Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-30
| NIPPLE A SUICIDE,
| SAYS THE CORONER
Tragic Death of President of
Philadelphia Trust.
NOW IN RECEIVERS HANDS
The Fact Was Kept From the Public
at the Time
TO PREVENT A RUN ON COMPANY
Receiver Earle Busy with Clerks un-
travelling Tangle-Plans for
Rehabilitation.

Rehabilitation.
PHILADELPHIA, August 30.-The sus-
picion entertained that Frank K. Nipple.
president of the embarrassed Real Estate
Trust Company, who was found dead ut
his home in Bryn Mawr, Pa, last Friday,
committed suicide was confirmed today by
Joseph N. King, coroner of Montgomery
county. When he made the announcement
DR.. Albert H. Read, the coroner's physi-
| clan, was standing near and he added:
You can say that Mr.. Nipple blew out his
brains"
Since the death of Mr.. Nipple the family
physician and the coroner maintained that
| he died of cerebral hemorrhage while TAX
| ing a BATH The coroner today said:
when I went to Bryn Mawr Friday morn
| ing to investigate the sudden death Of Mr..
| Nipple found that he was the president
| of trust company, and when discovered
| he had committed suicide I decided to sup
| press the fact for few days in order to
prevent a run on the trust company.
thought that IL there was anything wrong
! in Mr.. Nipples transactions the directors
defects there were."
did any of the directors of the bank
or members Of the family request that the
facts of the suicide be suppressed"
mo. sir; they did not. Any action taken
by me was voluntary"
Several men prominent in legal affairs
told me today that did right in suppress
Ing the facts until the directors of the
bank had a chance to make an investiga-
tion."
The coroner also stated that when he ar
rived at the Nipple residence last Friday
he was met by the son of the deceased.
The young man did not at first say that his
father had committed suicide. It did not
take the coroner long to discover the cause
Of death. Nipple had placed the muzzle of
a .3S-caliber revolver in his mouth and
shot himself. The ball passed upward and
lodged in the brain.
The shooting took place in the bath
room. The suicide arose shortly before
o'clock, and Mrs. Nipple was of the opin-
ion that her husband was taking a bath.
When he did not return to his room inside
of half an hour Mrs. Nipple became alarm
her husband lying on the floor in the bath
room. Mrs. Nipple was not aware that
her husband had killed himself until the
arrival of the family physician.
Receiver to Get Busy.
Now that Receiver Earle has taken
charge of the Real Estate Trust Company
Of this city, which closed it's doors last
Tuesday because of a shortage Of about
1000, 600, 1t is expected that many matters
in the affairs of the company that are not
clear to the directors or depositors will
soon be explained. Mr.. Earle has placed
a stiff Of his own clerks at work under
the direction Of the receiver, who has
had much experience in tangled financial
affairs. and 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 will be
the opening Of the strong box which be-
longed to the late Frank X. Nipple, the
president OF the trust company. No one,
not even his family, 1t is said, knows
what it contains, but it is hoped by the
receiver that its contents will be such as
| to be of some aid to the receiver in straight
ening out the affairs of the company.
Whether Mr.. Nipple carried life insurance
| is not known to the directors Of the COM
pany. and all information on that subject
is refused by the family.
Certain Funds Most Likely Intact.
The receiver reiterated today to many
anxious inquirers that on a hurried exami-
| nation of books and papers he feels quite
certain that all securities and trust funds
not belonging directly to the trust company
itself are intact.
The company had charge of trust funds
and estates valued at more than $26, 0O0, 600,
| and the beneficiaries Of many of these have
| been clamoring ever since the company
| closed it's doors for positive information as
| to the security of these trusts. Most of
| them now feel assured that President Hip
pie did not tamper with anything other than
| the money belonging to the company.
John H. Converse, president of the trus-
| tees Of the General Assembly of the Presby-
terrain Church and director in the Real
| Estate Trust Company said today he has
no reason to change his statement yester-
day to the effect that the securities of the
| General Assembly, amounting to nearly one
| million dollars, are safe.
Rehabilitation Of the Company.
There is much talk among certain finan-
! ciers and others of the possibility of the
rehabilitation of the company. but no FEAST
| BILE plan has come to light.
Receiver Earle says he is working on
plan which, If 1t can be put through, will
| brin, a quick return to the creditors Of the
| institution.
| He said that his plan for the reorganiza-
| ton of the Real Estate Trust Company
was to ask the creditors to take preferred
| stock in the trust company for their claims
and appoint their own officers in the COM
pany. This, he felt sure. would give the
| creditors their only chance to get back
| their money dollar for dollar.
This plan has not been perfected in detail
| as it will take some little time to get the
matter in shape to present to the creditors
| in its proper form.
Mr.. Earle said also that under a receiver
ship it had been proved time and time again
/ the business of failed concern would
| not yield nearly the results that could be
| obtained if the business were managed by
| the parties directly in interest.
He said If the creditors did take hold he
/ was sanguine of results, and that the credi-
/ tors had no cause for encouragement II
| they refrained from sacrificing their claims
and came to the rescue Of the trust com
pany, doing for it what the banks and
| trust companies failed to do at the clearing
| house meeting.
| Mr.. Earle added he had just discovered
| that a large asset of the trust company,
which it was supposed was not very good,
| really was backed by names perfectly good
and which could be realized on. This asset
| is said to be $250,O00 In value.
| 1t Is almost certain that 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 &C.
ton taken by the Clearing House Associa-
| ton, which refused to advance more than