these institutions that they
are in no way involved in the failure.
DIRECTORS SEVERELY CRlTI-
ClSED
According 10 John X. Kitchener.
president Of the Clearing House as
ISOLATION. that body stood ready to
advance al the money required by
the trust company provided the pro-
Per security was offered The direc-
tors Of the trust company are severely
criticised by members OF the Clearing
House association for their failure 10
scqusint themselves with the condl-
ton Of the company and the trsnsac-
lions of President Nipple
They knew nothing more than we
Aad heard. declared Mr.. Michoner
and they we're not even familiar witt
he securities IN their possession The
HNANfdAiN MAN 0ArN NhANfl W = WWAMNIih
business. and It's fidelity department
BAD much money tied up in outstand-
mE assurances which could not there
'ore be touched aud on which II was
enable 10 realize Al the present time
No statement o. the condition Of this
aranch Of the business was made 10
ne clearing house. though Il might
ave been possible 20 devise some
means by which az least = portion ~
his money could have been realized
mi used IN aiding the institution out
81 us troubles
ALL TALK or sEGAI.
Today the name Of Adolph Segal is
"a The lips OF everybody I'm philadc-
'hia. His rise from toilcr over
ioep cauldron in 10 By 10 cellar in
Nest Philadelphia less than 20 years
igo TO a handler Of millions Of dollars
sas certainly been spectacular. Of
lin who had figured for years as
suilder OF sugar rohnerles. railroad de-
artment houses. handsome residences
md modest houses FOR working men.
title was known Of his personality un-
y the newspapers were read today.
THE SUGAR REFINERY.
After building a large Independent
ugar refinery In camden, n. j.. across
he Delaware river from Philadelphia
md selling IL to the American Sugar
Refining company at an alleged PROFIT
~ 10000. he built another IN the
mgar district Of this city along the
liver front But as far a. Is known.
ne second venture was never bought by
he purchaser OF the first, although the
fatement Is made that those whose
money Is tied NJ In the structure re-
ieive per cent on their investment