The Richmond palladium. (Richmond, Ind.) 1906-1907, 1906-08-30
Coroner Admits President of
Defunct Philadelphia Firm
May Have Suicided.
MEETING OF FINANClERS
COURT WILL BE PETfTIONED TO
DISMISS RE TEMPORARY RE-
ERSHlP-FAiLURE STUNS
DEPOSiTORS.
Publishers Press1

with the directors of the embarrassed
Real Estate Trust company Receiver
Earle said that in his estimation the
and that the bank will be able to re-
sumo business at an early day. He
said it would take several days be-
fore he will be able to make definite
statement. He spoke optimisticaily,
and said he did not think the failure
would prove to be as bad as it at first
looked
Thus far there has been no hint
that securities deposited as collateral
for loans were tempered with by the
late President Nipple or that trust
funds were misapplied. The hopeful
view of Mr.. Earl is shared by finan-
cial interests generally.
1t was reported an effort was being
made to help out the bank with the
view to reopening it within As hours,
but it was denied by the heads of the
larger banks. Some directors, how
ever, have not abandoned hope of ac-
comprising this object, using their
personal influence with the object Of
raising the required s3,500,000 to meet
similar amount subscribed by the
Clearing House association, and thus
make up the deficiency of 100000
in the banks funds. One prominent
banker subscribed 100000 and others
are willing to advance large sums.
John H. Converse, one of the heads
of the Presbyterian church and a di-
rector of the failed company, is con-
oh, r
ments are intact Mr.. Nipple was
treasurer and custodian of these
funds
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 Mr.. Nipple
may have committed suicide. The few
friends who attended the private
burial of the late president of the
trust company on Monday had knowl-
edge of his difficulties, but none OF
them was aware of his greatly involv-
known to have been a stock specula-
tor, though financiers say he was one
of the many who lost heavily in Con-
solidated Lake Superior company
stock several years ago. Real estate
investments seem to have engaged
his attention and money almost ex-
clusively. This is borne out through
his connections with Adolph Segal
and the latter's enterprises.
Segal, his counsel, and District At
torney John C. Bell held conference.
Mr.. Bell said he had been called in by
Mr.. Segal as promoter, and he
thought is entirely feasible to raise
the s3,0o0,000 needed by the trust
company. Mr.. Bell said he was in no
way connected with the case other
than that he might aid in raising the
funds necessary to place the company
again on sound basis.
It is the expressed opinion of bank
ers that the Real Estate Trust COM
pany does not involve any other
banking house in the city. According
to John H. Kitchener, president of the
Clearing House association, that body
stood ready to advance all the money
required by the trust company, pro-
vided the proper security was offered.
The directors of the trust company
are severely criticised by members of
the Clearing House association for
their failure to acquaint themselves
with the condition of the company
and the transactions of President
The name of Adolph Segal is on the
lips of everybody in Philadelphia. His
rise from a toiler over a soap caul-
dron. less then 20 years ago, to
handler of millions Of dollars has Ger
tainly been spectacular. He has fig
ured for years as a builder of sugar
railroads, apartment
houses, handsome residences and
modest houses for workingmen. Segal
is 46 years old, about feet 10 inches
in height. Directness and frankress
of manner, habit of going directly
to the point Of proposition he had
to present 20 man. are said TO have
been the means of his success. He has
made many friends and has spent
money lavishly.
George H. Earle, Jr., who has been
appointed temporary receiver of the
Real Estate Trust company, is one Of
the best known figures il the financial
world, and has had experience in
Strengthening out the fangle of mum
Der of financial wrecks
A crowd gathered early at the cor
ner OF Broad and Chestnut streets
the handsome skyscraDeT
In which the distressed concern is To-
Gated. Included in the crowd were
many depositGrs anxious for news
about their money. 4 squad of po-
licemen surrounded the Offices and
kept the people back. The corner is
the most prominent in the city, and
1t was difficult TO force teams and
trolley cars through the crowd There
was no attempt at a demonstration
Fell From Moving Machine.
Wooster, O., Aug %. Christian
Shelley, 90. one of the largest Lane
owners in Wayne county. fell from a
machine and sustained in
juries from which death ensued in
few minutes.
Color % Shy At.