19152. Philadelphia Real Estate Trust Co. (Philadelphia, PA)

Bank Information

Episode Type: Suspension → Run → Closure
Bank Type: state
Start Date: September 4, 1906
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: 3251a808

Response Measures

Full suspension

Other: Receiver appointed; police guarded building and mob stormed doors.

Description

The Trust Company went to the wall and is explicitly placed in the hands of a receiver; thereafter frenzied depositors stormed the doors. The failure was caused by mismanagement/forgeries and bad loans by President Frank K. Hipple (suicide). Sequence: suspension/receivership followed by depositor agitation (run) and permanent closure.

Events (3)

1. September 4, 1906 Receivership

Newspaper Excerpt: The Real Estate Trust Co., of Philadelphia ... is in the hands of a receiver. ... Forgeries for more than $250,000 by Frank K. Hipple ... have been discovered by Receiver Earle.
Source: newspapers

2. September 4, 1906 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure due to forgeries, mismanagement by President Frank K. Hipple, large loans to a promoter, doubtful collateral (liabilities ~$10,000,000).
Newspaper Excerpt: the Philadelphia Real Estate Trust Co., which went to the wall last Tuesday, ... is in the hands of a receiver.
Source: newspapers

3. September 5, 1906 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositors reacted to the institution's failure and revelations of forgeries, mismanagement and the president's suicide; mob stormed the building seeking deposits.
Measures: Building guarded by regular and reserve policemen, special detectives and plain-clothes men; police and detectives escorted officers away.
Newspaper Excerpt: FRENZIED DEPOSITORS CROWD STORMS DOORS OF PHIL. ADELPHIA BANK. ... a mob of frenzied depositors, clamoring for their savings ... Police fought the crowd back from the barred doors
Source: newspapers

Newspaper Articles (7)

1. September 6, 1906 Iron County Register Ironton, MO

Article from Iron County Register, September 6, 1906

Click image to open full size in new tab

Article Text

FRENZIED DEPOSITORS CROWD STORMS DOORS OF PHIL. ADELPHIA BANK. PRESIDENT'S SON IS MOBBED Police Fight Back the Crowd Around the Doors of the $10,000,000 Bank Wreck. Philadelphia, Pa.-The office building of the Philadelphia Real Estate Trust Co., which went to the wall last Tuesday, was stormed Wednescav by a mob of frenzied depositors, clamoring for their savings and threatening the lives of the officers. Police fought the crowd back from the barred doors, and Wednesday afternoon what was formerly a great financial institution, now a $10,000,000 wreck, is guarded by a horde of regular and reserve policemen, special detectives and plain-clothes men. Shortly after 11 o'clock a young man, dressed in' a black suit, with a broad band of mourning on his straw hat, emerged from one of the elevators and started hurriedly for the main door. Some one in the crowd recognized the young man as F. Wharton Hipple, son of the dead president of the defunct trust company, and in an instant there was a rush for him. Hipple covered his face with his umbrella, shrank toward the elevator and called the police to protect him. Detectives Klett and Sells broke through the crowd and with the aid of four husky reserve policemen rescued young Hipple from the mob. Klett and Sells hustled him out by a side door and, hailing a passing auto cab. hurried the badly frightened young man to Broad street station, where he took the 11:15 Paola accommodation for Bryn Mawr. So great was the confidence reposed in Frank K. Hipple, late president of the trust company, that the institution was virtually the bank of the Presbyterian church. Not only the General Assembly, which was a large depositor, but even the smallest Sunday school organizations and hundreds of individuals, with abiding faith in the integrity of the late president, had intrusted their funds and savings to the instituton. Hipple's way was a sort of duplex system of thievery. He hoodwinked the bank examiner with one set of reports, then deceived the directors with another. On the eve of discovery he committed suicide. This fact has just come to light. The coroner suppressed the news to avoid a run on the bank.

