15994. Henry Siegel & Company (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: December 30, 1913
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e64d9b7b

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: Receivership and criminal investigation followed; large-scale liquidation rather than reopening.

Description

The articles describe heavy withdrawals/a run on the private bank tied to the Fourteenth Street store around Dec. 30, 1913, followed by receivers being appointed (court receivership) and eventual liquidation/closure. Criminal investigations and small dividends to depositors followed. Dates derived from newspaper dates and text (receivership/closure around Dec 30, 1913).

Events (5)

1. December 30, 1913 Run

Cause: Bank Specific Adverse Info
Cause Details: Poor Christmas trade and curtailment of banking credit left the Siegel stores and their connected private bank hard-pressed; heavy withdrawals followed (run tied to failing mercantile enterprises).
Measures: Henry Siegel and F. E. Vogel pledged $3.5 million toward protection of depositors; later offers and committees sought cash dividends and settlements.
Newspaper Excerpt: Henry Siegel and F. E. Vogel have pledged three and one-half millions toward the protection of the depositors in the Siegel bank, which was run in connection with the Fourteenth Street store.
Source: newspapers

2. December 30, 1913 Suspension

Cause: Government Action
Cause Details: Court-appointed receivers took possession of the Siegel enterprises (including the private bank) as part of receivership proceedings following the failures and runs; bank ceased normal operations.
Newspaper Excerpt: the several concerns dominated by Henry Siegel, which on Tuesday were taken possession of by receivers appointed by the United States Court.
Source: newspapers

3. January 1, 1914 Receivership

Newspaper Excerpt: Interest in the affairs of the several concerns dominated by Henry Siegel, which on Tuesday were taken possession of by receivers appointed by the United States Court. centred yesterday in the private banking firm of Henry Siegel & Co., which now has quarters in a loft at No. 45 West 13th street. Several hundred depositiors met there in the hope of getting some hint as to when their money might be returned to them. ...Henry Melville, receiver of the bank, called at the Criminal Courts Building...transcript of the preliminary report of the American Audit Company, which has been overhauling the affairs of the bank.
Source: newspapers

4. March 11, 1914 Other

Newspaper Excerpt: the grand jury that has been investigating the failure of the Siegel stores in New York and the savings bank conducted in connection with them returned three joint indictments against him and his partner in the banking enterprise, Frank E. Vogel. Siegel and Vogel were arraigned on the charges and later released on $25,000 bail each. No settlement has been made with the depistors in the bank. whose deposits aggregated about $2,000,000.
Source: newspapers

5. July 11, 1915 Other

Newspaper Excerpt: HOPE VANISHES FOR 15,000 SIEGEL DEPOSITORS--TRUSTEES ASSAILED ... The depositors in the wrecked bank of Henry Siegel & Co. fear that they will get more than the 15 cents already paid to them from the estates of Henry Siegel and Frank E. Vogel.
Source: newspapers

Newspaper Articles (25)

1. December 30, 1913 The Daily Ardmoreite Ardmore, OK

Article from The Daily Ardmoreite, December 30, 1913

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BIG NEW YORK CORPORATION GOES TO WALL AS RESULT OF POOR CHRISTMAS TRADE. FRIENDLYPROCEEDINGS Siegel Stores Corporation Did Annual Business in New York and Boston of Forty Million DollarsOther Stores Not Affected. New York, Dec. 30.-Six enterprises, controlled by the Siegel Stores Corporation in New York and Boston, were thrown into bankrupt, cy today in friendly proceedings. These concerns did an annual gross business estimated at forty millions, but it is reported that their Christmas business did not meet their expectations and they were hard pressed by the curtailment of the banking credit. The failure had no effect on the stock market. The companies involved are the Fourteenth street store of the Simpson-Crawford Company; Henry Sieg. el and Company, bankers; Henry Siegel and Company, wholesalers, and the Merchants' Express Company, of New York, and the Henry Siegel Company of Boston. Siegel, Cooper and Company of Chicago is not affected, but instead declared its business was highly prosperous. Henry Siegel and F. E. Vogel have pledged three and one-half millions toward the protection of the depositors in the Siegel bank, which was run in connection with the Fourteenth Street . store. This bank will liquidate.

2. December 30, 1913 Bryan Daily Eagle and Pilot Bryan, TX

Article from Bryan Daily Eagle and Pilot, December 30, 1913

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SIX HEAVY FAILURES TODAY DUE TO LIGHT CHRISTMAS BUSINESS AND CURTAILED BANK. INGCREDIT-CLOSING NOT FORCED AND HAD NO EFFECT ON STOCKS. [By Associated Press] New York, Dec. 30.-Six enterprises controlled by the Sigel Stores Corporation in New York and Boston were thrown in bankruptcy today in a friendly proceeding. These concerns did an annual gross business estimated at forty millions, but it is reported their Christmas business did not meet their expectations and they were hard pressed by curtailment of banking credit. The failure had no effect on the stock market. The companies involved were the Fourteenth Street stores of Simpson-Crawford Company, Henry Siegel & Company, bankers, Henry Siegel & Company, wholesalers, and the Merchants Express Company, all of New York, and Henry Siegel Company of Boston. Siegel, Cooper & Company of Chicago are not affected, but instead are declared to be highly prosperous. Henry Siegel and F. E. Vogel have pledged three and a half millions toward the protection of depositors in the Siegel bank, which was run in connection with the Foutreenth Street store. This bank will liquidate.

3. December 30, 1913 The Chronicle=news Trinidad, CO

Article from The Chronicle=news, December 30, 1913

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nually The Voret referred to in the statement of counter is Frank E. Votel of this ity. who was associatof with Sheri in the banking and wholesain w the business The statement complasizing the Singel. Cooper * Company of Chica. 20. 1. Is No way involved in the re: celvership. "Its business is very profitable." says the statement. "and has been PO for a number of years The conduct of that company. an IIllnois cor poration. will not be affected by these proceedings The petition filed by the Siege! Stores Corporation also states that Siegel Cooper & Company of Chica go is not a party defendant The petition declares that the various defendants would be called on soon . meet heavy obligations and that tereditors were preming them. and that a receivership is asked for. to save the various companies from sheriff's sales and similary summary proceedings which would prevent them from continuing business The Siegel stores Corporation, which has brought the action against the Sim son-Crawford Company. the Fourteenth Street Store. The Merchants Express Company. Henry Siegel and Frank E. Vogel. doing a wholesale and banking business in the name of Henry Slegel & Company. acquired all the properties indicated as well as the entire stock of Siegel. Cooper & Company. of ChicaKO and the Slippson Realty Company. a New York corporation. The capi(a) stock of the Siegel Stores Corporation is $7,997,900 common and $2.000,000 preferred. The officers are Henry Siegel. president: F. E. Vogel, vice president and treasurer: Robert J. McMeekin. secretary. Directors: Henry Siegel. F. E. Vogel. Max Pain. J. R. Butler. Josepr Beach. W. J. Maloney and Imane Kein. The Greenhut-Siegel, Cooper Company. H department store in New York City. is not involved in the recelvership. Joseph B. Greenhut 18 associated with Jerome Siegel and C. A, Cooper and not with Henry Siegel.

