| Show I fR K HIPPLE SUICIDE Was President of the Real Estate Trust Company of Phila Philadelphia Philadelphia delphia CONCERN CLOSES ITS DOORS Liabilities 1 at lit ft U tho the 8 Mem of or Milking Reports Philadelphia Aug Au 21 Ilent ru rumors roo mors that President Pt Hippie commit committed ted suicide were borne out tonight when it II l was vai authoritatively stated that ha he het took t ok hi hk hili at tt t Ills his home last Friday morning Mr Ir Hippie U Is Ii said to 10 have blie taken n P dote doe of or laudanum with suicidal Intent While sUit stilt conscious ho filled Ms bathtub with wat water r and later was wal wa und drowned dron d dIr Mr Ir Hippies family declines to make inako any an ny statement on thE subject and abd the In the caw ell de deline line to be Interviewed regarding the th thI I theory th rr The Tho late Frank K IC Hippie was one of or die Itle he host best known financier of or this city It and It I 1 was wS also prominently Identified N V ith ih many charitable Institutions WK as III In the tho affair of at the Preshy Presby Presbyterian terian church churda He lie H WM was u born In this uy it 11 In to H and nd waa wu admitted to 10 the IoU br in UI lM At the incorporation l of o th lh K Upa l In ISSi he WM wei w rioted dM Its lis president which office he hll h t until his hlf hi death Mr Hippie 1 in a of 01 the Franklin Xa 1 a treasurer of nt the general of I f the Presbyterian church In itt if 1 i t of or the Ih sits BUS III of or the synod of or Philadelphia treasurer of or the Prosby Irlan hospital mid American treasurer lit et the we tern ellon of ot the Alliance of oC iV ib 11 Reformed churches I hurh holding the tho system II In the HId erId he hI Will was regarded as II decidedly U Ur Mr r Hippies death suddenly t fOI morning at his hI summer lummer te In r n Mawr The Th cause of ot was wa KB as II cerebral P Irs by b his hi Dr William C Chote rw PO ll hote statement was II confirm r rj 1 Iy y Coroner Or r Elling The latter said attl 1 Uy la that I ha I hi dill not nol perform an Rn au nu nur aury ry r Y luit tut lIt accepted the statement of 01 ofT T P tr Powell In ti p of Iho the death dOlth of or i 4 father F Wharton Hippie wild said My Iy father came ranle home In usual and al He Be arose arow II about 6 o lock Iod In iii the morning and appeared tit rl ty Ily He lie had hall the hath bath tilled ca PS usual and w lInt tnt nt to the bathroom Ko 8 ir ar r a as wf wc w ran learn karn he must mu t nave hoe died i 1 1111 f r no outcry of or nfl any an kind kindas kindA in M A as H heard beard and he was rae dead dood when un uni bv by h Mr j 1 tr t ij 14 had commit 1 sue u e eio er quickly quick silenced by T Pr Dr r Powell and 1 roner Elting who ne tie d d that death was II due dul to natural I lUFI ues noona ATtE A ATt HE Aug to In tom m t lt itt 1111 obligation Iau of or the arre amount of or money loaned on In p bv hy tt Its 1111 now no hilI the Peal neal Estate Elate Trust company t which titi I t to 10 last sut sutA A waS wan considered one of ot the then n n e t financial Institutions In tn the i ii U closed d Us lIa dears I today Roon Foon after I ib p nosed closed H II Earle Jr a prominent financier was appointed The liabilities till are Uti estimated p at il against 1 which there are ar assets nUI of or about and of or about which Is U Uno no In nt negotiable or readily convertible This Ihl doubtful collateral Is held most u 1 v as nil security for or loans of or about H IL 5 made to 10 Adolph dolph Segal S al n a pro I oter of or the city ell i TO I Th man responsible for th I t K 1 one or of f I best known know M iliuM who died tiled diedre the re e rr Irr V It t Friday FrIdY tn lit MM his ith 1111 th tM t t j Bryn ryn IR r near nar hero here f h r I i nee which in tho the light liph At tho do tin I Opi led IId to the pus cus suslu lu I t tn 1 have committed I p C t I nn mn th 11 to being tl u pres Iru II I ti II Trust rom coin p army Ti It surer Hur r of ot the tw board boord rd of at by t general Knera nral Bs assembly of or tho the I mers sho hol In m the United ears sti vf several other church l as R A director lor of fit the Ibe I ii II ank r Recently Mr Ir i e C s II a of ot th lb h were examined by I 1 certified a Re and round fount to b IWI he correct I but he stated positively r all the f in to 10 I tv 1 general a are ar Intact II I TATEr OATE TAT CLERKS STATEMENT I i r r W 11 H Roberts Mated clerk of or orI l I assembly of or the tho i an 1111 hurch who lio Is III At t Mount Pocono 1 thai In 10 addItion lo in the d of oft i It t I general u II the Real Hoal tat tatI IT T I nM tilt also AIo lio had about IL 11 of or funds I 1 d It there by 1 him as a clerk IT T 1 Presbyterian Irel terlan hospital of ot n It l 5 and the Ihl Presbyterian n board of re rea rew ic w saM MM ulM had sums of money mOne I h failed Institution Dr Roberto asked whether hether t he hI could coull say NI 54 the It II ties if of C the general assembly ng I 3 3 It in Hippies cue cus us usINI INI He lit replied I 1 have reason f I t otherwise but lint not say la Vcr the f we In such urh shape shapo I that they the might have havo been hypothecated ed uti or transferred 1 I do not lIot know positively as u to that but I 