The Montgomery advertiser., 1906-08-30
ELECTION RETURNS STILL
 / INCOMPLETE AND INDEFINITE


  urer of the trustees of the general as- sembly, MT. Nipple had control of over S.000,o00 and as treasurer of the permanent committee on home mis- sfons and sustentation in the synod of Pennsylvania and Presbyterian Hos pital of this city, other large amounts were at his command"
 Since the failure of the trust compa- ny 1t has learned that only a few months ago the institution was under consideration as possible depository for the foreign missionary funds of the Presbyterian Church The infu- ence of MT. Nipple, 1t is said, might have eventually prevailed.
 The annual contributions to foreign missions amount to over $l,10o,o00 and its surplus on hand always equals half that amount.
 It is likely that an investigation of the manner In which President Nipple came to his sudden death will now be made Coroner's Physician Read of Norristown, admits that Mir. Nipple may have committed suicide. The few friends who attended the private bur ial of the late president of the trust company on Monday had knowledge of his difficulties, but none of them was aware of his greatly involved H. nancial conditions. He was not known to have been a stock speculator, af- though financiers say he was one of the many who lost heavily in the con- solidated Lake Superior stocks several years ago. Real estate investments seem to have engaged his attention and money almost exclusively. This is borne out through his connections with Adolph Segal and the latter's en- terprises.
 Late last night segal. his counsel, and District Attorney John c. Bell held a. conference. Mir. Bell said he had been called in by Segal. because the promoter thought 1t entirely feasible to raise the $3,500.000 needed by the trust company MT. Bell said he was in no way connected with tho case other than that he might aid in rafs- ing the funds necessary to place the company again on a sound basis. It is the expressed opinion of bank CTS tbat the Real Estate Trust Com pany failure does not involve any oth- CT banking house in the city. The three Repositories for the funds of the trust company were the Franklin Na- | tionaI Bank, the Market Street Na- tional Bank and the First National Bank. Aside from having deposits of the trust company 1t is declared by officials of these institutions that they are in no way involved in the fail- ure. Ellis P. Passmore. cashier of he Franklin National Bank, stated that the three institutions and the Finance Company of Pennsylvania had advaced half a million dollars to the Real Estate Trust Company for cur- rent needs
 The very best form of securities were pledged" he said, consequently the three banks and the Finance Com pany are amply protected.
 According to John H. Kitchener, Presi- dent of the Clearing House Association, that body stood ready to advance all | the money required by the Trust Com pany. provided the proper security Was l offered The directors of the Trust | Company are severely criticised by members of the Clearing Association for their failure to acduaint themselves | with the conditions of the company and the transactions of President Nipple. They knew nothing more than We had heard" declared President Michen- | CT, and they were not even familla. with the securities in their possession. | The company was also engaged Tn bonding business, and It's fidelity de- partment mad much money tied up in outstanding assurances which could not, therefore, be touched, and on which it was unable to realize at the present time. No rtatement of tho condition of this branch of the business was made to the Clearing House, though 1t might have been possible to devise some means by which at least Il released and used in aiding the Insti- tuition out of It's troubles"
 Today the name of Adolph Segal is or the lips of everybody in Philadel- phia. His rise from a toiler over d soap cauldron sn 10 by l2 cellar in West Philadelphia less than twenty years ago, to a handler of millions of dollars has certainly been spectacular.
 Although he has figured for years as a builder of sugar refineries, railroads, apartment houses. handsome residences and modern houses for working men. httle was known of his personality un- iii the newspapers were read today.
 After building a large Independent sugar refinery in Camden, N. J., across the Delaware River from Philadelphia and selling 1t to the American Sugar Refining Company at an alleged proht of $700, 0,0O0, he built another in the su- gar district of this city along the river front But as far as is known, the second venture was never bought by the purchasers of the first, although the statement Is made that those whose money is tied up in the structure re- ceive per cent on their investment from some source.
 Segal has been the promoter of sew eral enterprises In the State, outside of Philadelphia. It Is said that the Real Estate Trust Company has been involved in all Of them to some extent, Two are situated in Lancaster Coun- ty one, the Swedish Crucible Iron and Steel Works at Lancaster. and the oth- CT, the Safe Harbor Match Works at Safe Harbor. Of these enterprises a dispatch from Lancaster says; The Swedish Crucible Iron and Steel was | organized about eight years ago by Segal. Several hundred acres of land supposed to be rich in magnetic orc were bought. "A four-mile railroad was built from the works to the Columbia and Port Deposit road at Safe Harbor and a pro- ducing plant was erected and machn- cry installed at rather heavy expense. The entire property was bonded for | s2.000. 900. the Real Estate Trust Com l panv acting as trusted for the bond | holders. The valuation, local fnan- | ciers say. was greatly in excess of its real value. The railroad has never been completed and operations at the plant have been suspended for two l years.
 | Another big enterprise was Q build | ing operation at Altoona, Pa. Segal l secured a large plot of ground and | planned the new town of South AL | toona It was planned to erect 660 ! houses, built In rows city style PeO- ! pie here did not take kindly to this