19153. Philadelphia Real Estate Trust Company (Philadelphia, PA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 28, 1906
Location: Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model: gpt-5-mini
Short Digest: c54c302f

Response Measures

None

Description

Articles describe the trust company closing its doors, appointment/qualification of Receiver George H. Earle Jr., discovery of embezzlement and arrests of officers. There is mention that the coroner suppressed facts to avoid a run, but no article reports an actual depositor run — the institution moved into receivership and is described as 'wrecked'/'defunct' and closed permanently.

Events (3)

1. August 28, 1906 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failure due to large shortages/embezzlement and insolvency; directors ignorant of true condition; arrests of promoter, treasurer and assistant treasurer for embezzlement and related crimes.
Newspaper Excerpt: which institution closed its doors on Tuesday of this week.
Source: newspapers

2. August 30, 1906 Other

Newspaper Excerpt: Frank K. Hipple, late president of the Philadelphia Real Estate Trust Company, committed suicide by blowing out his brains. The coroner stated that he had suppressed the facts to prevent a run on the banking institution.
Source: newspapers

3. August 30, 1906 Receivership

Newspaper Excerpt: Receiver George H. Earle, Jr., yesterday evening qualified and took charge of the affairs of the Philadelphia Real Estate Trust Company; he announced ... the bank would be able to resume business in a short time.
Source: newspapers

Newspaper Articles (11)

1. August 30, 1906 Evening Journal Wilmington, DE

Article from Evening Journal, August 30, 1906

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HIPPLE BLEW HIS BRAINS OUT and Franklin Banks, four of the largest Special to The Evening Journal. in the city. PHILADELPHIA, Aug. 30.-Coroner Faith in Securities King, of Norristown, aP., this morning Mr. Earle, after qualifying as readmitted that Frank K. Hipple, late celver, said: president of the Philadelphia Real Es"I have been at court all this foretate Trust Company, committed suicide noon qualifying as. receiver. There was by blowing out his brains. a great deal of red tape to go through The coroner stated that he had supbefore the judge accepted my security pressed the facts to prevent a run on of $1,000,000. the banking institution. "It is my opinion that a continued recelvership is the worst thing possible PHILADELPHIA, Aug. 30.-Direcfor the company. Of course a tempotors of the wrecked Real Estate Trust rary receivership is necessary. Company held almost continuous meet"I have not yet had an opportunity ings to-day. most of them informal, in of examining the conditions carefully. the banking-rooms on the first floor of But I believe that a great deal of the their sky-scraper building. With them security is good. The Segal Sugar Rein the afternoon was the receiver, Anery is the finest in the world, and I George H. Earle, Jr., trying to straightalso hear that the iron concern is rich. en out the tangle left by Frank H. HipSo I have strong hopes of finding conple, the late, president.

2. August 30, 1906 Evening Journal Wilmington, DE

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Article Text

Special to The Evening Journal. PHILADELPHIA, Aug. 30.-Coroner King, of Norristown, aP., this morning admitted that Frank K. Hipple, late president of the Philadelphia Real Estate Trust Company, committed suicide by blowing out his brains. The coroner stated that he had suppressed the facts to prevent a run on the banking institution.

3. August 30, 1906 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, August 30, 1906

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Receiver in Charge, Receiver George H. Earle, jr., yesterday evening qualified and took charge of the affairs of the Philadelphia Real E tate Trust Company, He announced after a conference with the directors that, in his opinion, the bank would be able to resume business in a short time. All the trust funds appear to be intact and none of the other Philadelphia banks are said to be involved. Efforts are being continued to raise a sufficient amount of money to put the trust company on its feet. It is probable that President Hipple's death will be investigated. Young Hipple was nearly mobbed. As treasurer of the General Presbyterian Assembly President Hipple handled more than $1,000,000 annually, and various other church funds were deposited with the trust company. The deceased stood high in the church, abhorred the use of tobacco and liquor, would not even read the Sunday newspapers and was lavish in his character.

4. September 1, 1906 Albuquerque Weekly Citizen Albuquerque, NM

Article from Albuquerque Weekly Citizen, September 1, 1906

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The failure of the Philadeiphia Real Datate Trust company, yesterday, has emphasized the fact so often announced by the press of the country, in telegrams and editorials, that realty speculation in most sections has run riot. In the adjoining column is presented a good article on the subject from the Chicago Financial World. It is well for Albuquerque that this craze has not struck this city. Realty here is in good demand, and there is considerable movement, but there has been no boom and fortunately there seems no danger of inflated speculation.

