The Richmond palladium. (Richmond, Ind.) 1906-1907, 1906-09-06
Are Charged with Wrecking
Real Estate Trust Com
pany at Philadelphia.
AGED CLERK ExCULPATED
ACCUSED WERE EXPECTING AR.
REST AND WAIVED SERVICE
OF WARRANTS - PRESRYTERI-
AN CHURCH MAY LOSE.
Publishers Press1

LPublfshers Proes1
Philadelphia, Sept. 5-District At
torney Bell, who is investigating the
looting of the Real Estate Trrst com
pany. which failed a week ago., ha6
warrants issued for the arrest of three
men connected with the. collapse OF
the institution. They are Adolpt
Segal, the promoter OF many enter
prises. who borrowed more than IS.
900, 900 from the company on insult
cient collateral; William F. North
treasurer of the Real Estate Trust
company: Marshall S. Collinwood, as
sistant treasurer.
This turn In the affairs of the com
pany is only one of the many sensa'
tions expected to develop in connec.
ton with the failure, which it is esti-
mated will exceed $10,0O0,000 before
the receiver finishes his investigation.
The warrants contain charges of
conspiracy, embezzlement and false
returns to the state banking depart
ment The latter charge will not be
brought against Segal, as he had no
official connection with the company.
The afidavits for the warrants we're
furnished by a depositor creditor OF
the trust company.
North arrived at the trust company
building, accompanied from his home
to the Office by a friend, ready to go
on his bond.
Segal, North and Collingwood waiv-
cd the formal service of the warrants.
Segal's bail was fixed at $4,000 and
that of North and Collingwood at
$4,000 each
Horace Hill, the auditor. who is Is
years old and broken in health. will
not be arrested. District Attorney Bell
says he was merely a figurehead and
tool used by the looters.
Hill. who passed the bogus lists
of wildcat securities by which Hip
pie threw millions into Segals hands,
confessed that he had warned Hip
pie a year ago of impending ruin, and
that the president promised to re-
form. He said he had taken his word
for it, and tried to save the suicide.
No other arrests are expected at
this time, and the divers other per-
sons" mentioned in the warrants was
inserted for the purpose of covering
any other persons who afterward may
be implicated in the collapse of the
trust company.
Adolph Segal, who is looked on as
the principal in the failure of the in
stitution, had nothing to say after his
arrest. He contented himself by re-
ferring all persons to his attorneys.
Segal is a promoter of many enter
pises in this city, and Throughout the
state of Pennsylvania. To carry on
his operations, he borrowed, Earle
says, more than 100000 for which
he gave to Nipple, the only man he
1ealt with, securities that were insult
icient. 1t was at first believed that
Nipple did not benefit by his dealings
with Segal, but later developments
showed that he was deep in the
schemes of Sesal, and a partner in
some of his companies.
Since the failure Segal has repeat
,dly declared that all his transactions
we're regular, that he has not commit
ed an unlawful act and that he is
lble to repay the trust company all |
he money he borrowed. In recent |
interview he declared that he is a |
'peculator in bricks, mortar and ma |
;hinery," that he dealt in material |
hings and did not make his money |
" reading the stock ticker tape.
Logan Bullitt, millionaire coal oper. |
tor and candidate for congress from |
he Fifth district, has served formal
lotice on Receiver Earle that, unless |
lie at once began proceedings to es |
ablish the liability of the directors |
o pay each depositor in full, he would |
'egin civil and criminal suits. Mr.. |
,ullitt said he intended to get every |
ent of his money back, and that he |
bought that forty-eight hours was
mple notice to the receiver.
1t now looks like the general as
emily OF the Presbyterian church |
rill lose great portion of the $685.
90 trust f,,-1e hold nv this company |