The evening world. [volume] (New York, N.Y.) 1887-1931, 1914-01-21


MRS VERA B WADLElGH
Company. This 100000. he added
went to the Siegel Stores Corporation
and from that to various stores and
the Siegel bank.
Liabilities DUE TO THE ROTH.
ENDERG DEAL.
Mr.. Vogel said that the store took
the holdings Of A. l.. Price, who
owned Rothenberg's store in Four
teenth street. paying therefor ap-
proximately 100000. and taking over
five-year lease at si25.OOO "a year.
lie is partly liable with Mr.. Siegel
for this lease. n total OF $685., 900. and
on the contract for services when
A. l.. Price took employment with
the Fourteenth Street Store. lie
personally owes Siegel. Cnpper & Co.
OF Chicago 50, 900: Simpson. Crawford
Il Co, 1000: the Fourteenth Street
store. $1,000. and the Boston Store,
50, 900.
With these stupendous liabilities.
Vogel has these amazingly small live
assets: 500 In the Union Exchange
National Bank, S1.16l In the Central
Trust Co.. Of Illinois. $136 in the Ma
tional Bank Of the Republic, IS shares
Of stock In the Union National Bank
and 10 shares Of stock In the Empire
Safety Deposit Vault 60.
Vogel testified he owned $500. 900
Tof the $s.0Oo.o0o OF stock in the Siegel
Stores Corporation. but that this
stock was hypothecated with Henry
Siegel e. Co., bankers. as collateral
for loans. ."'
Mr.. Vogel said that for twenty
years he was with Nelson Morris &
Co.. but about 1902 he entered part
nership with Siegel.
II drew out &l.40O.OOO from my
packing interests and from time to
time l put Sl.25o.OOO into the Siegel
companies"
Real money!"
"Yes-R-E-A-L money" he said, bit
terly. To-day ] haven't a cent. It's
all sunk"
NO DIVIDENDS PAID ON STOCK
HE HELD.
VOgcl said his salary from his po-
sition In the various Siegel corpora
tons was 5000, and that he received
dividends from his various stocks
Money he received from dividends he
put back into stocks.
For three years he has not received
"A cent In dividends from any of the
Siegel companies. Only simpson.
Crawford & Co. paid dividends, these
dividends going to the Siegel Stores
Corporation. the holding corporation,
and by that corporation being paid
to holders Of the 100000 Of I per
cent. preferred stock OF the holding
company.
The common Vogel
owned only common stock-got no
dividends. He created some surprise
by saying that Siegel Cooper a. Co. OF
Chicago. thought to be immensely
profitable. had declared no dividend
for three years. though Il cleared
$350,O00 a year. this profit going into
the stores surplus.
FOURTEENTH erREET STORE
OWES HIM. $4,000.
Vogels efforts were being made TO
4 90 90
gel, Cooper a. Co. OF Chicago. TO re-
place an equal sum loaned by the Chi.
cago house to Simpson, Crawford 4
Co. OF New York. and these efforts
would prove successful In a few DAYS.
the subscriptions having been made
by Mrs. NJ. l.. Rothschild, his niece:
julius Rosenwald OF Sears, Roebuck
a. Co.. A. q. Becker of Chicago. the
National Bank Of the Republic, the
Central Trust Company. the estate of
10 u. Letter. ], Levy OF Oppenheim-
Collins. J. Siegel OF Detroit and A. Sic
gel OF New York,
a. Co.. wholesalers, was formed, he
said to buy In great quantities and
distribute merchandise to the various
stores. saving money for them, the
goods being sold at cost to the stores
Vogel testified that he, personally,
was not indebted to the banking firm
~ Henry Siegel 4 Co.. and that he
had never borrowed from the bank.
lie said he held personal claim Of
$4,000 against the Fourteenth Street
store for money loaned.
Roughly speaking, he figured the
assets of the combined Siesel Compa-
MES dncluding the Chicago store)
over the liabilities at more than
1000. 900. which would. II proven cor.
rect. show that the various compa ies
should far more than be able to pay
| their debts.
The three stores In the recsivership
Simpson, Crawford Il Co.. the Four.
tssnth Street Store and Henry siegsl
4 Co. OF Boston did an annual busi.
ness Of Sis.ooo.soo. while stsgsl. ceVpsl
~ ,a ~ NJ ~ - N ~