The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-28
DOORS SHUT.
Real Estate Trust Company of
Philadelphia Quits.
1t Was Second in Size Among
Similar Concerns
DEPOSITS s7,5OO,OOO.
Had Sc, 200, 900 Standing Out
OH Call Loans.
Its President Died Friday Under
Questionable Circumstances.
OTHER BANKERS MEET
Try to Tide Over It's Affairs But
See No Way.
Presbyterian General Assembly
Stands to Lose Heavily.
Had Sc, Standing Ou
OH Call Loans.
Its President Died Friday Under
Questionable Circumstances.
OTHER BANKERS MEET
Try to Tide Over It's Affairs Bui
See No Way.
Presbyterian General Assembly
Stands to Lose Heavily.

Philadelphia, Aug 2S.-The Real
Estate Trust company closed its door
at 2:25 this afternoon. 1t was the sec
ond in point of standing Of the Phiia-
delphia trust companies 1t has
capital and surplus OF s2,900,0OO ana
deposits of s7,5O0,00O. It was estab-
Iished in 1885 and Frank K. Ripple
was its president up to the time OF ms
death last Friday. The company did
large business in call loans, having
about S6,7O0,OOo of such loans out
standing
An investigation by the trustees of
the company followed the death of Mr.
Nipple and disclosed such state of af-
fairs that meeting Of representative
bankers was called for this afternoon
to consider the situation After ex-
amining the situation exhaustively
these bankers found themselves unable
to lend the required assistance and
called a meeting of their own trustees
for $3.50 today. Meanwhile at 2:z0
those in charge of the Real Estate
Trust company found it necessary to
close its door. There are rum0Ts 10
the effect that MI Hipple's death,
which was assigned to cerebral hemor-
rhage. was not the result OF natural
causes.
Vice Presidents Statement.
Samuel F Houston vice president Of
the Real Estate Trust company. issued
a statement after the trust company
had closed its doors ia which he said
that the affairs OF The company were
very much involved and that the off
cials found themselves unable to con-
tinue business.
In round numbers he said. the
failure VIII amount to ST, ,00O. Goo. At a
Of and
panies of the Philadelphia clearing
house today an effort was made to raise
money to tide the company over its diff
ficulties but all we could get was So
100000 or about one-half of what was
needed. Consequently the court has
been applied to for a receiver"
Rumors Of the condition Of the bank
caused a slight run early today and in
the last half hour thousands of dollars
were drawn out by depOsitors.
Frank K. Nipple was treasurer of the
board of trustees Of the general assem-
bly, of the Presbyterian church, and it
is said had all of the funds on deposit
in his company. Nipple had been en-
gagged in heavy real estate deals and
1t is said lost millions of dollars.
The directors of the Real Estate Trust
company are. John F. Retz. r. D. Ben
Eon, DIT. S. Weir Mitchell. Joseph De F.
Junkin, w A Patton. Samuel F. Hous-
ton, Bayard Henry and Frank c. Rob
erts.
Judge Audenreid. in common pleas
court, appointed George H. Sarle, Jr
president of the Finance company OF
Pennsylvania, receiver.
In addition to its deposits the COM
pany had S26. 1877 $50 of trust funds in
vested and $50. 4SS 400 held by the com
pany as depository and trustee for is
sues Of collateral trust funds.
Wall Street Shaken.
New York. Aug. 2S.-The stock mar
lcet was affected unfavorably by the
failure Of the Real Estate Trust com
pany of Philadelphia. Prices declined
from / to . points, the latter in chi.
cago, Milwaukee & st. Paul
There was tremendous lfquidation il
Reading & Pennsylvania which de
nloralized the general market. Readins
dropped 35R to 1875 and Pennsylvania
points. Losses in several other stocks
ranged from ] to 3 points. Great North
ern preferred gave way 4 and Sugar 2Is
st. Paul sold down to 1891 compared
with 1884, the earlier high point