5. September 6, 1906 Abilene Weekly Reflector Abilene, KS

Article from Abilene Weekly Reflector, September 6, 1906

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. If DIRECTORS DID NOT MEET. d For More Than Three Years, Hipn ple Had Managed the Bank. y t Neither Had the Philadelphia Real Estate Trust Company Been Examined by State Board. y e Philadelphia, Sept. 1.-Additional e ! developments, sensational in character, continue to crop out in connection with the failure of the Real Estate Trust company, which institution closed its doors on Tuesday of this week. Friday it became known publicly, for the first time since the a suspension of the trust company, that 1 there had not been a meeting of the a directors of the failed bank nor had F it been examined by the state board c for nearly three years-every detail S having been left to the president of the company, Frank K. Hipple. It g was this state of affairs which caused c the clearing house association to n hesitate about coming to the aid of I the trust company at the meeting on S Tuesday. n Criticism of the members of the f clearing house association was ren sponsible for the information being given out by one of the leading f members of the association. Several h of the directors of the trust comF pany had stated since the crash that C the company could have been saved ti had the local bankers advanced $7,000,000. A member of the clearing house association who was present at Tuesday's meeting said Friday: V "The directors of the Real Estate Trust company knew as little about the affairs of the company as any of the bankers present. They did P not appear to know whether the II shortage was $5,000,000 or $10,000,da 000, and it would have been folly for ot us to have advanced the cash when st the affairs of the bank were in such a V deplorable condition. of "The three directors of the comof pany who came before us with outa. stretche hands for $7,000,000 had gi absolutely nothing to offer in return gT but dead sea fruit." pl

6. September 6, 1906 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, September 6, 1906

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DEFPAUDED DEPOSITORS Adolph Segal Is Arrested. K. HIPPLE ABBETTED FRANK Treasurer and Assistant of Trust Co. In Toils. Walter C. Browning Avera That Three Men With Deceased President Embeszled Several Million Dollars From Defunct Institution. with Sept. depositors Charged of the Philadelphia. defrauded the of this city Trust of dollars, Adolph Real many millions many entern out having Estate a Company the S. of promoter of Treasurer of Col- the Segal, F. North. Marshall were Trust the Assistant the instance of spent Dislingwood, arrested William Company. today at Bell. and Treasurer. who has of the Attorney investigation trict Affairs nearly a week of a the rrcked in $25,000 institution bail, and $10,000 the was held in officials in be each. tomorrow. of the two Segal trust They hearing company entered affairs bond and will sensa- com given This a turn in one the of the many connection pany expected is only to which develop it in is expected rewith tions the failure $10.000,Investigations before the C. will exceed finishes his ompanying the warceiver accom Walter The affddvvita sworn to by and creditor of rants wer a depositor Company They 1 Browning. Real Estate Trust North. and the Colling presaver the that Segal, Frank K. Hipple who committed of the other unknown "out of wood, suicide, ident with and with company the company and that persons, defrauded of dollars.' the money many millions applied they Fraudulently use. Segal was to their further own charged embezzlem zzlement of that the an abettor to of in many committed to the comm of It is millions the perjury dollars that Commission- and knowing- the reof the liabilities. er North ly having of Pennsy furnished sylvania company false reports assets. Collingwood having value sources and also accused of after company and North money are from depositors was insolvent they received knew the Other Persons." expected at No other arrests divers other was insertand "Divers the warrants are any persons" oth- this mentioned time, in the of covering hereafte the be ed for the purpose who might implicated in er. persons to have been trust company the in collapse found of the who is looked of the on institu- as to say Adolph Segal. the failure after his arrefer tion, principal had He contented nothing his himself attorneys. by Segal in ring rest. all persons of to many enterprises the State of is a promoter throughout his operathis Receiver which gave Pennsylvania city he borrowed. and $5,000,000. To carry for on Earle only says, man he he tions, more to than President dealt Hipple. with. the securities the bank insufficient. did not that ir It were was by believed his dcalings that showed with Hipple that Segal. he was but benefit developments sa of Segal and some ed. has later deep in the schemes of his companies. repeated partner Segal, in since that the failure, all his not transactions commitly declared regulaweu that act. he and had that he all was the borrowed. were ted an unlawful repay the trust company In a recent money able to he had he declared mortar that he and was mainterview in "bricks, in material by sr.eculator that he dealt make his money things. chinery, and did stock not ticker tape. reading Wildcat the Mine Speculations, and bonds of desk SeAmong the stocks found in Hipple's were those gals that the receiver were Gold-Silver opened it, Company Knickwhen the Greene Land Company: Iron South of Altoona truction Champion Refining erbocker Constantia Empira Sugar Refining and Soparatotropolitan Sugar Lead Corpora Company: United States Company: Company: Iron Steel ComCompany: tion; American Standard swedish Crucible Mining Mining ComStandard Iron Crucible Steel Swedish Sugar pany; American insylvania Apartment Refining Pennsy Majestic attorney Company pany; and the The district investi House immissioned Company. detectives to has com all of these North concerns. and Collingwood and gate How much the transactions of been Hipple dobenefited Segal, in If at all, has not of the termined mortgage gold Refining coupons Company, auc$2.500. Pennsylvala First $25,000. Sugar were sold This at is one tion face here value. today for promoted by he Segal, gave the ompanies of which he reof of the securities of the loan Comfrom celved some as collateral the for Real part Estate Trust of the rany. After attending a of meeting the Trust one Com of of Directors M. Converse, opinion Board today, John expressed the full pany directors, would be paid organization in the depositors of seriously that the plan is being isoutlined last plan calls blocks considered He said This night large depositors for permitting the to the thereby a part directors to in liquidating the of the suance preferred stock, have the use of that smaller of their deposits also provides cash claims. The advance plan $3,000,000 in Receiver directors District Attorney their Bell Investigation and As- toFarle continued Trust Company's offices. after beday at the Collinwood, at the sistant Treasurer bail, appeared and office ing released assisted on in the examination.

