Evening journal., 1906-08-29

------------
directors of the trust company. The
latter stated that they needed $1,000 |
600, but the best the banks could do
was to guarantee sS.5Oo.OOO This was
not enough and. as all other means for
getting money had failed, Vice-Presi /
dent Houston telephoned 20 the bank
to suspend business and send the re-
lceivership papers to court. In an in
credibly short time the story was on
the street and created great conster-
nation. Hundreds Of persons gather
ed about the hu,lding clamoring for in
formation and the crowd grew so great
that a detail cf police was sent for 10
clear the street. There was no disor-
der.
Death Revealed Bad Loans.
The application for the receiver says
that the company has a paid-up capital
of 81 100000, am apparent surplus OF am
] equal amount and deposits of about
; I$1O,0O0.O0O The assets consist OF real
estate IN Philadelphia. loans upon col-
lateral upon demand and on time ana
other securities. President Nipple, the
Z application says, by false reports 20
> the directors of the loans made by him
) brought about the condition OF the
b. company which was first discovered by
= 1.-THE officers of the bank subsequent TO
the death Of the president" The court
then appointed Mr.. Earle receiver, and
ne entered security to the amount 4
$1,000 600.
I Bankers Rejected Securities.
( John II. Michener, president Of the
s Clearing house Association, in an in
81 terview last night said the failure of
{ the association to subscribe the 81
600 600 guarantee fund requested by
- the Real Estate Trust Company was
e due to insufficient security Tho trust
/. company. he said. offered S2.9O0,O0O In
1 gilt edge securities at two-thirds in
terest I'm the trust companys building.
I valued at S2.000,000. and S5,30O.0O0 se-
- curities from Adolph Segal valued by
). the directors Of the trust company at
s3.OOO.00O The Clearing house Asso-
citation did not regard the Segal se-
70 lcurities worth more than S1.00O.0OO and
declined TO subscribe more than a total
O of $4,000 600 unless the -'maining se-
- lcurities were more substantial
Samuel + Houston, vice president Of
t the company. said last night that no
other banking institution in this or any
g other city would be IN the least affect
o ed by the failure. Gilt-edge security
II was given for whatever money was
n borrowed from other banks. He said
i he hoped the company would be able
+ to resume business. but would make
no prediction on that point.
- Just Missed Saving Funds.
d The Board OF Publication OF tn,
t Presbyterian Church. which had be
u tween $4,000 and $4,000 on deposit
re with the Real Estate Trust Company
y made an effort TO withdraw tho mo8el
ss but failed by three minutesS Hearing
Is rumors Of the unstable condition of the
trust company members Of the board
notified the officials OF their intention
,s to transfer the account to the Phila-
Ie delphia National Bank.
4 A representative Of the latter inst-
If tuition made all haste to the Office OF
n the trust company and arrived there
N three minutes after the doors closed
10 The board Of ministerial relief Of tbs
- Presbyterian Church had $4,000 de-
/ posted with the trust company.
= According to last Mays minutes oI
the Presbyterian General Assembly Mr.
Hipple. as treasurer Of the board O
= trustees. had I'm his charge funds
T. amounting to S963 500. distributed as
40 follows. Bonds and mortgages. frs
NJ liens on property, S716.016.67; invested
IA in securities s19639916; advances e
Ii secure bequests. S3325.07 paid To se
N euro rrnpcriv under foreclosure. s4f
i. sls49: m trust far benefit OF boari
A. ~ m nlsicrial relirf. real estate mort
a rtee of $4,000 and nm. properties 30
=. phn.itiphia. vllu. nof given. "a pict
of property in PhilnJelfhD fof W.
prueHi of he Mariners Church. palu
!. mot littu.
A. rhe failure undoubtedly means lila
hundreds of persons have ,nt hor
Il. thrr Vacations and arr hWryiu. hafl
n from seashore ANA mouutam ro.pr.
IA nAe institution was fayorite deposi
tory for women. ana for wcll-to-dl
men who make use OF purely persona
accounts. The company was particu
OF larry attentive 10 this class Of business
le AND nerhlns no other bank in the cit
f. was so careful TO always provide It
aE women clients with clean. nov money
l- even 60 nickels.
Active in Church and Charity Work.
~ The late T. X. Nipple was one of an
!, best-known fnanciers of this city. AM
m was also prominently Identified wit
- many charitable Institutions and wa
NJ active IN the affairs Of the Presbyterian
,o Church. He was born in this city q
\, 1889. and was admitted 10 the bar q
,o 1868. At the incorporation of the rea
estate company. in 1885. he was elect
ed its president which Office he retain
o. ed until his death. Mr.. Nipple wa
,a also:
" Director Of the Franklin Nationa
nc Bank.
\, Treasurer Of the General Assemble
n Of the Presbyterian Church In tn
, United States.
NJ Treasurer Of tho Sustentation Com
n mittee Of the synod Of Pennsylvania.
Treasurer of the Presbyterian Hos
pital here.
:. American treasurer Of the western
section OF the Alliance Of the Reform
Il, ed Churches holding the Presbyterian
- system.
ro In the financial world he was regard
~ ed as decidedly conservative
~ Mr. Hipples death occurred suddenl
,o last Friday morning at his summe
,o home. in Bryn Mawr. Montgomer
county. The cause of death was give
as cerebral hemorrhage BY his physi