4. January 1, 1914 New-York Tribune New York, NY

Article from New-York Tribune, January 1, 1914

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Several Hundred Gather to Learn When They Will Get Their Money. COMMITTEE CONSULTS COUDERT BROTHERS Greenhut-Siegel Cooper Co. Not Connected with Concern in Receivers' Hands. Interest in the affairs of the several concerns dominated by Henry Siegel, which on Tuesday were taken possession of by receivers appointed by the United States Court. centred yesterday in the private banking firm of Henry Siegel & Co., which now has quarters in a loft at No. 45 West 13th street. Several hundred depositiors met there in the hope of getting some hint as to when their money might be returned to them. Impromptu meetings, that threatened to end in riots, were held, and the excitement ceased only when darkness came. It was finally agreed to meet at the loft to-morrow morning at 7 o'clock and discuss ways and means of protecting the interests of all. If 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 receiver. and his assistants reached there there were several score looking for money Mr. Melville had no money to give them. He informed all that it was impossible to determine where the depositors stand until the examination of the firm's books is at least partially completed. Until then he advised patience. Lawyers Busy in Throng. Previous to Mr. Melville's arrival a group of lawyers and their runners arrived and began seeking depositors' names. Some sought a power of attorney from each depositor they could get to listen to them, and succeeded in obtaining many. One of the attorneys, more enterprising than the rest, secured in some mysterious way a chair and a table, and did a lively business until a little woman in gray denounced him as a "shyster," and demanded that the receiver's representative put him out of the place. He ceased his activities after that. Some of the depositors formed a committee that called upon Coudert Brothers, Jacob H Latzer, of No. 451 East 182d street, who has $6,000 in the bank. acting as spokesman. He reported back to the meeting that Mr Murray, of the law firm. had advised against any hasty proceeding. telling the committee it had bet ter find out all about the case from the receiver and other sources and then it would be possible to decide what to do. He added it might be well for the depositors to work together and do nothing in the way of beginning litigation that might prove unnecessary and only 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 out some of the work on which they expect to start in earnest to-day. The task will take several weeks The inventorying of stock will also begin to-day preparatory to efforts on the part of the receivers to turn part of the marchandise 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 yesterday he could not see wherein they had any preference over the general creditors of Henry Siegel and Frank A. Vogel, his partner in the banking and wholesale business, to whom, he said, they stood in the position of lenders of money. L. A. Price Appointed Manager. L. A. Price, whose interests in the Rothenberg store were taken over by the Siegel interests, has been appointed to manage the Fourteenth Street Store, the SimpsonCrawford Company and the Henry Siegel Company store, in Boston, for the receivers. Opposition to Messrs. Marble and Sheppard continuing as receivers of the Boston store developed in that city yesterday when A. Davis & Co., of New York, who have a claim of $3,469. filed a petition asking for the appointment of a co-receiver on the grounds that the men designated by the court in New York will necessarily 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-Cooper Company, according to a statement made yesterday by B. J. Greenhut, secretary and treasurer of the Greenhut-Siegel-Cooper concern. Inquiries made following the announcement on Tuesday that Henry Siegel's mercantile establishments had been placed in the hands of a receiver disclosed the fact that Mr. Siegel's intersts in the department store at 18th street and Sixth avenue had been sold twelve lears ago. "My father. J. B. Greenhut, bought Mr. Siegel's interest in our company twelve years ago, said Mr. Greenhut, "and since that time there has been no connection between us. Some time Mr. Sieget opened a banking business in his 14th street store, similar to that which we conduct. That gave rise to the idea that we have deposited money there "I want to make it very plain that Greenhut-Siegel-Cooper & Co., bankers, as distinguished from the Greenhut-Slegel-Cooper Company, merchants, is a copartnership. It has no connection with our mercantile business "Every dollar of deposits with this company is either in cash or marketable securities, and the biggest part of these securities is in the best commercial paper in 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 to any bank, nor is any of our paper on the market.

5. January 3, 1914 New-York Tribune New York, NY

Article from New-York Tribune, January 3, 1914

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SIEGEL ENTERPRISES Mercantile and Bank Creditors Unite in Effort to Aid Receivers. BANK DEPOSITORS CLAMOR FOR CASH Are Told They Must WaitCrowd Accuses a Woman Adviser of Being Firm's Agent. Mercantile and bank creditors of the several Siegel enterprises, representing claims totalling about $1,000,000. met yesterday in the offices of White & Case, in the Bankers Trust Building, and formed a committee to aid the receivers in reorganizing the companies and conserving the Interests of the creditors. This committee, of which Pierre Jay, vice-president of the Bank of the Manhattan Company. is chairman, and Joseph M. Hartfield, of White & Case, is secretary. will confer with William A. Marble and John S. Sheppard, Jr., receivers of the Siegel mercantile establishments, to-day and report results to a meeting of creditors on Monday. Mr. Jay is serving on the committee as the representative of the Bank of the Metropolis and other banking creditors. The other members of the committee are Clifton M. Dwinell. representing the First National Bank of Boston: E. L. Myers, of L. Meyers & Sons. glovers: Leo Frank, of the H. B. Claffin Company, and Edmund Wright, who represents F. Vietor & Achelis, dry goods wholesaTers. "I estimate that the claims represented by the committee total perhaps $1,000,000," said Mr. Hartfield to a Tribune reporter last night, "but the committee represents no group of creditors. It will be glad to have them all come in. What we want to do is to co-operate in working out some scheme to reorganize. If these properties are forced to a sacrifice, cleared up at once, there will undoubtedly be loss. They must be kept going. The goodwill alone is very valuable. Whether or not 100 per cent will be paid no one knows as yet. We may learn something between row and Monday." Depositors in the banking house of Henry Siegel & Co. met in the early morning and there was a repetition of the scenes of Wednesday, when everybody began clamoring for money at once. Henry Melville, the receiver, told them none was to be had, and that no information would be forthcoming for probably a week. Another effort was made to appoint a committee to hire lawyers, but this was headed off by Miss Jessie A. Martin, who is in a magazine enterprise. She advised all against wasting money upon lawyers. She was thereupon accused of being an agent of the head of the firm. She prevailed, however, and a committee, headed by Jacob H. Latzer, was sent to see Henry Siegel and ascertain his attitude toward the depositors. This committee will report at 10 o'clock this morning. James N. Rosenberg. of Rosenberg & Lewis, yesterday defined the position of the creditors of the bank. They will come first in the distribution of the proceeds of the 500,000 Siegel Stores Corporation

6. January 8, 1914 New-York Tribune New York, NY

Article from New-York Tribune, January 8, 1914

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District Attorney Whitman yesterday ordered Arthur C. Train, head of the newly established bureau of commercial frauds, to look into the circumstances surrounding the closing of the private bank of Henry Stegel & Co. As a result of the closing of the Siegel bank the state Senate yesterday authorized an investigation by the Senate Banking Committee of the business of private bankers in the state. The resolution was introduced by Senator Pollock and adopted by a vote of 27 to 8. The District Attorney, who acted only after numerous complaints had been made that deposits had been received up to the close of business on the day that Judge Hough placed the Siegel enterprises in the hands of receivers, and after it was known that the Siegel concerns were shaky, refused to discuss the matter. "The case is under investigation," he told a Tribune reporter. "There is nothing more that I can say." Mr. Train, who was present at the interview, was equally reticent. It is known, however, that Henry Melville, receiver of the bank, called at the Criminal Courts Building at the request of Mr. Train, and was closeted with him more than an hour. He left behind him a transcript of the preliminary report of the American Audit Company, which has been overhauling the affairs of the bank.