1 do not think that they the were wore Dr Roberts Roberta wait wius much by b the news Hewn of or the failure lie He had known Mr Hippie for tor many man TH rl ra and tho the failure and Its Ita causes i he said Id had greatly grieved him For lor the loans of or Adolf dol Sofia Hippie HIppi accepted a RI ae collateral of or th the Majestic hotel a 11 big ble new apartment house ouse by S Segal gal the Swedish Steel company of or Lamaster La nl eter Pa und and the tho h Pennsylvania Sugar corn com company pany pall of or this city The steel company com pan anti nd the sug lIu augur r concern have iver been placed In operation ope Spiral Segal 5 1 the collateral he Rave gave Is I good goud nirl ml that he 1111 will meet all his lons There are Rrt others othere to whom Hippie loaned on In ehl v but their names have not been made mMe public and und the tho sums Mime are lot Hot to 10 bo ho Urge large How far In the loans made or ir whether he ho was sae merely the tool of ot Is yet yot ot to 10 be lie determined All AI the lie directors are aro remaining silent on ho tim point and also allo on th the question of whether there will be any criminal FALSIFIED IllS HIS REPORTS In order to 10 hide the true conditions condition of or tho company and anti save Ia C himself Hip lip plo resorted to 10 the of ot his reports which were accepted ae pled as true trie by the directors He lie used what the receiver termed a double system of or making reports When Shen the tho state elate bank examiner called CAI d Hippie ll presented to 10 him good securities to offset the loans leans made and when the president made his hl reports to the directors be he would how show them a n bundle of oC other and other papers and along with those these he would exhibit the certificate of or the bank examiner which showed that the accounts the examiner had bad t Ott od wore were orf correct corr l The directors sup up posing tho Iho securities shown them w were re the mm same approved tho the reports report SOME so SOM m Among Amon the Iho directors are ar S 8 Weir Mitchell the eminent author John H It Converse of or the Baldwin loen I motive mothe works and one of or the Ih most prominent In the Presbyterian church In the United States State John F l I Biz Bet tho thA millionaire brewer breser b lr William A Patton Pallon assistant to 10 Cas as salt Nit ot of the Pennsylvania lenn hlIla railroad former m 1 Superior Court ourt Jud Judge e W f Wi W Porter n It Dale IThie Benson pre ident of or the tho Pennsylvania lire Fire Insurance In corn vont pony pan Joseph Joceph D Det Dat f Junkin an attorney Edward P Horden Samuel F r 1 Houston Jlou lon who ho Is II also vice Ice president of ot the com coin puny pan former State Rial Senator J Hay Bay ned ard Henry and Frank C Roberts DIRECTORS LEARN LEAHr TUTU All Ait soon Boon AS 18 the tho directors heard hurd of or the tho sudden udden death of or President Hippie they began nn an Investigation of or his hili affairs and were wre shocked when they learned the truo condition of ot the company com pan This Till was ts after the close clou of or business buln on Friday A meeting of or the board was WaR hurriedly called rind It II was U decided tn to Instruct the thc officers of or the bank that thai all 11 deposits dro It r hed after afler the opening o of oC Saturday morning should hould be bo beset beset set Fet side fide Ideo anti and d with the Frank lin ha National bank In tn the Ih names name of or the Ih Individuals presenting the money This was done to 10 absolve the directors from criminal proceedings tI for lor receiving rl money after they knew the th trust corn com company parry pany was Wall On Monday more than was Wall deposited by II patrons I of ot the hank bank which was wa practically pra off ort sat st t by h withdrawals by b persons who had heard rumors of It the con On Th The money moM deposited since Ince Sat Saturday will Mill however not nol be bf returned to th Ih the depositors but bul will wilt lie He In the Franklin National Wink hank tho the courts f have hAr decided whether It Il should b be paid NI lack hark CRASH TO 10 COME While tire the Ih depositors df wore were supposedly I placing their money with the Roal Kt Es I tali 1110 Trust company COmpan the directors lor wore were nuking making strenuous efforts lo to tide the In Institution over the tho difficulty I h All day Ita yesterday they worked but It U became me apparent nl shortly M after noon today that the crash YRS was Inevitable Application papers for a II temporary r were we prepared anti and nd left leU at lit the s of ot the trust company after which tIe lle directors directors tors tou went to the meeting of or tho the Clear Ing lag House association to make a R last lut for help Th The newspapers were 1 aware Ar of It this the trend of ot events and bad had men menat at the hAnk bank building ready Ad to 10 flash fIah the tho loin of the bank If II It occurred There were M 5 bank hank presidents at tho tiro clearing house to 10 meet the thee directors tore ton of or the trust company The latter stated that they Ib needed he ol t hut but the best bt the Ih banks hank could do tie was nas a to II o guarantee This was vas WA not Mt enough nough