The Red Cloud chief., 1906-08-31
FAILS FOR TN MILLIONS
PHILADELPHIA TRUST COMPANY
CLOSES ITS DOORS.
PRESBYTERIAN MONEY INVOLVED
hinted That President Nipples Death
Friday Mas Not Natural and That
He Had Made False Statements Re.
garding Banks Condition.

Philadelphia, Aug. 29.-The Real
Estate Trust company, organized in
1855, the depository for nearly a
million dollars of the funds of the
presbyterian church and holding $780,.
goo OF the money of the city of Phila-
phia and $4,000 of state deposits,
closed its doors. The failure was
caused by heavy loans made by the
late president, Frank K. Nipple, to
Adolf Segal, promoter, on insufficient
security. A desperate effort was made
TO save the institution by the board of
directors through an appeal to the
Clearing house association, but that
body declined to subscribe a guarantee
fund Of $1,000, 900, because of INSULT
Cient security.
The liabilities are placed at s1O,-
100000, with quick assets OF So, SOC 1000
and doubtful collateral amounting to
s 5000. coo.
George X. Earle, Jr., President of
the Finance Company of Pennsylvania,
was appointed receiver, and in a state
ment to the public he expresses the
hope hat he may soon be able to rec
Commend a plan to the dlpositors that
will better serve their interests and
terminate his services.
President Nipple was always re-
garded as a conservative financier,
but following his sudden death last
Friday an investigation by the direct
Crs developed the fact that his loans
to Segal had been made regardless of
proper security and that he had made
false statements to the directors of
the hanks condition. Friends of the
president express the belief that Segal
exercised a hypnotic influence over
Mr.. Nipple.
Although the cause of Mr.. Nipples
death was given by his physician and
the coroner as cerebral hemorrhage,
IL Is intimated that he may have com.
mitted suicide.
Persistent JUNIORS that President
Nipple committed suicide were borne
out when it was authoritatively stated
that he took his life at his home last
Friday morning. Mr.. Nipple is said
to have taken a dose of laudanum,
with suicidal intent. While still con-
scious he filled his bathtub with water
and later was found apparently
drowned.
The late Frank X. Nipple was one
Of the best known financiers of this
city and was also prominently identi-
fed with many charitable institutions
and vas active in the affairs of the
Presbyterian church. He was born
in this city in 1889 and was admitted
to the bar in 1868. At the incOrpora-
ton of the Real Estate company in
1885 he was elected its president,
which Office he retained until his
death. Mr.. Nipple was also a director
Of the Franklin National bank, treas
urer of the general assembly of the
Presbyterian church in the United
States, treasurer of the sustenation
committee of the synod of Pennsylva-
mia, treasurer of the Presbyterian hos
pitt here and American treasurer of
the western section of the Alliance of
the Reformed Churches, holding the
Presbyterian system.
The failure undoubtedly means that
hundreds of persons have cut short
their vacations and are hurrying back
from seashore and mountain resorts.
The institution was a favorlte depos.
tory for women and for well-to.do
men who make use Of purely personal
accounts. The company was particu.
larly attentive to this class of bust.
ness.
FOUR MEN STRUCK BY TRAIN.