2. September 6, 1906 Woodruff County News McCrory, AR

Article from Woodruff County News, September 6, 1906

Click image to open full size in new tab

Article Text

Estate Trust Co. committed suicide by shooting. Gould and D. Cady have from the of the George resigned board Herrick Mutual Life Insurance Co., and Frederick Cromwell and Adrian Iselin have quit the finance committee of the Equitable. The western trunk lines denied the of the Commercial for lower rates to Missouri river and the petition association points Chicago southwest. batteries of guns, manned are at Several by Americans, rapid-fire Havana, insurand will be used against the gents. The guns were secured in the United States. It is stated that the southwestern railways will increase their grain traffic this year fully 20 per cent. over last year. During the week ended August 31 the institute of Geotin tingen geographical university, Germany, 20 the recorded eight earthquakes and week This is the heaviest made at the record previous. ever institute. Mr. Sleeper, the American charge has warned that it must at government Havana, protect the Cuban Amerin the owned ican Several interests plantations tobacco by Amer- belt icans have been raided by insurgents. Gen. H. C. Childs, former attorney general of Minnesota, died from ap pendicitis. For the fourteenth time the executive council of Victoria, Australia, has rejected the proposal to confer the right of suffrage on women. William Jennings Bryan arrived at New York from his tour around the world. He was accorded a hearty reception, and delivered an address at Madison Square garden. It is stated that the Hepburn rate bill will put the private car lines out of business. They are made common of carriers, subject to all provisions the act. The wrecked Philadelphia Real Es ate Trust Co. may be able to resume business. The funds of the Presbyte rian church and other institutions seem to be intact. Eastern and western railways complain of a car shortage to transport crops. The extraordinary demand for gold in Europe has stopped imports of gold the United States. This has nos flurry in money they have caused to bankers any reporting sufficient centers, to meet all demands. a report was sent Recently met from and Havana that the loyal troops defeated a band of revolutionists, and killed 17. Later reports are that only one revolutionist suffered death in that "battle." The state department has made public a proclamation by President Roose velt declaring and putting into effect 1 the new agreement be- as tariff on to September reciprocal concessions Spain. tween this government and The Chinese are talking parliament. The dowager emprex has the appointed a committee to consider report of the Chinese commissioners who recently returned from studying foreign governments. M. F. Elliott, general counsel for the Standard Oil Co., denounces as absurd taken the report that the Standard had steps to acquire all of the principal distilleries in the United States. Estate Trust Co., Philorganized in readelphia, The Real 1885, financial and of as one of the strong of that city, is garded institutions president, in the hands of a receiver. Its Frank K. Hipple, who was responsible for the condition of the institution, before. committed suicide a few days Hipple was treasurer of the general church assembly of the Presbyter an $1. in the United States, and almost 000,000 of the funds of the church was are in the institution. The failure Hipple loaning funds to a The liabilities are promoter. caused by assets placed of $10,000,000. with quick of $3,500,000 at and doubtful collateral $8,000,000. In the South Carolina democratic primaries M. F. Ansell, whom Senator Tillman opposed, was elected which governor. The dispensary law, Senator Tillman championed, was given a severe blow. In an intervielw Wm. R. Hearst the de clared that he would not run on for democratic ticket in New York of governor, but will be the nominee the Independence League. Walter Wellman, arctic explorer, sends information from Spitzbergen, to Norway, that he has decided not attempt a voyage northward this year in account of mechanical defects on the equipment of his airship. As an act of courtesy, President Roosevelt ordered the quarantine and rules suspended for Mr. Bryan New family when they arrived in York harbor. S Reports have been circulated alleg ing defective workmanship on British

3. September 6, 1906 The Carlisle Independent Carlisle, AR

Article from The Carlisle Independent, September 6, 1906

Click image to open full size in new tab

Article Text

by shooting. George Gould and D. Cady Herrick have resigned from the board of the Mutual Life Insurance Co., and Frederick Cromwell and Adrian Iselin have quit the finance committee of the Equitable. The western trunk lines denied the petition of the Chicago Commercial association for lower rates to Missouri river points and the southwest. Several batteries of rapid-fire guns, manned by Americans, are at Havana, and will be used against the insurgents. The gins were secured in the United States. It is stated that the southwestern railways will increase their grain traffic this year fully 20 per cent. over last year. During the week ended August 31 the geographical institute of Geottingen university, in Germany, re-, corded eight earthquakes and 20 the week previous. This is the heaviest record ever made at the institute. Mr. Sleeper, the American charge at Havana, has warned the Cuban government that it must protect American interests in the tobacco belt. Several plantations owned by Americans have been raided by insurgents. Gen. H. C. Childs, former attorneygeneral of Minnesota, died from appendicitis. For the fourteenth time the executive council of Victoria, Australia, has rejected the proposal to confer the right of suffrage on women. William Jennings Bryan arrived at New York from his tour around the world. He was accorded a hearty reception, and delivered an address at Madison Square garden. It is stated that the Hepburn rate bill will put the private car lines out of business. They are made common carriers, subject to all provisions of the act. The wrecked Philadelphia Real Estate Trust Co. may be able to resume business. The funds of the Presbyterian church and other institutions seem to be intact. Eastern and western railways complain of a car shortage to transport crops. The extraordinary demand for gold in Europe has stopped imports of gold to the United States. This has nos caused any flurry in money centers, bankers reporting they have sufficient to meet all demands. Recently a report was sent from Havana that the loyal troops met and defeated a band of revolutionists, and killed 17. Later reports are that only one revolutionist suffered death in that "battle." The state department has made public a proclamation by President Roosevelt declaring and putting into effect on September 1 the new agreement as to reciprocal tariff concessions between this government and Spain. The Chinese are talking parliament. The dowager empress has appointed a committee to consider the report of the Chinese commissioners who recently returned from studying foreign governments. M.F. Elliott, general counsel for the Standard Oil Co., denounces as absurd the report that the Standard had taken steps to acquire all of the principal distilleries in the United States. The Real Estate Trust Co., of Philadelphia, organized in 1885, and regarded as one of the strong financial institutions of that city, is in the hands of a receiver. Its president, Frank K. Hipple, who was responsible for the condition of the institution, committed suicide a few days before. Hipple was treasurer of the general assembly of the Presbyter.an church in the United States, and almost $1,000,000 of the funds of the church are in the institution. The failure was caused by Hipple loaning funds to a promoter. The liabilities are placed at $10,000,000. with quick assets of $3,500,000 and doubtful collateral of $8,000,000. In the South Carolina democratic primaries M. F. Ansell, whom Senator Tillman opposed, was elected governor. The dispensary law, which Senator Tillman championed, was given a severe blow. In an intervieiw Wm. R. Hearst declared that he would not run on the democratic ticket in New York for governor, but will be the nominee of

