The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1906-08-31

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Ripple committed suicide We're borne
put when it was authoritdtively stated
that he took his life at his home last
Friday morning. Mr.. Nipple is said
10 have taken a dose of laudanum with
suicidal intent.
While still conscious he filled his
bathtub with water, n later was
found apparently drowned.
Mr.. Nipples family decline to make
any statement on the subject, n the
physicians interested in h case de-
cline to be interviewed regarding the
suicide theory.
The liabilities of the company are
placed at $10,000,O00 against which
there are quick assets of about $780,
BOO and collateral of about sS,0o0,000
which is not negotiable or readily con-
vertible. This doubtful collateral is
held mostly as security for loans of
about $4,000 made to Adolph Sc
gal, a promoter of his city.
The man responsible for the failure
was Frank K. Nipple, II of Phila-
delphia's best known citizens, who died
suddenly last Friday morning at his
under circumstances Which in the light
pf later developments lead to the sus-
picion that he may nave committed
suicide.
How far Nipple has benefited in the
loans made, or whether he was merely
the tool of others, is yet to be deter
mined. All h directors are remaining
silent on that point and also on the
question OF whether there will be any
criminal prosecutions.
i Used Double System.
In order to hide the true condition
of the company and save himself Hip
pie resorted to the Justification of his
reports, which We're accepted as true
by the directors. He used what the
receiver termed a double system" of
making reports. When the state bank
examiner called Ripple 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 n other paper. and along with
these he would exhibit the certificate
of the bank examiner, which showed
that the accounts the examiner had
Investigated were correct.
The directors, supposing the securi-
ties shown them were the same, APP
proved the reports. Among the di-
rectors are:
DR.. S. Weir Mitchell, the eminent au-
thor; John III. Converse, Of the Bald
most prominent laymen in the Pres
byterian church in the United States;
o F.. Betz, the millionaire brewer;
William A. Patton, assistant to Presi-
dent Cassatt, Of the Pennsylvania; for
mel Superior Court Judge w. w. Por-
ter; R. Dale Benson, president of the
Pennsylvania Fire Insurance company;
Joseph de F. Junkin, an attorney; Ed
ward p. Bordens, Samuel +. Houston
who is also vice president of the COM
pany; former State Senator J. Bayard
Henry and Frank c.. Roberts.
Directors &c. Busy Too Late.
AS soon as the directors heard OF
The sudden death of P. esident Nipple
they began an investigation of his af.
fairs n were shocked when the,
learned the true condition of the com.
pany. This was after the close of bus.
lness on Friday.
:iedly called and it was decided t,
Instruct the officers of the bank tina
all deposits received after the openin.
Of business Saturday morning Should
pc set aside and deposited with TIL.
Franklin National bank in the nane
Of the individuals presenting the money
This was done to absolve the director
.ng honey after they knew the trus
company was insolvent. On Monda-
more than 100000 was deposited b,
patrons of the bank, which wa prae
.ically offset by Withdrawals by per.
sons who had heard rurnors CT III,
company's condition. The money de
posited since Saturday will, howeve1
aot to be returned to the depositors
but will lie in the Franklin SJationa
bank until the courts have decide,
whether it should be paid back.
Tried Hard to Save Eanh.
While the depos.tcrs We're supposed,
placing their no1ey with :hc Real Es
tate Trust company the direct ors wer,