Show STATE BOARD AT T FAULT Trust Company Affairs Not Exam Examined ExamIned ined med for Three Years Vears Philadelphia Aug 31 Additional de developments sensational in character continue to crop out in connection with tho the failure of Qt the Real Estate Trust com corn company compan pany pan which Institution closed its doors on Tuesday of this week Today Toda it be became camo came known publicly for the first time since Ince the suspension of the trust com corn company company pany jany that there had not been ben a meeting of or the directors of o the failed bank hank for nearly Dearly three years every over detail having been left to the president of the company t Frank K Hipple Hippie It was this state of oC affairs which caused the clearing house r association to hesitate about coming to the tho aid of ot the trust company compan at the meet meetIng meetIng meetIng Ing on Tuesday During the meeting of o otho othe the tho clearing house bankers bankus Joseph De Do F Junkin counsel for the th Real Estate Trust company was asked When was your trust company lost last ex ox examined by the state slate board About three years oars ago slowly replied Mr Junkin I IMade Made Them Gasp This frank admission caused ed a mild sen son sensation sensation among the bankers present but when ohn he was asked When hen did lid the directors of or the trust company last examine Its affairs his answer an Not ot for more than two and a half years caused the men who guide the affairs of financial in institutions Institutions Institutions to K KitS gasp sp Criticism of the members of oC the clear clem clearIng clearing Ing house as was ws responsible for tor forthe forthe the information being given out today toda by byone byon one on of ot the lending leading members of or the asso association ass d lion Several Severa I of the directors of the trust company com pan had stated since the crash that bat 1 the company com pan could have been saved sayed had bad the thc local bankers advanced A member of the clearing house homm association association tion finn who was present at Tuesdays Tue days meet meeting lag ing sold said today The directors of th HIP Real Hoal Estate I tate Trust company knew w ns n little about the affairs of the company as any of the bankers present They did not appear to know whether the shortage was or 10 and it would have been folly for forus forUR forus us UR to advance the cash when the affairs of the bank were in such a deplorable condition Mr Junkin could not tell us ushy why hy the state slate board of examiners and the board of directors of the trust com corn company compan pany pan had failed falle to do their duty for Cor near nearly nearly ly three years The three directors of the company who came before UH us with outstretched hands hums for had absolutely nothing I Ito to offer otter in return but dead sea SE a fruit They had hall not even eyen confidence in their corn com future to offer for when they the were ere asked If they th would pledge their fortunes to make good losses that tint the al allied allied allied lied banks might sustain by going it blind their answer was a n painful silence Under such circumstances the clearing clearinghouse clearinghouse house hou R could not be expected to come corn to the aid of or the trust company |