The New York herald., 1879-11-12
IMMENSE MEETING OF CREDITORS.

sTErrAuER BROTHERS CO. REMAIN IN CHICAGO
BY ADVICE OF THEIR ATroRNEY-TERMs.o .oY
SETTLEMENT PROPOSED.
One OF the largest meetings of creditors held
in this city took place yesterday at tho St. Nicholas
Hotel. The creditors those of Stettauer Broth
Il Co.. Wholesale dry goods dealers of Chicago.
Over two hundred merchants present. Mr..
Bliss. of Wright. Bliss & Fabyan. chosen chair.
man, and Morris H. Wall. of Wall Il Seward, Phils-
delphia secretary. Mr.. Tenney. of Chicago, the
attorney OF the suspended firm. called upon for
a statement He explained the absence of the mem.
bers OF the firm by saying that the unfavorable
features of the failure and many attributed
by the press had named the feelings Of the cred.
itors to such an extent that their clamors might
make it uncomfortable for them to come here aud he
had advised them to remain in Chicago He de-
tailed the which led the failure
first, that tho capital Of the firm has
been large enough for the business
they doing; and. second tnat the capital had
been reduced from year year. until January 1.
1879. it amounted to little more than shadow.
The firm, in order to mako up the deficiency. began
TO speculate. They invested largely in the Board OF
Trade in Chicago and engaged to limited extent
in stock speculation and mining operations. and In
these outside "hyers" lost 100000. They Dor.
rowed. these stock speculstions eliminated, in
April last. from their ratner-1naW ond
sIls.o00 from their mothcr-in-law. in tho hope Of
bridging matters. they expected almost to
certainty to receive s5O0.0o0 additional capital.
They failed get it. and about October they paid
Abraham Stettauer his claim of $4,000. deposit
account Of country of S25 900 and $500
due to Levi Rosenfcld. In addition they secured to
Mrs. Rosenfeld S1ls0o0 by mortgage and thres
banks in the way tor s25.Oo0 each. These wers
all the payments made likely to be criticised.
ave willing" said Mr.. Tenney. ''to give
eighty-fve cents loud applause.) Don't misun-
derstand me- gentlemen. l don't mean to offer
cighty-ive cents on the dollar, but cighty-fve Der
cent of the value of the assets reported by the
expert who visited Chicago, which il fifty cents
the dollar. tC;roansJ Could any man do better ?''
Mr.. Tenney then made formal offer of fifty cents
the dollar, oneth cash and the balance in four,
eight, twelve and sixteen months. secured He also
requested the appointment OF "a committee to take
the proposition under advisement. confer with the
firm and ii 1t is all they pay; il it was not
THE FIRMS CONDITION.
Mr.. Dunn. Of II. d. Clanin L. Co., asked for the
report of Mr. u 9. Burnap. the expert who went to
Chicago at the instruction OF the principal New York
creditors which was read by the latter gentleman:
which there bills payable $3.50 3ys 96; accounts
payable si.5I5,a52 6s; taxes due, $4,000. OF
unsecured sl.5l9.sG1 10. The assets consist Of
merchandise. valued by prominent department men
at s'O9430 49, cash. $50. .727 %; furniture aud Ak
tures, s5oO Chicago Exposition stock, considered
good $500; open accounts $4Us, ,2S2 So; bills receiv
able SlssIS 4 real estate (valuation Ut forced sale
S,5vCO; total sl.2i2 10 6S less guarantee ON open
accounts and contingent liability amounting 10
S2sOOo. Subtracting this and the amount of the
secured claims there is remaining Sy74.g29 l6 APP
picabe TO the pay rnent of the creditors,
which would be 6t lilo per cent In to
question OF Mr.. John Byers Mr.. Durnap said that
the statement male by the firm in January last
showing surplus OF Si9y.6 .63l 40 was not correct
The stock account capital on the ledger. Dccem.
Der 81, 1878. showed surplus of s2l423l ~,
whereas their actual condition $2O3, s6i ~ short
A representative of II. Blankenbcrg Co.. OF Phil
adelphia. asked II there printed list OF the
credit ors which might be read, rs he understood
there were hardly any Hebrews among the creditors
nearly all having been paid OF, and he saw very few
In the audience. Instantly Mr.. Frederick Lewis
jumped 20 his feet, saying, Il am Hebrew, am
sorry to say" Roars OF laughter prevented VT.
Lewis from finishing his sentence. and he attempted
to explain vhat no meant-that he sorry he
was Hebrew who had been stuck by the firm to the
tune OF $4,000. Several others OF the same pcrsua-
sio nnouncod that they were creditors for $5OUOto
$1,000 when the chairman called Tor order, stating
that no question of race and religion should be
raised
Mr. John Allen thought the best thing tho crcdi-
tors could do TO accept the offer of the firm.
Mr. Frederick Lewis offered motion, which was
adopted. for the appointment of q committee OF
they could increase their offer. The Chair appointed
Mcssrs. Dunn, of ii. h. Clailin " Co.; cutter, OF
George &. Richardson a. Co.; simpson. of william
simpson n Son. Philadelphia; Degenor. of q. A.
Aufmordt & Cp.; Lawrence, of Lawrence, Taylor
Co.; Noycs. of j. l.. Bremen, Brother Co.; und Mr.
:. =. Fisher. The Chairman. Mr. Bliss was added TO
the committee