Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-11-04
BUSINESS FAILURES.
a Heavy One I'm Chicago.

CHICAGO, November Son Saturday
Shettauer, Bros, q Co., wholesale dry
goods merchants, on the corner oi
Franklin and Madison streets, sent to
their New York correspondents and
creditors the following notice: We re-
gret to inform you that we are unable
10 meet our payments, and have there
fore been compelled to suspend. We
shall at once proceed to examine OuT
affairs with view OF arriving at our
true condition, and will submit the re-
suit very respectfully, etc.
Mr.. David Shettauer, who is only
a partner, visible, to-day refuses
to make even general statement
as to the cause, liabilities and assets,
but states that he has little doubt that
the firm will continue business after a
time. Rumor has the amount at a mil
lion, but that is only conjecture. The
firm has been considered one OF the
strongest and most reliable firms in the
West, and it is difficult to give any
reason for the failure. From the fact
that this afternoon there was consider
able break in wheat it was alleged
that the firm has been speCulating
in wheat, but diligent inquiry
among the brokers failed TO
verify the assertion. Mr.. Sheltauer says
the creditors are almost entirely in the
East, and few in Europe. 1t is said
that $50 900 is due to Philadelphia mer-
chants. n. b. Record, representing
Rufus s. Frost q Co., Boston, and
Denny, Peare & Co., New York, is here,
and in consultation with members ol
the firm says that full statements OF
their affairs will not be ready before the
latter part OF the week.
The failure created considerable ex-
citement in business circles, and a good
deal of speculation was INDUCED in re-
specting the causes. 1t is reported that
the firm invested quarter of million
in the mines in San Juan county, but
this is declared improbable. 1t is re-
lated that on Saturday a transfer
amounting to Sl50,O00, was made to a
mOther-in-law of a member OF the firm,
and that within five months, a relation
named Rosenfeld was paid S500,OOO
Among the Indebtedness is claim OF
Clailn q Co, of New York, for 800, 900;
another of George G. Richardson & Co.,
of New York, for $4,000, and of Col.
Strong, of New York, for S25, 900. 1t is
supposed the Indebtedness exceeds one
million and may reach one million and
a half.
The firm is composed of David Shet-
taner, Charles ). Shettaner and Geo.
Ensteir, latter of New York. The great
bulk OF the creditors are among the
large commission and jObbing hOuses in
New York. Besides the creditors
mentioned the following are now known:
Wright, Bliss & Co., $4,000; Lewis
Brothers, $4,000; Denny, Poore u Co.,
Rufus Frost & Co., Little d Co. and
Parker, Wilder & Co., amounts un-
known. Several deeds and mortgages,
covering the stock and fixtures, were
filed in the Recorders office to-day,
transferring the property named to the
members of the family and to the attor-
new of the firm. The house moved to
Chicago from Leavenworth, KS, where
they had been very successful, in 1874,
and succeeded Hamlin, Davey d Co.
The annual sales were from
four to six million dollars,
and their capital was stated at 100000,
which il now appears was mostly bor-
rowed. One statement OF the liabilities
is, unsecured 81 100000, secured S34O,-
600, and the same authority places the
nominal assets at Sl,100,OOO.
New YORK, November 3.-lsidore Il
Helm, fur dealers, have made an assign
ment. Their liabilities are estimated at
Sl5O,OOO. Mr.. Helm said the indebted
ness was mostly in this city; that the
firms creditors would probably be will
ing to-day to take - cents on the dollar,
but that they may be sure Of 9 cents
and the probability is they will receive
every cent the firm owes them, as he
hopes to surmount the difficulty and
continue business.
Considerable excl snent was caused
in the dry goods trade, to-day, by the
failure of Stettover Bros. 4 Co., OF Chi
cago, and there was a consequent lull in
business, which recently has been very
active. Their connection with the trade
in this CITY was widely extended, and it
is believed their liabilities are chiefly
with New York merchants. lttis esti-
mated that twenty firms here are suffer
ers, but none 10 q ruinous extent.