7. January 8, 1914 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, January 8, 1914

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SEIGEL BANK TO BE INVESTIGATED Was Private Concern and One Depositor Lost Mind When Doors Closed, NEW YORK, Jan. 8.-A thorough probe in the banking business of Henry Siegel and Co., was being considered today by District Attorney Whitman who announced plans for a state inquiry into the private banking business. The Siegel bank was involved when receivers were appointed recently for the Siegel department stores. Fearing $2,700, his savings of a life time, had been swept away, Rudolph Poensky, a depositor in the Fourteenth street store bank, has lost his reason, his wife declared today, A meeting of depositors of the Sieget bank is called for this afternoon. Fearing possible outbreaks, the receivers asked that police be assigned to prevent trouble. John P. Murray, an attorney representing depositors, today said a plan of rehabilitating the Siegel stores and the private bank was under consideration. A syndicate of ten wealthy men proposes it is said, to put up $1,000,000 80 that the bankrupt stores may be put back on a paying basis and depositors in the bank paid off. The plan provides for the issuance of a million dollars in preferred stock of the Siegel Cooper store of Chicago, each member of the syndicate subscribing $100,000. The Chicago store is not involved in the failure and its profits would then be diverted to the rehabilitation of the eastern stores.

8. January 8, 1914 The Detroit Times Detroit, MI

Article from The Detroit Times, January 8, 1914

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CONSIDER PROBE OF SIEGEL BANKS NEW YORK, Jan. 8.-A thorough probe into the banking busin SS of Henry Siegel & Co. was being considered today by District Attorney Whitman who announced plans for a state inquiry into the private banking business. The Siegel bank was involved when receivers were appointed recently for the Siegel department stores. Fearing that $2,700, his savings of a lifetime, had been swept away, Rudolph Poensky, a depositor in the Fourteenth-st. Store bank, has lost his reason, his wife declared today. A meeting of depositors of the Siegel bank is called for this afternoon. Fearing possible outbreaks the receivers asked that police be assigned to prevent trouble.

9. January 11, 1914 New-York Tribune New York, NY

Article from New-York Tribune, January 11, 1914

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SIEGEL BANK CASE NEARS GRAND JURY Whitman Going Over Evidence Carefully Before Presenting It. DEMANDS BALANCE SHEET OF DEC. 29 Now Investigating Complaints by Creditors of Stores-Depositors Still Angry. The District Attorney's office finished its preliminary inquiry into the complaints of depositors in the banking house of Henry Siegel & Co yesterday, and then took up the complaint by mercantile and banking creditors of the Fourteenth Street Store and other Stegel enterprises growing out of the failure of those concerns to include in the statements of their financial condition when asking credits the loans made by the banking house. This inquiry, it is expected, will be ended to-morrow or Tuesday, when the entire case will be in shape to present to the grand jury. Henry Melville, receiver for the bank, was yesterday called upon to provide the District Attorney's office with a copy of the balance sheet of the bank as of December 29. the day it ceased doing business. Assistant District Attorney Train received it shortly before noon. together with a mass of other data bearing upon the affairs of the Siegel concerns. The action of the District Attorney in asking for these papers is taken in the Criminal Courts Building to mean that the investigation will be thorough, and that, so far as may be necessary. the money of the depositors will be traced as well as the ways and means used to obtain credits for the stores. Whitman Going Carefully. Mr. Whitman was not in his office yesterday, but persons familiar with his plans said he was arranging to present the evidence that his assistants have been sifting to the grand jury not later than Wednesday, his delay in doing so earlier being in line with his practice of preparing cases carefully and also to a desire to let those who are trying to arrange new financing for the Chicago store to do so with as little embarrassment as possible. In this connection the District Attorney is said to have taken the position that as the ends of justice would not suffer because of a delay of a few days and many innocent persons be saved from loss because of such delay, it would be best to move slowly. Hard and fast promises by counsel for some of the men interested that they will not leave the jurisdiction of the New York courts pending possible action by the grand jury also helped him decide to permit a few days of grace The depositors in the bank held a series of meetings yesterday in the loft No. 45 West 13th street. Chairman John P. Munch. who in his personal appearance strongly resembles William Jennings Bryan, made several speeches in which he attacked the "money devils" of Wall Street for "preventing the passage of laws that would have made the present state of affairs impossible, and quoted Lieutenant Governor Robert F. Wagner "whom I knew when he was a barefoot newsboy, as promising that a bill ending the present system would be enacted at once. 'Wall Street and its millions won't interfere this time, he declared. Notaries Are Busy. While Munch talked three notaries were busy taking powers of attorney and affidavits from depositors. Several hundred signed, making the amount of -deposits represented by the committee close to 25 per cent of the total deposits in the bank. Late yesterday afternoon the several receivers and the two firms of accountants engaged on the Siegel books began the task of trying to "reconcile" the books of the different concerns. They worked the greater part of the night and will work day and night until the work is completed, or at least in such shape that high speed will be possible. As it is it will be several weeks before the thousands of accounts are checked up one with another and various transactions made clear. "It is bad enough when you have the books of but one concern to go over," said Receiver Melville yesterday, "but when you have several interlaced as these are It is a hercuiean task." Many depositors called upon Mr. Melville yesterday to ask when the $1,000,000 being raised for the Chicago store would be available, and how it would benefit depositors here. "It will benefit you only remotely, if at all," he told them. "I'd like to be able to tell you otherwise, but there is no use in raising false hopes." Chicago, Jan. 10.-The capital stock of Siegel-Cooper & Co., of Chicago, was doubled to-day when the directors voted to issue $1,250,000 preferred stock. Of this, according to a statement by Max Pam. attorney for the company, $1,000,000 will be taken by friends of Henry Siegel and

10. January 12, 1914 The Bemidji Daily Pioneer Bemidji, MN

Article from The Bemidji Daily Pioneer, January 12, 1914

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District Attorney Whitman has begun an investigation into the business methods of Henry Siegel and Frank E. Vogel, private bankers doing business as Henry Siegel & Co. Assistant District Attorney Arthur C. Train, who has personal charge of the investigation, referred all inquiries to his chief. Mr. Train talked with half a dozen or more depositors who had brought their pass books with them. He also had a long conference with Henry Melville, receiver of the private bank, and with William A. Marble and John S. Sheppard, Jr., receivers of the other Siegel enterprises. Section 295 of the penal law gives the district attorney authority to proceed if it can be discovered that the bankers accepted deposits after they knew they were insolvent.

