The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-10
STEGEL STORES MAY
GIVE UP THE FIGHT
Receivers Report They Are Both
Losing Money--Will
Ask to Sell.
nIrO>ITORS REJECT OFFER
Vote al stormy Meeting Not to
lcccpt 30 1-2 Per Cent.
in Cash.
plro>ITORS REJECT OFFER

r. 'Wo Siegel stores In this city. the
Fourteenth street Store and the Simpson
c-.sf5rd Company, will be sold by the
receivers between March 20 and April /.
=, friends Of Henry siegel and Frank
vaesl acting for the mercantile and
general bank creditors. are able to effect
- -..r-auIzation by that time they may
,o-t.al~ the business by buying the assets
,...rpIse. everything win go to the high
ct bidder.
James y Rosenberg. counsel for Will
tam Marble and John s. sheppard,
u. receivers for the stores. appeared yes
..-I,y before Judge Holt and announced
that the stores are both losing money and
nat they would ask PERMISSION to get
"a o. them.
Louis : Levy ~ Stanchfcld 4 Levy.
~ho did not want 20 give up certain books
s,d papers belonging to Sicsel and Nosel
thought better Of IT yesterday and sent
them 10 the District Attorney. Witnesses
called before tho Grand Jury indicated
that ,Ae District Attorney Is getting ready
10 leave the case with the Grand Jury
sor decision as 20 indictments
Receivers Marble and sheppard and a
-spres.ntative OF the boston store were
witnesses and later In the day John r..
.HHeld and Henry \. Flat Of Chi
cslo called upon the District Attorney.
VII, summoned Arthur G. Train In to
me-, them Mr.. Plat comes as a repre-
sentative " the Nogcl family. II IL an
nounc,d Neither would talk of his visit
nor would Mr.. Whitman.
NJ Plat comes also. IL Is said, with an
o-er from members OF Mr. vogel's family
20 take 100000 Of the preferred stock
% new corporation, which was suggested
n continue the business. This corporation
was 10 have 81 600. 600 capital and 10 be
known as the Dcpa rtment stores Corpora
Ton
The usual scenes Of turbulence at
tended the session before former Judge
uolt. acting az master TO take & stlmony
n tr- case pcpositors to the number
- 500 c-ovded the rooms Of the Mer-
chant, Association and interrupted ut
.v.-g stage Of the proceedings. ThsN OBJ
,A-ted 20 everything until Judge Holt de-
ciared he would adjourn the rneetiEs al
once
The trouble at the meeting started
when ne question OF the Offer of the
-, cents OF the pepostors Realization
Corporation came UP. John i. Murray Of
CH4I.rt Bros. attorney for many Of tn.
depostors. said ne would Ike 20 SEQ SONS
money u the hands u the corporation
There had been a promise OF fi50."vu
,-an the friends Of the two men. but nc
ofa had IL. Instantly dozen men and
women we're on their feet and shouting
some wanted to accept what they coult
o. ,tarrs wanted so per cent cash, stu
,tH-r- wanted more one man accused
o.. Judges the LAWYERS. the press and
.ls-,Huly else Of being in league 10 de
'-sll them ~ their money. John i
Nlr.h. Rho vas chairman OF depositors
committee unit! recently, tried 10 TAX
b. was hoV.ed down.
J.dg. Holt finally allowed a vote 10 h
tssr nu the question whether to accep
80 Fer or not u Vas about +Fo e
.gUfst Then Ne announced that IN
| meeting VAS adjourned. Vie Will MAKE
rs report to Judge Hough IN the Unite
| States Court In three or four days.