4. September 7, 1906 The Tupelo Journal Tupelo, MS

Article from The Tupelo Journal, September 7, 1906

Click image to open full size in new tab

Article Text

FRENZIED DEPOSITORS CROWD STORMS DOORS OF PHIL. ADELPHIA BANK. PRESIDENT'S SON IS MOBBED Police Fight Back the Crowd Around the Doors of the $10,000,000 Bank Wreck. Philadelphia, Pa.-The office building of the Philadelphia Real Estate Trust Co., which went to the vall last Tuesday, was stormed Wednesc2V by a mob of frenzied depositors, clamoring for their savings and threatening the lives of the officers. Police fought the crowd back from the barred doors, and Wednesday afternoon what was formerly a great financial institution, now a $10,000,000 wreck, is guarded by a horde of regular and reserve policemen, special detectives and plain-clothes men. Shortly after 11 o'clock a young man, dressed in a black suit, with a broad band of mourning on his straw hat, emerged from one of the elevators and started hurriedly for the main door. Some one in the crowd recognized the young man as F. Wharton Hipple, son of the dead president of the defunct trust company, and in an instant there was a rush for him. Hipple covered his face with his umbrella, shrank toward the elevator and called the police to protect him. Detectives Klett and Sells broke through the crowd and with the aid of four husky reserve policemen rescued young Hipple from the mob. Klett and Sells hustled him out by a side door and, hailing a passing auto cab, hurried the badly frightened young man to Broad street station, where he took the 11:15 Paola accommodation for Bryn Mawr. So great was the confidence reposed in Frank K. Hipple, late president of the trust company, that the institution was virtually the bank of the Presbyterian church. Not only the General Assembly, which was a large depositor, but even the smallest Sunday school organizations and hundreds of individuals, with abiding faith in the integrity of the late president, had intrusted their funds and savings to the instituton. Hipple's way was a sort of duplex system of thievery. He hoodwinked the bank examiner with one set of reports, then deceived the directors with another. On the eve of discovery he committed suicide. This fact has just come to light. The coroner suppressed the news to avoid a run on the bank.

