Los Angeles herald., 1906-08-30
YOUNG NIPPLE
IS ATTACKED
Continued from paEe one.

Continued from pa&e one
sary to place the company on sound
basis.
II is the expressed opinion of bank
ers that the Real Estate Trust COM
pany failure does not involve any other
banking house in the city. According
to John K. Michener, president of the
Clearing House association, that BODY
stood ready to advance all the money
required by the trust company, pro-
vded the proper securities were OF
fered.
The directors of the trust company
are severely criticized by members OF
uthe Clearing House association for
their failure to acquaint themselves
with the condition of the company ana
the transactions of President Nipple.
They knew nothing more than we
had heard" declared Mr.. Michener, and
they were not even familiar with the
securities in their possession.
The company was also engaged in a
bonding business and it's fidelity de-
partment had 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 statement of the 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 a portion of
this money could have been realized
And used in aiding the institution out
of its troubles.
Today the name of Adolph Segal is
on the lips of everybody in Philadel-
phia. His rise from a toiler over a
soap caldron in a 10 by II 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 builder of sugar refineries apart
ment houses, handsome houses and
modest homes for workingmen little
was known of his personality until 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 profit
Of 100000, he built another In the sugar
district of this city along the river
front. But so far as is known the sec
ond venture was never bought by the
purchaser of the first although the
statement is made that those whose
money is tied up in the structure re-
ceived six per cent on their Investment
from some source
The sugar refinery is, as refinery,
what the Majestic is as a hotel. Nov
d ing DldllOTInb, dulOiildllC cIdneSt LuI-
bine engines, make 1T a place which
works itself. The raw product can be
unloaded from the ship lying at one Of
the most completely equipped wharves
on the river front by these automatic
cranes, and save for the Sitting of the
bag at the head of the filler and the
occasional turning of a directing rod,
the agency of the human hand is not
required elsewhere in the course of the
evolution of sugar.
one who has been through it says that
a man might work i'm any part of 1t in
evening clothes. Tiled bath rooms and
copper finishings abound throughout. 1t
cost as much as the Majestic hotel and
has been idle since it's erection two or
three years ago
Segal has been the promoter of several
enterprises in the state outside Of Phil
adelphia. II Is said that the Real Es-
tate Trust company has been involved
i'm all of them to some extent.
one Of these big enterprises was a
building operation at Altoona, Pa.
Segal secured large plot of ground
and planned the town of South Altoona,
Pa. 1t was planned to build $50 houses.