11. January 12, 1914 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, January 12, 1914

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12. January 21, 1914 The Evening World New York, NY

Article from The Evening World, January 21, 1914

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Partner Vogel Says That Went Down as "Personal Loans" to the Business. THE PARTNER IS BROKE. "Haven't a Cent," He Cries, After Tolling Off Millions He's Down for Jointly. The thousands of depositors in the defunct banking firm of Henry Siegel & Co. learned to-day that their money, loaned to the various stores in which Henry Siegel and Frank E. Vogel were co-partners, appeared on the books of the stores as "personal loans" from Siegel and Vogel. Further, they were coolly informed that the bankers had agreed among themselves that all debts of the stores were to be paid off before the depositors' money, borrowed by Siegel and Vogel, was to be returned to the private bank. Frank E. Vogel, Siegel's co-partner, was examined at length to-day before George C. Holt, special master appointed for the examination by Judge Hough, of the United States I District Court. The examination took o place in the offices of Douglass, Armitage & McCann, in the Woolworth Building. $ Vogel, under examination by Joseph N. Rosenburg, was asked: "When Henry Siegel & Co., Bank. ers, loaned money to one of the Siegel stores-Simpson, Crawford & Co., for instance-how did it appear on the books of the store? NOT SHOWN TO BE MONEY OF DEPOSITORS. I "The book-keepers were instructed to post on the books of the store the sum loaned under the caption 8 that it was a 'personal loan' from Henry Siegel and myself to the store," : was the reply. f "And the books of the store do not show that the money was, in reality, 3 the money of the bank's depositor's." "The books show that Henry Siegel I and myself made 'personal loans' to the stores." I Vogel added that he and Siegel had an unwritten agreement among themo selves that all the debts owed to wholesalers for merchandise, to newspapers for advertising and to banks t and brokers for money borrowed was a to be paid in full by the stores beI fore they repaid to the banking firm of Henry Siegel & Co., bankers, the sums they had loaned as "personal a loans" to the various Siegel stores. Much about the money borrowed on notes by Henry Siegel or his partner, Frank E. Vogel, was told in the tesI timony of Mr. Vogel. A committee of depositors was rep= resented by John P. Murray of : Coudert Brothers. John B. Stanchfield represented Henry Siegel and a Mr. Vogel, while Arthur C. Train of 1 the District-Attorney's staff was an a interested spectator. Mr. Vogel was t examined by Joseph N. Rosenburg, attorney for the receivers for the shares. THE CREDIT OF A BIG BUSINESS MAN. Something of a Big Business man's credit was shown by Mr. Vogel when he submitted his schedule of liabilities. He owed the National Bank of the Republic a personal debt of $135,t 835, secured by collateral. He further is indorser for a note for $100,000 to the same bank, the note being made by Siegel, but the collateral being put up Vogel as "an accommodation" to his partner. The same condition exists in a $50,000 loan made by the Central Trust Company of Chicago. Mr. Vogel said he also indorsed a $75,000 note of Siegel, Cooper & Co. of Chicago in the Central Trust Company, but no collateral was put up. His name, with Siegel's, appears as indorser of $715,000 worth of notes of ( the Simpson, Crawford Company, these notes being held by Goldman, Sachs & So., the National Park Bank, the Bank of the Metropolis and the Garfield National Bank. With Siegel, too, he indorsed $1,360,000 worth of notes for Siegel. Cooper & Cc. of Chicago, thees notes being held by A. G. Becker, Goldman, Sachs & Co. and Chicago banks $ Mr. Vogel explained that he and Mr. Siegel are joint indorsers of notes of $250,000 of the Fourteenth Street Store and $287,500 of notes of the

13. January 29, 1914 The Sun New York, NY

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SIEGEL BANK TO PAY 30 PER CENT. CASH Depositors Will Be Asked to Accept Notes, Backed by Stock, for Rest. LOANS FOR THOSE IN NEED Movement on Foot. to Appeal to Schiff, Stillman and Others. Depositors of Henry Siegel & Co. were informed yesterday that the bankers are to offer them a cash payment of 30 per cent. of their deposits If the depositors will accept notes for the balance, backed by about $4,000,000 of the common stock of the Siegel Stores Corporation. At the same time the depositors were assured that. if an emergency arises in which they need small sums they may be obtained from the Hebrew Free Loan Association, at 108 Secned avenue, without interest or charges. As that philanthropy cannot undertake to look out for the entire 15,000 depositors a movement is on foot to get wealthy men of public spirit to advance money until the first payment can be made through the courts. The names of Jacob H. Schiff, James Stillman and others were used as those who will be asked to lend the money for a short time. The offer of settlement was made by legal representatives of Henry Siegel and Frank E. Vogel to John P. Murray of Coudert Bros., counsel for the committee of eleven, working with the committee chosen last Sunday. It was also made to Hays, Hershfield & Wolf as attorneys for the Bloomingdale committee. which consists .. E. W. Bloomingdale, Gen. Theodore A. Bingham and E. W. Gilman. $750,000 in Cash Raised. The amount offered aggregates slightly more than $750,000 in cash, which has been raised by the two men among their friends, and the assertion was that It will be paid over as soon as it can legally be done. The offer was read at a general meeting of the depositors in the Thirteenth street loft yesterday afternoon. While there was some gratification expressed formal action placed the matter in the hands of John P. Munch. chairman, and the ten other committeemen who will collaborate with the Sunday committee. It was reported later that this committee will ask for 40 per cent. cash, but as the offer does not bind the friends of the two men it was the general belief that after a little dickering It will be accepted. The offer to Mr. Murray in part was as follows: "A payment to each depositor in cash of 30 per cent. of his claim, such claim to include interest to January 1, 1913, and the giving to him of notes for the balance of his claim, payment of such notes to be guaranteed by Henry Siegel and Frank E. Vogel, and to bear interest at 5 per cent. and to be secured by a deposit of approximately $4,000,000 of the common stock of the Siegel Stores Corporation. The payment of the 30 per cent. in cash will be net to the depositors: that is to say, all expenses will be taken care of so that no part of the 30 per cent. will be necessary to pay lawyers' or receivers' fees or disbursements." In speeches it was pointed out that the Chicago store is owned by the Stores Corporation and that is a paying concern. d May Settle Point To-day. The one thing that stood against a general offer to all creditors and the announcement of reorganization plans yesterday was the landlord question. which e is said to be on the point of settlement and adjustment. Conferences continued all e around without a conclusion, but It is hoped that this will be reached to-day. The announcement at the meeting of the depositors that men and women who are confronted by a crisis can get money without interest on their bank books was f made by J. J. Goldstein, secretary of the n East Side Neighborhood Association and member of the Hebrew Free Loan Association, the philanthropy of which is widespread. Mr. Goldstein besought the depositers a to stop railing and shouting and go back to work. He had no sooner finished than a man laboring under great excitement said he had to get $15 to pay rent. He d had lost his job about the time the bank closed. d "How much have you in the bank?" Mr. Goldstein asked. The man produced a book showing that n he had $345 on deposit. g "Go at once to 108 Second avenue and they will give you at least $25 on your account without interest was the

