Greene County herald. (Leakesville, Miss.) 1898-current, 1906-09-14
MANY FORGERIES
DISCOVERED.
BY SUICIDE BANK
PRESIDENT.
TOTAL MORE THAN $25O.OOO.
In order to Meet Overdrafts Nipple
Used Names of Prominent Phila-
delphians- Receiver Earl to Re-
organize Company.

Philadelphia. .-Forgeries for more
than quarter of million dollars by
Frank K. Nipple, the suicide presl-
ident of the defunet Real Estate
Trust Company, have been discover
ed by Receiver Earle. The latter
made this statement, adding that he
had no idea where Hipple's villainy
would end. Nipple, N order to meet
his immediate overdrafts, used the
names of some of the most prominent
busines men of this city on notes
which in some eases amounted to
9150,O0O.
The president had taken copies OF
the signatures of number of busi-
ness men while some of their checks
or negotiable securities passed
through his hands, but in every case
he avoided use of the name of a
Real Estate Trust Company depositor.
When pinched for money to meet
his overdrafts or some big Segal loan,
Mr.. Earle said, as hast resent, Hip
Pile would draw up note with the
forged signature attached. This he
would take to the cashier or paying
teller, saying he had personally made
the loan and that Ii was discounted.
With the amount to his credit he
would satisfy the pressing claim.
Receiver Earle said in order to ac-
complish the reorganization of the
Real Estate Trust Company, he would
accept the presidency if the deposit
tors insist.
That someone secured $1.O00,0O0 for
negotiating the loans made to Adolph
Segal by President Nipple is believ-
ed by those now engaged in investi-
eating the company's affairs. Segal s
repeated assertions that he did not
borrow more than $2,OO0,OO0 from the
trust company has caused the inves-
tigators to exert every effort to dis
cover all Of the details connected with
these loans, and if it is found that
others benefited they will be made to
return the money.
1t developed that the last state ex-
animation of the trust company was
made by Banking Commissioner Reed
er in 1902
Robert McAfee, who was state bank
ing commissioner, April 1908, to July
1904, made no examination, and Com
missioner Berkey, who succeeded Mr.
McAfee, also failed to examine tht
institution. The two expert account
ants appointed by Commissioner Ber
key to investigate the conditions Of
the concern, at the end Of their frs
days work, announced they founC
the trust eestates of which the Rea
Estate Trust Company acted as trus
tee to be intact.
The committee appointed by the
trustees of the Presbyterian genera
assembly to ascertain the condition oi
the assembly's trust funds which were
in the custody of Nipple as treasurer
made the following announcement:
Careful examination shows thai
the great bulk of the investments OF
the trustees, amounting to $963,000
is intact The entire loss through the
malfeasance of the late treasurer, i
not likely to exceed 100000.
"The suspension of the Real Estate
Trust Company has not involved tn,
deposit account OF the trustees
amount amounting to $4,000, th'
whole of which at the present time
it is hoped will be saved"
Three separate investigations of tAt
mrecking of the Real Estate Trust Co.
are now in progress, and it is ex
pected that by the time the examina-
tions have been concluded every If
regular transaction and the name o1
every director, officer or employe o1
the institution who may have had {
hand in the. unlawful proceeding,
will be known to the investigators.
Receiver Earle is hard at worl
uncovering all securities and other pa
pers to assess their value, with view
of an early resumption Of business b.
the company. District Attorney Bell
with a corps of assistants, is pursu
any other persons connected with tn,
In other persons connected with th'
institution are criminally liable fo
the running of the institution, and tn,
state of Pennsylvania, through it
banking commissioner, John A. Per
key, began thorough examination o.
the condition Of the trust company
District Attorney Bell said that h
Line To Be Extended.