7. September 6, 1906 River Falls Journal River Falls, WI

Article from River Falls Journal, September 6, 1906

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and acrimina institution's minons The bank prosecutions the depository are for possible. more Presbyterian than $1,000, the funds of of Philadelphia, and church, city 000 is of of $380,000 in tax the Pennsylavnia. receipts $175,000 the the of of the state of of cash John H. Converse, a director of PhilaEstate Trust company foremost Presdelphia byterian Real and laymen one the of in the the receiver country, was upon apwhose petition satisfied that the securities of the pointed, said he was various Presbyterian church boards are safe. of the Receiver George H. company, Earle, Jr., of PhilatoEstate Trust his efforts delphia, Real is directing if other officials wards ascertaining of the bank had guilty transknowledge or employes of President Hipple's by actions. Warsaw police, general assisted battue and troops, The strong organized patrols a and searched passerswith street railway cars, cabs were arrested. by. Hundreds of of the persons country are freight taking rate law to advantage Shippers of the new relief railroad from the interstate commerce secure as commission unreasonable for or railroad what unjust they conditions regard companies. imposed upon of them the by the Rosewater, proprietor identified of Omaha Edward Bee, and prominently financial and state busiwas with the political, Omaha and the found ness Nebraska affairs for 40 years, No. 6, on of in district courtroom Bee building. dead the third Rosewater floor of died the of heart Myer, disease. for 12 Mr. Hubert Van Wagner of Madison, clerk of the borough alleged defaulter years N. J., is in locked the county up as jail an at Morrison town. a big symphony orchestra crashes With booming Wagnerian lawthe quarette in and stage a double by a of piano young Auditori- the yers supplementslinneapolis the and other other end of songs digum, singing college staid lawyers and popular laid aside came an end the nified a good time and annual and had judges airs, twenty-ninth association. thus their dignity meet- to ing George of the W. American Pack, one Bar of of the the northwest pioneers the lumber trade of Cleveland, died at his and in formerly summer a resident home at SouthapL. I. works has ampton, The Oil from City the boiler decision regard of Acting to the pealed Newberry in for the New ter installation Secretary Massachusetchetary of boilers and the Bona- matYork will and be decided by Visparte. health considerations minister, forOwing Hayashi, to foreign Great Britain, count ambassador leave to of absence. will has merly been granted in the meantime In Premier foreign Saionji minister. isinstructions act as accordance with Judge J. G. Morrow, United sued by Federal cases in to the be tried by juries the States insurance drawn circuit from court outside are of San Franthe Gocisco. linsky A mob estate, of peasants near guards pillaged and severely Russia, killed two of the of police. Creek, the wounded Snow accompanied and a sergeant hail fell by at vivid Cripple darkness flashes was of to lightning. Colo., dense that At in it noon offices became and necessary houses. the carso on lights under Belgoriage turn A bomb of Director was thrown at Polier, Kearkov. of the Polier agitators Russian seriously factory wounded. two was attempt to Ivanovka, arrest Russia, reAn village of between the police peasant sulted in the in a collision mob. The police used Equitand their a rifles. of directors society of the accepted and The board Assurance J. Gould Judge D. board. able the resignation Life Cady of Herrick George as members new short of The the first train by over way the of Fishguard Rooslare route to Ireland of Wales) and left Padding(a seaport Wexford, Ireland) ton (near station, Francis London. Foster, fire chief department, of Johnson Kansas Col. volunteer Lincoln, war City's first under of the civil postmaster Grant, a veteran past Mason in Kansas and and the died, oldest aged state 82 board of railway held City, The Kansas commissioners is and and that the warehouse demurrage must pay law one are dollar not has for- for warded that every railways day after that an empty order cars to stabbed do so him gone out. Samuel Boon, dock at a negro, the died Harrisburg, on the way Pa., be- to self in the and his life bail cause release. of the police hospital. his station wife Boon refused took to Costa furnish Rica is for for his government arrangements delegates making The tertainmenutemala elaborate of the September and Honfrom are Rica. the Salvador, to meet on and duras, who Jose, Costa 27 years, while 15 at San Adams, aged aged 17, Fredonia, Kan., ford the were Fall river. ninth annual all earth Miss returning Dewitt Carroll from drowned Jones, church in near attempting cassion to

