The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-06-05
ANOTHER n,NK FAILURE.
A Crash at Chicago Suicide OF
One OF the Owners.

"
A Crash at Chicago -supposed Suicide of
One OF the owners.
CHICAGO, June 4.-Another bank went
to the wall yesterday when the private
firm OF Herman schaIner & Co., the
largest house OF the kind in the city,
assigned, ]. b. Chapman, cashier of
the American Trust and Savings Bank,
the assignee, put up the following no.
tice; "This bank is in the possession OF
the American Trust and Savings Bank.
Mr.. Chapman to inquirera said;
~ cannot tell you what the assets
aud liabilities are until | got u state
ment from the books. The cause of the
iuilure2 Too much commercial paper.
They were the biggest dealers in COM
mercial paper IN the country, They
handled $35, 100000 Of It last year.
There was no sale to speak OF this year,
and that is the cause OF the failure"
Some months ago, it Ia said, SChatiner
q Co. got caught in the Deimel Brothers
failure for v Q 500, 900, in the Dalzell
newspaper failure for $4,000, and in
the NJ. +. Page failure for a largeamount.
The deposit business OF SChatfner d
Co, Ia said to have been only moderate.
Regarding the firms transactions in
commercial paper, it is stated that
SchatFner never sold any With his own
indoraement, but always OF its merits.
In the course OF his business, when he
did not have any money Of his own, he
borrowed from the banks and pledged
the commercial notes as collateral, 1t
Is said Mr.. Schaifner was caught in the
recent slump on the local stock ex-
change,
In the absence OF a statement by the
assignee, it il given out, but not au-
thoritively, that the liabilities will not
exceed $500, 600, and the assets more
than cover the amount.
SchatTner 4 Co.'S failure caused ono
Of the most exciting scenes ever wit
messed on the floor OF the Chicago stock
exchange, From the opening to the
close the bidding was spirited, and an
immense number of deals were put
through. Stocks declined with surpris-
ing rapidity, and for a time the Oldest
brokers were at a loss TO estimate how
long the slumping would continue. Az
u result OF the days trading, many OF
the small holders OF the West Chicago
railway and North Chicago street rail
way stocks have serious trouble in
meeting their margins.
To addto the excitement it was re-
ported that Schnaifner had committed
suicide. The assignment was undoubt-
edly caused by the disappearance of
Herman Schalner, tho senior member
OF tho firm, OF which the other member
is A. q. Becker. For several days the
bank, it is said, has been in trouble.
and the impending disaster appeared TO
have a most depressing effect upon Mr..
Scha1ner. Yesterday afternoon no left
the bank, and since then has not been
seen. Tho worst Is feared by his friends
and business associates, During yes
terday afternoon he did not appear at
his usual places, aud all during the
evening q vigorous search was main
tanned by his family and friends. AT
midnight he was still missing, and at l
o'clock this morning Julius Rosenthal,
his brother-in-law, went to tho homo of
Chief OF Police McClaughrey and told
him all the facts in the case.
Among bankers the MYSTERIOUS disap-
pearance Of MIR. schatTner, leaving out
the insanity theory, WIS explainable
only on one ground. Said one: ~ do
not see why he left if he had not been
indorsing commercial paper too heav-
ily."
Mr.. schaTner's partner was so much
moved over tho disappearance OF his
associate that last night he became i'll
and he is now ut homo suffering from
the worry. The gravest fears are en-
tertained by Mr.. Schaftner's friends for
his safety. 1t is said that acute mental
alteration is not unknown in his lam.
lily.