Albuquerque morning journal., 1913-12-31
SEIGEL INTERESTS
CO INTO HANDS
OF RECEIVERS
Three Bic Stores Express
Company and Private Sank
0verstrained for Cash, Re-
sort 10 Federal Coud,

fHY neHssa JouaHAt SPECIAL Lrtsfp NiHrl
Now York. Dec 30-fWo great de-
Ipartmcnt stores in New York and one
iu Boston. au express company.
wholesale house and q private bank
ing house run n connection with th,
department stores. an allied with anc
controlled by the siegel Stores cor.
pofaton. Of which Henry Slegel. OF
this city is directing head and prosi-
dent were placed In the hands of re-
ceivers today through suit insti-
Itutcd by the holding company In the
federal courts.
None OF the concerns. according Ia
statement Of counsel, Is insolvent, and
the action was taken 20 conserve their
good will. 10 rchablitate and organize
them. The assets aud liabilities were
not stated
Curtailmsnt Of bank credit made
rcceivershlp imperative. Their gross
earnings heretofore have been esti-
mated az 10000 600 annually
Two firms, the similarity OF whose
corporate name in one case and stock
ownership By the Siegel stores cor
poration IN the other. might result In
the Inference that they were involved
In the failure. We're quick to issue
statements explaining their position.
The Grecnhut-Siegel-C Cooper company.
Of this city has no connection. direct
or otherwise with the stores con-
uollcd by the Siegel stores corpora
tion, and IN Chicago, the store Of
Sicgel, Cooper & Co., although its
stock is owned by the Siegel stores
corporation, is prospering Counsel
here issued "a statement to this effect.
which was confirmed by Max Pam.
general counsel for the Chicago store.
The business there, he said, would be
continued without interruption. The
store, he added, was in no sense a
party to the suit
The firms for which receivers were
are:
The Fourteenth Street store, New
York.
The slmpson-Crawford company
New York.
Henry siegel and Frank r. Nogel
dong "a private banking business as
Henry slegel & CO.. New York.
Henry slegcl 81 CO.. wholesalers,
New York
Henry Siegel Co, Boston, de-
partment store
For an except the banking house.
William A. Marble and J. $. shep-
pard Jr, Of this city. were named
receivers, with bonds of $4,000 each /
Henry Melville was placed in charge
vt the banking business. The amount
n its deposits was not announced, /
5ut they We're estimated at $4,000, 600. I
mostly in small amounts lt paid ~ T
per cent interest and the majority of I
he depostors were comparatively
POOR people
Mr. Melville said tonight that he
vas not fully informed regarding the
condition Of the bank in the Fourth +
street store. IF the store is solvent
he bank is an right" he said.
4 few depostors mostly young
'irls and women, applied for their
money late today. and were told they
would have to wait until auditors had
gone over the books.
Counsel for the Siegel stores cor
'oration issued this statement to-
light
The siegel stores corporation is a
holding company and IS a creditor Of
he other companies, and its relations
With the various branches of the busl
less are such that its success Is de-
'cndcnt on the continuous success Of
he business represented by the other
ompanies, partnerships and indivld- 4
Ials. Credits Of the New York stores
lave been so greatly strained, the
business cannot be successfully con-
inucd without some readiustment.
Though none of the companies nor
nor individuals is in
olyent in bankruptcy sense of the
crm.
"The institution of the present suit
nd appointment Of receivers is
riendly proceeding made in an ef-
ort 10 prevent disruption of the
iiferent parts Of the large enterprise
nd to preserve the enormously valu-
bic good will of this great business
Or the benefit Of its credit0ts ana
ustomers and the public generally"
Messrs. Melville and Sheppard had
his TO say:
The situation impresses us as one
here cooperation by the creditors
nth the receivers is essential and viii
Id materially in securing the best re-
ilts for all concerned The relation
nip between all Of the three con /
rms involved in this receivership was
FRY close, in that each store was a
editor or a debtor Of the other
ore The creditors will be given all
formation as soon as we and our |
'unsel have an opportunity to coll
Ct H. and in the meantime the busi-
'ss VIII be carried on by us.
EACHEY MAKES INDOOR