New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-02-15
.SIECEL DEPOSITORS
SAY cash OR JAIL
More than 30 Per Cent or
Prosecution Is Now an
Ultimatum.
WHITMAN WON'T AGREE
TO KEEP HANDS OFF
Those Interested in Helping Failed
Firm Resent Talk of Crimi.
nal Action.

More than 30 per cent cash. or Grim
inaI prosecution OF those who may be re-
sponsible for the wrecking OF the pr-
vate bank OF Henry Siegel e. Co. Is the
ultimatum that has been submitted 20
some Of those interested in straighten-
ing out the affairs Of the failed Siege
enterprises
Thursday. when all the creditors will
meet I'm accordance WITH Judge Hands
order. is the lime limit set. according to
tho statement Of one Of the leading mem
bers OF the protective committee headed
by John p Munich This Is corroborated
by one OF the many lawyers in the case.
II is possible that 81 cents on the dollar
would be acceptable TO ali the depositors.
though considerable element thinks
10 cents would be fairer to the $500 con-
cerned compromise by which the de-
positors would receive 30 cents In cash
before March I. and 10 cents within thirty
days will be considered II offered.
On the question OF urging prosecutions
at this time il violations OF the law be
discovered, all the bank depositors are
not united Some OF them have been 40
vised by counsel other than those re-
tanned by the Munich and Bloominsdale
protective committees, that crimins.
prosecutions would automatically dry VI
the spring from which money TO pay
them is expected to iow
These members have been quietly told
| that already some Of those who have
promised to contribute TO the funds Henry
Sege and Frank f. Vogel are trying to
;,l, ahah no
unes OF the several stores have shown a
tendency to reconsider the matter
! These relatives and friends of Messrs.
Siegel and Nosel consider that any prose
cutions would be nothing less than
breach OF faith. and their reported atti-
tude is that IL anybody connected with
the stores or bank is compelled TO defend
a criminal prosecution those forcing the
prosecution should be allowed to whistle
for any money beyond that which the
stores and the banks will supply In liqul-
dalton in bankruptcy. Such liquidation.
they have pointed out, will take several
years.
AS the story is told by one OF those
who was present at the interview, the
point blank proposition was made that as
complete restitution as possible would be
made to the depositors II the District At
torney would agree not to prosecute any
case growing out Of the failure. Mr.. Whit
man said such a promise would be inn
possible by him or anybody representing
| his office.
The most he would agree to. he is re-
ported to have said. was to proceed slowly
| in order that as complete restitution as
possible might DE made for the sake of
depositors.
Since then Arthur c. Train. one OF his
assistants. has examined many witnesses
and papers.
The federal inquiry has been placed in
the hands OF Assistant United States Dis
trict Attorney Roger Wood.
This afternoon the Munich committee
will meet at the University Settlement.
No 1874 Eldridge street, and go over the
case Of the depostors with Jonah j.
Goldstein, who looks after much Of the
legal work OF the Settlement and who
has been added TO the committee.
Tomorrow John p. Murray, of Cou-
dert Brothers, counsel for the Munich
committee, and Ralph Wolf. counsel for
the protective committee headed by h.
w. Bloomingdale, will confer with Joseph
NJ. fairfield, counsel for the mercantile
creditors committee.
There were but few depositors at the
loft building No. As West 18th street
Yesterday. though the police. fearful OF
a more serious riot than that of Thurs
day were on hand in force.