The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-09-01
DIRECTORS WERE
ONLY MERE
DUMMIES
AND FAILED TO. DIRECT THE
BANK WHICH COLLAPSED
WITH a CRASH.
NO MEETING IN YEARS
And Knew Nothing of the Company's
Affars-Refused to Stake Their
Fortunes to Make Good
the Money Stolen

Philadelphia, Pa. Aug 3l--Addl
ionaI developments. sensational il
character c ntinue to crop ont in con
jnection with the failure of the Rea
Estate and Trust company. Today !
became known publicly, for the frs
| time since the suspension of the com
pany, that there had not been a meet
ing of the directors of the failed banI
for nearly three years every detail
having been left to President Nipple
II was this state of affairs whici
caused the Clearing House assCcia
ton to hesitate about coming to thC
aid of the trust company at the meet
ing Tuesday. A member of the Clear
ing House association who was pres
ent at Tuesdays meeting said today
THE directors of the Real Estate
and Trust Company knew a. little
about the affairs of the company as
any Ct the bankers present They did
not appear to know whether the short
age was $5,0o0,000 or $l0,000,000 and
it would have been folly for us tc
have advanced the cash when the af
fairs of he bank were in such a de
plorable condition.
Directors Had Cold Feet.
The three directors of the com
pany who came to us with outstretch
ed hands for s7,000.00O had absolutely
nothing TO offer in return but dead
sea fruit. They had not even conf
dence in their cohpany's future tC
offer for when they were asked i
they would pledge their fortunes e
make good the losses that the alioC
banks might sustain by going II
blind their answer was a painful ST.
lence. Under such circumstances the
Clearance House could not be expect
ed to come to the aid Of the Tru.
company.
Find Woman in the Case.
The woman in the case of The Real
Estate aud Trust company failure and
the suicide Of the president, Frank X
Nipple has been discovered. II is be.
lieycd in the person of Miss Wright
Cf Bryn Mawr.
Miss Wright conducts a select
boarding school for girls The dead
president and high Presbyterian lay
man, who is now known to have been
an embezzler. gave financial assist.
ance TO the school and visited the IN
st.tution two or rhree times each
week
During the formal legal proceedings
in court this afternoon to restrain
he Real Estate and rust company
from doing business and to continue
the temporary receiver. attorneys who
say they represent 10000 depositors
asked the court to appoint an auxil-
larry receiver. They suggested VIII
liam A. Glasgow. The court took the
matter under consideration
Now that Receiver Earle has taken
charge of deta Is at the Real Estate
and Trust company offices II is expect
ed that many matters that are not
clear to the directors or the deposit
9rs viii be explained Mr. Earle has
placed a siaT of his own clerks al
work and they may be able in few
days TO give deposiiors an idea what
they need expect in the way Of div
dends
Among the first things TO be done
will be the opening of The strong box
which belonged TO the late Frank x
II pple. president Of the truci com
Dany. Not one. not even his family
it is said knows what it contains
but it is hoped by the receiver that iis
contents will be such a. 10 be Of all
10 the receiver in Strengthening out
the affairs Of the company Whethlr
Mr.. Nipple carried life insurance Is
not known to the directors and all in
formation on that subject is refused
by the family.
May Operate sessi's Plants.
John II Converse. president of the
trustees Of the general assembly OF
he Presbyterian church. and a direc-
'or fthe Real f. tate and Trust com
1any. said today be- had no reason to
change his statement that the secu-i
tics Of The general assembly amoun'-
ing ia nearly siueo .01o. are ssfc
There T. much talk Among certain
hnsnciers and others ~ che possihii-
~ Of the rehabilitation Of the com
many. but NJ feasible plan has been
presented Receiver Earle says he
working on a project which. II II csn
be put through. viii bring a quick TO-
turn 10 the creditors Of the Institution
Il is Thought that his plan would be
to operate the enterprises promoted
by Adolph Seeai. Who borrowed more
than s. 000.e00 from President Hipple
to carry on his operations. the rev
enue derived ~ be placed to the credit
Z the rompsnTs dep1siioTs.