New-York tribune., 1906-08-30
MAY FLOAT BANK W RECk
CHURCH FUNDS NOT LOST.
Son of Dead President Hustled by
ARgru Mob.

Philadelphia, Aug 29.-Receiver George H.
Earle. jr.. to-day took charge of the affairs OF
the Real Estate Trust Company. which yester-
day failed because Of the heavy loans made by
Frank X. Nipple. the late president, to Adolf
Segal. a promoter. upon insufficient security.
Until Mr. Earle completes his investigation the
exact condition of the companys affairs cannot
be told. The receiver. however. expressed the
belief that the trust funds were intact.
John r. Converse. a director of the company
and one of the foremost Presbyterian laymen in
the country. upon whose petition the receiver
was appointed. to-day said he was satisfied that
the securities of the various Presbyterian church
boards were safe. The Presbyterian Hospital of
which Mr.. Nipple was easurer. to-day elected
the Fidelity Trust Company as his successor, and
through that concern learned that the institu-
tions securities, amounting to S1.JO0O00. were
intact.
While It is believed that the securities OF the
board of trustees of the General Assembly
safe. IT WIFI be necessary to elect a new
treasurer before the fact can be determined. 1t
developed to-day that Mr. Nipple had on de-
posit for various Presbyterian church organiza-
tions S150OOO in cash Included in this the
sum Of $4,000 deposited by the Woman's For
eign Missionary Society. to be used in rebuilding
the Home for Rescued White Slaves in San Fran
cisco, destroyed by the earthquake.
One Of the many rumors to-day was that the
local banks had voted plan to raise guaran-
tee fund OF S7.000.0O0 with which to rehabilitate
the trust company but this could not be verified.
1t is the hope of the directors however TO reopen
the doors Of the bank. and with this end in
view they held numerous meetings during the
day, comforting with Receiver Earle. One Of the
meetings was attended by Adolf Segal. II was
learned later that he had sold the town Of South
Altoona, Penn. which he built with money bor-
rowed from the trust company The purchaser,
it is said. paid 100000 for the various proper
ties
Frank Wharton Nipple. son of the late presi-
dent, who is a clerk in the bank, was set upon
by crowd of angry deposItors as he emerged
from the bank building to-day. A man in the
crowd him and shouted:
There goes the son Of the rogue who said he
had no faith in men who smoke cigars and chew
tobacco" Immediately a mob took up the cry
and made rush for young Nipple. For few
moments it looked as though he would be
roughly handled, but the police succeeded in
beating the mob back ana rescuing the frigh-
tened from its wrath. He was hustled into
a carriage and taken away
1t is likely that an investigation of the man
ner in which President Nipple came to his sud
den death will now be made. Coroner's Physi-
clan Read, of Norristown. admits that Mr.. Nipple
may have committed suicide The few friends
who attended the private burial of the late presi-
dent of the trust company on Monday had knowl-
edge Of his difficulties, but none of them were
aware of his greatly involved financial condition.
Late last night SegaI his counsel and Dis
trict Attorney John c. Bell held conference.
Mr. Bell said he had been called in by SegaI be-
cause the promoter thought it entirely feasible
to raise the $3JO0O0O needed by the trust COM
pany.
1t is the expressed opinion Of bankers that the
involve any other banking house in the city
The three repositories for the funds of the trust
company were the Franklin National Bank, the
Market Street National Bank and the First Ma
tional Bank. Aside from having deposits of the
trust company it is said by officials OF these in
stttutions that they in no way involved in the
failure Ellis P Passn1ore, cashier OF the Frank
lin National Bank. stated that the three 1nstitu-
tions and the Finance Company OF PENNSYLVANIA
had advanced $5OOOJO TO the Real Estate Trust
Company for current needs.
The very best form of securities We're
pledged" he said; consequently, the three banks
and the Finance Company are amply protected
II was reported that effort was being made
10 belp out the bank with the view to reOpening
il within forty-eight hours but it was denied by
the heads of larger banks. Some directors. how
ever have not abandoned hope OF accomplish
ing this object and have been using their per-
sonal influence with the object Of raising the re-
ouired So. 100000 to meet similar amount sub
scribed by the Clearing House Association yes
terday and thus make up the deficiency of 81
900 600 in the banks funds. one prominent
banker subscribed $0O0OUO to-day and otners are
willing TO advance large sums.
Mr. Earle this afternoon appeared IN court ana
qualified as receiver. He filed bond Of S1OOO-
0OO and Immediately went to the company'S Of
hces where he took charge and called the d1-
rectors into conference