The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-05
WILL ARREST TRUST co. HEADS
DEPOSITOR 10 CHARGE DTREC-
TORS WITH CRIME.


PHILADELPHIA, Sept. Hogan NJ. Builitt,
a coal operator and candidate for Congress
from the Fifth district of Philadelphia
county, to-day formally notified Receiver
Earle OF the wrecked Real Estate Trust
Company that unless he at once began
proceedings to establish the civil liability
OF the directors OF the Real Estate Trust
Company to pay each depositor in full
he, Mr.. Bullitt, would begin suit against
the directors and would swear out war
rants for their arrest.
Mr.. Bullitt was a depositor in the Real
Estate Trust Company to the not OF
several thousand dollars. He said to-day
that he intended to get every cent Of his
money back and that he thought that forty
eight hours was ample notice to the receiver.
IF no action is taken by that time said
Mr.. Bullitt, then l will bring criminal and
civil proceedings myself. | am not taking
this step in the hope Of having my claims
compromised and l will not accept any offer
made to me to stand aside | intend to
fight this matter out to the end.
This affair Is an outrage, and l propose
to see it completely sifted out. / waited
some time for some ons else to bring pro-
ceedings before / sent notice to Mr.. Earle.
There will he no fireworks. but a good fight
to a finish"
Directors and officials we're put through
a further examination to-day and il was
discovered that the funds OF the General
Assembly Of the Presbyterian Church are
in an apparently hopeless condition. Good
securities have been taken from strong
boxes and bad ones substituted.
When the box Of the Presbyterian Hos
pital was opened in place Of SIS 900 of
bonds there was an unsigned note saying
that these bonds would he found in an
other box. The box with the bonds in has
not yet been found, nor is it likely to be,
says the receiver. 1t is probable that
there is only a fraction Of the funds left.
1t was announced to-day that United
States Bank Examiner Moxey, who put
President Lear Of the Doylestown Bank
in Jail, had been sent here by the Govern
ment to work with Receiver Earle in the
trust company wreck.
Within two days Treasurer North will be
arrested. This has been definitely de.
cided on.
As a result OF the wreck the bank state
ment to-day showed that $500, 600 in deposits
have been withdrawn from the Philadelphia
banks within a week. There has been a
steady run on all the trust companies.
State Banking Commissioner Berkey was
to-day directed by Acknowledgement Car
son to place copies Of all the reports Of the
Real Estate Trus Company for the years
1903, 1904 and 1905 in the hands Of District
Attorney Bell.
These documents arc expected TO play
an important part in fixing the response
bility for criminal acts. They will show
one Of two things-either that false and
misleading reports were made to the bank
ing department or else that an inkling
Of the true state Of affairs was shown in
these documents and that some one in
authority failed to investigate.
The Attorney-General e even further
in unsealing the hitherto tightly closed lips
of the Banking Commissioners That official
was informed that the veil of the law, which
prevents him from discussing the aft airs
OF the department, Ia lifted when the bank
breaks. Berkey had refused to discuss the
failure on the ground that the Law forbids
him TO talk.