Waterbury evening Democrat., 1906-08-29
PRESIDENT COMMITTED SUICIDE.

Frank K. Nipple Died Suddenly at
 Dryn Mawr Under Circumstances
 Which Lead to Suspicion That
 He Took His Own, Life.
 Y PHILADELPHIA, Aug. 29.-Unable to meet Its obligations because of the large amount of money loaned on in- sufficient security by its president, now dead, the Real Estate Trust company of Philadelphia, which up to last Sat urday was considered one of the stron- gest financial institutions in the city, has closed it's doors. Soon after the doors closed George H. Earle, Jr., a prominent financier, was appointed re- sceiver.
 The liabilities of the company are placed at $10,OOO,OOO. against which there are quick assets of absSt S3,500,- GOO and collateral of about SS.00O.O00, which is not negotiable or readily con vertible. This doubtful collateral is held mostly as security for loans of about $5,3OOOOO made to Adolf Segal, . promoter of this city.
 The man responsible for the failure was Frank K. Nipple, one of Philadel- phia's best known citizens, who died suddenly last Friday morning in his country home at Bryn Mawr, near here, under circumstances which in the light of late developments lead to the belief that he killed himself.
 It Is authorihtively stated that he took a dose of laudanum with suicidal intent; that while still conscious he filled his bathtub with water and later was found apparently drowned.
 It Is said he had used practically all of the $7,oO0,OOO deposits belonging to the trust in wildcat speculation.
 Rumors that Mir. Nipple had com mitted suicide were at the time quickly silenced by Dr. Powell and Coroner King who declared that death was due to natural causes.
 Mfr. Nipple in addition to being presi- dent of the Real Estate Trust compa- ny was treasurer of the board of trus. tees of the general assembly of the Presbyterian church in the United States and of several other church funds and was director of the Frank lin National bank. Recently MT. Hip ple's accounts of the Presbyterian church were examined by certified ac- a ~<ox x<o oxxd fn ha rect, but 1t cannot be stated positively whether all the securities belonging to the general assembly are intact.
 As treasurer of the board of trus- tees of the Presbyterian general as- sembly Mir. Nipple had on March 1, 1906, $500 in cash and s9e0, 900 in se- cur1ties.
 Samuel F. Houston. vice president of the trust company. said: 'In round numbers the failure will amount to S7,O000O0. At a meeting of the banks \and trust companies of the Philadel- bhia clearing house an effort was
 pade to raise money to tide the com
 any over It's difficulties, but ell we kckuld get was S3,500.0O0, or about one hAlf what was needed"
 h order to hide the true condition of thd company and save himself Nipple reoorted to the Justification of his re- ports, which were accepted as true by the directors. He used what the re- ceiver termed double system of making reports. When the state bank examiner called Nipple presented to him good securities to offset the loans made, and when the president made his reports to the directors he would show them a bundle of other securi- ties and other paper. and along with these he would exhibit the certificate of the bank examiner. which showed that the accounts the examiner had in- yestisated were correct. The direct ors. supposins the securities shown them were the same. approved the re- ports. Among these directors are Dr. S Weir. R. Mitchell. the eminent au- thor: John R. Converse of the Baldwin Locomotive works and one of the most prominent laymen in the Presbyterian church in the United States. John F. Betx. the millionaire brewer: William A. Patton. assistant to President Cas- satt of the Pennsylvania: former Su- perior Court Judge ". W. Porter. R. Dale Benson. president of the Penn sylvanfa Fire Insurance company: yo- seph De F. Junkin. an attorney; Ed ward P. Borden. Samuel F. Houston who Is also vice president of the com pany: former State Senator J. Bayard Henry and Frank C. Roberts.
 The directors made strenuous efforts to tide the institution over the difh- cs,ltv. There were probably fifty bank presideuts at the clearing house to meet the directors of the trust com ravv. The latter stated that they needed ss.ooooo. but the best the hsuks could do was to guarantee B. <Enm This was not enough. and as \l other means for getting money had \i,ed vfce President Houston teie-
 \nrd c the hank to sss2snd e1si