14. February 27, 1914 New-York Tribune New York, NY

Article from New-York Tribune, February 27, 1914

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SIEGEL DEPOSITORS IN NEW WRANGLE Talk of Tar and Feathers, but Accomplish Nothing to Straighten Tangle. Three hundred depositors in the wrecked bank of Henry Siegel & Co. engaged in a rough and tumble meeting in the loft at No. 45 West 13th street yesterday afternoon, but accomplished nothing except ruffling one another's feelings. Ostensibly the meeting was called to consider the offer of the Depositors' Realization Corporation, formed by friends of the bankers to handle the distribution of the assets of the bank Against J. P. Munch, who called the meeting to order, threats of personal violence were made. Threats of tarring and feathering Siegel were also made, while the terms "liar" and "crook" were freely bandied about. A representative of Henry Melville, the receiver, who uses the loft as his nominal headquarters, finally cleared the place without any one being hurt. There were two distinct groups at the meeting-one in favor of accepting the offer of Siegel's friends, the other against accepting any offer until it was ascertained how much money Siegel and Vogel may possess, and until an effort to obtain more under threats of criminal prosecution had been made. The first group was opposed to criminal prosecution at this time, their argument being that were the heads of the firm indicted the money that might be turned over to creditors would be paid to lawyers to defend them. The offer of the Depositors' Realization Corporation has not received the full approval of Murray & Wolf, who represent the creditors' committee. These lawyers think they know what the offer is intended to convey, but they would prefer to have a more concrete and less ambiguous document. To that end they will confer this morning. A more definite offer from the mercantile creditors' committee, which Joseph M. Hartfield represents, is also desired. It is hoped that a definite proposition may be ready for presentation to Judge George C. Holt, the special master in the case, by Monday. Judge Hand yesterday issued an order for the examination of Siegel and Vogel before United States Commissioner Alexander Gilchrist at a date yet to be set. The order was issued on the petition of Olcott, Gruber, McManus & Bonynge, counsel for a small group of creditors. The petition declares the hearings before Judge Holt have been practically abandoned. Stockholders in the Siegel Stores Corporation, the holding company for the various Seigel stores, met at the Hotel Astor yesterday to consider the reorganization of the New York stores. G. Elton Parks represented the stockholders and Max Pam, of Chicago, the corporation. A committee headed by Henry L. Cohen was formed to co-operate with the creditors' committee. According to Mr. Cohen, the real estate owners interested in the stores must consent to a reduction of 30 per cent if the establishments are to continue. Other interests have declared that unless the rents are reduced from 50 to 66 2-3 per cent, depending upon the rates called for in existing leases, the stores cannot possibly bei run at a profit

15. March 3, 1914 New-York Tribune New York, NY

Article from New-York Tribune, March 3, 1914

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Whitman Says Higher-Ups Will Not Be Permitted to Face Grand Jury. PROBE OF BANK ON IN EARNEST Bankrupt Stores, It Is Said, Will Not Be Reorganized-Depositors Near Agreement. The investigation of the affairs of the private bank of Henry Siegel & Co. was begun in earnest yesterday when witnesses representing several banks and representatives of many mercantile rating agencies were called before the grand jury by District Attorney Whitman. This phase of the situation, Mr. Whitman said last night, had been thoroughly gone over. Other transactions will be investigated during the week. Neither Henry Siegel, Frank E. Vogel or any of those higher up in the affairs of the bank will be permitted to go before the grand jury unless they sign waivers. Oscar Prall. Mr. Vogel's secretary, and Frank E. Champion, the manager of the bank, have been grilled by Arthur C. Train, Assistant District Attorney, but they will not be called as witnesses for the state. "None of the Siegel management will go before the grand jury," said Mr. Whitman yesterday. "The only jury they will face will be a trial jury." The bank transactions complained of deal with the procuring of loans on alleged false statements of the conditions of the several firms. These statements, it is charged, were false in that they made no mention of loans made to them by the Siegel bank. An adjourned meeting of creditors of the bank was held yesterday morning before Judge George C. Holt, sitting as a special master. Like preceding meetings, It was a stormy affair. and at times the lawyers had to suspend while weeping women were quieted. The offer of the Deporitors' Realization Corporation, by which depositors were offered from 30 to 32 per cent in cash at once and the balance in notes payable within five years, was the only matter touched upon. John P. Murray, of Coudert Brothers. explained the offer and advised its acceptance. At the best. he said, the creditors could hope for but 29 per cent after three years of litigation; they would be lucky to get 25 per cent, and he would not be surprised if they did not recover more than 5 per cent. Ralph Wolf. of Hays, Hershfield & Wolf. agreed with Mr. Murray. He reported that substantially all of his clients from whom he had heard, some 550 out of 2,500. were in favor of the offer. It was finally agreed to advertise the offer of settlement and meet again on Monday, when Judge Holt expects a settlement will be had. It can be said on the highest authority that the chance of the bankrupt Siegel stores being reorganized is almost nil. The real estate interests will not agree to make the reductions necessary, and the new money that is wanted. and which it was thought would come from Chicago and other centres where the preferred stock of the Siegel store in that city is held. is not forthcoming This means that the affairs of the several concerns will be liquidated in bankruptcy. and the cash payment at this time 30 cents on the dollar instead of 32½ cents, which would be the case were the reorganization to go through.

16. March 4, 1914 New-York Tribune New York, NY

Article from New-York Tribune, March 4, 1914

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Forecasts Made as to How Many Persons May Be Indicted in Near Future. CONCEALED BANK LOANS REFERRED TO Representatives of Mercantile Concerns and Public Accountants Give More Evidence. The grand Jury spent the larger part of yesterday hearing the evidence of witnesses in the investigation into the failure of the private banking house of Henry Siegel & Co. As on Monday, the witnesses were representatives of the banking houses and mercantile credit bureaus. Representatives of the American Audit Company and Flint & West, certified public accoutnants, who have examined the books for the receivers of the wrecked firm, also testified. Other witnesses will be examined today, but the investigation has so far progressed that those usually well informed in the Criminal Courts Building declare that the only question that now remains to be answered is the number of persons who may be named in the indictments that are expected to be voted next week. As new planned by the District Attorney's office. the indictments will be based upon transactions with banks which made loans to the Slegel firms, and which may lead to charges of misrepresenting the condition of the firms by concealing loans made by the banking house. Under one section of the Penal Code this is a misdemeanor and under another may be construed as a felony. It is expected that it is under the latter provisions that Indictments, if any, will be found. The bankers who have thus far testified have told of making loans to the Siegel firms after they had been furnished with written statements of the financial condition of the firms. These statements, which have been presented to the grand jury, do not, it is understood, agree with the books of the bank or of the failed firms. The credit bureau representatives have also presented documentary evidence. This consists of statements made by rep= resentatives of the Siegel firms on which credit ratings were based. These, too, are declared to have been misleading, and to have been given with a view to obtaining credits that otherwise would not have been given. The auditors have testified to the condition of the books as they found them and to the absolute impossibility of making the books kept by the bank square with the books of the three stores. It is possible, though not probable, that the grand jury will also hear witnesses on the matter of the bank accepting deposits after it had become insolvent. The District Attorney's office hesitates about asking indictments on this phase of the situation, as it is felt that the action of the bankers in setting aside money received during the last week of the bank's existence for the benefit of those depositing it to be returned in the event of failure might create sympathy that would make it difficult to convict. The examination of Henry Siegel and Frank E. Vogel before United States Commissioner Alexander Gilchrist is scheduled to begin in the Federal Building this afternoon. No steps to have the order set aside were taken yesterday, though an arrangement to defer examination may be made this morning, lawyers interested in the case not having negotiations calculated to stop