and as all RII other means Ina for tale rais ing I nl money had hd failed IA Vice President Houston Jlou lon telephoned 10 to the bank to sue MIS anti and send the Ibe receivership If papers tn to court In fri an In incredibly short time the story II I Or was RI on the street streel and created great consternation Ion Hundreds of or persons gathered about the th building clamoring for Information and the crowd grew so sa great groat thAt a detail of or police was U sent ent for to 11 dear clear the street There was as no disorder APPLICATION FUR Fort RECEIVER The application for the tte receiver says 1111 the company has hILI paid up capital of ot I MO an art apparent surplus of ot an equal squa amount and deposits of or about The assets et consist of ot real estate In Philadelphia loans on o col lateral Jal ral on demand and anti on nn time and other securities President Hippie the tue application R says a by b false reports ron to Ie the I he directors of ot tb 9 loans made mad by It hire him k brought about the I condition con of the company romAn which was first d by b the on of or the I lit bunk batik subsequent to 10 the deth of or the I hi president The T court then appointed Mr Ir Karte Karle receiver and ho hp entered security to 10 the amount of or SIMOM After Arter his hi appointment Mr l held a long Ion conference Ith the dl di directors rectors and of ot the company com comat at which the receiver r er was u put ut In pos pea possession OI session Malon of 01 tire the condition of or the till rom rem company romIn Ian pany as 18 far as All the of or the con concern concern cern rem could inform him bite STATEMENT ENT Adolf Adolt Segal tonight mode made the fol following 1 lowing losing statement tat t tI My M I wild ith 1111 Mr Ir Hippie were UfO only oDI thOM thos tho of or a borrower borrow The Th loans of I money mane taste made by b lIMo lbs be trust company to me rue were e alt all 11 taste made Id In n rid 01 l in the usual tours course of or burl bul net hers I cannot tell 1111 the exact tou t amount of or ray my and 1 that of or the I I I companies with which I am associated but It surely u h Is III not Mt over or half h the amount stated In the newspapers i think It Is III about Mr Ir Hippie was AI not personally In letl with m ins In ha any an of ot my tnt In en In enterprise to 10 the Ih extent of ot a dollar m ot ma ota a 1 share of at tJ stock Mock I never paid him hint himA A cent In tn commissions or gave Jal him It H Hond bond ond or nr a share har of or stock tM or remuneration tion lion of nr any An kind whatever For Vor all cli my toy Indebtedness the trust trual company U Is amply secured by collateral worth from Iron SoM to t 1 Title This collateral consists large I of first drat mortgage bond secured upon Ulon my ray In var various ar arlou lou ious properties pro My h collateral cannot be h inverted Into cash uh Immediately hut but b hi by Judicious handling I urn am convinced that in a rca rea reasonable mIM time lu its full value will I bo real rul realized zed tied I The fbi fb r of or Alolf Adolf la Itt one of ot the most meteoric of or financiers He lie nine arose from Irom the seclusion of a H mod moo set eit business life lire to Iu prominence as a I IdarIus daring darIus promoter Coming here from Austria Attains less leas than it 20 years so 1110 he hit lo 10 located located III In Camden N I J slid and nd entered the Ibe electric lI end and ire manufacturing manufacturing turing business While these thele enter enterprises were e In a 1 flourishing condition he sold Mid oCt not si It a 5 rood good profit having bavin established a 1 reputation for fair fuir deal dealing log ing In His IIII next t venture was AI the tb establish establishment ment of or a large lance I t sugar ugar refinery on the tho Delaware river front In Camden Lamden This he sold cold out al at t a large profit to the tM American Sugar Suar Refitting company Mr Ir Hippie Is said lAid to 10 have been IJ n In Interested In this deal d l and to have prof prot profited lied to the extent of SPill Senal then their built a match factory In Cam Camden Camden Camden den which was bought out by the Diamond Match Maleh company Five ie e vears ago Segal erected an Im Immense immense mense mell sugar lurar refinery In this city elt which was IS intended to be lie the first of oC a chain of or refineries throughout the tho United States Slates Although completed more inert than two Iwo years year the refinery hiss him never neu been operated Segal also erected ere td tOO dwell well dwellIngs logs Ings In Altoona near the thu Pennsylvania railroad shops shop This It Is expected will 11 be a profitable venture Later r he erected eret J the Swedish steel steelworks steelworks works nt III lAncaster Pa ls a which have never been ben operated o last 1111 en enterprise was a the 1 h construction of It the tM Majestic a apartment lH use one olle of or the tI most molt elegantly appointed and palatial structures of 01 lu jut kind In this city rity Ill It has hall not been INn a II financial n I It was wag formerly the Ih home hoin of or William 1 l the traction and was enlarged enla e and embellished m itt t a ft cost coat of or nearly n a million dollars |
