The free lance. (Fredericksburg, Va.) 1885-1926, 1906-09-08
ALL HELD IN HEAVY BAIL
Alleged Bank Wreckers Held For
Embezzlement and Conspiracy.
"sEoAL GOT ALL THE MONEY"


Nipple Wrote Brief Confession Before
He Killed Himself, In Which re
Said He Was Fooled, and Only
Blamed Himself.
Philadelphia, Sept G.-Thrce mon
were arrested, charged with consplr
mg to boot tho Real Estate Trust com
pauy from which millions of dollars
were stolen. Frank X. Nipple, the
Pre- -ilout having cluded punishment
by putting "A bullet through his brain.
The three men arrested are.
Adolph Sogal. Spectator in bricks,
mortar and machinery who got
S5.30oolO loans from tine company.
William f.. North, treasurer Of the
Real Estate Trust company.
Marshall 5. Collingwood. assistant
treasurer of the wrecked bank.
The affidavit charges all three with
conspiracy to cheat and dciraud de-
posters ont OF millions of dollars.
Sceal must face the additional accu-
sation of being an cmbczzler. The two
bank officials are also separately
charged with applying banks money
TO their own use and OF receiving de-
posifs when they knew the company
was irsolycnt. North is down for per.
jury too
Tho trio app AIRED before the magis-
tratc backed mp by half dozen or
more attorneys. Bail to the amount
of s2j.ooo was required for Scgal The
bonds of the two bank officers were
fixed al $4,000 each
Aside from The arrests tho most i'm
portani development in the affairs 81
the trust company was tine announce
ment by District Attorney Bell that
President Nipple. before ending his
life. had written a brief confession Of
his misdccds. On the day President
IIDplo shot himself his son. +. Whar-
ton Nipple. found a note in his faith
er's room Receiver Earle and Dis
trict Attorney Bell came into possess
sion Of this note. II was written ir
ink on the back Of an envelope. II boz,
no address and was as follows.
"sneal got all the money ! wa.
fooled. but have no one to blame bat
myself
According 10 Mr.. Bell, the note i'm
dictated no others.
Receiver Earle issued n statement ia
the depositors which was In sense
reply 10 the letter of Logan VI. Bullitt
requesting the receiver 10 proceed
AGAINST the directors of the company
Mr.. Earle states that he IS not pr"
pared to say m this time whether Boz
will size the directors and that it Is
not bis intention 10 commit n hasty ol
unwise action that might prove dntri
mental 10 the interests Of the deposi
tors Concerning reorganization, Mr.
Earle says:
Il thought Of two things from whicf
I might hope of large results. The frs
was Mr. Segal's equity in the large
/. loan he made in New York on his sugar
securities this | wanted very much
and ! finally got IT, The second wa
the voluntary aid might procure from
the directors"
Joseph s. Auerbach OF New York
counsel for H. o. Hayemoyer came q
this city and held a conference with
Mr. Earle. and it IS understood thai
the receiver is negotiating for the sale
Of the Pennsylvania Sugar Refining
company's plant. on which Segal So
cured a heavy loan from the Have
meyer interests.
Horace Hill, auditor Of the Real Es-
tate Trust company. made a statement
in which he asserted that had his re-
ports as rendered to Nipple been pre-
sentcd to the board Of directors in thoil
entirety, there could have been no con
cealment.