Omaha daily bee., 1906-08-29
PRESIDENT NIPPLE KILLS HIMSELF
Head Of Concern Died IN His Home Friday
from Laudsnum Poisoning. :.
PRESBYTERIAN FUNDS ARE INVOLVED
Deceased was Treasurer OF the Gem
eraI Assembly and Funds of Sub
sidiary Societies of Church Are
Deposited with Company.

of the funds OF the Presbyterian church
and holding $4,000 OF the money of the
city of Philadelphia, and sl75,0OO Of state
deposits, today closed its doors. The
failure was caused by heavy loar ode
hy the late president, Frank X. Il.
TO Adolph segal, promoter, on ins'h n ,,
security. A desperate effort was mad> =.
save the institution by the board of direSE
tors through an appeal to the clearing
house association. but that body declined to
subscribe a guarantee fund of $7,0OO,00 be-
cause Of insufficient security.
The liabilities are placed at s1o,oco0co.
with quick assets of ss.5OOoOO and doubtful
collateral amounting to ss.OOoOCo.
George K Earle. jr.. president OF the
Finance company of Pennsylvania. was APP
pointed receiver and in a statement to the
public he expresses the hope that he may
soon be able to recommend a plan TO the
depositors that will better serve their m
terests and terminate his services
HippIe Commits suicide.
President Nipple was always regarded as
a conservative financier, but following his
sudden death last Friday an investigation
by the directors developed the fact that his
loans to Segal had been made regardless of
property security and that he had made
false statements TO the directors Of the
banks condition. Friends of the presi-
dent express the belief that Segal exer-
cised hypnotic influence over Mr.. Nipple
Persistent rumors that President Nipple
committed suicide were borne out tonight
when Il was authoritatively stated that he
took HIS life at his home last Friday morn
ing Mr.. Nipple is said to have taken a
dose OF laudanum with suicidal intent.
While still conscious he filled his bath tub
with water and later was found apparently
drowned.
Mr. Hipple's family decline to make any
statement on the subject and the ply
sicYans Interested in the case decline to
be interviewed regarding the suicide
theory.
s-Preshtterian Funds fnvoivea.
Mr. Nipple. IN addition TO being presi-
dent OF the Real Estate Trust company.
was the treasurer OF the board of trustees
Of the general assembly OF the Presbyter-
ian church In the United States and Of
several other church funds. and was a
director OF the Franklin National bank.
Recehtiy Mr.. Nipples accounts of the
Presbyterian church were examined by
certified accountants and found to be COR
rect, but It cannot be stated positively
tonight whether all the securities belong
ing to the general assembly are intact
Dr.f W. n. ttODeftS bldle CicIh VI thS
general assembly of the Presbyterian
church. who sat Mount Pacano, said that
In addition to the deposits of the general
assembly the real estate trust also had
about $4,000 OF funds placed there by him
as stated clerk. The Presbyterian hospital
OF Philadelphia and the Presbyterian Board
OF Relief. he said. also had sums OF money
In the failed institution. DR.. Roberts was
asked whether he could say whether tho
securities OF the general assembly. amount
ing to SOS. .ss6. IN Nipples custody. were in
tact r He replied: II have no reason to
believe otherwise. but cannot say posi-
lively"
'swere these securities in such shape
that they might have been hypothecated or
transferred7'
II do not know positively as TO that, but
do not think that they were"
DR.. Roberts was much affected by the
news OF the failure. He had known Mr..
Hippie for many years and the failure and
It's causes he said. had greatly grieved him.
Nipple Falsined Reports.
For the loans TO Adolph segal. Nipple
accepted as collateral securities Of the
Majestic hotel. a big new department house
operated by sesal the Swedish Steel COM
pany of Lancaster Pa. and the Pennsyl-
vania Sugar Refining company OF this city.
The steel company and the sugar refining
concern have never been placed in opera
ton. segal claims the collateral he gave
is good and that he will meet all his obli-
gatians. There are others to whom Hipplo
loaned money on insufficient security. but
their names have not been made public
and the sums are not believed TO be large.
How sfar Nipple benefited In the loans
made or whether he was merely the tool
of others is yet 20 be determined All the
directors are remaining silent on that point
and also on the question OF whether there
will be any criminal prosecutions. In order
10 hide the true condition OF the company
and save himself. Nipple resorted to the
faisifcation OF his reports which were ac-
cepted as true by the directors. He used
what the receiver termed double sys-
tenn OF making reports. When the state
hank examiner called Nipple presented to
him good securities 10 Offset the loans made
and when the president made his report 70
the directors he would show them bundle
OF other securities and other paper, and
along With these he would exhibit the GER
tincate Of the bank examiner which showed
that the accounts the examiner had inves-
tigsted were correct. The directors. sup
posing the securities shown them were the
same. approved the reports.
Among the directors are;
g. Weir Mitchell the eminent author;
John n. Converse OF the Baldwin locomo-
tive works and one OF the most prominent
laymen in the Presbyterian church In the
United States; John +. Betx. the million
aire brewer: William A. Patton. assistant
TO President Cassett of the Pennsylvanis
railroad; former superior court Judge w
w. Porter r. Dale Benson, president OF the
Pennsyiyanla Fire Insurance company
Joseph Def. Junkin. an attorney; Edward
p. Borden, Samuel y. Houston. who ID
also vice president OF the company: Former
state Senator J. Bayard Henry and Frank
q. Roberts.
Investigation by Directors.
AZ soon as the directors heard OF the
sudden death OF Presidet Hinple they he.
gan an investigation OF his affairs and
were shocked when they learned the true
condition Of the company. This Was after
scOntiausd on second PAss1