Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-09-06
NIPPLES WAYS
VERY CROOKED
Would Take Good Security PIedg-
ed 10 Bank and Substitute
Worthless for Il.
THEN USE IT FOR OWN LOANS.
Stole the Same Bond or Certificate
Not Once But Several
Times.

Philadelphia, Sept 6-Rumors Of
arrests Of directors Of the looted Real
Estate Trust company MI the air today.
Dist Atty Bell declares IN most en-
phatic terms that no man will be
spared in the effort to bring to justice
those responsible for the dissipation Of
the depositors money, The statement
is made that two directors who are
also members Of the bar have prohted
to the extent Of $4,000 In the past
three years by accepting fees from
Adolph Segal for passing on security
rendered by him for loans from the
bank aggregating f5.S0o,O0o. So Ear
as is known warrants have not been
issued for these men, but the public
is awaiting with breathless interest
sensational arrests OF directors who
stood high in the community before
the crash and exposure came.
President Nipples plaintiye cry
from his grave. "Segal got all" has
aroused the depositors to a high pitch
OF indignation Lawyers representing
many hundreds Of them are taking an
active part In the investigation Of the
affairs OF the trust company and facts
are coming TO light almost hourly re-
yeallng new forms Of duplicity on the
part Of the men entrusted with the
deposltors money and the trust funds
Of large and small estates lnyestiga-
ton shows that the footing Of the
trust company will cost the Presby-
terians less than 500, OOO and the lead
ers Of that faith are congratulating
themselves that President Nipple
chose am opportune time for commit.
ting suicide as Far as the church Is
concerned. the funds and deposits being
low at this time Of the year.
Receiver Earle expresses the opin.
ion that President Nipple was money
mad and that there seemed TO be no
end TO the variety Of methods by which
he juggled with securities which fell
into his hands and concerning which
he sought 10 deceive the directors
He was not content with stealing
the same bond on stock certificate
once" said Mr.. Earle. but did IL sew. I
eral times over"
He tould for instance, receive a
bond or certificate as collateral for
a loan. the security representing a safe
margin. Then. n Mr.. Segal came along
asking for d loan and presenting Insult
1cient security. MI. Nipple would take
the good security deposited with a note
81 another man and place 1t with Sc
gals note
In this manner the directors were
brought 10 believe that the sound So
,urity was collateral for the loan %
scgal This sort OF operation was re-
peated by Mr. Nipple as often as M
segal's demsnds seemed to render ,t |
necessary"
Mr. Earle said that these practises |
n Nipple had left the notes and pa /
Ders relating 10 loans IN almost IN |
confusion. II was estab- |
ishei yesterday that the substitution /
v bogus bonds for good bohds among /
he trust securities Of the Presbyterian /
general assembly board was accom- |
nlishcd by Mr. Nipple through a spe- /
les of sleight OF hand he went % |
he box in the vault containing the /
rust securities IN question on the pre- /
ext 81 cutting coupons In order 20 /
ash them and place the proceeds 20 1
he credit Of the board. After the box /
vas opened Ripple Informed the clerk /
hat somebody at the door wanted 70 1
zee him for moment. The clerk un-
uspectingly left Hipple alone for this
,rief interval. The time was SUFFICIENT /
o enable him 20 substitute two bogus
'onds for two genuine bonds which he
fterEard hypothecated Tor the bene-
u Of himself or segsl
The hearing On the case ~ Adolph Sc
al. william ?. North and ~ 8. Col
ngw0od. who Nere arrested yesterday
n charges OF aiding IN the Wreckiug
I The company. was held before Magis-
rate Kochersperger TODAY. The COURT
DOM vas crowded with men Wen
nown IN the financial world
Dist..Aity. Bell on outlining HE
sse. said he would prove that the ac-
used men with Hpple were engaged
gigantic conspiracy TO defIud
he company. and that as result %
heir acts more than $500 900 had been
hs... sd from to Institution and ein-
ezzled fnr the use of one man. Adolph
eral. The active persons IN the con-
piracy. he said. we're Nipple and Sc
Al. The passive agents were North
nd Coliingwoot. he continued. who
ickedlv ard wronEfully stood hy ana
Nv The others loot the Institution ara
ave no warning