17. March 10, 1914 New-York Tribune New York, NY

Article from New-York Tribune, March 10, 1914

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INDICTMENTS DUE IN SIEGEL CASE Bills, Expected To-morrow from Grand Jury, May Hold Three. CONTESTED PAPERS ARE SURRENDERED Bank Depositors in Stormy Hearing - Girl Leader and Crowd Foiled. Unless the unexpected happens, indictments will be voted in the Henry Siegel & Co. bank failure to-morrow. Three persons. it is understood, will be charged with misrepresenting the financial condition of the Slegel stores here and in Boston to banks and mercantile creditors. Under one section of the code this is a misdemeanor; under another at is a felony. It is expected that the indictment will be so drawn as to allow the District Attorney to elect which section he may wish to go to trial upon. The presenting of evidence to the grand jury in the Siegel case will be resumed to-morrow morning. It is expected that before nightfall the indictments will be ready. Louis S Levy, of Stanchfield & Levy, counsel for Henry Siegel and his associates. yesterday decided to contest no longer the demands of Arthur C. Train, Assistant District Attorney, for the papers in his possession declared to be the property of the several Siegel corporations, but which he declined to give up on the ground that they were the private property of Siegel. As such he had urged he could not be compelled to produce them. His change of mind relieved him from the contempt of court proceedings begun on Friday. Three balance sheets were sent to Mr. Train. Late in the afternoon additional papers were sent to him. These were received after Mr. Train had conferred with William A. Marble and John S. Sheppard. jr., receivers of the Siegel mercantile enterprises in this city Henry A. Melville of the bank. and Joseph Friedel. treasurer of the Henry Siegel Company. of Boston, These men are among those expected to testify at the trial of the cases growing out of the failures. In addition to these the principal witnesses against the persons whom it is purposed to indict are the credit men of several mercantile houses, officers of banks and employes of mercantile agencies, with Oscar Prall, a confidential employe of the Slegel concerns. the star witness. By him and through the papers given up by Mr. Levy yesterday the people will expect to prove the necessary knowledge to establish guilt. Mr. Platt, who represents the Vogel interests more than those of Slegel, is described as the man on whom the reorganization of the stores to a great extent depends. He is authorized, according to reports, to subscribe $700,000 to float the new company It is probable that the Department Stores Corporation, soon to secure a charter in Albany will bid for the properties. This concern, as now planned. will have $4,000,000 capital. Of this amount $1,000,000 will be preferred stock. The announcement in The Tribune on Sunday that the Siegel stores would shortly be offered for sale to the highest bidder or bidders was officially confirmed yesterday at a meeting of the bank creditors before Judge George C. Holt, sitting as a special master James N. Rosenberg. representing the receivers, asked that an order issue for the sale of these properties, on which, he declared. money is being lost daily. The hearing before Judge Holt was stormy, as Siegel depositors' meetings are wont to be. Once Judge Holt had to threaten to adjourn the hearing in order to secure quiet. At this hearing John Murray, for the depositors, asked that the Depositors' Realization Corporation, which had offered to pay the depositors 30 per cent of their claims in cash and

18. March 11, 1914 The Evening World New York, NY

Article from The Evening World, March 11, 1914

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few moments more of, questioning Siegel testified that the stock was transferred to Leo A. Price, manager of the Rothenberg store which was bought by Siegel. "Last August," the witness said, "I resigned the presidency of t he H. 8. Realty Company." Mr. Ernst looked surprised and asked a few more questions, and Mr. Siegel admitted he had not resigned the presidency until after the appointment of the receivers. Q. Who is president now? A. 1 don't know. # STATE WILL SUE FOR $100,000 BOND. William A. McQuaid, the deputy in charge of the Attorney-General's office in New York city, said to-day that he would serve papers to-morrow in an action to recover the $100,000 bond filed by Henry Siegel & Co. on ALG. 8. 1910. This money, he said, when recovered will be distributed pro rata by the court among the bank's depositors. "I have received instructions from Attorney-General Carmody to begin suit against the United States Fidelity and Guaranty Company to recover on the bond the banking company filed in 1910 in pursuance with the provisions of the Private Banking law," said Mr. McQuaid. "The bond was filed with the provision that it would be forfeited in case money accepted for deposit was not paid on demand or money accepted for transmission was not properly delivered. The action, instead of being brought in the name of some of the depositors, will probably be brought in the name of the People of the State of New York, and the Court will probably appoint an officer to see that it is properly distributed."