8. September 14, 1906 The Ordway New Era Ordway, CO

Article from The Ordway New Era, September 14, 1906

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Seucuran resources of the colony and discontinue the importation of corn, peas and other foodstuffs A Santa Fe passenger train went into the ditch near Lewis, Kan., and one mail clerk was killed and two in. jured. Several other persons were hurt, but not seriously Another massacre of Jews has occurred in Russia, this time at Sied lec. where 200 Hebrews were killed and 3,000 wounded The one hundredth anniversary of the unfurling of the American flag in Kansas will be celebrated under the auspices of the State Historical society, beginning September 26 at the site of the old Pawnee village near Republic City. Under the terms of an agreement between the receivers of the C. J. Devlin estate and the receiver of the First National bank at Topeka, Kan., the depositors of the defunct bank will be paid in full. F. W. Blees, head of the military academy bearing his name at Macon, Mo., was found dead in a room at the Southern hotel at St. Louis. It was rumored that he had committed suicide, but this was denied by the physician who examined the body. The publication of the first Esperanto journal ever published in America has been commenced in Oklahoma City, Ok. More than 40 journals are published in this proposed universal language in Europe. All the directors of the wrecked Philadelphia Real Estate Trust company have agreed to Receiver Earle's plan of reorganization and the institution will again resume business, the depositors being paid in full The court martial which tried the girl member of the "flying group" of Russian terrorists who assassinated Gen. Min sentenced her to be hanged. Cambridge won the great international boat race at Putney, England, beating Harvard's crew by two lengths. Another American fishing smack, the Hatteras, has been held up by a Mexican gunboat while well outside the shore limit and the state department has been asked to take some action for the protection of American fishing vessels: H. E. Cuney, a negro, was recently arrested at the national capitol for stealing valuable law books from the document room of the United States senate. Adolph Segal, a promoter, W. F. North, treasurer, and Marshall S. Collingwood, assistant treasurer of the defunct Real Estate Trust company of Philadelphia, have been arrested in connection with the wrecking of that institution. A letter found on the person of a man arrested at Douglas, Arizona, recently, shows that a revolutionary uprising is planned against the Mexican government. The international conference on tuberculosis was opened at The Hague with a good attendance in the presence of Prince Henry of the Netherlands. In an exhaustive report to the state department, Ambassador Thompson that the of a wide declares the incubating published spread rumors without in- of surrection in Mexico are foundation. He asks for the supression of the Mexican revolutionary junta located in St. Louis. Cuban insurgents recently destroyed with dynamite two bridges on the Western railway between Pinar del Rio and San Luis, Secretary Shaw has issued a circular letter to all national bank depositaries reminding them that government funds on deposit are not to be loaned in New York for speculative purposes. Tyro, Kansas, has a contract for natural gas at two cents a thousand which is believed to be the cheapest on record. Almost 1,000 college presidents, professors, instructors and university offagreed to use the simplified in their cials spelling have correspondence. Irrigation The 14th National conclosed its sessions after voting to gress Idaho, hold at Cal., the Boise, next and convention at Sacremento, Gov. Chamberlain, Resolutions were as electing president. work of adopted Oregon, of the heartily approving the federal reclamation service. department has been notithe sultan of fled The that state Morocco the remov- will interpose no objections to of Paul O. Stensland, Chicago bank al the to defaulting America by president. the men He will be brought back him. Olsen and James who Attorney captured Assistant Kelly, States of the Chicago Tribune. 1 funta

9. September 14, 1906 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, September 14, 1906

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Receiver Earle's plan to reorganize the Philadelphia Real Estate Trust company will probably meet with favor from all persons except those called upon to put up the cash.

