New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-25
Eighteen Opened by For
mer Judge Holt-l4th
St. Store to Close.
SIMPSON CRAWFORD
MAY BE CONTINUED
4 Not. Gimbel Offer of 3S7,6OO
May Be Accepted-Fixture
Bids Vary Greatly.

no simnsou crawford Company ana lhv
,-orrteenth Street store. The results
..i.i,b will be submitted to Judge Charles
- Uoueh. in the United States District
ONT to-day. may be summarized thus'
'~le Fourteenth Street Store VIII cease
, exist as an organization. Steiniert
..~,tbcvs may get the stock, which COST
..-,no for $4,000. the highest Did
.rto sinpson Crawford store may be re
..,nized II an offer made by the sieael
ores Corporation TO give the mercantile
editors a small amount Of cash and Sc
,rit,es in the new corporation for 20 per
ont of their claims is approved by 20 per
cent in amount OF the creditors and by
me limited States District Court The
Merchants Express Company goes vita
the above.
Otherwise the stock Of the simpson
Crawford Company appraised at SSl'5i'
Will be taken over by Gimbel Brothers
for $685. 900 and the Merchants Express
Company will become the property OF L.
d. and j. d. Stein for $4,000.
The receivable accounts of simpson
Crawford & Co, carried on the books at
1856, ss2, will become the property of the
O'Neil-Adams Company for s23l,Do. John
Claf1in. who controls the O'Neill-Adams
Company. will turn these accounts over
TO a reorganized company at cost II de-
sired. He offered TO aid reorganzed
company in other ways.
For the fixtures of the Fourteenth Street
Store. inventoried at $4,000, Joseph Field
stein made the highest bid. $4,000. No
will
offer
For the Simpson Crawford fixtures, car
r'ed on the books at $4,000 $4,000 was
offered This was rejected without COM
mont.
For the stock and fixtures OF the Four
tenth Street Store Cort Brothers BID
Sls5.50O. This was rejected as irregular
and because Il was less than offers for
the merchandise and fixtures separately.
The terms offered by the reorganizers
are complicated. They involve the clean
ing I'D Of all claims by the bank depos-
TORS. the settlement Of all claims of the
Siegel Cooper Company, OF Chicago and
Henry Siegel & Co, Wholesale. for % per
cent in first preferred stock Of the new
company. 80 per cent in second preferred
and 50 per cent in common stock, and the
acceptance by a preponderating majority
of the commercial creditors OF a small
cash payment and the remainder. UP 10 50
Ger cent of their claims in stock.
Counsel for a majority OF the organized
.leditors OF the bank agreed yesterday on
a. tentative plan of settlement that would
ice the Simpson Crawford Company. as
the reorganizers ask. BY the terms Of an
sgreement reached by Ralph Wolf OF
HAYS, Hirschfeld & Wolf. and William II.
Bonynge, of Olcott, Gruber, Bonynge &
McManus. Joseph NJ fairfield. OF White
q case. representing mercantile creditors,
and James y. Proskauer. representing
Henry Melville, receiver OF the bank, all
claims against the New York stores VIII
he settled by the payment Of $1,000 in
cash. Claims against the Boston store
will be left open. though IL is possible de-
positors will be guaranteed $1,000
This phase. however will have 70 be
thrashed out in court to-day. as John P.
Murray. representing the six hundred
creditors who retained Coudert Brothers
is inclined 10 insist upon a cash settle
rent of the claim against the Boston
ton. Mr. fairfield cannot give this. as,
according to his explanation. the Boston
store is out of the hands OF the receivers
and interests that would save the Simp-
son Crawford store.
The Simpson Crawford store in which
IL IS understood neither Henry Siegel nor
Frank z. Vogel Will have any voice will.
Il recognized, start with working capt.
tai Of about $4,000, to be subscribed by
persons now holding preferred stock in
the siegel Stores Company. Many OF
them are relatives and close friends Of
Siegel and Vogel
or the bids for the stock Of the two
stores yesterday Leo 4 Price. who has
been merchandise manager for the re-
ceiyers OF the two stores, said that OF
Gimbel Brothers was liberal. That for
the Fourteenth Street stock was about
what IL would bring at auction. he said.
Harry Greenburg, who made small de
posit in the bank OF Henry Siegel e. Co.
on December 90 the day receivers were
appointed asked Judge Hough for an
order Yesterday 10 get his money back.
An order was refused. Judge Hough an
ncurcing that he had Instructed Mr.. Mel
VILE TO return all money received that
day.
The time for siegel and Vogel 20 change
their pleas 20 the indictments will expire
today. II was not known yesterday
whether another extension would Ne
asked.
Depositors in the bank will hold an all
Iay session in the Labor Temple; Second
avenue and 18th street. to-day. a dele
.aiion Of depositors notified the District
Attorneys Office Yesterday that they
would not agree 10 any attempt 70 extend
immunity 20 Siegel and Vogel in return
900. their making partial restitution.
iBy Telegraph 20 The Tribune
HO.tOu. March Y-Discrepancies involv-
H- thousands Of dollars. accounts badly
fon@Icd and probable false entries have
been found in the books OF the Henry
sieaci Company and the Siegel bank. ac-
cOrding TO "A report 10 District Attorney
Peileucr The auditor has spent only one
ooy in his examination Of the books. The
examination win take two weeks, and
VIXEN II Is finished the auditor will make
n report. which may be laid before the
sran1 jury.