The Star

BIG BANK WRECKED
Real Estate Trust Company of Philadelphia Closes Doors-
President a Suicide.

The Real Estate Trust Company, of Philadelphia, organized in 1885, the depository for nearly $1,000,000 of the funds of the Presbyterian Church, holding $300,000 of the money of the city of Philadelphia and $175,000 of State deposits, closed its doors.

The failure was caused by heavy loans made by the late President Frank K. Hipple to Adolf Segal, a promoter, on insufficient security.

A desperate effort was made to save the institution by the board of directors through an appeal to the Clearing House association, but that body declined to subscribe a guarantee fund of $7,000,000 because of insufficient security.

The liabilities are placed at $10,000,000, with quick assets of $3,500,000 and doubtful collateral amounting to $8,000,000.

George H. Earle, Jr., president of the Finance Company of Pennsylvania, was appointed receiver, and in a statement to the public he expressed the hope that he may soon be able to recommend a plan to the depositors that will better serve their interests and terminate his services.

President Hipple was always regarded as a conservative financier, but following his sudden death a few days ago an investigation by the directors developed the fact that his loans to Segal had been made regardless of proper security and that he had made false statements to the directors of the bank's condition.

Friends of the president express the belief that Segal exercised a hypnotic influence over Mr. Hipple.

Persistent rumors that President Hipple committed suicide were borne out when it was authoritatively stated that he took his life at his home Friday morning, August 24.

Mr. Hipple is said to have taken a dose of laudanum with suicidal intent. While still conscious he filled his bathtub with water and later was found apparently drowned.