New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-01
Several Hundred Gather to
Learn When They Will
Get Their Money.
COMMITTEE CONSULTS
COUDERT BROTHERS
Gfeenhut-Siegel Cooper Co. Not
Connected with Concern in
Receivers Hands.

States Court centred yesterday I'm the
private banking firm OF Henry Siegel &
Co. which now has quarters In lot
al No Is West 18th street Several hun
dred depositiors met there in the hope or
getting some hint as 10 when their money
might be returned TO them. Impromptu
meetings. that threatened 70 end in riots.
were held. and the excitement ceased only
when darkness came.
Il was finally agreed 10 meet at tho
loft tomorrow morning at o'clock and
discuss ways and means OF protecting the
interests OF all. II the use of the loft Is
denied for the purpose the depositors will
assemble in the street
Bright and early yesterday morning
the depositors began TO arrive at the
loft and when Henry Melville, the re-
ceiver. and his assistants reached there
there were several score looking for
money. Mr. Melville had no money to
give them. He informed ell that ii was
impossible 10 determine where the de-
positors stand until the examination OF
the firms books is at least partially
completed Until then he advised pa
thence.
Previous 70 Mr. Melville's arrival a
group OF lawyers and their runners ar
rived and began seeking depositors'
names. Some sought a power of attor-
ney from each depositor they could get
20 listen 10 them, and succeeded in OBJ
tanning many. One OF the attorneys.
more enferprising than the rest, Sc
cured in some mysterious way a chair
and table. and did a lively business
until little woman in gray denounced
him as n "shyster." and demanded that
the receivers representative put him out
Of the place. lie ceased his activities
after that
Some Of the deposltors formed n com
nittee that called upon Coudert Brothers
Jacob H. Latter, Of No. 451 East 1s2d
street. who has 5000 in the bank. acting
as spokesman. lie reported back TO the
meeting that Mr.. Murray. OF the Law
firm. had advised against any hasty pro-
ceeding, telling the committee II had bet
ter find out all about the case from the
receiver and other sources and then II
would be possible to decide what 10 do.
He added il might be we'll for the de-
positOrs 10 work together and do nothing
IN the way of beginning litigation that
might prove unnecessary and onHy result
IN delay and waste OF assets
Meanwhile two firms OF accountants
had begun the work Of overhauling the
books Of the drygoods houses and Of the
banking house. Not much progress was
made. the accountants merely blocking
ont some Of the work on which they ex-
g. ri
viii take several weeks The inventory
ing OF stock Will also begin to-day pre-
paratory 10 efforts on the part Of the re-
cevers TO turn part OF the merchandise
on hand into cash as quickly as possible
There is much doubt expressed on the
part OF those familiar with the affairs OF
the involved concerns as TO the status OF
the depositors Of the banking house. In
some circles the impression has gone forth
that they Will be treated as preferred
creditors, but Mr.. Melville declared yes
terday he could not see wherein they had
any preference over the general creditors
Of Henry Siegei and Frank A. Vogel, his
partner in the banking and wholesale
business. 10 whom. he said. they stood in
the position OF lenders Of money
L. A. Price Appointed Manager.
L. A Price, whose interests in the Roth
enberg store were taken over by the Siegel
interests, has been appointed TO manage
the Fourteenth Street Store, the Simpson
Crawford Company and the Henry siegel
Company store, IN Boston, for the receiv-
ers.
Opposition 10 Messrs. Marble and shep-
pard continuing as receivers OF the Bos-
ton store developed in that city yester-
day when A. Davis & Co, OF New York,
who have a claim OF $3,469 fled a petition
asking for the appointment OF a correctly
er on the grounds that the men designat-
ed by the court in New York will neces-
sarily operate the business in Boston
for the advantage OF the Siegel stores
Action on the petition was deferred TO
next week.
There Is no connection between any OF
the establishments OF Henry siegel and
the Greenhut-siegel-C Cooper Company. &C
cording TO a statement made yesterday by
r. j. Greenhut, secretary and treasurer
Of the Greenhut-siegel-Co Cooper concern
Inquiries made following the announce
,nent on Tuesday that Henry Siegel's
mercantile establishments had been placed
in the hands OF a receiver disclosed the
fact that Mr.. Siegel's interests I'm the de-
partment store at 18th street and Sixth
avenue had been sold twelve lears ago.
My father. J. b. Greenhut. bought Mt
Slegers interest in our company twelve
years ago" said Mr.. Greenhut and
since That time there has been no con-
nection between us. Some time Mr.. Sic
gel opened a banking business I'm his 18th
street store. similar TO that which we
conduct That gave rise 10 the idea that
We have deposited money there.
~ want 10 make II very plain that
Greenhut- Siegel-Cooper & Co, bankers,
as distinguished from the Greenhut-Se-
gel-Cooper Company merchants, is a CO.
partnership. IL has no connection with
our mercantile business
Every dollar Of deposits with this com
pany is either in cash or marketable Sc
curities, and the biggest part OF these Sc
curiues is in the best commercial paper
I'm the country. The Greenhut- Siegel
Cooper Company IS not using a dollar OF
its depoSitors' money in its business. Our
firm does not owe a dollar 90 any bank.
nor is any OF our paper on the market.
In other words. we owe absolutely moth
ing. except for bills Of merchandise which
are not due.