New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-13
Want Hays for Attorney.


The Pollock committee consists OF Sen
ators William James Heffernan, w. Is.
CarswelI William D. Peckham, John f.
Healy James A. Emerson and william
l.. Ormrod At yesterdays sessions Dan
lei T. Hays, OF Hays, Hershhe!d 4 VOL,
attorneys at No. 1l5 Broadway appeared
for several depositors in the Siegel bank.
He questioned the witnesses, and at the
end Of the hearing Chairman Pollock an
nounced Mr.. Hays would act as attorney
for the committee I'm future hearings.
The Siegel bank had a bond for Sl0."o
on deposit with the state. and this sum
is 10 be used Mr.. Melville stated
as a part Of the assets of the bank.
The first witness heard was John A.
Carver an attorney representing the
5 gel Stores Corporation.
In the course OF his testimony the wilt
ness stated the $4,000 which had been
held in security for the deposits repre-
scented one-half OF the common stock OF
the firm.
III the stores can be kept going, he
said. "a satisfactory adjustment will
eventually ensue."
Senator Pollock asked why the l5Wv
depositors OF the bank were enjoined by
the courts from doing anything to get
their money Carver said that was
question the Supreme Court had settled
and that he could not account for the
actions OF that court
The depOsitors are creditors OF Siege
and Vogel. the witness said, and not or
the Siegel Stores Corporation. In Gar
vers opinion, IT would be desirable 10
have private banks come under the juris-
diction Of the State Banking Department.
and ne believed legislation protecting the
small depositors should lie enacted.
Henry Melville testified he was appoint
ed receiver by the United States District
Court on December -. lie said the Amer
lean Audit Company had found deposits
of $3.50 ,Ss33 80 by 1900 depositors.
The report of the American Audit Com
many. Mr.. Melville asserted, showed the
assets OF the bank. its loans and Habill-
ties. In the list was the personal account
of Henry Siegel revealing 'he fact that
Mr.. SieGel had borrowed 1854, l9l from the
bank.
The common stock, according 10 Mr..
Melville. is worth Sl2 share. He said he
learned this from postcard sent him by
a Chicago broker The actual assets OF
the bank, he declared, are $4,000 In cash.
8. 453 IN banks and the cash bond Of
10000
"The stock Of the store and the bank
las no market value just now" said Mr..
% fptn Tod
including the District Attorney, want 10
examine the books Of the firm to ascer-
tain in what manner the money was
loaned and what the value OF the holdings
that Il has been hard for me 10 learn
al ythlng."
Mr.. Melville testified he had a written
agreement. made by Siegel and NoSel,
that the 81, 800, 600 common stock of the
Fourteenth Street Store would be used to
pay the depositors.
Mr. Melville made the following state
ment late last night regarding his testi-
mony before the Senate committee:
AS receiver OF Henry Siegel & Co.,
| bankers. | testified this afternoon before
the Senate investigating committee Some
OF the late editions of the evening papers
report me saying that the loans OF
the bank TO Henry Slegel personally were
not secured by collateral. This is a mis-
take. Upon taking possession Of the
bank found In the safe document read
Ing as follows:
New York. y. Y.
THE attached stock. namely, go
shares. Siegel stores Corporation common
stock the property or Henry Siegel valued
at par $4,000. and 1,OIc shares OF Henry
Siegel Company stock. valued at par
10000. the property OF Henry Siegel. is
held as collateral security for any and
all loans heretofore or hereafter made by
| the firm of Henry Siegel & Co. bankers,
/ New York City, TO Henry Siegel.
Upon repayment OF all such loans.
with interest, the said stock is 10 be re-
turned by the firm Of Henry Siegel *
/ Co. bankers. to Henry Siegel
, Witness:
! "(SignedJ HENRY SfEGEL.
"'(Signed) OSCAR A. PRALL.'
The stock referred 10 was attached
and is now in my possession. This formed
| part OF the total number OF shares which
l testified that l had in my hands az