10. September 14, 1906 The La Jara Chronicle La Jara, CO

Article from The La Jara Chronicle, September 14, 1906

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Jamaica mittee, in order to get the people to develope the agricultural resources of the colony and discontinue the importation of corn, peas and other foodstuffs A Santa Fe passenger train went into the ditch near Lewis, Kan., and one mail clerk was killed and two in jured. Several other persons were hurt, but not seriously. Another massacre of Jews has occurred in Russia, this time at Siedlec. where 200 Hebrews were killed and 3,000 wounded. The one hundredth anniversary of the unfurling of the American flag will be of the State the in Kansas auspices celebrated Historical under 26 society, beginning September at the site of the old Pawnee village near Republic City. Under the terms of an agreement between the receivers of the C. J. Devlin estate and the receiver of the First National bank at Topeka, Kan., the depositors of the defunct bank will be paid in full. F. W. Blees, head of the military academy bearing his name at Macon, Mo., was found dead in a room at the Southern hotel at St. Louis. It was rumored that he had committed suicide, but this was denied by the physician who examined the body. The publication of the first Es. peranto journal ever published in America has been commenced in Oklahoma City, Ok. More than 40 journals are published in this proposed universal language in Europe. All the directors of the wrecked Philadelphia Real Estate Trust company have agreed to Receiver Earle's plan of reorganization and the institution will again resume business, the depositors being paid in full The court martial which tried the girl member of the "flying group" of Russian terrorists who assassinated Gen. Min sentenced her to be hanged. Cambridge won the great international boat race at Putney, England, beating Harvard's crew by two lengths. Another American fishing smack, the Hatteras, has been held up by a Mexican gunboat while well outside the shore limit and the state department has been asked to take some action for the protection of American fishing vessels: H. E. Cuney, a negro, was recently arrested at the national capitol for stealing valuable law books from the document room of the United States senate. Adolph Segal, a promoter, W. F. North, treasurer, and Marshall S. Collingwood, assistant treasurer of the defunct Real Estate Trust company of Philadelphia, have been arrested in connection with the wrecking of that institution. A letter found on the person of a man arrested at Douglas, Arizona. recently, shows that a revolutionary uprising is planned against the Mexican government. The international conference on tuberculosis was opened at The Hague with a good attendance in the presence of Prince Henry of the Netherlands. In an exhaustive report to the state department, Ambassador Thompson declares that the published rumors of the incubating of a wide spread insurrection in Mexico are without foundation. He asks for the supression of the Mexican revolutionary junta located in St. Louis. Cuban insurgents recently destroyed with dynamite two bridges on the Western railway between Pinar del Rio and San Luis. Secretary Shaw has issued a circular letter to all national bank depositaries reminding them that government funds on deposit are not to be loaned in New York for speculative purposes. Tyro, Kansas, has a contract for natural gas at two cents a thousand which is believed to be the cheapest on record. Almost 1,000 college presidents, professors, instructors and university offcials have agreed to use the simplifled spelling in their correspondence. The 14th National Irrigation congress closed its sessions at Boise, Idaho, after voting to hold the next convention at Sacremento, Cal., and electing Gov. Chamberlain, of Oregon, as president. Resolutions were adopted heartily approving the work of the federal reclamation service. The state department has been notified that the sultan of Morocco will interpose no objections to the removal to America of Paul O. Stensland, the defaulting Chicago bank president. He will be brought back by the men who captured him. Assistant States Attorney Olsen and James Keily

11. September 27, 1906 The National Tribune Washington, DC

Article from The National Tribune, September 27, 1906

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Hipple is dead, and Stensland caught, and on a fair road to the Bankers' Row in the penitentiary. The defaulting bank officer has a mortally fearsome time of it before he is found out, and a bitterly penitential time of it afterward. But does that put the money back into the pockets of the poor people from whom he has stolen it? There is where our laws and judicial processes fail lamentably. The action of the Receiver of the looted Philadelphia Real Estate Trust Company in following up the stolen money into other hands gives a glimmer of hope. May be that points to an additional safeguard for people's money.