New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-05-14
Offer of S15O,00O Cash if
He Can Resume Business
Up to Court Soon.
JAIL TERM CUTS
CREDITORS OFF
Many DepOsitors Urge Accept
ance of Plan by Which They
Would Be Paid in Full.

600 IN cash 20 the depositoIs in his
bank is not deemed TO be n subs'an-
tial attempt at restitution by Justice
William A Clarke. before whom the
matter viii come up June Siegel
Will at once begin serving his sentence
of ten months. imposed last November
at the end Of hlS trial, and The hopes
OF the dCpoSltOrs Of receiving any
payment on his account will vanish.
The Sl5O0OO which friends and rcla-
tives Of Sicccl have pledged Tor this
purpose is the limit which can be
raised. That is pledged conGitiCnally
on Siegel being permitted 10 remain
out Of jail and Tc-enter business 70
earn enough TO pay off the balance Of
the deposits IN the bank and re'm-
burse the friends who are 20 provide
this money for the creditors and CAPT
tai for him to re-enter trade with. If
he goes 70 jail the money remains IN
the pockets of the subscribers.
"Those OF the deposltors who are
crying for vengeance and money can
not have both" is the way these
friends Of Siegel express themselves.
John King, one Of the three trus-
tees in bankruptcy for Siegel and him
self a large depositor, speaking for
the trustees. yesterday, said the &C
ceptance OF the offer is advisable, as
Stunning the creditors wish TO get any
thing.
"Siegel." said he. "has been examined
by the best lawyers in New York. who
have been unable 10 get track of
single penny by process of law. They
cannot find that he has anything We
think that II the offer is not accepted
the depositors will get nothing.
Urges Faith in Siegel.
81 think the depositors should have
some faith. even IN Henry SieycL and
trust that he. given a chance 10 re-
enter business. viii do so and earn
some money for them. Although he is
sixty-fve, he is IN good health, mes
ambitious and seems anXloLS 10 re-
habilitate himself
Mr.. King and George P. Sanborn.
one Of the heaviest depositors. and
William Henkel, IT.. are the trustees
for the bank. and have in their pos
session S43.9O5. which, with the $l5Q,--
600 offered by Siegel's friends, Will
make a dividend of about per cent
# the court approves the offer.
Siegel Is hopeful that the court Will
consider the offer substantial and let
him resume business. lie is IN receipt
Of assurances from the more conser-
vative among the deposltors that ttey
approve Of this course. This is eSpe-
cially true of the larger deposltOrs,
who write that they prefer % get some
Of their money now and have the
chance of getting more preserved TO
them than TO have Slegel jailed and
they get nothing.
The main thought in SiegeIs mind,
however. is 10 get matters settled one
way or the other.
II wish the whole thing could be
settled one way or the other to-mor-
row." he said. when the matter was
brought up. Then ! would know
where / am at and what ] can do.
Naturally ! do not want to 20 TO jail.
hut until know that | am not to 60
TO Jail | cannot take a step toward
going back into business. Once l
know that I am going to be free to
work III be at work.
III | get the chance ] hope VIII
get, these people are gong TO- get
their money, every cent OF IL. lheY
won't get II next week or next month
the money cannot be made over
night. but If ! get the chance | viii
earn il and they Will get II.
II know this thing means lot 20
the depositors. but IT means a whole
lot more TO me. | want clean slate.
don't want 20 60 20 my grave bank
rupt. as a man who failed and owed
all this money 20 a lot of people.
want to take that journey when the
time come, as a man who came a bad
cropper and came back and paid ev-
erv cent That's the way | want 70
leave the name of SIegcl. af,i the
way am going to leave 1t If get the
chance
Former Wife Failed Them.
The difficulty that confronts the de-
positors who are anxious TO see Slegel
back in business lies in the belief
of small but noisy group Of deposi-
tors that Sicgcl has a large fortune
cached away Il is difficult for them
TO believe that man could have mill
ions and lose all. To considerable
extent the utteranccs Of Marie
Vaughan Siegel. divorced wife Of the
banker merchant. when she was suing
for divorce. rs responsible for this
belief. They relied upon her 10 show
where there were large concealed as
sets. but were crievously disappointed
when Mrs. Wilde, as she is now
known. declared before Referee IN
Bankruptcy :. ". Dexter that she
knew of nothing Of value that had
been put away.
The $4,000 which will 20 TO the
Siegel depositors II Justice Clarke
saws the word is part OF the $780,
600 offered by SieGel and his partner,
Frank r. NoCcl after the bank failed.