New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-08

cash the check and return the money
as contemplated.
Mr.. Melville. however has maze
demand upon the bank for the money
which he finds charged on the books oil
the firm. his contention being mat II
belongs to him as receiver for pro rata
distribution among the creditors.
After leaving the Criminal Courts
Building MIR. Melville had conference
with John T. Murray, Of Coudert
Brothers. who represent the creditors
OF the banking house. They went over
the situation at length, and AT the close
Of the conference Mr.. Murray declared
the only hope Of the depositors lay In
working in harmony with the other
creditors.
Mr. Murray will send to-day letter
60 be read at the meeting Of the de-
positors at No 43 West 18th street
outlining the situation as he sees IT,
The firm of Coudert Brothers has taken
the case of the depositors on nominal
compensation basis TO help out the
smaller dcpositors. conditional ON the
committee securing powers Of attorney
and anidavits of claims from creditors
with claims Of at least 100000. At the
close Of business yesterday those as
yenting to the arrangement represent
&C deposits Of S35O.00o.
Must Protect Chicago House.
The importance to creditors OF the
Eastern houses Of protecting the Chi
cago house lies in the fact that the
chief asset OF the banking house OF
Henry Sicgel x Co is $4,000 shares OF
the common stock of the Siegel stores
Corporation. which owns the Chicago
store. This stock has face value OF
$4,000. 600 Upon the turning Of TINS
stock into cash depend the hopes OF
The banking creditors for any consid-
erablc part Of their money and OF the
mercantile creditors for a larger dis
tribution than would otherwise be the
case
Melville and Murray with William A.
Marble and John s Sheppard, il. reeeiV-
ers for the mercantile houses. and counsel
,or the various interests. met later in the
day with the mercantile creditors com
mittee in Mr. Jays Office. There the STU
alton was thoroughly canvassed in the
presence OF Henry SiegeL
The preliminary report OF the expert
accountants who are examining the books
of the several stores vas looked over
The books showed. among other things
that the merchandise carried by the
Simpson Crawford Company had a nom
inal value Of $4,000, that of the Four
tenth Street store $4,000, and the Bos-
ton store estimated about 100000.
In addition q this the simpson Craw-
ford Company has accounts receivable of
$3.50. 900 mainly on pianos and furnishings
sold on the instalment plan, and II car
ries its fixtures on its books at sSohoco'
Its equity in its real estate II values AT
s., 200, 600
No one. however. imagines that the
fixtures would bring more than fraction
OF the book value at a sale, and the esu-
mated value Of the real estate equity dld
not appeal to the committees sense OF
values Besides these nominal assets
there are charges against both the Four
teenth Street Store of Henry Siegel and
the Henry Siegel Company Of Boston.
while the Merchants Express Company
which did the carting for the Siegei
stores. owes them $4,000
The schedule of the Fourteenth Store
showed that besides its merchandise 1t
had $4,000 in open accounts. Carried
as assets on the books are fixtures at
sS3S.O 900 and $4,000 expended on the
repair Of buildings and fitting up the same
for use as stores.
The most definite thing about the Bos-
ton store developed is that II has lost
$1,000, 900 in the nine years 1t has been In
operation.
Sieuers Faith in Stores Firm.
Mr.. Siegel told the committee there was
no doubt in his mind that the stores could
be made TO show substantial profits, once
the trouble IT. which they are now In
volvcd is ended. To do 1t, however. he
said. much more capital is needed than
The stores have had at their disposal.
meeting OF depositors in the bank OF
Henry Siegel & Co will be called TO order
at . O'Clock this afternoon. TO keep
order a large force Of police will be on
hand.
There was a big crowd at the loft yes
terday demanding information and money.
Mr.. Melville was unable to give them any
thing more satisfying than the auditors
report on the condition Of the bank, print
ed in yesterday mornings Tribune
There were great many old people in
the throng. many of whom had pathetic
stories 10 tell Of having lost their all
Some Of these were hysterical. others bit
ter against the management Of the bank
and insisted on action
ENCOURAGEMENT 0E "SEVEN