5. September 8, 1906 Macon Beacon Macon, MS

Article from Macon Beacon, September 8, 1906

Click image to open full size in new tab

Article Text

FRENZIED DEPOSITORS CROWD STORMS DOORS OF PHIL. ADELPHIA BANK. PRESIDENT'S SON IS MOBBED Police Fight Back the Crowd Around the Doors of the $10,000,000 Bank Wreck. Philadelphia, Pa.-The office building of the Philadelphia Real Estate Trust Co., which went to the wall last Tuesday, was stormed Wednesday by a mob of frenzied depositors, clamoring for their savings and threatening the lives of the officers. Police fought the crowd back from the barred doors, and Wednesday afternoon what was formerly a great financial institution, now a $10,000,000 wreck, is guarded by a horde of regular and reserve policemen, special detectives and plain-clothes men. Shortly after 11 o'clock a young man, dressed in a black suit, with a broad band of mourning on his straw hat, emerged from one of the elevators and started hurriedly for the main door. Some one in the crowd recognized the young man as F. Wharton Hipple, son of the dead president of the defunct trust company, and in an instant there was a rush for him. Hipple covered his face with his umbrella, shrank toward the elevator and called the police to protect him. Detectives Klett and Sells broke through the crowd and with the aid of four husky reserve policemen rescued young Hipple from the mob. Klett and Sells hustled him out by a side door and, hailing a passing auto cab, hurried the badly frightened young man to Broad street station, where he took the 11:15 Paola accommodation for Bryn Mawr. So great was the confidence reposed in Frank K. Hipple, late president of the trust company, that the institution was virtually the bank of the Presbyterian church. Not only the General Assembly, which was a large depositor, but even the smallest Sunday school organizations and hundreds of individuals, with abiding faith in the integrity of the late president, had intrusted their funds and savings to the instituton. Hipple's way was a sort of duplex system of thievery. He hoodwinked the bank examiner with one set of reports, then deceived the directors with another. On the eve of discovery he committed suicide. This fact has just come to light. The coronor suppressed the news to avoid a run on the bank.

6. September 13, 1906 The Monticellonian Monticello, AR

Article from The Monticellonian, September 13, 1906

Click image to open full size in new tab

Article Text

NORTH, EAST, WEST, SOUTH A Carefully Digested and Condensed Compilation of Current News Items, Domestic and Foreign. MISCELLANEOUS. Col. Frederick W. Blees, proprietor of Blees' military academy in Macon, Mo., and a prominent character in Missouri, was found dead in his room at the Southern hotel. Death, it is believed, resulted from natural causes. Attorney-General William H. Moody will go on the supreme bench this fall, to fill the vacancy caused by the re tirement of Associate Justice Brown. Secretary of the Navy Bonaparte will succeed Attorney-General Moody as the head of the department of justice. George Von L. Meyer, ambassador to St Petersburg, will enter the cabinet as the head of the navy department. This, it is said, is the administration programme. The republicans of the Sixth congressional district of Alabama, have nominated I. Green, of Tuscaloosa, for congress. He will oppose Capt. Richmond Pearson Hobson. who defeated Bankhead. Mrs. Laura E. Dent lister-in-la of Mrs. U. S. Grant, died in California insane asylum. a H. P. Hedges, of Fresno, Cal. thirty-this degree Mason. dropped dead at Ogden. Utah, immediately af ter alighting from a train. Heart dis ease the cause Three New York autoists arrived at San Francisco, having made the trip 8 across the continent in 24 days, hours and 45 minutes. Intervention of the United States in Cuba is being discussed on all sides. Many Cubans who hitherto were not favorable to intervention now believe that it will be the only means of placing Cuba permanently in her rightful position John Sharp Williams, of Mississippi, in a statement telegraphed a Richmond (Va.) paper says I am opposed to government ownership of rallroads-irrevocably, now and forever. in theory and in practice--a question concerning which Mr. Bryan and I agree to disagree. We will simply vote it down if offered as a plank in the democratic platform During the past fiscal year the United States took of Mexican exports $186,010,052; Great Britain, $47,272. 873; Germany, $20,523,156 France, $8,101,279 Mexico imported from the United States to the amount of $145. 600,313; from Germany, $20,344,648; from France. $16,383,255. All sums are in Mexican standard currency, the unit being one-half American dollar gold. Clarence K. Wooster, vice -president of the People's Gaslight & Coke Co., Chicago, committed suicide by cutting his throat. He is believed to have been temporarily deranged. King Edward has authorized Dr. Ott to make the following statement The king underwent an excellent cure (at Marienben. Bohemia), is in splendid health and the best of spirits. and has lost the proper amount of weight." The sultan of Morocco is willing to give up Stensland, the defaulting Chicago banker. Forgeries for more than $250,000 by Frank K. Hipple, the suicide president of the defunct Philadelphia Real Estate Trust Co., have been discovered by Receiver Earle. Reports of Mexican uprising against Americans are laaked upon as ridiculous by leaders in that republic. Citizens of La Ceibe, Honduras, attacked an American physician who reported yellow fever there. He took refuge in the United States consulate which American citizens were called upon to guard for a week. Earthquake shocks shook southwestern Indiana. but caused no damage. About the same hour. so dispatches say. shocks were felt in the Windward islands. southeast of Porto Rico. Former Gov. David R. Francis, of Missouri. had an audience with Emperor Francis Joseph, for the presentation to the emperor of the St. Louis exhibition commemorative medal. The newspaper, Kysten, of Christiania, Norway, states that United States Senator Knote Nelson of Minnesota has proposed that the American government purchase the steamer Gjoa, which recently completed a voyage through the northwest passage. in order that she may be the first vessel to go through the Panama canal. and thus be the only ship that has sailed around America. Mr. and Mrs. Wm. J. Bryan received a warm welcome from "home folks" at Lincoln Neb. There was no partizanship shown. Dr. F. B. Gault of Tacoma has been appointed president of the South Dakota university. This ends a long controversy and political fight. Under the floor in a lonely hut occupied by a hermit named James James. near Sault Ste Marie, Mich., the skeleton of a man was discovered. The hermit committed suicide and the authorities. in searching the place in which James had lived alone for years. made their gastly find. Secretary Shaw has issued an order prohibiting national banks from sending federal deposits to New York to be loaned on call for speculative purposes, ordering return to the 1 easury of such portion as can not be absorbed by their respective commu-

