Omaha daily bee., 1906-08-31
EMBEzzLEMENT AND SUICIDE
Sensational Developments Some Thick and
Fast in Philadelphia Failure.
DEAD PRESIDENT SHOT HIMSELF IN HEAD
Receiver Finds That Mr.. Nipple Hy-
pothioated s65,OOO worth of
Paper Belonging TO
Company.

veloped the fact that Frank X. Nipple.
president of the institution, who committed
suicide. was an embezsIer.
The authority for this statement is
George H. Barle. jr., receiver for the trust
company. Mr.. Earle declined to say what
securities are missing, but he declared that
! Nipple had hypothecated $4,000 worth of
the paper, securing $4,000 for the securi-
| ties, which he never returned. Receiver
Earle further declared that President Hip
pie embezzled the 100000 he loaned to
Adolf Segal. the promoter. These loans,
Mr.. Earle asserted. were personal transac-
tlons. 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.
Financed school for Women.
| Another enterprise in which the dead
president was financially interested was
discovered today. when it became known
that he was one of the incorporators of
Miss wrlght's Select School for Ladies. at
Bryn Mawr, the suburb in which Nipple
had his summer residence. The other in
corporators were his son, F. Wharton Hip
pie and Miss Wright. The latter, five
years ago. began teaching school at Bryn
| Mawr She made the acquaintance of Mr..
| Nipples daughter. now dead, and Mr.. Hip
| pie displayed friendly interest In her.
Last year Miss Wright purchased a large
stone building at Bryn Mawr at a COST it
is said, of 10000 and established her select
school. Miss Wright said today that Mr..
| Nipple visited the institution two OF three
times a week. His last visit was made,
according to Miss Wright on Thursday aft
| ernoon of last week, the day before he shot
and killed himself
In an interview today Receiver Earle re-
iterated his opposition to a permanent re-
ceivership for the trust company. This
proceeding. he declared, would deprive the
concern of it's trust fundsS which are
among the most valuable assets. If all of
Promoter Segal's enterprises are as valu-
able 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.
Nipple shoots Himself.
| The suspicion entertained that Nipple
committed suicide was confirmed today by
! Joseph N. King, coroner of Montgomery
county When he made the announcement
DIR. Albert K. Read, the coroner,s ply
sician. was standing near and he added:
You can say that Mr.. Nipple blew out
his brains"
The coroner said:
when went TO Bryn Mawr Friday morn
ing to Investigate the sudden death of Mr.
Hippie found that he was the president
Of trust company and when l discovered
that he had committed suicide / decided
TO suppress the fact for a few days in
order to prevent a run on the trust COM
pany. l thought that il there was anything
wrong in Mr.. Hipple's transaction the
| directors would have a chance to make up
whatever defects there were"
The coroner stated that Nipple had
placed the muzzle of a 3S-calibre revolver
| In his mouth and shot himself. The ball
passed upward and lodged in the brain.
| The shooting took place in the bath room.
He arose shortly before o'clock and Mrs.
Hipple OF the opinion that her husband
was taking a bath. When he did not
return TO his room inside of half an hour,
Mrs. Nipple became alarmed and made an
investigation. She found her husband lying
ON the floor in the bath room.
Receiver Works ON Books.
Now that Receiver Earle has taken
charge of the Real Estate Trust company
of this city, which closed its doors last
Tuesday because of shortage Of about
81, 100000. 1t is expected matters in the af-
fairs of the company that are not clear to
the directors or depositors will soon be ex-
planned.
Mr.. Earle has placed a steff of his own
clerks at work. Among the first things to
be done will be the opening of the strong
box which belonged to the late Frank X.
Nipple. No one, 1t is said. knows what II
contains. but 1t is hoped by the receiver
that it's contents will be such as to be of
some aid to the receiver to straighten out
the affairs of the company.
The receiver reiterated today to many
anxious inquirers that on hurried exanii-
nation OF books and papers he feels quite
certain that all securities and trust funds
not belonging directly to the trust COM
pany itself are intact. The company had
charge OF trust funds and estates valued
at more than s2s,oOO.Ooo
Talk of ReopeninE.
There is much talk among certain finan-
ciers and others OF the possibility OF the
rehabilitation of the company. but no
feasible plan has come to light. What his
plan Is Mr.. Earle will not divulge 1t is
thought. however, that his plan would be 10
! operate the numerous enterprises promoted
by Adolph Segal. who borrowed more than
S6o0O.OoO from President Nipple to carry on
MS operations, the revenue derived TO be
placed to the credit of the company's de-
positoFs. 1t is almost certain that the
financial interests OF the city will not be a
party TO any plan TO place the trust conf
pany on its feet.
! Mr. Converse is authority for the state
ment that the loans made to interests
other than segals, even If they had been
bad. would not have affected the company
in the least The failure was due entirely
60 tie loans 10 segal.
| Receiver Earle said that the plan for the
J Reorganization 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 re-
| ceivers in the company. This, he felt as
sured, would give the creditors their only
chance to get back their money. dollar for
dollar.
/ MT Earle added that he had just discov-
cred a large asset OF the trust company
which II was supposed was not very good
/ really backed by names perfectly good
and which could be realized upon. This
asset Is said to be $4,000 In value
During the formal legal proceedings IN
court this afternoon to restrain the Real
Estate Trust company from doing business
and to continue the temporary receiver. at
torneys who claim they represent 1000 de-
I