Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-18
A HEAVY FAILURE.

The Sattler Bros. Suocumb to the Weather
and CrewdiDg Creditors-Ai from
$4,000 to $1O0, 900 and Assets About the
Same.
A good deal of surprise was caused in
st. Paul yesterday by the announcement
that Sattler Bros, the vell-known clothing
dealers, had suspended and closed their
doors. On visiting the store it was found
that the report was true that this we'll
known firm had surrendered, and that an
assignment had been made to Solomon
Bergman for the benefit of creditors.
This assignment is made under the gen.
eral statutes and not under the insolvent
law. No list of indebtedness had been
fled up to last night and all day yesterday
they were engaged in taking an inventory.
The store proper occupied by this firm
is at number 81 East Third street. Last
summer the firm anticipating heavy fall
business, concluded to open another store
further down Third street, but as there was
no store to rent, the firm was compelled
to hunt for some one that could be bought
out. Such persons were difficult to find,
but at last Theo. Golden, who had res
taurant on Third street between Robert
and Jackson, was found, who was willing
to sell, ank ii Q Sattler Bros. bought him
out paying him bonus of $4,000. To fit
the store up in suitable condition for a
clothing house required further expen-
diture of money. A new
floor was laid, plate glass
was put in, and the whole establishment
was reiuvenated. The location was good
one for the transient trade, and, but for
the very warm weather that we have had
during November and December they GER
tainly would have done we'll and made
money. From all that could be learned
yesterday it seems that they laid in big
stock of goods with a view of having the
usual cold weather in November and De-
cember, but instead of cold weather we
had one of the mildest of winters up to
the middle of December. The result is
that they could sell but comparatively few
goods, and all the big stock they had on
hand remained nnsold. In the meantime
the notes given for the goods began
to mature, and creditors became anxious
for their pay. The consequence is they
surrendered, and, as above stated, made an
assignment for the benefit
of creditors. Their liabilities
are somewhere in the vicinity of $4,000
Or 100000. while the assets ara about the
same-that is to say, the firm bought
about 100000 worth of goods on credit,
expecting to be able to sell them of be-
FORE the bills became Cue. They had mild
weather al the fall aDd early winter, and
the consequence is they could sell
only moderately and had the
goods left on their hands. So fer as is
known or can be ascertained, every thing
about the business is square and honest
The goods purchased are here. The in
debtedness in the city is very light,
amounting il all to q very trife, not over
$1,000.
and file list of liabilities. This has not
yet been done. Some Of the creditors are
as follows:
Hart, Abb d Marx, Chicago. .......... 1900
Pfndskop Bros & CO., New York. ...... 10000
Lippman, Brown & Co., New York 5000
Hammerslong Bro, New York. - 5000
l.. Loaeeuslein & Co, Chicago .... 5000
J. o. Yarderterele d Co., New York. 5000
Jacob Sattler was seen last evening. He
said that few of the creditors were push
ing them, and that compelled the assign
ment. They had, as stated, large stock
and light sales. He seemed quite depres-
sed by the unfortunate turn of affairs, but
nothing different from what Is given above
was elected.
There is some talk of compromise be-
ing effected which will enable the firm to
continus business and this is quite likely
to ensue when the creditors can be con-
suited with. AS the stock is on hand it is
argued that the Messrs. Sattler
can dispose of it at better
advantage than to make forced SALE In
the meantime the assignee is engaged in
making an invoice to enable him to make
the creditors an intelligent statement.
The Messrs. Roger Bros, are the attorneys
who have the matter in charge.