The Jersey City news., 1906-08-30
sEGAL MAKES OFFER
Would Give Fortune to PhiIadeI-
pkia Trust Company Wrecked
by His Loans.
CROWD M0Bs HlPPLE's SON

Heir of Dead President Rescued b,
Poiice-Presbyterian Church securi-
ties Believed to Be safe-Directors
Hope to Reopen Institution Soon
May Probe Nipples Death.
Philadelphia, Aug. 30.-Adolph Sc
gal, the promoter, who borrowed $5,-
100000 from the Real Estate Trust
company on questionable security and
who virtually brought about the fail
ure of that $10,O00000 institution and
the death of its president, Frank X.
Nipple, offered to surrender every dol
lar of his property to the receiver of
the closed institution
George H. Earle, the receiver, de
clined the offer
Segal estimates that his property is
worth S8,0O0,OO0 to $1O,O00,0 900, but Mr.
Earle thinks $1,000,000 will about COW
err it.
The refusal of the receiver to accept
Segars property is said to be based up
on his desire to avoid any dealings
with Segal that might result in I'M
pleasant legal lentanglements.
Segal put up his holdings in Altoona,
Pa, at auction. They were reported to
be worth S1,8O0,O00 but under the
hammer they realized only s5O0,OOO.
segaI's Rapid Rise.
Segal, promoter of vast speculative
schemes, has had one of the most me-
teoric rises of any of the disciples of
the school of modern finance
He has risen from a toiler over a
soap caldron in 10 by IL cellar of
West Philadelphia house to be the
builder of handsome residences, rail
roads, apartment houses and sugar re-
fineries
The will of Frank x. Nipple has
been filed. The document was executed
July /, 1906, and is brief, giving all to
Mr.. Nipples son, F. Wharton Nipple.
The estate is given as personal prop
erty, 100000 and upward, and real.
estate, $4,000"
The son had a rough experience
when he emerged from the bank build
ing. A man in the crowd saw him and
shouted:
There goes the son of the rogue who
said he had no faith in men who smoke
cigars and chew tobacco!''
Immediately mob took up the cry
and made rush for young Nipple.
For few moments it looked as though
he would be roughly handled, but the
In
back.
Hope For Church's Funds.
John H Converse, director of the
company and one of the foremost Pres
byterian laymen in the country, upon
whose petition the receiver was ap-
pointed, said he was satisfied that the
securities of the various Presbyterian
church boards are SAFE
The Presbyterian hospital, of which
Mr.. Nipple was treasurer, elected the
Fidelity Trust company as his success
sor and through that concern learned
that the institutions securities, amount
ing to $1,50O,O00 are intact. 1t is be-
lieyed that the securities of the board
of trustees of the general assembly
are equally safe.
1t developed that Mr.. Nipple had on
deposit for various Presbyterian church
organizations $150,000 in cash. Includ-
ed in this was the sum of $4,000 de-
posted by the Woman's Foreign Mis-
sionary society, to be used in building
a home for rescued white slaves in
San Francisco.
Since the failure of the trust compa-
ny it has been learned that only a
few months ago the institution was
under consideration as a possible de-
pository for the foreign missionary
funds of the Presbyterian church. The
influence of Mr. Nipple, it is said,
might have eventually prevailed. The
annual contributions to foreign mis-
sions amount to over S., ,200,0 900, and its
surplus on hand always equals half
that amount
May Reopen Soon.
One of the many rumors was that
the local banks had voted a plan to
raise guarantee fund of $7,000,000
M1tl WHICH " tlSt Trust
company, but this could not be veri-
fed. 1t is the hope of the directors,
however, to reopen the doors of the
bank soon.
1t is likely an investigation of the
manner in which President Nipple
came to his sudden death will now be
mede Coroner's Physician Read of
Norristown admits that Mr. Nipple
may have committed suicide
The few friends who attended the
private burial of the late president Of
the trust company on Monday had
knowledge of his difficulties, but none
of them was aware of his greatly in
volved financial condition.
Real estate investments seem to have
engaged his attention and money al
most exclusively. This is borne out
through his connections with Adolph
Segal and the latters enterprises.