Omaha daily bee., 1906-08-30
MILLION AND HALF IN SECURITIES INTACT
-SAbOut $4,000 on Deposit, Part Of
Which viii Be Recovered.
CROWD ATTACKS FRANK W. NIPPLE
Police Rescue Son Of Dead Banker from
Mob Of Angry DepOeltOrs.
SUGAR atfINtR HAO pMI IN fAILURE
Man whose Rapid Rise I'm Financial
Circles Now Interests Philadei-
phia Secured Much Money
from Nipple.

PHILADELPHIA. Pa, Aug. ze.-Receiver
George II. Earle. Jr.. today took charge
of the affairs Of the Real Estate Trust
company which yesterday failed because of
the heavy loans made by Frank X. Hir !,
late president. to Adolf ssgal. prot y,
upon insufficient security. Until Mr.. 4 y
completes bis investigation the exact CO
dition of the company's affairs cannot be
told. The receiver however. expressed the
belief that the trust funds are intact.
John II. Converse. a director of the COM
pany and one Of the foremost Presbyterian
iayment in the country. upon whose petition
the receiver was appointed today. said he
was satisfied that the securities OF the
various Presbyterian churoa boards are
safe. The Presbyterian hospital, of which
Mr. Hippie was treasurer. today elected the
Fidelity Trust company as his successor
and through that concern learned that the
institutions securitlcs amounting to ST.
$4,000 are intact.
While IL is believed that the securities Of
the board of trustees of the general assem-
bly, are equally safe II will be necessary to
elect new treasurer before the fact can
be determined II developed today that Mr..
Nipple had on deposit for various Presby-
terian church organization s150.0oo in cash
posted by the women's foreign mission
airy society. to be used for rebuilding the
home for rescued Chinese slave girls In
San Francisco. destroyed by the earth
quake.
At the ofaces Of the board of ministerial
relief II was announced today that the
beneficiariea OF the board would not lose
a cent. nor would payments be delayed a
day. There are ample funds on hand TO
meet all demands.
VIII of Nipple.
The will Of the late President Frank X.
Hipple was filed today. The document was
executed July !. 1905. and is brief:
!, Frank X. Nipple, do hereby give. be-
sonai and mixed. unto my son. Frank
wharton Nipple. his heirs and assigns,
nneyns % h hs T sas be- Hnf smd
hereby appoint my son to be the exscutor
Of this will.
The son qualified.
Tho estate Is valued as follogs:- Personal
property. sfocdae and apwards' real estate.
$4,000. s.
The son had a rough experience today
when he emerged from the bank building.
A man In the crowd shouted: ''There goes
the son Of the rogue who said he had no
faith in men who smoke cigars and chew
tobacco"
Immediately a mob took up the cry and
made a rush for young Nipple. but the po-
flee succeeded in beating the mob back ana
rescuins the frightened man.
Confidence In Nipple.
So great was the confidence reposed
in Frank X Nipple, late president OF
the Real Estate Trust company, which
was yesterday forced to the wall be-
cause OF the secret business trans
actions of Mr.. Nipple. that the insti-
tuition was virtually the bank of the Pres
byterian church. Not only the general as
sembly was a large depositor, but even
small Sunday school organizations and
hundreds OF individuals, with abiding faith
IN the integrity Of the late president. had
entrusted their funds and savings to the
Institution.
sIt almost destroys a persons faith in
human nature" said II. p. Ford. private
secretary to Dr. Alexander Henry. secre-
tary OF the board of education and Sab
bath school work of the Presbyterian
church "As treasurer OF the trustees Of
the general assembly Mr. Nipple had con-
troll OF over s1000.000. and treasurer OF
the permanent committee on home mis-
sions and sustenation in the Synod of Penn
sylvania and the Presbyterian hospital OF
this city other large amounts were at his
command"
since the failure of the trust company q,
has been learned that only a few months
ago the institution was under consideration
as a possible depository for the foreign
missionary funds OF the Presbyterian
church. The influence OF Mr.. Nipple. It is
said. might have eventually prevailed. The
annual contributions TO foreign missions
sfnount to over 81 900 and its surplus on
taAs sSsAys equals half that amount
May Probe Death.
n 10 likely an examination OF the manner
IN which President Nipple came to his sud
den 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 knowledge OF his
dificulty but none OF them was aware Of
his greatly involved financial conditions
He was not known TO have been stock
Epeculator. although fnanciers say he was
one OF the many who lost heavily in Con-
solidated Lake Superior company stock sew
@ral years ago Real estate Investments
- I'M TO have engaged his attention and
money almost exclusively. This is borne
5ut through his connections with Adolph
segal and the latter's enterprises.
Late last night sesai. his counsel, and
DStfict attorney JOhn L. Bell had a con-
ference. Mr.. Bell said ne had been called
10 by segal because the promoter thought
IL entirely feasible to raise the sssooofo
needed By the trust company. Mr., Bel.
said he was in no way connected with the
rsse. other than that he might aid in rais-
Ing the funds necessary TO place the com
pany on a sound basis.
II 10 the expressed opinion OF bankers
that the Real Estate Trust company failure
does not involve any other banking house
In the city.
The three repositories for the funds OF
the trust company were the Franklin Ma
tioEal hank. the Market Street National
hank and the First National bank. Aside
from having deposits OF the trust company
Il Is declared by ofacials OF these institu-
tions that they are in no way involved In
the failure.
Accordins 10 John X. Michener. president
o. the Clearing House association. that