The sun., 1893-08-04
ANOTHER CHICAGO FAILURE.
LAZARUS sILpERSIAN, Il PRITATE
BANKER. SUsPENDS

u,, I,,b,,,t,r, nro Less Than 81 900 900
end His Assets Have Face Value OF
Nearly Double thnt Sum-Beltef on the
Hoard or Trade that the Worst is Over.
CHICAGO. Aug. 3-Lazarus Siverman. awell-
known private bunker. suspended to-day His
liabilities are loss than S1.O0o.o00 with assets
in excess OF that amount. Silverman, besides
being a private banker. was one OF tho largest
operators in Northwestern iron properties in
Chicago. he was interested TO n considerable
extent in the Schlesinger iron mine system.
the recent embarrassment OF which. 1t was re-
portod to-day contributed to his suspension.
Sllverman has ranked as millionaire.
sliverman's failure, although an important
one, was not n complete surprise. 1t has been
understood that he was hard up for ready
money. and he was quite generally supposed
to have ample assets, but OF the slow sort
The bank did not open at all to-day.
A notice was posted on the door. saying:
Payment suspended for to-day on account
OF tho stringency in the money market" No
assignment was made. representative OF
the house said that the embarrassmen was
only temporary. Mr.. Silverman. who was
in Now York. was informed by telegraph
last night Of the pending trouble. and
is expected to reach Chicago tonight
Other bankers estimate his deposit ac-
count Mt 100000. 1t is OF q commercial ma
jewish dealers engaged In small business
ventures. SO far as is known no large, con-
Germs arc involved. Besides the deposit nc,
count the liabilities Will not exceed 100000
or 100000. and few estimates place the debts
above 81 100000. They will probably fall be-
"a Against aims this liability account slverman has
assets bearing n face value of nearly $4,000
900. A large part OF this property is In collat-
eral OF problematic value. It is estimated.
however. that the bankers real estate is worth
S7OO.000. and that it is in shape to be avaia-
Since June i5 the bank has been drawn upon
Situation grew critical. The, cash reserve had
nos be- urnoa nTa easS @ Mr. @ade
a trip to New York and other Eastern cities to
secure aid. During his absence the situation
from the Commercial National Bank. through
which Siverman cleared. that to-day checks
would encounter difficulty,
and his attorneys was arranged and 1t was de- |
oided to suspend. No legal action was taken.
and the institution. pending Silverman's re- |
unprotected by assignee or receiver. The Sill:
verinan bank was organized in the fifties. and |
has been conducted until the present without |
changed name or management.
There was no new outbreak on the Board OF |
Trade to-day. and the markets did better. In |
looking over the situation. 1t was found that |
while some OF the strong firms are called on
to stand heavy losses. nobody has been taxed
beyond his ability. excepting those whose aus,
pension is already announced and the general |
1t may be two or three days before exact in
forDatio as 70 the net losses resulting from |
the collapse OF the lard deal can be ascertained.
to help the market: The expected arrival Of
SO. 600 600 gold In New York this week was an
other STRENGTHENING factor; Armour. Poole.
buyers. The small crowd got short on the Sill |
verman failure. but were quickly scared out.