Show SEGAL IS HELD TO GRAND JURY Two Bank Also Implicated Im- Im Implicated Implicated Im Im- in Gigantic Looting I HIPPLE A COMMON THIEF Disclosures in iii estimation Im In c tI of tho lie Wrecked Trust t Cn Company II UI As S Astound AH MI I Philadelphia i Philadelphia Sept G. G G. With tho the holding for Cor the tile grand jury tod today y the tho cases of A Adolf ol Segal the promoter and auth William F. F North and N. N S S. Collingwood Col- Col lingwood empo e of oC tho ho bank tho the legal machinery which will vill show simon why anti and how the he Heal Real Estate Tru Trust t comp company com corn p pany ny was looted can be said to o have been put Into motion Incidentally the preliminary hearing which resulted result result- ed Cl In the trio being held for tor the tho grand ran jur Jury demonstrated to tu the world at large that Frank tipple Hippie president of or the theReal Real Heal Estate Trust company compan who com committed suicide when he ho saw that ho lie could no longer continue looting tho the institution was but hut a n common thief thier Lea Leading hl church member that he as so 50 strict In his observance of religious lous usages that he would not patronize a a. street car nor mini read a newspaper on the first da day of lIr the tho week he stole stoic millions millions mil mu- lions but always In iii a commonplace manner mannel There was sensa- sensa In his methods Hippie simply took bona hiona fide tide securities deposited by men mem of ot recognized worth worthin In the linan- linan rial world find and transferred them hem so o otho tho tile testimony brought out today would Seoul seem m to Indicate to safeguard loans made to Segal The latter used thereal the tho real estate company as a a. gold mine Whenever he lie wanted money In any I sum all he had hall to do tIn o Was Wa tn to step sten n ft-n Into Inlo ham tile the the bank hamik put up a a. bunch o of s securities s tlc ties tics to have O 0 0 K thorn thom and draw checks u against the amount placed to lo hl his credit on them h Tho rho disclosures of today have havo as- as minded all Philadelphia Never before before be- be j. t fore in the tile history ot of its financial In- In has ha such rottenness been 1 dl disclosed as ai the evidence brought out today intI Indicates I ates ha has haa l permeated the a fairs of the Real EState Billah- Trust com com- m pany DI Attorney Bell l ln 8 n J i it rl a ew SC if 1 i Q 19 J l ti f IM 1 vol DOP vW v Ol i Vf tUtu tUtu- half mullen million ordon or pIO Pl Tariff Sr the ho connivance of or North nOd and The Tho IWo We latter who ho wc were treasurer and nd a a- a f treasurer re el elj tho lie district attorney de- de declared de de- were wore p passive sivo agents to the lootIng lootIng loot- loot Ing lug of the bank by an and 1 Segal North's Norths Confession I r I havo Norths North's confession cone slon made to Earle declared Mr Bell BeIJ that all aU along ho knew of or tho the methods meth meth- otis of Hippie and anti Segal but never nc raised a 0 hand han complacently allowing tho ho depositors year after acter year cal to bo ho robbed a Why hY at ut times North and amid Collingwood Col- Col lingwood contributed chocks for tOI as much as am signed by themselves thorn thom Th They Thoy honored honored hon lion selves sel to aid the tho looting y ored overdrafts o b 1 by Segal without complaining com coin arid and when the bank was forced to close Its Us doors Se Segal al had secured by ity Hippies Hippie's aid aM Segal's Se- Se carried by the tho bank bankas gals gal's due hue bills were sero as cash and North swore to them thorn as such It Half a a- dozen witnesses were were- examined exam exam- ined before the service ended they hey being bb- bb Ing 1111 F. F Wharton Hippie Flippie son of or the lie suicide sul- sul chic cide president Robert II Griskey head teller of tho trust company Receiver Re Ro- celver Earle E Edgar paying teller toller of tho the defunct institution institution tion Joseph Josoph Jr general bool bookkeeper keeper and other all of or whom a agreed Iee to tho the fact that thal Hippie Hipple permitted Segal Sega to overdraw his account ac- ac count and that tho the president manipulated Il latell tho lie securities of or the lie company List of or Thefts The complete list of or tho lie sums a ad advanced ad- ad to lo Seb Segal Sega ll by tho ho Real Heal Estate Trust company as shown by the tho testimony testimony test test- mony of uC these witnesses were Knick Knickerbocker 1 r Contracting company iii Champion Construction company company com corn pany ll Commercial Contracting Contracting Con Con- meting company Adolph Alolph Segal personal W. W v H. H Segal's