19. March 12, 1914 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, March 12, 1914

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Action Grows out en e ceivership Proceedings Against Business Firm ANGRY DEPOSITORS SEARCH FOR BANKER Stormy Session at Bankruptcy Hearing When Many Are Ejected The Crowd Threatens Siegel New York, March 11.-While Henry Siegel, head of department stores in New York, Chicago and Boston, was testifying today in a riotous bankruptcy hearing, the grand jury that has been investigating the failure of the Siegel stores in New York and the savings bank conducted in connection with them returned three joint indictments against him and his partner in the banking enterprise, Frank E. Vogel. Siegel and Vogel were arraigned on the charges and later released on $25,000 bail each. Three hundred angry depositors who had been forcibly ejected from the bankruptcy hearing, hunted around the federal building for Siegel in vain. At the time they were looking for him he and his banking partner were standing before Judge Rosalsky pleading "not "guilty" to the indictments. Larceny Charged One indictment charges Siegel and Nogel with grand larceny in that they made false statements to the bank of commerce in order to borrow $25,000. The others allege that the two bankers accepted deposits when they knew the bank of Henry Siegel & Co. to be insolvent. Siegel testified at the bankruptcy proceedings that he did not invest any capital in the private bank that bore his name. He got about that far in his testimony when Miss Jessie Martin on nounced that she had a right to represent the depositors. at the hearing She was urged to remain quiet. When he refused to do so. she was led from the courtroom by United States Marshai Kenkel. Three hundred depositors who were standing around the corridors also h were put out. They gathered in front of the window of Marshal Henkel's of fice and shouted threats of violence against Siegel. Siegel testified that he and Vogel fued R bond and purchased fixtures for the bank. Then, he admited, they accepted deposits and made them act as a doatthe capital for the bank. Siegel declared he had no money to pay wrat a he owed, and he declined to answer as question as to whether an entry made on the books of the stores when they borrowed from the bank, on the ground that it might incriminate I/ m Agreed to Divide Profits In regard to his partnership with Vo. gel in the private bank. Siegel said he and his partner had agreed to divide the profits at the end of each year. He said his salary from various stores was $46,0000 a year, and that his wife spent most of it. It was a little after 3 o'clock in the afternoon when one of District Attorney Whitman's detectives told Siegel's attorney that the indictments had been returned. The lawyer leaned over to Siegel and whispered the information to him. Siegel turned pale and from then on stammered out his answers to evestions put to him. Siegel and Vogel were taken to the ground floor of the court building in a private elevator that they might dodg the mob of depositors. When the pair arrived before Judge Rosalsky both appeared dazed. District Attorney Whic man was waiting for them, Attorneys entered a plea of not guilty for the wo men. They were then given one week in which to withdraw the pleas if they 80 desired. After having their bail accepted both men left the court. Neither would talk. Proceedings Not Ended The indictments by no means end the proceedings of the grand jury. It is alleged that an investigation by the district attorney's office has disclosed discrepancies of nearly $2,000,000 between the books of the Siegel stores and banking enterprises and the financlal statement used as a basis of additional credits before the failure. It is said the total of the discrepancies may even reach a higher figure. The Fourteenth street store, the Simpson Crawford company, the bank. ing firm of Henry Siege: & Co., Henry Siegel & Co., wholesalets, and the Mer chants Express company, of this city all allied with and controlled by the Siegel stores corporation, of which Henry Siegel is directing head and presIdent. and of which Frank E. Vogel is vice president, went into the hands of receivers December 30. last. The same day a receiver was appointed for the department stores of Henry Siegel & Co. in Boston. The Siegel store in Chicago, also controlled by the Siegel stores corporation, was not affected. No settlement has been made with the depistors in the bank. whose deposits aggregated about $2,000,000. As has appeared in testimony in various proceedings deposits in the bank were drawn freely by the various stores when funds were needed in their business operations. The stores have been continued in operation by the receiv-

20. March 16, 1914 The Richmond Virginian Richmond, VA

Article from The Richmond Virginian, March 16, 1914

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HOPE SPRINGS UP IN SIEGEL CASE Petition in Bankruptcy is Withheld Temporarily For Possible Adjustment Out of Court. NEW YORK, March 15.-A new hope, of slight proportions, is held out for the depositors in the private bank of Henry Siegel & Co., and as a result the petition in bankruptcy against the bank and the other Siegel enterprises, which was to have neen filed tomorrow before Judge Hough, in the United States District court, has been withheld. An offer by the mercantile creditors, through Joseph M. Hartfield, their attorney, to pay the bank depositors $200,000 in cash, has caused the attorney for Michael Hupport, and two other depositors, to agree to keep the petition back for a few days, until the new proposition can be considered by all the depositors. With the $200,000 from the mercan. tile creditors, $100,000 from the Fidelity and Guarantee company, and $25,000 which the bank receiver has in cash, the bank depositors would get about 12 per cent of their deposits after the $50,000 or more for expenses had been deducted. If the Siegel concerns were thrown into bankruptcy an almost endless chain of litigation would ensue, and legal men say that it would be vintually impossible to untangle things for a year to come.

21. March 20, 1914 The Sun New York, NY

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VAN TUYL TO HELP SIEGEL DEPOSITORS State Banking Superintendent Offers to Liquidate if Named Trustee. INVENTORIES OF STORES Stock and Accounts of Concerns Here $1,731,271-Will Bring About a Half. Banking Superintendent George C. Van Tuyl. Jr., announced yesterday that if the Siegel bank depositors will make him trustee he will endeavor to effect a settlement for them at the same cost It now takes to liquidate banks under his jurisdiction. Mr. Van Tuyl's statement was brought forth by the letter of Frederic R. Coudert to Gov. Glynn in which Mr. Coudert asserted that it was the duty of the Attorney-General to act as counsel for the depositors and for the Banking Superintendent to do their investigating, because the blame for the losses was due to the neglect of the Legislature to pass adequate banking laws. The Banking Superintendent said: "I would be pleased to take over the liquidation of the private bank of Henry Siegel & Co., but under the law I am not authorized to step in. They are beyond any supervision or control of this department. Would Work Out Plan. "There is one way in which this department might be brought into it, however, and that is for the depositors themselves to have me appointed their trustee. If that were done I would go to the Attorney-General and we would work out a plan whereby the entire force of this department would assist me in investigating and settling. "Naturally, there would be no fees to any of the officers and only the actual expenses of liquidation would be charged. The depositors would simply file their claims with me and there would be no costs for receivers, other trustees, attorneys on all sides, stenographers, experts small." and clerks. The cost would be very The inventories of the Simpson Crawford Company and the Fourteenth Street Store ordered as before the sale on March 24 were finished yesterday. The figures include everything except the fixtures. The net cost of the stock and all materials on hand in the Simpson Crawford Company is $581,340 and the accounts recelvable are $668,282. The greater part of this amount is made up of the instalment accounts, pianos, phonographs, carpets, rugs, furniture, household goods and the like. Of this amount also $129,383 is marked off as "in suspense," which means that it is bad.