7. September 13, 1906 Woodruff County News McCrory, AR

Article from Woodruff County News, September 13, 1906

Click image to open full size in new tab

Article Text

NEWS OF THE WEEK AN EPITOME OF THE MOST IMPORTANT EVENTS AT HOME AND ABROAD. NORTH, EAST, WEST, SOUTH A Carefully Digested and Condensed Compilation of Current News Items, Domestic and Foreign. MISCELLANEOUS. While a score or more of firemen were nighting a fire in a retail grocery in St. Louis, gasoline in the basement exploded, and a dozen were severely burned. Roger Sullivan, democratic national committeeman for Illinois, has made reply to W. J. Bryan's attack and demands that he resign as committeeman. He asserts that Mr. Bryan's lead political assets consist in having the party twice to defeat. Under the floor in a lonely hut occupied by a hermit named James James, near Sault Ste Marie, Mich. of a man was discovThe hermit the authorities, in the the ered. and skeleton committed searching lived suicide alone place in which James had for years. made their gastly find. "The king underwent an excellent cure (at Marienben, Bohemia), is in splendid health and the best of spirits, and has lost the proper amount of weight." The sultan of Morocco is willing to give up Stensland, the defauiting Chicago banker. The state department is probing the seizure of an American fishing smack by a Mexican gunboat. Secretary Shaw has issued an order prohibiting national banks from sending federal deposits to New York to be loaned on call for speculative purposes, ordering return to the treasury of such portion as can not be absorbed by their respective communities. Washington authorities are said to have instructed Immigration Inspector Dunn to look after the Mexican junta in St. Louis. Forgeries for more than $250,000 by K. Hipple, the suicide presiof the defunct dent F rank Philadelphia been discov- Real Estate Trust Co., have ered by Receiver Earle. Reports of Mexican uprising against ridicAmericans are laaked upon as ulous by leaders in that republic. Citizens of La Ceibe, Honduras, attacked an American physician who reported yellow fever there. He took refuge in the United States consulate, which American citizens were called upon to guard for a week. Earthquake shocks shook southwestern Indiana. but caused no damAbout the same hour, so dispatches age. say. shocks were felt in the Windward islands, southeast of Pc to Rico. Former Gov. David R. Francis, of had an audience with EmFrancis Joseph, for presenMissouri. peror the St. Louis tation to the emperor of the exhibition commemorative medal. Capt. Wm. Matteray ascended in a at Oconte. Wis.. sailed over and Lake landmiles from Wolverine, He balloon ing Green 20 bay Michigan, miles. Mich. traveled over 200 during the night. capi- he almost exhausted having tan was was up more. The when reached terra firma once Emperor William has decorated Car- the dinal Kopp with the order of Black Eagle, the highest Prussian the decoration. This is the first time order has ever been conferred on a Catholic prelate. The newspaper, Kysten, of United Christiania, Norway, states that Senator Knute Nelson of Minhas proposed that the States nesota the Ameri- steamgovernment purchase can er Gjoa, which recently completed a voyage through the northwest pas- the in order that she may be vessel to go through canal, and thus be the sage, first ma the only Pana- ship that has sailed around America. Dr. F. B. Gault of Tacoma has been appointed president of the South long Dakota university. This ends a controversy and political fight. The grand Duke of Baden, celebrating his eightieth birthday anniversary Conat his castle at Mainau, Lake stance, received a deputation of German-Americans, who crossed the ocean for the purpose of presenting him with an address. State Tenator Edgar E. Brackett of Saratoga has announcel that he 15 a candidate for the republican nomination of governor of New York. It is remarked that the relations between the German government and the vatican have grown closer since the church and state situation in France became acute. Mendall Burnett, a merchant, committed suicide at St. Joseph, Mo., by saturating his clothing with kerosene His and applying a lighted match. body was badly burned when he was found dead in the basement of his place of business, the scene of the sui cide.