The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-27
iSIEGEL AND YOGEL
| MUST TELL ASSETS
Stores Creditors in Petition
Deny Good Faith in Re-
organization Plan. '
DEPOS1TORS NEAR TO RIOT
Stormy Meeting Over Offer Of
Partial Settlement Breaks
Up without Action.

Henry Siegel and Frank p. voeel must
appear before United States Commissioners
oilchrist to be examined In regard to the
| assets Of Henry Siegel Co.. bankers.
| Simpson-Crawford Company and the
Fourteenth Street Store. all in the hands
OF receivers. An order to that effect was
issued yesterday by Judge Learned Hand
In the United States District Court, but no
date for the examination was set.
The order was granted on application
OF Michael Huppert, a creditor, through
Olcott. Gruber, Bonynge 4 McManus, at
torneys for the stores creditors.
The petitioner says that the hearings
before Special Master George c. Holt
have been practically abandoned and con-
tinues:
In the answer filed herein the alleged
bankrupts deny their insolvency. II APP
pears from the various reports submitted
! by the receivers of the various enterprises
that they are hopelessly insolvent and
| they are now endeavoring to reorganize
these various enterprises by paying a
small amount of cash and delivering GER
tain shares OF stock to their creditors.'
shortly before that petition was filed
| more thsn 900 depostors OF the private
| bank gathered in IS West Thirteenth
street TO discuss the offer made by the
Depositors Realization Corporation TO
pay tne uepOsltOTs SEA1 Genus OIL the
dollar and the remainder in notes. The
offer is made by company organised
by Siegels friends.
The meeting developed into near
riot and ended In utter confusion. with no
vote taken.
When the meeting was called to order
at o'clock by j. =. Munich. chairman
OF one committee. representing part Of the
| 5000 depositors. Munich advocated the
acceptance OF the offer Immediately there
was a yell Of disapproval from men and
women. The speaker did not get far I'M
I'll he was interrupted by others
IT'S a cutthroat proposition" yelled
one. THE notes never will be paid. The
Siegel stores are bankrupt and their stock
is not worth n cent"
Then there were shouts OF traitor"
"robber" and give us our money"
Munich tried to make himself heard
Then the meeting broke into two parts
In that way there was harmony for
time. Then somebody tried to get both
groups together and Immediately there
was almost pandemonium. Chairs were
broken by persons who excitedly sought
to make themselves heard. The racket
became 70 great that the wouid-be lead
ers left In despair
The attorneys for the different depos-
itors' committees will make a report to
Special Master Holt on Monday AS to
what are the good points OF the propo-
sition and what are the weak points. II
Is expected that Judge Holt will take
some definite action.
While the depositors were wrangling
meeting OF the preferred stock holders OF
the Siegel Stores Corporation was held in
the Hotel Aston. The reorganization of
that company to operate the Simpson
Crawford Company and the Fourteenth
Street store. II WAS said. depended largely
on the willingness OF the landlords to
reduce the rents by about 30 per cent.
Boston, Mass, Feb. Ga value of
si.lli536 was placed on the assets OF
the Henry Siesel Company OF Boston to-
day by Mark s. Slater Harvey II. Pratt
and Albert =. Apsey. appraisers, who
were appointed by Referee Olmstead. The
appraisal was filed in court this after