New-York tribune., 1906-08-31
NIPPLE AN EMBEZZLER.
PUT BULLET IN HIS BRAIN.
Trust Company Receiver Says Pres'-
dent Stole Securities.

PHILADELPHIA. Aug. determination OF the list Of
securities held by the wrecked Real Estate trust
Company to-day disclosed the fact that FRANK N.
T4ippe president OF the institution. who committed
sriclde was an emboZzler. Tho authority for this
statement is George II. Earle jr. receiver for the
trust company.
Mr. Earle declined TO say what securities are
missing but he declared that Hipple had hypothe-
Gated s65OOO worth Of paper. obtaining $4,000 for the
securities which he never returned.
Mr Earle further said that President Eipple en-
bezzled the s5oOOOoo he lent Adolf segal the pro-
noter. These loans. MIR. Earle asserted, we're per-
sonal transactions
Although made IN the name OF the bank the d.
rectors had knowledge of them, consequently the
money was stolen by Hipple." said Mr.. Earle
Another enterprise in which the dead president
was financially interested discovered to-day,
when it became known that he was one of the In
corpoTatcrs of Miss Wrshts select school for young
ladies' at Bryn Mawr, the suburb in which Nipple
had his summer residence. The other incorporators
were his son. F. Wharton Nipple and Miss Wright.
The latter five years ago began teaching school at
Bryn Mawr. She made the acquaintance OF Mr..
Hipple's daughter, dead, and Mr.. Nipple dis
played friendly interest in her.
Last year Miss Wright purchased a large stone
building at Bryn Mawr at cost. ii is said. of
$4,000 and established her school Miss Wright
said to-day that MIR Nipple visited the institution
two three times a week. His last visit made.
according Miss Wright. Thursday afternoon OF
last week. the day before ne shot himself
In interview to-day Receiver Earle reiterated
his opposition to a permanent receivership for the
trust company. This proceeding, he declared. would
deprive the concern Of its trust funds. which aye
among its most valuable assets. II ali of Segals
enterprise valuable his sugar refinery.
he said their operation by the deposiors would be
fruitful of results than any other method.
and he believed through such plan the depositors
would receive dollar for dollar.
The suspicion entertained that Nipple, who was
found dead at his home in Bryn Mawr. Penn. last
Friday. cominitted suicide, confirmed to-day
by Joseph n. King. coroner OF Montgomery County.
When he made the announcement DR.. Albert II
Read. the coroner's physician. standing near,
and he added;
You can sag that Mr.. Nipple blew out his bralns.
Since the death of Mr., Hipple the family physi-
clan and the coroner had maintained that he died
of cerebral hemorrhage while taking hath. The
coroner to-day said:
When went to Bryn Mawr on Friday morning
to investigate the sudden death of Mr.. Hippls I
found thae he the president Of a trust COM
pany, and when discovered he had committed sui
eide decided 10 suppress the fact ior few days to
prevent the trust company. I thought Il
there was anything wrong in Mr.. Hipple's transao-
tons the directors would have a chance 70 make
up whatever defects there were"
The coroner also stated that when he arrived at
the Nipple home last Friday he was met by the
son, who did not at first say that his father had
committed suicide. 1t did not take the long
to discover the cause OF death. Nipple had placed
himself; The ball passed upward and lodged in the
praln me shooting took place in the bathroom.
NOW that Receiver Earle has taken charge Of the
Real Estate Trust Company, 1t is expected that
many matters in the affairs of the company that
are not clear to the directors depositors will
soon be explained. Mr.. Earle has placed staff of
MS own clerks at work under the direction of the
receiver; who has had much experience in tangled
financial AFFAIRS and they will be able in few
days to give the depositors an idea what they may
expect in the way of dividends.
Among the first things TO be done viii be the
opening OF the strong box which belonged 70 the
late Frank K. Hipple. the president Of the trust
company; No one not even his family. Il IS said
knows what il contains, but Il is hoped by the
some aid to the receiver in strengthening out the
rted life insurance is not known to the directors
the company, and all information that subject is
refused by the family
The receiver reiterated to-day 70 many anxious
inquirers that. on hurried examination OF books
and papers, he feels quite certain that all sectir-
Ties and trust funds not belonging directly the
trust company itself are intact.
There IS much talk among certain financicrs and
others OF the possibility of the rehabilitation OF the
company, but no feasible plan has come to light
MT Earle says he is working a plan which IL
lt can be put through, will bring quick return to
the creditors OF the institution. What his plan is
he will not divulse. Il IS thought, however that II
would be 20 operate the numerous enterprises pro-
moted by Adoiph Segal, who borrowed more than
S5W0OO from President Nipple to carry on his
operations, the revenue derived be placed 10 the
credlt or the company'S depOsitOrs.