The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-01
SIEGEL DEPOSITORS
TO GET CASH AT ONCE
Receivers Attorney Agrees, if
Judge Consents, to I'M
mediate Dividend.
AUCTION BRINGS S268.112
Fourteenth Street store Sells
for $4,000 More Than
Best Previous Bid.

rhe fear that the $1,000 derositors ir
the Henry siegel bank would have &c
wait several months before getting an,
part of the s325.000 settled on them b,
the reorganization company because O,
an effort on the part of a few lawyers &c
mold the payment until SiegeI and yoRel
were adjudged bankrupts was dispelled
yesterday. Joseph NJ. Proskauer attorney
TO- Henry Melville, receiver, replied favor.
ably to letters from John p. Murray OF
CJudert Bros. counsel for one group OF
jepositors, and Ralph Wolf of Hays
Herschiield a Wolff, counsel for another
group. asking that the receiver distribute
the funds as soon as he gets them
Mr. Proskauer said Mr.. Melville could
act only according to the wish of Judge
Hough. but he anticipated no opposition.
For himself Mr.. Proskauer said he
thought it was ridiculous for the deposit
tors to walt for an adjudication In bank
ruptcy before getting the Is cents on the
dollar coming to them from the two New
York stores and the one In Boston.
As soon as Mr.. Melville gets the $685.
600 cash. Mr.. Proskauer said, he would
appear before Judge Hough and ask for
an order declaring an immediate cash
dividend. The various deposltors' COM
mttees will be notified and a chance
given FOR argument to those who desire
the election OF trustee and the turning
over TO him of all funds to hold until
siegel and Vogel are adJudged bankrupts
in order that any additional assets thew
ave may be seized.
Mr.. Proskauer expected to hear that
The s132.500 from Boston would be in
Mr.. Melvilles hands to-day.
Divorce Action Not Feared,
IL was the opinion OF Mr.. Proskauer
that the divorce action started by Mrs
S.egel would not have the slightest effect
on the depositoIs or other creditors
claims against Siegel as AN Individual
It was thought yesterday that Mrs Siegel
might assert priority of claim for what
ever assets might be revealed.
y committee OF depositors visited Dis
trct Attorney Whitman to present a reso-
luton. The committee was heaoed by A.
y. Bresel. chairman: J. y. Collins, secre-
iary: Jacob Latter, Jessie a. Martin.
Harry Greenberg. J. Eckstein and Mis-
Nenzel. and Samuel Holman. counsel for
some of the deposltors.
The resolutions expressed confidence in
M. Whitman and referred particularly TO
The oft repeated offer OF S45o. 0Oo, with the
understanding that Sleeel and Nogel were
10 get clemency from the District Attor-
ney. The resolutions were drawn week
before Judge Hough's decision on the re-
organization plan. however. so tina; most
OF their burden was not strictly apropos
Of tho present situation.
Mr.. Whitman replied that II s450.0O0
Has available the two men had had ample
time to show their good faith, but that 1t
would be Illegal improper and criminal
tor a District Attorney to enter into any
agreement TO give clemency in return for
the payment OF money. Mr.. Whitman
concluded.
III they tSiegel and Voge) do all in
their power to make restitution and pie ad
guilty 10 any indictment that may be re-
turned against them when the weight OF
evidence is overwhelmingly against them,
or after they are tried and convicted, the
District At; 'rney IL then privileged 10
recomm I'd clemency In such a case
The District Attorneys office does not
expect ny further indictments against
Sit ge! and Nogel this wee At least
twelve true bills are expo cted early next
week. Mr.. Whitmans Office hopes TO have
S'egel u..d Vogel on trial by the middle
OF the summer.
Judge Hough entered a stipulation yes
terday extending the time in which the
mercantile receivers. William 4. Marble
and John 5. Sheppard Jr.. may answer
~ Involuntary bankruptcy petitions filed
against the Merchants Express Company
and the Simpson Crawford store. Ii Is
lcgarded Us likely that the court will
tettle these matters In equity rather than
In bankruptcy because of the delay
granted.
S48s,lIx for I4th street store.