The Jersey City news., 1906-08-31
NIPPLE SELF SLAIN.
Rumored Suicide of Philadelphia
Bank Wrecker Confirmed
by Coroner.
BRANDED BY RECEIVER EARLE

Dead President of Trust Company Call
ed Thief and EmbezzIer-Was Cousin
of Senator Mitchell of Oregon, Con-
Victed of Land Frauds - No Help
From Clearing House.
Philadelphia, Aug 81. Frank K.
Nipple, president of the embarrassed
Real Estate Trust company, who was
found dead at his Bryn Mawr home
last Friday, blew his brains out The
news was suppressed in order to pre-
vent a run on the trust company and
give the directors chance to make an
investigation.
The suspicion of suicide has been
general since Nipples death and has
been confirmed by Coroner King of
Montgomery county. He and the fam
lily physician previously had stuck to
the statement that cerebral hemor-
rhage killed Nipple.
Why Suicide Was Hidden.
Several men prominent in legal af-
fairs told me that I did right in sup
pressing the facts until the directors
of the bank had a chance to make an
investigation" said the coroner
1t was made known at Butler, Pa,
where one branch of the Nipple family
lived, that Frank K. Nipple was a
first cousin of Senator Mitchell of Ore
gon, who died recently while waiting
an appeal on his conviction for west
ern land frauds. Mitchell's name, as
Is well known, was formerly Nipple
and was legally changed after he had
become involved in trouble before he
went to Oregon and became prominent
in politics.
Receiver Earle of the wrecked Real
Estate Trust company branded Ripple
thief and an embezzler.
Mr.. Earle declined to say what Sc
eurities are missing, but he declared
that Nipple had hypothecated S63. 600
worth of paper, securing $4,000 for
the securities, which he never returned.
Receiver Earle further declared that
President Nipple embezzled the S5.OO0,-
600 he loaned to Adolf Segal, the pro-
moter. These loans, Mr. Earle assert
ed, were personal transactions.
Loaned Funds In Banks Name.
Although made in the name of the
bank, the directors had no knowledge
of them, consequently the money was
stolen by Hipple," said Mr. Earle
President Nipple did not tamper
with trust funds and estates valued at
$26,000,000, which money was deposit
ed with the company.
Receiver Earle made that announce
ment to many anxious inquirers after
hurried examination of books and
papers in the company's vaults Bene-
ficiaries of these funds have been clam
oring for positive information as to
their security ever since the company
closed it's DOORS
Receiver Earle said his plan for re
organization was to ask the creditors
to take preferred stock in the trust
company for their claims and appoint
their own officers in the company
This, he felt assured, would give the
creditors their only chance to get back
their money, dollar for dollar. The
plan has not been perfected in detail
Receiver Earle reiterated his oppo-
sition to a permanent receivership for
the trust company. This proceeding,
he declared, would deprive the con-
Germ of its trust funds, which are
among its most valuable assets If
all of Promoter Segals enterprises are
as valuable as his sugar refinery, he
said, their operation by the depositors
would be more fruitful of results than
any other method, and he believed
through such plan the depositors
would receive dollar for dollar.
Clearing House Stands Aloof.
1t is almost certain the financial in
terests of the city will not be a party
to any plan to place the trust company
on it's feet. This is clearly Indicated
by the action of the Clearing House
association, which refused to advance
more than $3,500,0OO because the trust
company could not show collateral to
cover more than half the 100000 it
wanted.
There is much speculation in finan-
cial circles as to the identity of the
persons other than Segal who borrow
ed money from the Real Estate Trust
company. The directors refuse to
make the names public for the reason
that the transactions were regular and
the loans amply protected. The failure
was due entirely to the loans to Segal.