The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1906-09-11
THREE ARRESTS IN REAL
ESTATE TRUST CRASH
Promoter SegaI and Two Officials
Placed Under Heavy Bonds.
NIPPLE STAR BANK THIEF
Conspiracy. EmbezzIement, Forgery
and Perjury Among Charges
District Attorney After Directors
-Presbytcrians Loss 100000.

/
District Attorney After Directors
-Presbytcrians' Loss 800, 600.
Philadelphia On warrants charg
ing conspiracy, embezzlement and
perjury, Adolph Segal, the Austrian
promoter, who. with the late Presi-
dent Nipple and coterie of direct
ors. it is charged, wrecked the Real
Estate Trust Company; William F..
North. treasurer of the company
who, it is alleged, was party to most
OF Nipples illegal acts, and William
j. Collingwood, assistant treasurer,
were placed under arrest by District
Attorney Bell
Segal who has aged five years in
two weeks and with all his old jaunt-
mess gone, was held in $500 bail.
The charges against him are conspir-
acy and accessory to embezzlement
North and Collingwood we're held
In $4,000 bail each on charges of
conspiracy, embezzlement, perjury,
etc.
An angry and muttering crowd of
more than a thousand persons
mobbed the Office of Magistrate Els
enbrown, who issued the warrants
upon which Segal, North and Col
lingwood were arrested. 1t was
composed principally of victims of
the frenzied finaneiering of Nipple
and his associates, and members Of
their families.
Hang them, every onelH screamed
one woman, who was red-eyed from
weeping. I am a widow and they
stole every cent I have in the world"
Scores of women proclaimed them
selves in a similar plight. The tenn
per of the crowd was most bitter
against Segal.
Horace Hill, the auditor, who is
geventy-five years old and broken in
health, will not be arrested Dis
trict Attorney Bell says he was mere
ly figurehead and a tool used by
the hooters.
Evidence of actual partnership be-
tween Nipple, Segal and clique of
directors in the wrecked company has
been found by the District Attorney.
These men sank millions in their
wildcat ventures and the great part
of the millions, it has been discov-
cred by the District Attorney, went
into suburban trolley schemes in
which they were interested as promo
ters or stockholders.
AS for the speculations Of Nipple
himself revelations already made in
dictate that before the investigation of
the looted bank is finished he prob
ably will be written down as the star
bank thief Of the century
Out of many instances the follow
ing are the most sensational:
An estate was left by Joseph Detro
in which Nipple was named as sole
executor without bonds by will dated
in 1894. His estate possessed $780,
900 in Metropolitan Traction Com
pany stock. Inquiries since Nipples
death resulted in the information
that the books showed no stock held
either by the Detro estate or Nipple
as trustee. 1t Is feared that this
quarter of a million has vanished as
completely as the $7,OOO,00O of de-
posits.
The theft of $780, 900 Of the bonds
of the trustees of the Presbyterian
General Assembly was also fast
tened upon Nipple by the examina-
tion of their $965, 900 of securities
by the committee of auditors. This
makes approximately 500, 900 miss
ing to date from the Presbyterian
funds.
District Attorney Bell made public
letter left by Nipple, and found on
his bureau. 1t simply said;
tsSegal got it all alone am to
blame. Was fooled.
This confession is distinct from
that found at the bank.
Atlantic City-One hundred inva-
lid women were turned out Of the
Mercer Memorial Home, Pacific ave-
nue. and Park place. All the money
the home had, some $4,000 was in
the Real Estate Trust, wrecked by
Nipples stealings. The people
turned out are poor and have no
means Of support.