New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-15
SIECEL GETS Time
TO PAY CREDITORS
Attorneys Agree on Pro
gramme at Conference
of All Interests.
PAYMENT IN FULL
PROMISED TO ALL
Counsel for Banker, in Letter,
Ask That No More Suits
Be Started.

Attorneys for creditors OF the Siesel
stores Corporation and depositors IN
Henry Segel & Cos bank met last even
ing in the Rank OF the Manhattan com
pany and agreed TO a programme by
which Henry Siegel and Henry Nogel will
have time to reach basis OF adjustment.
The conference was attended by James
y. Rosenberg attorney for the receivers
Joseph NJ fairfield, attorney for the
mercantile creditors committee: John I.
Murray. OF Coudert Brothers NO. hec-
tor street, attorney for the bank de-
po.itors committee; William A. Marble
and John S. Sheppard, receivers OF the
SieseI Stores Corporation, and Henry
Melville. receiver or the Henry siegel &
Co. bank: Pierre Jay. yice-president OF
the Bank Of the Manhattan, chairman OF
the mercantile creditors committee, and
Henry Segel. At the conclusion or the
conference the attorneys authorized j.
Philip Munich chairman OF the depositors
committee. 10 make this statement:
The meeting was held 10 determine
what arrangements agreeable 10 me
! chairman OF the depositors' committee can
be made for the payment Of n substantial
sum to the depositors and when. Another
meeting will be held within week to
! determine what amount shall be paid and
when, and TO arrange for security for the
payment Of the balance TO the de-
positors."
/ Prior 10 this meeting Munich and Miss
Eta Mahonoy. OF the depositors' com
! mittee. had a personal interview with
/ siegel and his attorneys. John b. Stanch-
! field and Louis Samter Levy
Mr.. Siegel had tears in his eyes when
/ he talked with us" Munich told the de
positors at a meeting at No. A. West 18th
street. He told us he would pay us 20
! cents on the dollar All he needs Is time.
! he told ne, and am in favor Of giving it
to him"
Hugh Pertchard Of No. ~ West aSd
street. a depositor. made a speech. advis-
! ing patience. Miss Mahoney described the
/ interview 10 the women depositors.
/ Munich made public letter he received
/ from the attorneys for Sleeel. 1t was the
! first statement made TO the depositors on
I
municated 10 them this afternoon. In this
letter the attorneys reiterate Siegefs
promise to make good all deposits. They
also emphasize the necessity Of giving
! him time. and state that they will be en-
+ barrassed by court proceedings. This is
! the letter:
In reply to your request as TO the
plans of Messrs Siegel & co. for the re
lief OF their depositors. we would say on
their behalf that every possible effort is
being made toward that end All OF the
attorneys representing each Of the numer
Gus class OF creditors are most anxious
, 10 reach this result. We are working
steadily 10 ascertain the exact financial
status Of each store and OF the Arm. and
10 bring all merchandise creditors into AN
/ extension agreement under which the
stores may be reorganized, and especially
| TO secure money from relatives and
( friends that will provide a substantial
cash payment TO depositors and improve
the security for the payment of the bal
ance.
I'VE are. however. being greatly inn
peded by the number Of proceedings now
! DenullE. MS WIN w
mands all the time and attention Of our
! clients a. we'll as the attorneys The
results will be delayed and perhaps en-
| tlrely frustrated II We must go through
long examinations and legal proceedings.
for we cannot attend 10 these matters
/ without abandoning our work on the re-
organization.
mir. Sege and Mr.. Vogel desire only
the chance to work for their creditors,
especially their depositors. II they are
given the opportunity they will devote
themselves entirely to this task, and will
work harder for these depositors than
they have ever worked for themselves.
They are unwilling TO allow the deposi-
tors 10 suffer any loss If only they be
given the opportunity and assistance OF
/ the creditors and courts TO prevent II.
I'VE shall endeavor to keep your at
torneys informed Of our plans and prog
ress, and we trust that your committee
may he able 10 impress on all depositors
the great importance of their patient CO.
operation"
! Robert McMeekin. secretary OF the
siegel Stores Corporation. whose name
has been mentioned az an official OF
Henry Siegel & Co. has no connection
with that enterprise. He is connected with
the department store business only.
/