New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-14

az the instigation OF the preierrCu
stockholders of the Siegel Stores Cor
poration. Because most Of the holders
of the first issue of preferred stock are
resident in London or OH the Continent,
the firm of Price, Waterhouse d Co.,
certified public accountants, which Is
as widely known in Throgmorton street
as in Wall street. was selected for the
work.
II is expected that the eXamhation
will be completed within a few days.
The findings will be available to Mt
Whitman, though his representative
will make some examination on his own
account.
Depositors in the bank held lodge OF
sorrow at No. 45 West 18th street yes'e'-
day afternoon. The agitators VINO ma
blocked the compromise offer were con-
spicuous by their absence. Last night
another meeting of the protesting factioh
was held in Public School q, in 40 street
At this meeting the sale of the Boston
store was denounced as highway ROBBERY
and the turning down Of the offer OF the
Depositors' Realization Corporation was
justified.
Toward the close of the meeting. ana
after many of the depositors had LETT the
hall because Jacob II. Latter, one or inc
most active Of the depositors. had been
refused permission 10 outline a PiaA
whereby some, at least. of the money
might be recovered. Louis Hoffman. rep
resenting his brother. an attorney SAID
Louis ;. Levy had made him an offer Ct
90 per cent in cash, with security for the
balance. 4 committee will see Mr.. Levy
to-day to learn the conditions OF the Offer.
II was said at the meeting that the otter
was conditional on Siegel and Nogel ue-
ing allowed their freedom. substantially
the offer that District Attorney Whitman
has insisted he will not consider.
The fact that litigation ma" cat UP all
tho resources Of the bank did not seem to
impress many of the go present as se:l-
Gus.
There was a small riot in the rouc-
teenth Street Store yesteray afternoon.
when a woman who said she had 5000
deposited in the bank, and who had just
returned from Europe. went TO the store
TO get it and was informed that the bank
had failed. Her cries brought u crowd
about her. and for while pandemoniu1
rcigned. II was added to by historical
clerks who will be thrown out of en-
ployment tonight. These joined in The
cries for their money as loudly as any
one else and for time things were
stormy. \ few policemen restored oroer
without making any arrests.
II developed yesterday that hundreds of
the clerks employed in the Fourteenth
Street store and by the Simpson-Craw-
ford Company were depositors in the
bank. They were encouraged to show in
this way their loyalty and 10 influence
promotion and increases I'm salary. All
were members of the Fourteenth Street
Store Employees Association. to which
they contributed 10 cents d week. This
fund went with the rest OF the banks
money. As nearly as can be ascertained
il amounted to about $1,000
Many clerks who have been employed
in the Fourteenth Street and Simpson
Crawford stores have found employment
i'm other establishments Several depart
mcnt stores sent word to the managers
of these stores yesterday that they had
vacancies, and asked that competent sales
persons be sent them. In this way many
Of the more experienced and higher SAL
aried employees have been taken care of.
The poorer paid help Will have to Shift
for themselves.
Trouble is expected with these when
tho stores close tonight and fifteen hun
bred are turned adrift hundreds without
money. as they will not be paid until
Tuesday. An effort will be made to-day
to interest prominent social workers I'm
the case. to the end that the younger girls
will be protected.
At the two stores yesterday the work
Of arranging stock for the inspection of
prospective bidders was under way.
About one-half the forces will be thus
employed unit; mid-week, when bidders
will be invited to look over the property
4 great dea! of work was done i'm the rug
department Of the Simpson-Crawford
store. where large force late i'm the
afternoon piled carpets 10 the strains OF
the prison song from III Trovotore,"
played in a piano store not twenty feet
from the Office where Sicgel was at work
The irony was not appreciated, either by
the player or the workers.
One of the chief, if not the chief bidder
for the stores is expected TO be Leo A.
Price, formerly owner Of the Rothenberg
store, which the Fourteenth Street Store
absorbed less than year ago. and since
the receivership proceedings merchandise
manager of the three stores. lie is rated
as one OF the most efficient department
store men in the country. and it is under
stood has ample backing as well as large
private means.
The price bid. or the one that is ex-
pected will be made in his interest. will
be for the Fourteenth Street Store as a
whole. and the stock of the Simpson
Crawford store. So far as is known this
is the only bid of the sort in sight. 1t is
expected that there will be many bids for
tho stock in various departments.
Whoever gets the stores or the stock
in them is expected 20 have trouble with
depositors OF the banks. At most the
stock will bring only small fraction OF
appraised value. and these prices are GER
tain 10 arouse protests to tho court.