Waterbury evening Democrat., 1906-08-29
H|PPLE GOT AWAY
 WITH CHURCH MONEY PIesbytsIians, the Sunday School and Hundreds of Fellow Church
 Members Lose Heavily
DEAD MAN HAD MILLIONS
To Look After and He Came Near Being Entrusted With
 Much More.

Philadelphia, Aug 29.-So great was the confidence reposed in Frank K. Nipple, late president of the Real Estate and Trust company which was yesterday forced to the fall because of the secret business transactions of Mir Nipple, that the institution was virtually the bank of the PreSbyter- ian church. Not only the general as- sembly, which was large deposit, but even the small Sunday school or ganizations and hundreds of individ- uals, with abiding faith in the integ-
 rity of the late president, had en- trusted their funds and savings to the institution.
 Tt almost destroys a persons faith in human nature" said H. F. Ford, private secretary to Dr Alexander
 Henry, secretary of the board of pub lication and Sabbath school work of the Presbyterian church. "As treas- urer of the trustees of the general as-
 sembly, MT Nipple had control of
 over $1,O00,OO0 and as treasurer of
 the permanent committee on home
 missions and sustentation In the sy-
 nod of Pennsylvania and the Pres
 byterian hospital of this city, other large amounts were at his command"
 Since the failure of the Trust com
 pany 1t has been learned that only
 few months ago the institution was
 under consideration as possible de-
 pository for the foreign missionary
 funds of the Presbyterian church.
 The influence of Mir Nipple, it is said,
 might have eventually prevailed. The
 annual contributions to foreign mis-
 sions amount to over $1,200.OOO and
 It's surplus on hand always equals
 half that amount.
 It Is likely that an investigation of the manner in which President Nipple came to his sudden death will now be made. CorOner's Physician Read of Norristown admits that MT Nipple may have committed suicide. The friends 1ho attended the pri- yate burial of. the late president of the Trust company on Monday had knowledge of his difficulties, but none of them was aware of his great ly involved financial condition. He was not known to have been stock speculator, although financiers say he was one of the many who lost heavily in Consolidated Lake Super for company stock several years ago. Real estate investments seem to have engaged his attention and money al- most exclusively. This is borne out through his connections with Adolf Segal and the latter's enterprises.
 Late last night Segal, hts counsel and District Attorney John c. Bell held conference. Mir Bell said he had been called in by Segal because the promoter thought it entirely feasible to raise the $3.500000 need ed by the trust company. Mir Bell said he was in no way connected with the case other than that he might aid in raising the funds necessary to place the company again on a sound basis.
 To-day the name of Adolf Segal is on the lips of everybody in Philadel- phia. His rise from toiler over soap .cauldron in 10 by 12 cellar in west Philadelphia less than twen- ty years ago to handler of millions of dollars has certainly been spec tacular. Although he has figured for years as builder of sugar refineries, railroads, apartment houses, hand some residences and modest homes for workingmen. little was known of his personality until the newspapers to-day.
 After building large independent sugar refinery in Camden. N. l., and selling 1t to the American Sugar Re- fining Go at an alleged profit of e700,000. he built another in the sugar district of this city. But as far as Is known the second venture was never bought by the purchaser of the first. although the statement is made that those whose money is tied up in the structure receive 6 per cent on their investment.
 The sugar refinery has been idle | since its erection-two or three years | ago. Segal has been the promoter of several enterprises in the state out | side of Philadelphia It Is said that | the real estate trust company has | been involved in all of them to some | extent. Two are situated in Lan- caster county, ore. the Swedish Cru cible Iron and Steel Works. and the | other, the Safe Harbor Match Works. |
 The entire property was bonded | for s2.000.000. the Real Estate Trust | Co acting as trustee for the bond holders. The railroad has never been | and operations at the plant have been suspended for two years.
 Another big enterprise was a building operation at Altoona, Pa. | Segal secured a large plot of ground | and planned the new town of South | Altoona. It was planned to erect 664 | houses built in rows, city style. Peo- pie here did not take kindly to this | method of living and refused to buy 1 or rent them After about 1s0 were erected. the building operations | ceased. leaving the foundations of a | or more exposed.
 Few of the completed dwellings | were sold and few rented. Most of | them are vacant to-day.
 segzl Is 4s years old. about 5 feet | 10 inches In height Directness and frankness of manner. habit of going directly to the point of proposition he had to preeeuf to a man. are eaid