New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-03
$5OO,O00 TO AID
SIECEL BANK DEBT
Fund Raised, Both Men
May Plead Guilty and
Seek ClemenCy.
DEPOSITORS MAY
GET ALL, IN TIME
Friends Rally to Indicted Finan-
ciers-Whitman Has New
Conference.


Conference.
Friends of Henry Siegel and FranR
/ f.. Vogel announced last night through
Levy Mayer. counsel for the Nelson
Morris interests, that they would pay
! 100000 to the depositors in the
wrecked bank OF Henry Siegel & Co.
regardless Of what District Attorney
/ Whitman may do.
4 The announcement followed an init
nation from the District Attorney
office that both men had decided to
accept the offer made a month ago by
Mr.. Whitman to plead guilty to one in
dictment for felony and take chance
for clemency from the court, as they
had made "such restitution as lay with
4 in their power"
The $500, 900 thus assured the deposi-
tors will give them about 30 cents on
the dollar. other assets may make the
amount finally realized 40 per cent of
the whole.
While Mr.. Mayer makes no further
promises, he is optimistic enough to
believe that eventually substantially
all, if not all, the money due the de-
positors will be paid. :.
In this connection last night he cited
the case of A. G. Becker, the Chicago
notebroker who handled so much OF
the Siegel paper and contributed
100000 toward the S1,O00,OO0 used
to save the Chicago store of Siegel,
Cooper & Co. from embarrassment.
Old Bank Case Is Cited.
Twenty years ago, Mr.. Mayer said
Becker was the proprietor Of a private
bank in Chicago which failed. owing
several million dollars. His partner
drowned himself in Lake Michigan, and
Becker. when it was found that the law
on private banking. identical with that
Of New York, had been violated, was
indicted. The bank paid 20 cents out of
its assets.
was dropped, and Becker not only paid
all the bank owed, but accumulated in
terest as well.
Mr.. Mayer thinks there is no reason
why as good results cannot be looked
for here.
Mr.. Mayer admitted in long state
ment issued last night that he hoped,
and his principals wished, to have
Siegel and Vogel given chance TO
make good as was granted Becker.
Preliminary to Mr.. Mayors declara-
ton of the 100000 payment. John B.
Stanchfeld. senior counsel of record for
the indicted men, conferred with Dis
trict Attorney whitman The two were
closeted for half an hour AS he left
the Criminal Courts Building Mr..
Stanchfield refused to discuss the OBJ
ject of his visit. Mr.. Whitman said he
had called in connection with the Siegel
cases.
did he offer to plead guilty. the
District Attorney was asked.
Il would rather" said he with a
smile" that you would ask that ques-
ton of Mr.. Stanchfield."
Whitman Admits Change.
Beyond this he would not discuss
the Siegel cases except to say that
matters had taken a decided change
since the arrival from Chicago of Levy
Mayer.
Mr.. Mayer who represents the Nell
son Morris interests, gained fame few
years ago when he invented the i'm
munity bath" for the meat packers UNI
der indictment for violation of the
criminal section Of the Sherman anti
/ trust law.
He has found the air of the Dis
trict Attorneys office entirely too cold
for bathing purposes and has caused
a change of the plans to secure i'm
munity from punishment of beth men
by forcing the District Attorneys office
&c abandon prosecution on the payment
Of s450.0OO offered to the creditors OF
the bank some weeks ago.
II was because of this change Mr.
/ Stanchfield called on District Attorney
Whitman yesterday.
In causing change OF front on the
part Of the Siegel-Vogel interests
which have been insisting on the free
dom Of both men as a condition for the
payment Of a smaller sum than he now
promises TO pay without conditions
Mr.. Mayer declared that the policy II
pursued would have resulted in both
men going to Sing Sing for long terms
He was convinced that there was prac-
tically no limit 10 the number OF cases
the District Attorney was prepared "a
.ez.s~Qn