The Cairo bulletin., 1906-09-08
NIPPLE FOUND TO
HAVE BEEN A
FORCER
LIKE STENSLAND HE COPIED
NAMES pEPosiToRs ON NOTES
TO COVER SHORTAGE.
vILLAlNY UNCOVERED
BY Receiver Earle, Who Says Foraer-
les Amount to Quarter Of a Mil
ion--Methods of Suicide
Model Being Exposed.


Philadelphia, Pa, Sept. r.. Forger.
/ les fer more than a quarter Of a mil
lion dollars by Frank X. Hipple, the
| suicide president of the defunct Real
| Estate Trust company, have been dis
! covered by Receiver Earle. The lat
ter made this statement tonight add
/ ing that he had no idea whore Nipple S
yilany would end.
Nipple, in order to meet his im-
mense overdrafts, used the names of
some of the most prominent business
men Of this city on notes which in
some eases amounted to $l50.000 The
| president ii is alleged had taken cop
/ les of the signatures of number of
| hu mess men while some of their
checks or negotiable securities pass
ed through his hands, but in every
case he avoided the use Of the name
Of a Real Estate company depositor
When pinched for money to meet his
0yerdrafts Cf some big Segal loans,
Earle said, as lasi re ort Nipple
would draw up the note with a forged
signature attached This he would
take to cashier or paying teller say
ing he had personally made the loan
and ii was discounted with the
amount to his credit he would salts.
fy the pressing claim.
Methods by which the model bank
president" Frank Nipple, ruined the
Real Estate Trust Company. have
been laid bare in the hearing before
Mag strate Kochersporger in the case
of Adolf Segal. the promoter; William
r. North treasurer. and N. S, Colling-
wood asst tant treasurer, Of the
crust company. Segal and Nipple are
accused of being the direct conspira-
tors, and Collingwood and North the
passive tools in the looting cf the in
stitCtion to the extent, il now appears
of perhaps $l0000.000.
The bank was a mine for Segal |
Whenever he wanted money in any
sum all he had to do was TO 90 10 the !
Real Estate Trust Company, put mp |
bunch Of securities Of doubtful or no /
value and walk away with the cash
He was a depositor in the bank, but
seldom had any credit TO his ac.
count
Even when hundreds Of thousands
in debt to The institution his checks
were cashed with the contrivance Of
Nipple North and Collingwood
II was not unusual for Nipple and
SegaI to oyerdraw their joint account
100000 TO SSo0yooQ. When the over
Traits were so large as TO call for
from minor officers and
clerks in ne bank Nipple would M
ut a note for the overdraft get sceal
10 ign and PIT it in the bank as cash
The cyerdrafts We're reported TO thel
state Banking Department as cash on
hand.
All Of this was established by wit
-esEes at the hearing. and more start.
ing developments are yet TO come.
AZ he request of District Attorney
Bell, Segal North and Collingwood I
we're held for the grand jury.
Bankers Came For Tips.
The courtroom was crowded with
ncn well known in the financial world
,ho came TO listen TO ihe story Of the
lo ing Of the company. II
Segal, The principal living figure in {
be case was surrounded by several c
torneys with whom he frequently
onsulted
Secal is q short. thick man. with a
ace of decidedly German cast His s
air hrisiles mo from his forehead and p
heavy mustacbe hides his mouth.
lc was dressed i'm a blue .erge suit u
nd carried an umbrella with a silver :
mamcnted handle He IS G5 years ,
ld He was plainly nervous and time =
M again wiped D hands upon a. blue q
ordered ha-dkorchief
North is the oldest Of the three de- ?
.ndanis. and seems 10 be- more re- =
ned than the other two. His thin
ar is almost white. and his mu T"
.cho entirely So He was far more g
imposed than Secal or CouingwooI l'
Collingw~0d is less than 90 rs
throughout ihe hearing be sat behind
IS cn neeI " r. Hamett gazing
uuidly at District Attorney Bell -.
Ide Uia rirf Attorney. is Opening "
10 hearing eaid-
When fbe trust c0mnanv closed ffs|
.ors it had about 5000 derpsit1re
lcse defendants ans She late Presf 7.
.Ht HiDnle were engaged in a con =.
tracy hv which they succeeded IN =
ltira These deposftoFs Of methine
to- g. -a6H1 !"
ovsrdr7fts Disguised =s Loans =
Tho frea urer and assi=' ant Treaz
er stood by and permitted this si-
(Continued on Second PageD Is