New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-09
NIPPLE A FORGER.
NOTES ON BOGUS NAMES.
More Revelations in Wrecked Trust
Com PAM Case.

| Philadelphia. Sept. s.-AdditionaI evidence az
| to the methods employed by Frank X. Nipple.
the suicide president of the wrecked Real Estate
Trust Company. were revealed to-day by the
state and county investigators who are deIvlng
| into the affairs Of the company.
The intimation. made yesterday by District
Attorney Bell. that Nipple resorted 10 forgery
! to obtain money for himself was fully confirmed
to-day when the District Attorney found two
notes. one for $4,000 and the other for sts3 600
The first note was made to u W Schwartz. -
and the collateral named was 10000 shares Of
International Match Company and as 900 shares
Of the Washington. Alexandria & Mount Vernon
Electric Railway Company. The other note
bore the name OF u. wabeel" and the col
lateral entered against It was 10000 shares Of
the New Alexandria Land and River Improve
msnt Company
1T is my opinion there are no such persons
as J. w. Schwartz and j. wabeeI" said Mr.
Bell AT least, have been unable TO discover
their addresses or any evidence that thew exist
The collateral which they are purported to have
furnished Is worthless"
Il believe that Nipple took the money for his
own use and entered the bogus collateral with
the mythical names TO deceive the trust COM
pany officials. This theory Is supported bv the
fact, which learned to-day. that Nipple always
paid the interest on these loans himself There
is no record Of any interest being received from
schwartz and WabeeL Particular attention Is
now being paid BY the experts engaged in the
examination OF the trust company as to the
possible liability, criminal and civil of the d.
rectors Of the institution. Regarding this phase
Of the failure. Mr. Bell said tonight:
up to tonight have found no absolute evil
dence of eriminalty, so far the directors are
concerned This does not mean, however, that
such evidence is not in existence. But one thing
is certain.-if l. the receiver or the experts of
the State Banking Department. ind evidence Of
rector guilty will be prosecuted
There may have been gross negligence on the
part of the directors. and believe that the gen.
eral public is convinced the members Of the
board were negligent"
While the state bank examiners are going
through the books and papers OF the wrecked
evidence Of criminaIity, Receiver Earle Is busy
perfecting his plan TO reOrganize the company
The plan suggested by the directors provides that
Mr.. Earle shall take the presidency Of the in
stitution. but he is strongly disincined to as
sumo that responsibility because of his nunier-
Gus other business interests He is now the
president Of four local financial institutions II
he does accept the leadership OF the Real Estate
Trust Company. he says, 1t will be only at the
request OF the depOSitOrs and after other men
he has In view shall have declined to take the
place
All the directors said to-day they fully ex-
pected the institution to resume business within
two weeks. and were confident those now Op-
posed 70 the suggested plan for reorganization
would accept IL after il was explained to them
DistricT AttOrDev Rail cop+fnuad bfs in6e
pendent investigation to-day. He said how
ever, that he was relying 10 considerable ex-
tent on the investigation being made by the
state experts. as the tangled affairs OF the in
stitution were getting too deep for a mere law
yer The state will turn over to the District
Attorney complete report of its findings. and
II any criminal evidence Is contained therein. he
declares he will Immediately cause the arrest
Of the guilty persons.
Particular attention is being paid to the acts
Of the executive committee of the board of d.
rectors- 1t this committee that signed the
false reports made to the State Banking Depart
ment. Whether the committee was aware that
the reports were false IS yet TO be determined.
These reports were sworn to by William T.
North, the treasurer of the trust company, who |
Is now awaiting trial on the charge Of perjury. |
The deeper the prObers go into the affairs OF
the ruined company the more amazed they be- I
come at the bOldness of its late president ST. [
with the lOOting of the bank. and |
when 10 was apparently on the verge Of coll /
lapsing. Nipple would do something TO boost the |
credit OF the company and hoOdwink the di- /
reCtOrs. IL disclosed to-day that he had 1
recommended to the directors the payment Of a /
per cent extra dividend on the stock of the !
trust company last July, because of the great /
prosperity of the institution. At the same time /
he asked the directors 10 increase the salary OF /
certain employees. so that they, too. could share \
In the prosperity
Adolph Segal. who succeeded in borrowing I
IS 300 900 from the institution through Nipple IS
il I'm his apartments at the Hotel Majestic /
which he owns. His condition is not serious.