The Washington times., 1906-08-29
Gordon of Police Sur
round Building of Real
Estate Trust Com
pany of Philadelphia.
NIPPLE A SUICIDE
BEFORE THE CRASH
Liabilities Total 100000
With Good Assets of 81
100000 and Doubtful
100000.

PHILADELPHIA, Pa, Aug. ga
crowd of angry depositors, includ-
ing many women, congregated to-
day about the skyscraper Of the col
lapsed Real Estate Trust Company
at Broad and Chestnut streets.
The line blocked the city's busiest
corner and the detail of police left
on guard over night was unable TO
cope with them. At first the de-
positors gave vent to their emo
tions by tears. but during the
morning many mutterinRs were
heard and some of the crowd voiced
their indignation in threats against
the officers and directors of the
wrecked concern.
"Kiu the officers now and investi-
gate later, shouted an excited man
in the crowd.
A big reserve policeman collared
the speaker and took him away.
Other remarks of a similar nature
were heard. and Detective Captain
Donaghy sent a dozen plain-clothes
men to the scene. while Police Su-
tendent Taylor detailed a big re-en-
forcement TO the guard.
The street in front Of the Trust bulid-
ing. at Broad and Chestnut streets. was
blocked early fB the day by a surginE
mob. Police reserves were powerless 10
keep traffic moving.
Nipple a Suicide.
The rumor that Frank x. Hipple.
president Of tle company, who died last
Friday, took a dose Of laudanun. and
while still conscious. filed his bath Tub
with water and was found apparently
drowned, was verified today.
The crash was brought about by the
speculations entered into by President
Nipple with Adolph SegaI, promoter Of
various enterprises which have not been
financial successes.
gegal alone owes the trust company
$. 800, 900.
The company's liabilities are apprUxi-
mateIy 100000. with quick assets OF
about S8,500,000 and doubtful collateral
OF about $4,000.
In addition it has about s35167,6S2 OF
trust funds invested and was a holder
Of corporation securities. under mort
cages, and as depository and trustee for
the issues Of collateral trust bonds to
the amount Of $50, 4S3, 40o-a total trustee
ship OF sS6.151. .082.
The securities are supposed to be
safe. Nothing IS known Of the trust
funds.
Churches Heavy Losers.
A striking feature Of the failure is the
tremendous losses that religious and
charitable institutions viii suffer.
Nipple was a prominent church man
and as such was treasurer Of numerous
Institutions.
1t is estimated that the Presbyterian
Church and allied societies had 81. 900. 600
in the wrecked bank.
The city of Philadelphia had $4,000
on deposit there and the State OF Penn
sylvania $4,000.
Ripple being treasurer of the General
AsemDly's board Of trustees and many
Of the trust company's directors and Of
fiCers being prominent in the church,
the corporation had become the financial
center of the Presbyterian denomination
In Philadelphia, and vas TO have re-
Ceived shortly the entire funds Of the
General Assembly, amounting tO some
thing above SIS 00O, 900.
II is asserted today by the friends
Of the dead president that Adolph Segal
eXerted hypnotic Influence over Hipple.
Hipple's Double System.
In order to hide the real condition Of
the company and save himself Nipple
resorted 10 the Justification Of his re-
ports. which were accepted as true by
the directors. He made what Is termed
a double system" OF making reports.
When the State bank examiner called
Nipple presented to him good securities
70 Offset the loans made. ana when the
president made his reports to the direc-
tors he would show them a bundle Of
other securities and other paper. and
along with these he would exhibit the
certificate OF the bank examiner. which
showed that the accounts the examiner
had investigated were correct
The directors. suppOsing the securities
shown them were the same. approved
the. sepOrts.
Receiver Earle Qualities.
George II. Earle. jr.. temporary re.
ceiver of the Real Estate Trust Com.
pany. this morning went before judge
Audrenreid ana qualified for the posi-.
ton.
It is Mr. Earle's opinion that the con.
cern win soon resume in some shape or
other. as the directors have concluded
to meet "A, claims OF depositors. Mr..
Earle however. impressed upon his In.
reviewers the fact that hehad had no
opp0rtunitv to get an insight of the
afrairs Of the concern, and until he had
gone carefully over the acco,snts, secur-
tiles and outstanding bonds ne would
not be able 10 discuss details. That he
had suddenly been called upon 10 act a .
CONTINUED on Fourth PaSsA