SeJal's secretary Joseph A. A Baker Balcer J J. J Wood rood Jr Jr- U Joseph R. R All of oC tile tho above loans were negotiated according to the evidence by Segal in iii person As collateral he presented Swedish American Crucible Steel company f 5 i pet per cent mUtt mUtt- gage bonds to the lie value of Metropolitan Sugar company compan first mortgage bonds Standard Stand Stan Standard ard anI Iron lIon Manufacturing and amid company compau first mortgage c bonds 3 15 OliO OSmO mortgages on ott real estate in South Altoona Champion Iron and Separating company 6 per percent com cent bonds anti and also shares share of ot that company's capital stock Pennsylvania Sugar company compan 5 per pr cent bonds Bi 11 Ice Ico Manufacturing l company compau 5 per rn t 8 and a million d dollars dollars' l u- u worth l 1 of IC c G 5 Il per hier r cen cent l first mortgage mort mort- mortgage gage bonds of oC the tho Majestic l Apartment corporation The Tue value of or all this Hils collateral is extremely problematic problem problem- at Ic It Is repotted tonight that the tho district district dis dis- attorney In presenting the tho case against the three held hold for the tho lie grand graild Jury today will also endeavor to have havo two lending leading directors of ur the tho defunct company compan indicted at the tho ho same Iame time lime Hippie plaintive cr cry from Crom his grave got all has aroused tIm the depositors to a high pitch of oC Indignation Lawyers L. representing man many hundreds of or them thorn are taking un an active e part In the Investigation of or tho the affairs of the trust rust company an and facts are arc coming to to light almost hourly 10 re- re new now forms of duplicity duplicity on omi the thern part of or the tho men entrusted with the tho depositors depositors' mono money and tho the tru trust rust t funds of oC largo large and small estates Investigation lion ion shows that thai the looting of tho the trust company compan will cost tho thu Presbyterians le less bees than and the tho leaders of that faith are arc congratulating themselves them them- themselves selves that hint President chose an opportune limo timo for Cor committing sul- sul ContInued on p sage rage ge two j SEGAL IS HELD TO GRAND JURY Continued from page one clde cide as far Car as the church Is concerned the funds and deposits being low a athis at this time of the year Was Vas Money Mad Mitti Receiver Earle expresses the that President Hippie was mone money mad and anti that there seemed to be n n. n a end to the lie variety o of methods b by which he ju juggled with securities which fell into his hands an and concerning which he sought to lo deceive the di di- di i- i rectors He was not content with stealing the same bond bonti or 01 stock certificate once once said Mr 11 Earle but hut did lId i it several times over He lie would for fot Instance receive recel abond n a bond or certificate cei as collateral fo foa for or orl a l loan the security representing a aroe safe roe margin Then If Ir Mr MiS Segal came cam along asking for COl a loan an and amid l presentIng present present- Ing lug Insufficient security Mr 11 HippIe wouly take the thc good security deposited note Joto of another mail ini a place placeit It H wit with h Segal's note J lit It this manner mannel the thc directors w re brought to believe that thai the sound ic e- e curtly was collateral for the l loan nn t to toS S Segal This sort of or operation was re re- re lJ by Mr Mi Hippie as often orten as Mr 11 Segal's demands seemed to render it H necessary Mr MiS Earle Emle said that these practices practice of Hippie had left the notes and pa papers pa- pa pers s relating to lo loans In almost In Inconceivable Inconceivable inconceivable In- In conceivable confusion It was U hed yesterday that the ol oh bogus us bonds for COI good bonds among the trust securities o of the Presbyterian general assembly board was accorn- accorn h 1 by Mr 11 Hippie through a n species cies of or sleight of or hand lIe He went t to the box In the vault containing contaIning- the th trust securities In question on the he pro ire text ext of cutting coupons in iii order t to 10 cash them and place the proceeds to the credit o of the thc board hoard After Altel the box was opened Hippie Hipple informed the clerk that somebody at the thc door wanted to tose see se him for a moment The rho clerk unsuspectingly un un- left heft Hippie alone for thIs till brief interval Tho The time was sufficient to enable him to substitute two uvo bogus hogus bonds for Cor two genuine Jenuine bonds which he lie afterward h hypothecated for the tho benefit bene bemie- fit It o of himself or Segal Sesa |