OCR Text |
Show TRUST COMPANY FAILS. Liabilities of Wrecked Institution Estimated Es-timated at $10,000,000. Philadelphia. Unable to meet Its obligations because of tho largo I amount of money loaned on Insuffl- i dent security by Its prosldent, now dead, tho Real Estate Trust company of Philadelphia, which up to last Saturday Satur-day was considered ope, of the strongest strong-est financial. Institutions In tho city, closed Its doors Tuesday. Soon after tho doors closed Georgo II. Erie, Jr., a prominent financier, was appointed receiver. Tho liabilities aro estimated at $10,000,000, against which there aro quick assets ot about $4,500,000 nnd collateral of about $8,000,000 which la not negotiable or readily convertible'. This doubtful collateral Is held most- j ly as security for loans of about $5 l i 300.000, mado to Aclolph Scgalm, a pro-t motor of tho city. ' Tho man rosponslblo for tho falluro wns Frank K. Hippie, ono of Philadelphia's Phila-delphia's best known citizens, who died suddenly Inst Friday morning In-his In-his country homo at Bryn Mawr, near hero under circumstances, which" In, tho light of todny's developments, led to tho suspicion that ho might havo committed suicide. |