The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-09-10
CITY BUILT ONLY
ON PAPER AID
TO NIPPLE
IN HIS WILEY SCHEMES TO STEAL
THE SAVINGS OF THOSE
WHO TRUSTED HIM.
BONDS SOLD FREELY
Although Marsh Breezes Blow over
The Proposed site of a Virg n ia
ToWn---Examiner Uncovers
More Steal Schemes.

/
ToWn-Examiner Uncovers
More Steal Schemes.
Philadelphia, September "a cit,
which never existed, except on paper
Is said to have absorbed $2,000,000 Of
the money which disappeared from
the Reas Estate Trust Company
vaults before it, Pre- id 9nt, Frank Hin
pie, committed suicide This tow
was to have been built on ide OF
Alexandria, Va. ana was to be known
as New Alexandria It consists TO
day OF lot OF Potomac marshes and
the bree2cs blow acress il withoat
let or hindrance, as far as building
are concerned Nipple had faith in
H. and it wa IL dream to build there
factories ana homes for the workmen
who We're to patronize the projected
car lines, burn tho ga chat EIipple
and his associates were to supply. The
factories are still on paper and the
gas and street car plants as yet fig.
iments Of distempered vision.
Bond Of This city and enterpr g
were sold by Nipple and then bought
IN. Then the old bonds, as worthless
as Confederate currency, were pledged
not only at his own companY by him
but at other confidng banks to the
extent Of hundreds Of thousands OF
dollars.
More Forged Names.
Add to the amazing revelations of
extraordinary finance that The Pres.
byterian leader forged the names OF
some of the biggest men ii town to
notes TO the extent of $200,010. and
forged fictitious ones 10 the amount
Of $509,006 and more. all of which
notes were used by him in his loo.ihg
OF the Real EHate Trust Company.
and there stands as revealed by Dis
trct Attorney Bell today a record Of
highclass ciminality that is absol.i.
tely unique.
Developments proved conclusigely
oday hat hypnotism by Segal wae
lot needed TO makee thief of Hin
pie,
Nipple stole the money of the 10000 !
iepo:itors of the bank not only to
nd Segal in his various enterprise.
mi in a systematic endeavor TO build |
Up an immense private fortune for |
himself. The town which he was 10 |
wn was his ultimate ambition.
Once ne made loan of $5)O050 to
imself, ana as security he gave the
rust company 6 per cent old bond,
f the Washington Alexandria and
II. Vernon Electric Railway Com
any which had been fully paid oif
nd were consequently not worta the
aper they were printed on.
The s4S,00) bonds of the Waking
m. Alexandra and Mt Vernon Flee
ic Company were worth their mli l.
alue when Issued, but the entire is
ne hal been paid off when Nipple
ave them to the bank as security f.,
lr his loan. 1t was the first issue
8 per cent bends, and having bsen
aid off was absolutely worthless. The
ext issue of bonds. the fives. are still
inning and selling at about par.
Given as Security.
At another time he took $4,000 :
wing as security $150,O0O face value Z
)nds of the Alexandria Land and ;
iver Improvement Company which +
as building New Alexandria. This n
the town that it was his ambition
own. The bonds were worth Dos r
bly, a scant $1,000 if put on the :
arket u was the discovery of these
md That put Disuic. Attorney Bell +
.on the track of the Nipple town. =
iere he was known as the erelig- I,
fs financiere from Phiad elphia. "
ie District Attorney learned thar
ost of the money that Nipple did -,
{ dump into the Segal NAV went :,
10 his Virginia cnterpr Sc. This was
least two millions. There il pract.
Illy nothing to show for il. -
He also found merely a. side "'
ht. thai Nipple had been so con
entious in looting the Real Z tate ~
ust Company that when a balance "
$1,000 remained out Of a loan oi
lk into one Of Segal's enterprises Al
carefully placed the amount in
lk 10 his own account ~
rs for Nipples forgeries Of The az
mes Of prominent men. these viii ne
ount 10 5000 l00 al least. and pos
lv a half million. %
iipple's system wa Of such an or. ~
that il could really have .beea ch
.iinued for a long time without
,orery he'd DE lived
he president had taken copies Of
sig1afure Of number of III
e prominent business men Of Ph5l- ~
luHis. while some 81 their checks nIs
negofiahle papers were passing nr'
lugh the hank. but in every H. cor
ar.a ~ ar-r.7ae.4 ~ - - a. - no