The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-09

iOus fnancier" of Philadelphia among
the business men with whom he dealt in
Virginia. He was also trustee for the Wash
ington, Alexandria and Mount Vernon
Electric Company, and this gave him the
opportunity to work his swindle with the
paid bonds.
In the stated case found to-day Nipple
made a loan Of SOS, 600 to himself and as
security gave the trust o per
cent. bonds Of the Electric Company of a
par value of s4S, 900. But the whole issue
had been paid of and was worth less than
confederate money. just who passed on
these old bonds District Attorney Bell is
trying to find out, and as a result of his
discovery a number Of officers of other
banks who had dealings with Nipple will
spend Sunday looking through their Sc
curities.
The next issue of bonds Of the Electric
Company, the 5s, are still running and
selling at par. None Of these is among
the collateral.
As for Nipples system of>forgery, il could
readily nave been continued for a long
time without discovery. He had taken
copies of the signatures OF a number of
the most prominent business men Of Phila-
delphia while their checks were passing
through the bank, but in every instance
he avoided the use of the name Of a deposi-
tor Of the Real Estate Trust Company.
When pinched for money Nipple would
draw up a note, forge the signature. taxi q
it TO the cashier or paying teller, inform him
that he had personally made the loan, and
10 put in the account as a discounted paper.
With this amount TO his credit he would
satisfy the claim that was pressing him
at the time.
For this branch Of the business hipple
kepta private book, in which he entered the
amounts Of the forged notes and when thew
became due, and at no time did he allow
one OF these spurious papers to get awav
from him. He always explained to the en-
ployee OF the bank who oashed the note hat
1t was a private matter between the maker
Of the note and himself and that he desired
it to be entered as such. When the bogus
note became due Nipple invaria bly, either
met il with some Of the SeRal paper, or IL
this was not expcdient he would make out
another note with the forged signature of
some other business man.
Incidentally Nipple had been so con-
sCiencious in loOting the trust comDanv
that when a balance OF SIt 900 remained
out OF a loan sunk into one Of SsSal's enter
pIHncS nc CdISluiLy pidceu CnaJ amount in
the bank to his own account.
The trustees of the General Assembly Of
I he Presbyterian Church havs issued an
authoritative statement giving the loss in
90 crash Of the Real Estate Trust Company
as sac, 600.
The sac, 900 does not, Of course, include
the total loss to Presbyterian institutions.
II represents only the actual loss to the
@ executive body OF the church. When the
total loss to Presbyterian organizations,
boards, churches, pastors, &c, is computed.
IL Will reach nearly S4OO, 900.
DepOsitors to-day refused the directors'
plan OF reorganization, which provided
for al issue Of preferred stock TO depositora
in the place OF their deposits and a mort
gage on the Real Estate Trusts prouertv
at, Broad and Chestnut streets and the
profits for ten years from the trust ACCOUNT.
By this plap the depositors figured tHut