22. March 21, 1914 The Sun New York, NY

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VOGEL IS LIABLE TO CONTEMPT CHARGE Absents Himself From Federal Hearing-Ordered to Appear Monday. SIEGEL BALKY ON STAND Admits $85,000 Life Insurance, but Refuses to Answer Many Questions. Frank E. Vogel, indicted with Henry Blegel following the failure of the Stegel concerns, has until Monday to purge himself of contempt of court in failing to appear before United States Commissioner Gilchrist yesterday afternoon to be examined with Siegel in the involuntary bankruptcy proceedings recently started by depositors in the closed bank. Slegel added to his previous testimony after an unsuccessful attempt by his attorneys to have the hearing put off again. Siegel testified to his real estate holdings, the banking agreement with Vogel and other relations with the bank and the stores. He said his life was Insured for $85,000 but that he had borrowed $9.000 five years ago on a $25,000 fifteen year policy, the last premium of which is due on April 15. This loan was never repaid. He declined to say for what "private affair" he borrowed the money. but admitted that at the time he asked for It he had an income of at least $40,000 a year. Regarding his real estate Siegel said he had paid $45,000 for the nine and a half acres at Mamaroneck and had spent about $50,000 on improvements The furniture was included in the transfer price. The property at Eighty-second street and Madison avenue cost $245,000, he said, but the Seventh avenue loft was taken in exchange for It a.d $40,000 in cash. This loft went to Leo A. Price last August, Siegel testified. as security for the Rothenberg lease. The papers, which he still has, he said were drawn by an attorney. Mr. Paskus The annual rent, the witness stated. for the Rothenberg property was $125,000. but he did not know whether or not it was paid to date. He said he had no property at Lakewood or in Europe. Slegel did not know whether or not he had sent any money to Europe. He declined to say what he had done with the $150,000 loan from the bank of Henry Siegel & Co., when he borrowed it, or whether he gave any other security for it than what he mentioned last week. The agreement with Vogel regarding the bank was a copartnership, he said, formed April 30. 1904. He and Vogel deposited equal amounts. Siegel refused to say whether or not he had lent any money from the bank to his wife or to relatives or whether or not he had any now. He would not say how much interest he had in the Chicago store except that it was corporation stock Nor would he say what he did with it. He gave some to the receiver. he admitted. He also admitted that he owned 2,500 shares in the Stegel Stores Corporation, and that was all. His insurance memoranda showed two $25,000 policies in the Equitable and one in the Prudential and another for $10,000 in the Mutual Life. the beneficiary of which was his daughter, Julia Siegel Cavendish. One of the Prudential policies was for fifteen years and is due on April 15. He admitted that he had paid all the premiums on the policies to date. A depositors' committee. including A. N. Bresel, Jacob Latzer, Jessie A. Martin and William Ekstein. was present. Willlam H. Bonynge represented the depositors who filed the petition. The hearing will be continued on Thursday, at 10 o'clock. Samuel Hoffman, a lawyer, who said he had power of attorney from 500 depositors on a 1 per cent. commission basis, said yesterday that he would block any attempt on the part of the Banking Department to liquidate the bank. Such an offer was made on Thursday by Banking Superintendent Van Tuyl. The receivers for the stores were highly pleased with the outlook for the bidders for the stock. Several were on hand yesterday in the Simpson Crawford store. Mr. Claffin of John B. Claffin & Co. was there. Greenhut-Siegel Cooper Company asked permission for fifty buyers to inspect the stock, fifteen of whom were at the store. Bloomingdale's asked for fortyfive permits. O'Neill-Adams had fifteen buyers there: the Boston Store of Chieago had representatives at the store. Others represented were William Filene's Sons Company of Boston, L. Bamberger & Co. of Newark and N. Snellenburg & Sons of Philadelphia. CHICAGO, March 20.-Levy Mayer, Frank E. Vogel's lawyer, said to-night that Vogel had been 111 here since Monday, when he came from New York. He telegraphed to United States District Judge Hough that he was unable to be present at to-day's hearing in New York, but apparently. he added, the telegram was delayed. He expects Vogel to be well enough to leave Chicago in time to avoid Mr.

23. June 7, 1914 New-York Tribune New York, NY

Article from New-York Tribune, June 7, 1914

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# HUNT SIEGEL WRECK # FOR MORE EVIDENCE Whitman Has Banking Expert Look Over Books-$405,000 in Dividend. Further evidence against Henry Siegel and Frank E. Vogel is being sought by Arthur C. Train in the books of the wrecked banking firm of Henry Siegel & Co. With J. W. Quinn, jr., an expert of the State Banking Department, and Frank Champion, who was one of the managers of the bank, he has been over-looking the books now in possession of the American Audit Company, as the representative of Henry Melville, the receiver. The search, it is understood, is for the purpose of strengthening the case against the men, who are now out on $25,000 bail on fourteen indictments. Champion had charge of the books and affairs of the bank, and it is upon him, more than any other person, that the District Attorney's office relies to make its case stand up. Yesterday was the last day for the payment of the first dividend to depositors in the bank, and substantially all of the $405,000 which Judge Hough ordered paid out was disbursed by Mr. Melville before the close of business. The announcement in The Tribune earlier in the week that yesterday was the last day sent flocks of depositors who had neglected to file their claims to his office. Any depositor who may wish to share in that dividend from now on will probably find it necessary to get an order from the court. District Attorney Whitman and John B. Stanchfield are expected to agree this week on the county where Siegel and Vogel will be tried on Judge Blanchard's order permitting a change of venue. All that has been settled thus far is that the cases will not go to Chemung County, the former home of Mr. Stanchfield, where his prestige, it is figured, would outweigh much of the evidence Mr. Whitman might have to present to his former neighbors.

24. October 20, 1914 The Star-Independent Harrisburg, PA

Article from The Star-Independent, October 20, 1914

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HEART DISEASE KILLED VOGEL Died Suddenly In His Apartments In New York Hotel By Associated Press. New York, Oct. 20.-The sudden death of Frank E. Vogel, vice president of the suspended bank of Henry Siegel & Company, who, with Siegel, was under indictment charging grand larceny, was due solely to heart disease. An autopsy preformed to-day by a Coroner's physician established this fact. Mr. Vogel died suddenly last night in his apartments in a hotel here.

25. July 12, 1915 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, July 12, 1915

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HOPE VANISHES FOR 15,000 SIEGEL DEPOSITORS--TRUSTEES ASSAILED The report to which the depositors New York, July 11.-The 15,000 deobjected was made orally by Mr. Henpositors in the wrecked bank of Henkel. He announced that the amount on ry Siegel & Co. fear that they will hand belonging to the Siegel bank was not get more than the 15 cents al$40,368. The balance of the assets of ready paid to them from the estates Henry Siegel individually, he said, was of Henry Siegel and Frank E. Vogel. $14,502, and balance of assets of the At a meeting of the depositors Satlate Frank E. Vogel, Siegel's former urday morning before Referee Stanley W. Dexter in the United States dispartner, $3215. He explained that the creditors of Siegel and Vogel individtrict court the disheartening anually will have claim on these assets nouncement was made that the Siegel before the bank depositors. store in Boston had submitted a An appraisal of the outside stocks claim of $2,000,000 against the estates and securities held by the banking for a broken lease. SO that the $58,000 partners showed that they were pracnow held by the trustees in bankrupttically worthless. Trustee Henkel said cy will scarcely be sufficient to pay he would accept $3 for the $40,000 worth further dividends to the depositors. of Siegel Stores Corporation stock, "We may be fortunate enough to while he valued Frank E. Vogel's outcut this claim down," said Mr. Dexside stocks at $2500 and Siegel's at ter, "or to effect a favorable arbitra$5185. Siegel's life insurance policies tion, but at best it looks as though have been returned to the companies there will be precious little left for for the cash surrender value, but Mrs. the depositors." Siegel, who is now in Europe, must However, Clifford G. Ludvigh, a consent to this. lawyer, has been retained to fight the Mr. Henkel denied, in answer to Boston claim. When the trustees made their requeries, that the trustees had received Henkel's automobiles, bonds and minport Saturday some of the depositors ing shares. also denied that he had reangrily said that they wanted two ceived from the receiver more than 10 weeks time in which to frame charges shares of stock in the National Bank against the three trustees, William of the Republic in Chicago. Henkel, Jr., John King and George L Referee Dexter gave the depositors Sanborn. The depositors asserted that permission to file objections to the the trustees had neglected their intrustees' report within the next few terests and had acted in a way that days. was detrimental to the estates.