The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-04
FAILED IN BUSINESS.

A CHICAGO FIRM HAVING EXTENSIVE coNNEc-
TIoNs WITH NEW YORK HOUSES sUsPENDs
| ACKNOWLEDGEMENTS BELIEVED TO DE
NEARLY MILLION, DOLLARS.
During the early hours of yesterday rumors of the
suspension of the dry goods arm of stettauer
Brothers 4 Co.. OF Chicago freely
circulated. The most extravagant figures were
mentioned and from the looks of many OF the
n1Jitues of the "Dry Goods District one would
have supposed that ruin staring the whole
trade in the face. The losses New York mer-
chants. one gentleman asserted would reach at least
a million, bur the general opinion that $50 900
would more than cover them. The official announce
ment was not made until about noon. but the news
travelled among the parties interested as fast as
though transmitted by electricity. The house OF
Stettauer had but two rivals in Chicago. as far as
the volume of business transacted and the ramih-
cations of their connections concerned. In the
aggregate it is estimated that their dealings amounted
annually to between s6,o0o0oo and $1,000, 900.
In the absence of any statement from the firm
which 1t will be impossible to obtain for several
days the gossip among the trade was all to the
effect that. in their endeavor to Guido and underse
their rivals. the Stettauers took risks which
conservative firm would refuse. The credit of
settauer Brothers Co. has not. it is said. been
although much of their paper is held here Locally
their standing was good To allay the anxietes of
their creditors they published in January last the
following statements OF their affairs
ASSETS
Merchandise. S405, 30
Cash. ........... ACKNOWLEDGEMENTS. 26,471
Outstanding accounts OBSERVATION-DISCLOSURES. 50a a0l
Equity in business house. $4,000
Unexpired insurance premiums. 1853
Total as sets s9ssss2
The nrm was established in 1856. In 1874 it was
composed of Lewis Abraham Charles and David
Stettauer and George Ernstein. The two brothers
first named retired in that year. withdrawing
the old title. Their statement i'll January last and
prompt payments in the early part OF the year
moved the feeling of dstrust in the New York trade
to some extent and they We're enabled to extend
their business materially by the accommodation
tended them here The firm has an office in New
York city at No. lis Worth street, which il charge
OF Mr.. Ernstein, Jr. son OF one of the firm
When called upon by the HERALD reporter for in
formation yesterday Mr.. Ernstein said :-"There is
really nothing that can tell you beyond the fact
that l advised by mail this morning that the
firm had suspended payments. am only the buyer
here and have no interest as partner whatever It's
impossible for me to give you any figures. because
we do not keep any books here. only duplicate
ceipts. This telegram have just received":-
CHICAGO, Nov. 3. 1879.
Parties inquiring inform them that goods in transit will
sTETTAUER BROS. CO.
from Chicago yesterday as emanating from srettaur.
Brothers " Co..
We regret to inform that unable to
We shall at once proceed to examine our affairs, with
result.
Mr.. David Stettaur who was the only partner
visible in Chicago yesterday. refused to make
general statement as to the abilities and assets of
his firm, but stated that he had little doubt that
they would continue business after time.
THE NEW YORK CREDITORS.
Inv N he fraH shO hat 1v all
the commission houses sufferers by the failure
Among the creditors are H. B. Clafin Co.. 100000
renee. Taylor Il Co.. reported $4,000 to $4,000;
Denny. Poor 4 Co.. $4,000; Lewis Brothers Il Co..
don Il Co., $4,000; William Lottimer l. Co.. $4,000;
Pomeroy Pummer, $1,000: Fred Almy. $4,000;
W. L. strong o Co. $4,000; , Van yolaen b. rg
5000; Noyes. smith & Co.. $500. Among the
Wilder 4 Co.. shortridge. Borden Il Co.; William
Simpson. Son \ Co.: John sade; Co..
Flax Spinning Company. Brookaeld Linen Com
pany. Wilson Bradbury, Smith. Churchill l. Scrib-
ner. Horace Maxwell. Nelson Brothers 4 Co.. and
Ammidown. Lane " Co. George G. Richardson Co.
reported in the trade creditors to the extent
of 100000. but at the Office a member Of the firm
byan were currently reported at $4,000 At their
office 1t said that the firm not creditors
but the mills they represented were, and that the
amount would not reach anywhere near that figure.
The following are the amounts given in the trade
to other firms who are reported to be creditors:-
Lawrence Il Co., 100000 .Aldrch. Iddngs 4 Co.,
100000 Case Leland Co., $4,000; White. Payson Il
Co., $4,000: Francis Barker. $4,000; j. L. Bremen,
Brothers & Co.. $4,000; Upham. Tucker l. Co.,
$20.0OO.
H. B. Clafin Co. have sent representative to
Chicago to look after their interests and Mr.. U. G.
Burnap also left for Chicago last evening to repre-
sent q number of leading New York creditors.
Dispatches were received late yesterday afternoon
by Wood Co. from their attorney in Chicago that
the firm refused to make any statement of the La
bilities assets at the present time They gave
four mortgages in the morning goods unopened
in warehouses for S143 900 and trust deeds
premises for $4,000. Another despatch received
by creditor stated that the liabilities upward
of $1,000.000. chiefly due to New York firms. and 1t
considered bad failure. The firm recently
sold $3.50 900 worth of their paper in the market all
OF which was met except $3.50 They said to
owe considerable in Europe, having branches at
Paris and Manchester.
The failure created considerable excitement in
business circles. ana good deal OF speculation
INDUCED in respecting its causes in Chicago It is
reported there that the firm invested $3.50 900 in
mines in San Juan county. but this is declared
probable 1t is related that on Saturday a transfer
amounting to $3.50 900 made to a mother law
OF a member OF the firm. and that within five months
q relative named Rosenfeld was paid $5O0,O00.
OTHER SUSPENSIONS.