The Mena weekly star., 1906-09-13
NAY ARREST DIRECTORS
District Attorney Declares no Guilty Man Will be Spared in PlNla-
 delphia Looting Case.
PRESIDENT HIppLE WAS "MOHEY MAD'

Stole the same Securities Several Times
 over-Two of the Directors Said to Have Profited by segai's ManipuIations to the Extent of $75o.0oo in Fees for Passing on Securities.
 Philadelphia, Sept. 7.-Rumors of arrests of directors of the footed Real Estate Trust company filled the air Thursday. District Attorney Bell de- clares in most emphatic 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 profited to the extent of $750,000 in the past three years by accepting fees from Adolph Segal for passing on security rendered by him for loans from the bank aggregating $5, 100000 So far as Is known, war rants have not yet 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 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 the facts are coming to light almost hourly revealing new forms of duplc- ity on the part of the men entrusted with the depositors' money and the trust funds of large and small estates. investigation shows that the footing of the trust company will cost the Presbyterians less than $100,000 and the leaders of that faith are congrat- ulating themselves that President Nipple chose an opportune time for committing 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 to deceive the direc- tors
 He was not content With stealing the same bond or stock certificate once" said MT. Earle, "but did it several times over.
 He would, for instance, receive a bond or certificate as collateral for a loan, the security representing a safe margin Then. if MT. Segal came along asking for loan and present. ing insufficient security, MT. Nipple would take the good security depos- ited with a note of another man and place it with Segals note.
 In this manner, the directors were brought to believe that the sound se- cmlty was collateral for the loan to Segal This sort of operation was re- peated by Mir. Nipple as often as MT. Segal's demands seemed to render it necessary
 MT. Earle said that these practices of Nipple had left the notes and pa pers relating to loans in almost incon- ceivable confusion. It was establish- ed Wednesday that the substitution of bogus bonds for good bonds among the trust securities of the Presbyterian General Assembly board was accom- plshed by MT. Nipple through a species of sleight of hand. He went to the box in the vault containing the trust securities in question on the pretext of cutting coupons in order to cash them and place the proceeds to the credit of the board After the box was opened Nipple inrormed the clerk that somebody at the door wanted to see him for a moment The clerk un- suspectingly left Nipple alone for this brief interval. The time was suffi- cient to enable him to substitute two bogus bonds for two genuine bonds which he afterward hypothecated for the benefit of himself or Segal.
 The hearing in the cases of Adolph Segal, William F. North and M. s. IOlfl0RWOod WnO were dTTeStSu Wednesday on charges of aiding in the wrecking of the company, was before Magistrate Kochersperger Thursday. The court room was crowded with men well known in the financial world.
 District Attorney Bell, in outlining his case, said he would prove that the accused men with Nipple were engaged in a gigantic conspiracy to defraud the trust company and that as result of their acts more than s5.300,000 had been abstracted from the institution and embedded for the use of one man-Adolph Segal. The active persons in the conspiracy. he said. were Nipple and Segal. The passive agents were North and Col lingwood, he continued, who wickedly and wrongfuny stood by and saw the others .e,ot the institution and gave no warning
 At the conclusion of the hearing the three prisoners were held for trial.