Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1906-08-30
DEATH OF TRUST COMPANY
PRESIDENT IN PHILADELPHIA
CREATES ANXIETY
MILLIONS ARE PLEDGED
To Preserve Confidence In tho lnstitu-
tion-Invcstigatlon Of company's At
fairs and Presidents Estate Dis
closes Serious Condition..

Philadelphia, Aug. 2s.-Presidert
Frank K. Nipple of the Real Estate
Trust company, died suddenly last
week and his demise has been sub.
1ect of much comment. 1t was report.
ed in financial circles today that the
investigation Of the company and the
presidents estate disclosed serious
state of affairs.
Pledge Millions.
1t is understood that the directors
of the company have pledged them
selves for several million dollars in
an effort to preserve the institution.
A meeting Of the representatives Of
banks and trust companies is being
held this afternoon to determine
whether aid shall be supplied. The
company, according to a recent state
ment, has deposits aggregating $780,.
0O0
The Real Estate company was
second in point of standing to the
Philadelphia Trust company. 1t has a
capital and surplus of S2900,000 and
deposits to the amount of $7,500,000 1t
was established IN 1855. Nipple being
It's president up to the time of his
death. The company did large bust
900 In trust loans outstanding. A
meeting Of representative bankers was
called to consider the situation and at
ter an exhaustive examination found
themselves unable to lend the required
assistance, whereupon the Real Estate
company closed Its doors.
Not Natural Gauss.
There are rumors to the effect that
Nipples death, which was assigned to
celebral hemorrhage was not result
Of natural causes. Vice President
Samuel F. Houston in a statement
said the affairs Of the company were
very much involved; that the officials
| found themselves unable to continue
business and being unable to obtain
the needed assistance from the clear
ing house, the court had been applied
to for receiver there. There was
a slight run early in the day and con
siderable money drawn out by deposi
tors.
Treasurer of Assembly Board.
Hipple was treasurer of the board o
trustees of the general assembly o
. CuS TlGSUy ISllull Cllul III anu IL 40 o@A>
he had all the funds on deposit in thi
company Nipple had been engaged
in large real estate deals and it is al
legged lost million dollars.
The Real Estate Trust compan,
closed it's doors this afternoon. TIL
board of directors Of each bank in tn
city will hold separate meeting t.
take action regarding the Real Estat
company.
In addition to its deposits, the con
pany had S2616S.000 trust bonds II
, vested and s6o,4S9,OOO held by tn
company as depository and truste
for the issue Of collateral trust bonds
Receiver Is Named.
5 This afternoon George H. Earl, Jr
president of the Finance company {
Philadelphia, was appointed receive
Tor the Real Estate company. Tn
directors of the latter are John
Betz, r. Dale Benson, DR.. S. Weir MI
! chell, Joseph D. Junkin, w. A. Halter
e Samuel S. Houston, Bayard Henry an
Frank T. Roberts.
Market Affected.
New York. Aug. 2S.-There is SON
e excitement this afternoon in bankir
circles over rumors of trouble in tt
a trust company Of Philadelphia.
The stock market was effected u
a favorably by the failure of the Re
t Estate Trust company of Philadelphi
: Prices declined 1 to points. The
a was a tremendous liquidation in Rea
: ing and Pennsylvania, which demo
a allied the general market.