The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-09-06
Implicate at Least Two of the
Directors.
BY SLEIGHT OF HAND
President Nipple Looted the
Presbyterian Church Fund.
He Stole the Same Bonds Over
and Over.

Philadelphia. Pa. Sept. 6-Rumors of
arrest Of directors OF the looted Real
Estate Trust company Ill the air to-
day. District Attorney Bell declares in
most emphatic terms that no man viii
be spared in the effort to bring to JUS
t1ce those responsible for the dissipa-
tion Of the depositors' money. The
statement is made that two directors
who are also members OF the bar have
profited TO the extent Of $7s0.oo0 IN the
past three years by accepting fees from
Adolph segal for passing On security
rendered by him for loans from the bank
aggregating $4,000 000 SO far as is
known warrants have not yet been Is
sued for these men. but the pubic "a
awaiting with GREATNESS interest sense
tional arrests of directors who stood
high in the community before the crash
and exposure came.
President Hippls's plaintive cry from
the grave 'segaI got ALL has aroused
the depositors to a high pitch of indis-
nation. 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 duplicity on the part OF
men entrusted with the deposfsorS
money ana the trust funds Of large and
the looting Of the trust company VIII
cost the Presbyterians less than S100, 900
and the leaders Of that faith are con-
graduating themselves that President
Ripple chose an opportune time for
committing suicide as far as the church
is concerned, the funds and deposits be-
ing low at this time of the year.
Receiver Earle expresses the opinion
that President Ripple 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 lie
sought to deceive the directors.
He was not content with stealing the
same bond or stock certificate once
said Mr.. Earle, but did it several times
-'He would, for instance, receive
bond or certificate as collateral for a
loan, the security representing a safe
margin Then, II Mr.. Segal came along
asking for q loan and presenting insult
fcient security, Mr.. Hipp1e would take
/ the good security deposited with note
Of another man and place It with Sc
gals note.
IN this manner the directors were
brought to believe that the sound Sc
curity was collateral for the loan to
Segal This sort of operation was re-
SegaPs demands seemed to render it
necessary"
Mr.. Earle said that these practices Of
Hipple had left the notes and papers
relating to loans in almost tnconceiv-
able confusion. It has been establish
ed that the substitution of bonds for
good bonds among the trust securities
OF the Presbyterian general assembly
board was accomplished BIZ 1r. Ripple
| through q species Of sEeig11 Of hand.
He went to the box in the vault con-
tanning the trust securities In question
on the pret6xt of cutting coupons in
order to cash them and place the pro
ceeds to the credit of the board After
the box was opened Htpple informed
the clerk that somebody at the door
wanted to see him for a moment. The
clerk unsuspeoting left Hippze alone for
this brief interval The time was guf-
ficient to enable him to substitute two
which he afterwards hypoShecatsd Tor
the benefit OF himself OF SsgaI.
The hearing Of the cases Of Adolpl1
Segal, William r. North and NJ. s.
Collingwood, who were arrested ysster-
day on charges Of aiding in the Wrecking
of the company was held before Magfs-
trate Kocherepsrger today. 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 ae-
cused men with Nipple were engaged
in q gigantic conspiracy to defraud the
trust company and hat as g result Of
their acts more than 81, 300 600 had been
abstracted from the Institution and en-
bezzled for the use Of one man-Adoiph
Segal. The active persons in the con-
sparacy, he said. were Nipple and segal
The passive agents were North and Col
1ngwood, he continued, who Wicxedly
and wrongfully stood by and saw the
others loot the institution and gave no
warning
Mr.. Bell said the institution had $500
] depositors and the deposit amounted to
81. 600 600
For the money borrowed by Segal
there is nothing to show but wildcat Sc
curities.