New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-15
ASKS MORGAN FIRM
TO Aid BANK QUIZ
Senate Committee to Sub
ppna Several PrOmi-
nent FinanCierS.
SIEGEL INQUIRY
HALTS SUDDENLY
Banker Gives No Testimony, but
Tells Creditors He Will Pay
All in Time.

The Senate Committee on Banking.
which SO far has been investigating the
affairs Of the Gefunct bank Of Henry
Siege E. Co. as part OF general inquiry
~ the methods Of private banking lnsu-
buttons. with view OF suggesting rene
dial legislation for the better protection
OF depositors. issued subpcenas yester-
dav for representative OF several OF the
large private banking firms Of the nnan-
cial district. senator Henry W. Foilock'
chairman Of the committee, and senator
James 4. Emerson. the only two members
OF the committe, present at Yesterday
hearing. declared they desired 10 dspel
the impression that the inquiry was to
be limited to small private bankers
William H. Porter. Of i. +. Morgan a
co. Paul ". Warburg ami Jacoh H.
SchiN. of Kuhn. Loeb & Co. Henry Seiis-
man OF J. & W. seligman Co, ana
James Speyer. OF Speyer Co. were
among the bankers whom II was said
would be called before the committee.
Chairman Pollock said that the commit
tee desired to obtain the opinions OF the
big bankers. as we'll as the small ones on
the question Of p more comprehensive
state regulation Of the private banking
business
Subpnnas for the officials OF other de-
partnent store banks were issued yeStei-
dav. All Of the subpoenas called Tor the
annearance Of the witnesses At the next
hearing before the committee tomorrow
The committee unexpectedly dropped
the inquiry into the affairs OF the Siesei
bank Yesterday. Henry sieeel president
and other officials OF the deiunct banh
were present under subpoena 10 TESTIFY
They were excused by Chairman Pollock
after John r. Stanchfeld. their counsel
declared that the examination or MY
Sleecl Mr.. Vogel or Mr.. McMeekin' the
latter two were secretary and treasurer OF
the Sieeel stores Corporation. would only
embarrass and retard the reorganization
Of the Siegel business.
When Nj Siegers name was called AZ
witness he arose from the rear oil th'
Aldermanic Chamber. where the nearing
are being held. in the City Hall, ana
started forward. Mr.. Stanchheld wavel
him back to his seat.
Mr.. Siegel was part Of the time the
centre Of a crowd Of excited depositors
who piled him with questions as TO how
much and when he was going 70 pay
them. TIC all such, questions Mr.. Siege!
refused 10 set a time when payment would
be made. but he told the depositors tna'
81 they would leave him alone and not
start litigation. which he said would only
conplicate matters at this time, that n
hoped 10 pay dollar for dollar as soon as
tho business was reorganized.
There is no intention on the part OF
Mr.. Siecel or Mr.. Vosel,' said Mr.
Stanchfeld in asking that they be eX-
cused. "to handicap this committee. ou'
ask that any examination Of them he
suspended in order that all their efforts
may be bent to the reorganization OF thelr
business.
eve are perfectly willing that YOU APP
point representatives to attend any con
ferencee which may look toward the reor'
ganization Of the business. and to keeT
in touch with what is going forward
want 10 say here that the time and ser
vices Of Mr. Sieeel and Mr.. Vogel are
reolllred TO get the great mass OF figures
In this business into shape for intelligent
action"
Chairman Pollock acquiesced and ap'
pointed Daniel p. Hayes, counsel Tor the
committee. as its representative 10 attend
conferences.
Several witnesses were examined by
Mr. HAYES for the committee. william
A Marble. receiver OF the Siegel Stores
| Cornoration submitted a tentative state
ment Of the finances OF that corporation
| but the figures were withheld untii ne
had an opportunity TO verify the state
ment lie declared that the creditors o.
| the f,rm would be amply protected.