Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-01
RETURNS LOOK DUBIOUS
Receiver Has Found Little Valuable
Collateral.
MANY DEPosIT0Rs ARE ANGRY
Humors Of Criminal Prosecutions
Strong Box Of the Dead President
Remains Unopened.

PHILADELPHIA, September 1.-The
creditors Of the Real Estate Trust Com
pany. which failed last Tuesday, are still
without any definite knowledge Of the true
condition Of the institution. Up to the
present the best Information they can OBJ
tain from the receiver of the directors Is
that they believe the depositors will get
most OF their money back. Receiver Earle
says he is very far from having gotten to
the bottom Of the! affairs of the company
The mass of papers that he had yet to 20
through was. he said. great. II do not
believe" he said, there is any collateral
here that amounts to much except that
furnished by Adoph Segal, who borrowed
more than $5,0OO,OOO from the company"
For the moment Mr.. Earle Is giving con-
siderable attention to the matter of re-
sponsibility for the condition of the trust
company. Many depositors are angry be-
cause of the state of affairs and there are
rumors Of criminal prosecutions, but thus
far the finger Of accusation has been
pointed at no particular director or officer
as having committed criminal act The
depos1tors generally find fault with the
directors for their failure to acouaint
themselves with the bad condition Of the
company. and the directors in turn want
to Know from certain of the officers why
they did not inform them of President
Nipples transa ctions
Sore at Some Officers
Public attention was called today to Will
liam F. North. the treasurer of the trust
company, and Horace Hill, the auditor
Some of the directors feel that these men
In the course of their duties should have
discovered Mr.. Nipples irregular trans
actions, Mr.. North refuses to talk, and
Mr.. Hill. in his defense, says all the securi-
ties he examined were regular and he saw
nothing wrong.
The Rev. DIR. William Henry Roberts,
state clerk of the Presbyterian general as
sembly. who has returned from his yaca-
ton. has made formal applicable to the
receiver to examine the securities of the
trustees of the general assembly. These
We're i'll the custody of President Nipple
and they amount to nearly 81 100000 II
feel sure that all the securities of the gem
eral assembly are safe said Dr. Roberts
They consist of first-class Philadelphia
mortgages and railroad securities The as
Sembly has a permanent committee on
audit that will seek to examine these trusts
as soon as Mr.. Earle can find time
Nipples Strong Box.
The receiver is particularly anxious to
open the strong box and desk of President
Nipple. but does not want to do so in the
obsence of representatives Of the late presi-
dent. He has therefore notified the atter-
neys of the Nipple family of his desire
The report that certain directors and their
relatives withdrew their accounts from the
company after they knew 1t was insolvent
was denied by officers of the institution
Samuel F. Houston. the vice president, says
that when the company failed the imme-
date families and relatives of the directors
had on deposit S449,775. This money he
said is tied up with that of the other depos-
itors
Desiring to remove with his stepmother
ha Of no r,
Wharton Nipple son of the dead president,
has decided to dispose of all the household
effects now at their copntry home in Bryn
Mawr and at their town house.