The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-29
|CHURCHMEN' CASH
IN HIPPLE'S BANK
Confiding Presbyterians Heavy
Depositors in Failed Real
Estate Trust Company.
AssEMBLY's LOSS LIGHT;
INDIVIDUALS HARD HIT
Former Laborer's Schemes Ara
Blamed Dollar for Dollar,
Hope of Receiver.

~ ...# 34VSO VI 4sVVSASVAs
. Philadelphia, Aug. $3.50 great was
the confidence reposed in Frank Is.
Nipple, late president Of the Real Es-
tate Trust company, which was yester-
day forced to the wall because of secret
business transactions Of Mr.. Nipple,
that the institution was virtually thu
bank Of the Presbyterian church.
Not only the general assembly, which
was a depositor, but even the smallest
Sunday school organizations and hum
dreds of individuals with abiding faith
had entrusted their funds and savings
to the institution.
/ +. Shakes Ford's Faith.
cit almost destroys a person s faith
in human nature,' said H.. P. Ford,
private secretary Of DR.. Alexander Hem
~, secretary Of the board Of publica-
Presbyterian church.
AS treasurer Of the trustees Of the
general assembly, Mr.. Ripple had COM
troll of over 100000, and as treas
urer Of the permanent committee on
| home missions and sustentation synod
of Pennsylvania and the Presbyterian
Hospital of this city, other large
amounts were at his command.
Came Near Increasing Deposits.
:. Since the failure Of the trust com.
Fpany it has been learned that only
Jfew months ago the institution was
i under consideration as possible depos-
! itory for the foreign missionary funds
Ifof the Presbyterian church;
els.', The influence OF MI. nipple, u 10
said, might have eventually prevailed.
mi xp{h,$;o,,o IN qnrn; rvyp
missions amount to over 81 ,20e, 900, and
its surplus on hand always equals halt
\ that amount.
tn To Probe Nipples Death.
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 Reid of
4 Morristown admits that Mr.. Nipple may
have committed suicide.
The few friends who attended the
private burial of the late president on
!, Monday had knowledge Of his diff
4 eulties, but none Of them was aware
i Of his greatly involved financial condi-
4 tions. ( ~ e, st,s WI &c IL III
= e.. Other Banks Safe.
He was not known to have been
stock speculator, altho fnanciers say he
was one of the many who lost heavily
stock: several years ago. Real estate
Investments seem to have engaged his
attention and money almost exclusive
LILY. This borne out thru his connections
, with Adolph Segal and the latter's en-
q terprises. @'.-: - - el x S
It Is the opinion Of bankers that the
Real Estate Trust company failure does
the city The three repositories for
the funds on the trust company are the
Franwlin National bank, Che Market
= Street National bank and the First Ma
tional bank. " $3.50
! Took Only Best Paper.
Aside from having deposits Of ths
trust company, it is declared BY officials
. Of these institutions that they are in
! no way involvedsin the failure. e. p.
,. Passmore, cashier Of the Franklin Ma
tional bank stated that the three insti.
Pennsylvania had advanced half q
million dollars to the Real Estate Trust
company for current needs.
Il EThe very best form Of securities
were pledged" he said, consequently
the three banks and the finance CONF
pany are amply protected"
Will Not Shake Church.
Inquiry today among prominent an.
thorities of tho Presbyterian church,
and directors Of the real estate trult
company as to the amount Of church
money involved in the failure showed
that the sum will be small compared
with the large sums. Of money IN the
The work Of the Presbyterian church
in the United States is carried on by
eight general boards with the general
assembly as the central body. As w.
H. Roberts, the stated clerk Of the gem
eral assembly, lives In this city, the
here. -Four of the boards. home and
foreign missions, church erection and
the college board, are located In New
York and the funds are In that city.
} The board for freedmen has its head
t quarters. in Pttsburg where the treas,
+ city are education, ministerial. re.
y lief and publication.
49,. Only $4,000 Involved.
John Il. Converse, chairman Of the
trustees Of the general assembly and
a stockho1der in the Real Estate Trust
7 company, said today that the trustees
had on deposit in the. trust company
failure. The remainder Of the trustees
I money, amounting to 1868 $780,, is in.
a vested in mortgages, bonds and other
= securities. An examination Of these
1 securities by auditors as late as last
! Sunday showed that they are all in
On tis R Se Ma ssnds
: only about $4,000 Of the general assem-
; bly's funds are involved and. will have
. to take the same chance as the money
! of other depositors. This money, it
g must be understood, is not total loss,
I firmly believe, the depositors will re- J,
ceive most Of their money back. q
| will not m onfionz nercentapA aS that in