New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-03
TRY TO REORGANIzE
SIECEL ENTERPRISES
Mercantile and Bank Cred
itors Unite in Effort to
Aid Receivers.
BANK DEPOSITORS
CLAMOR FOR CASH
Are Told They Must Wait
Crowd Accuses a Woman Adj
wiser of Being Firms Agent.

Mercantile and bank creditors Of the
several Scgel enterprises. representing
claims totalling about 100000 met yes
terday i'm the Offices Of White & Case. IN
the Bankers Trust Building and formed
organizing the companies and conserving
the interests Of the creditors. This com
mittoe. of which Pierre Jay, vice president
of the Bank OF the Manhattan Company.
is chairman. and Joseph VI. Hartfeld or
White x Case. is secretary. will confer
with William A. Marble and John ;. Shep-
pard. jr. receivers of the Siegel mercan-
tile establishments, to-day and report re-
suits TO a meeting of creditors on Monday.
Mr. Jay is serving on the committee as
the representative Of the Bank OF the
Metropolis and other banking creditors.
The other members of the committee are
Clifton NJ Dwinell. representing the first
National Bank Of Boston +. L. Myers OF
L. Meyers & Sons. glovers; Leo Frank, OF
the II. b. CIafin Company. and Edmund
Wright. who represents T. Victor
Achelis. dry goods wholesalers.
Il estimate that the claims represented
by the committee total perhaps N'ooo'oo
said Mr.. fairfield TO a Tribune reporter
last night. "but the committee represents
no group of creditors. 1t will be glad
TO have them all come in. What we want
to do is to cooperate IN Workins OUT
some scheme to reorganiZe. If these prop
critics are forced to a sacrifice, cleared up
at once. there will undoubtedly be loss
They must be kept going The sood"li
alone is very valuable. Whether or not
100 per cent will be paid no one knows az
vet We may learn something between
row and Monday
Depositors in the banking house oil
Henry Siegel & co. met in the early morn
ing and there was repetition OF tne
scenes of Wednesday, when everybody
began clamoring for money at once
Henry Melville. the receiver, told them
none was to be had, and that no lniofliia-
ton would be forthcoming for probably
week.
Another effort was made TO appoint
committee TO hire lawyers, but THIS was
headed off by Miss Jessie A. Martin VINO
Is in a magazine enterprise. She advised
all against wasting money upon lawyer
She was thereupon accused or being an
agent of the head of the firm. she pre-
vailed however. and committee, headed
nv Jacob II. Latter. was sent to see Henry
sieeel and ascertain his attitude toward
the depositors. This committee VIII re-
port at 10 o'clock this morning.
4.
lanes y. Rosenberg of Rosenberg ~
Lewis. Yesterday defined the position OF
the creditors OF the bank. They VIII come
first in the distribution Of the proceeds OF
the s3.5OOOOO Siegel Stores Corporation
stock held By the banking firm. CntI
thev are satisfied none of the other creuI-
tors of Messrs. Siegel and Nogel, owners
of the bank. have any interest in this
stock. on the rule that the property OF
copartnership is responsible first for the
debts of that copartnership II the stocA
does not produce enough TO pay the claiiils
in full then the depositors Will nave 10
take their chances with the general creui-
tors of Messrs. Siegel and Nogel for the
balances due them.
What this stock will bring is probe
NAUTICAL. and it is quite among the posi-
bilities that the depositors will be PAID
their money in instruments, pending Ia
vorable market for the sale of the shares
The stock taking in the several stores
was completed yesterday, but 1t VIII De
we'll into next week before the resui's are
tabulated. Meantime the receivers VIII
begin a series of sales intended 10 turn
much of this into money. To keep lines
intact and the business going they were
purchasing goods yesterday, payment oe-
ing guaranteed by the fact that the SAFES
are made to the receivers.
The experts on the books have maze
but little headway. Altogether there are
about 1000 debit accounts but many Oh
these are duplicated. in that one hrm mas
oooounts against all three stores. These
have not yet been totalled.
The indebtedness Of Henry Siegel * Co..
! Wholesale, is small not exceeding so''V"'