New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-16
Business That Went Down
in Siegel Crash Taken
Over by Former Owner.
PRIVATE BANKERS
NOW NEAR BREAK
Whitman Learns All Is Not Har-
mony-Vogel Objects to
Being 1.-THE Goat"

This morning when Leo A. Price. former
n. with the Fourteenth Street Store will
reopen the old Rothenberg & Co. store
which the Siegel enterprise bought from
him a year ago. in its old quarters IN 14th
street near Sixth avenue Foo the pres
ent the store will operate nominally under
the name OF Wise & Co.
Later the old name Of Rothenberg d
co. will appear over the doors and, IL his
bid is accepted, perhaps over the Four
teenth Street Store as whole.
eyes. it Is true" said Mr.. Price to The
Tribune last night Il will open the old
store i'm the morning. The lease as you
know. reverted TO me when the -Four
teenth Street Store failed to pay its rent
Last week got a dispossess order against
Wise g. Co., the tenants. who sub-leased
from the Fourteenth Street Store, and on
Saturday | bought the stock they nave
been carrying. Later on. as soon as we
can get the necessary fixtures, the rest OF
the building will be thrown open.
That is about all ! can say. We Will
hire lot Of the old help In addition to
those We hired on Saturday and those
whom we sent to our store in Brooklyn.
Ends Dopositors' Meetings
Mr.. Price did not say so, but the tax ls
over Of the building will probably put an
end TO the meetings OF the agitators
among the depositors who have peeh
holding daily riots in the loft building NJ
IS West 18th street. Were it not for these
meetings and the agltators who held for'h
there tho moro conservative or the de-
positors in the Segel Co. bank oeheVe
they would now be In possession OF at
least one-third Of their money through
an adjustment with friends OF Henry
Siegel and his partner, Mr.. Nogel' IN
stead of facing long litigation and the
prospect Of recovering 10 TO 20 per cent
after several years.
The District Attorneys office viii con-
tinue it's inquiry into the conduct OF '"e
SiegeI bank. the Fourteenth Street store
and Simpson, Crawford & co. To-Day
though it is doubtful if any witnesses are
sent before the grand jury until the IN
formation Mr.. Whitman sent TO Chlcdso
for is nj hand. lie will receive reports
from Boston to-day showing the dis-
,repancies in statements 10 banks that
joseph Pridday. manager OF the Boston
store of Henry Siege Co, told OF on his
visit here last week.
Reports have reached the District At
torney's Office that all is not harmony
between the Siegel and Vogel Interests
he former being inclined TO throw the
responsibility for financial irregularities
upon Vogel. who was the financial man
of the stores and the bank. Nogel DE-
,lines to take all the blame. insisting mat
ne is not fitted for the part OF tine
wicked partner" or that Of the goat
Whether or not siegel and Nogel VIII
have an open break depends on whether
or not Mr.. Whitman stands firm IN MS
determination TO force both men TO trial.
Roth have hopes yet Of being allowed
their liberty in return for making partial
restitution TO the depositors in the oahK
and arranging to pay the balance later
an arrangement some of the oank oe-
postors favor.
Mr. Whitman will not agree 20 make
any such promise, on the ground tha''
even if he were so inclined, he has no
light TO compound felony
Seael Would Blame Voeel.
According to Siegel, he knew little or
Nothing OF the financial affairs or the
bank II is on record that he has sworn
all the money affairs were left 10 Vogel.
he looking after the merchandise end OF
the business It is also in evidence that
the actual condition OF the bank was kept
from Siegel by system OF coded entries.
This, II is urged by Siegels friends. should
L. mot NCtl Ia
for all that happened.
AS they tell the story, Siegel was a rich
man when he took UP the Fourteenth
Street Store and Simpson-Crawford enter
prises That IS admitted by everybody,
his wealth being rated in the millions. and
10 one disputes the fact that he was
wonderful merchandise man. Up to the
time Of the panic Of 1907 they assert that
the stores were making money and that
everything went smoothly. After that all
the irregular work was done.
Siegel, it is said. took Vogels word for
everything that was done in his end of
the business. signing statements as they
might be presented TO him without ques-
ton, until finally both were in so deep
that it was necessary 70 continue. in the
hope Of being able to swim out All Of
the millions that Siegel had brought from
Chicago and made here were sunk. il Is
asserted. leaving him the poor man he
now says he is
Vogel too. had sacrificed much money,
though il is asserted by those familiar
with the affairs Of the Vogel family that
the bulk Of its wealth was the property Of
Mrs. Vogel back in the days when the
financial horizon was cloudless.
This raises the question as TO what be-
came of all Of Siegels fortune James y.
Rosenberg. counsel for the receivers Of the
TWO stores, says there is not a shadow or
a doubt that large part OF the fortune
went into the stores.
Department stores are big money max
ers," ne said. but once they get going the
wrong way they eat up money mighty
fast"
siegel Had Big Expenses
Much more Of Siegel's money went into
family expenses. the social campaign OF
his Wife here and IN Europe. the settle
ments for his stepdaughter and his
daughter. both of whom married abroad ;
IN an unfortunate copper mine venture and
iu Wall Street where fate. after being
Kind for a while. hit him some savage
5lOWs
..L, f,tt,yged NJ