The Wichita daily eagle., 1893-06-04


assignment today. Schatfner & Co. has
been the largest private concern in this
city, or in the northwest, dealing exclu-
sively in commercial paper. The firm was
also about the oldest one of its kind in
Chicago. NJ statement of the affairs OF
the bank was filed in court in the ap
| plication for receiver. The assignment
of the bank was made TO the American
Trust and Savings bank Early today
the cashier of that establishment visited
the Title and Trust company building.
| only TO find large demonstrative crowd
congregated and The doors closed To
add to the excitement it was reported that
! Schatfner had committed suicide.
The assignment was undoubtedly caused
! by the disappearance of Hermann SchaH-
! ner the senior member of the firm, of
which the other member Is 4. u. Becker.
! For several days the bank, it is said has
! been in trouble, and the impending dis
aSter appeared TO have most distressing
effect upon Mr.. Schaffner Yesterday
afternoon he left the bank. and since that
| time he has not been seen. During yes
! terGay afternoon he did not appear at his
| usual places OF resort, and all during the
evening a vigorous search was maintained
| by his family and friends Towards mid
night he was yet missing, and at
l o'clock this morning Julius Ros-
euthal, his brother-iulaw, went to
the home OF Chief-of- Police Nc
! Claughry, and told the superintendent
all the facts in the case. The police were
this morning instructed to keep d sharp
lookout for Mr.. Schatfner. Mr.. Schaff
ner's partner was so much moved over
the disappearance of his associate that
last night he became i'll, and today he Is
at home, confined to his bed. The gravest
T,Ir A.aI, ff.,a -. frgsaH IL
for his safety 1t is said that acute men-
tai alteration is not unknown III his fam
lly. and it is feared that the trouble threat
ened Dv the crash of the coming business
collapse may have made him temporarily
irresponsible mentally, and that AN acci-
dent of some kind may have oyertaken
him.
J. K. Chapman, cashier of the Ameri-
can Trust and Savings bank, the assignee,
put up the following notice:
This bank Is in the possession OF the
American Trust and Savings bank"
Mr., Chapman, in answer to inquiries.
said: II cannot tell you what the assets
and liabilities are until | get statement
from the bank. That statement Will prob
ably be issued today. The cause or the
failure IS too much commercial paper. |
They were the biggest dealers in CONNER
cial paper in the country. They handled /
s35 000, coo last year. There was no sale 10 /
speak of for commercial paper this year.
and that Is the cause of the failure. | can /
say nothing further until a statement has /
been prepared Of the banks condition. /
and men are at work on that now as fast !
as they can."
Some months ago 1T was said that .
Schatfner * Co, were caught IN the /
Deimel Bros, failure for over 500 coo, in /
the DalZel newspaper failure for s25 0J0, (
and IN the VI. L. Page failure fOra large
amount. Investigation shows that no
bank in this city or elsewhere loses cent
by the suspension of the firm. Mr.. Becker
and his representatives believe that the
firm, even by forced liquidation, is amply
able to pay all of its liabilities.
Among bankers the mysterious disap-
pearance of Schaffner. leaving out the IN
sanity theory, was eXplaiuable only on one
ground. \ prominent banker said: IF
Schatfner has been diSpOsiug of CONNER
cial paper without making al accounting,
l can see why he disappeared. ] 10 LOT
see why he left. If this - not true"
It Is said that the liabilities OF the con
Germ are 500, ,00J and that the assets will
more {nau cover that amount.
The deposit business of the bank is
said u have been only moderate. Re-
gardiug the firms trauactions in CONNER
cial paper, il is stated that Schalfner never
sold any with his own Endorsement, but
always On its merits In the course Of his
business. when he did not have any mouey
OF hts own, he borrowed from banks, aud
pledged commercial notes as collateral.
One theory Of the failure i that ochaffner
WAS caught in the big slump on the local
Stock exchange, and that his losses dis
heartened him aEd caused him 10 disap
pear il IS expected that the assig gnment
VIII be but temporary.
Scaaifner * Co. s failure caused al
enormous slump on the Stock exchange
this morning. The small holders OF West
Chicago railway aud North Chicago
street railway stocks had serlous trouble
in meeting margins. The lstter stock fell
of ten points below the starting figure. s
OTHER FAILURES.
GLADSTONE. Mica, June 3-The TX
change bank assigned today for the beBe- {
dt Of lts creditors. The suspension WHS {
caused by the failure of tie Planklat0n c
bank Of Milwaukee. {
JULIET. His. June 3-Sznger. No-dy < Z
Steele. stone quarCymea, made al B@siZn- :
aeut today The liabilities axe 50 80 G
aud the assets uomiusiIy - eH 2
CHiCAGu. Jrue Q The Grant I7couo-
tive company - OeIaZ pressed 0g sJJ.4r ot 3
Is cred tors. ard II order 70 Ur8vEae p
ready cash. Las called a meeting ~ tae :
stockholders. Ile troub.s was pFec.p- q
.tatel bT the recent strlke % tue ulacasu- v
SIS. watch prevented the company from
making De. verle, OF lis contracts, aaG
= Aas securing really money. TIE ssizt5-
l-Hneat = >o.veut aud tEs asses gre4t3y
exceed tte Liabilities
pH!LtuEGPgIA. june 5-An execution
.vss l-~g-t tt3is Afternoon BGa5as1 I.aTk. +
! hof1I.1. * Co. far'8iturs dealers, Gu g4a-- .
Eeat= Oh Deres aE@EezstlnE upsT4rl Ct 4
10000. 1Ae judgments are - taver 81 .
Z. q >hs1erm, q faFal:zge 6ealsT, VIC 4
bad slslore iaelr paper. :
MiLwAIEEE 3 aAr 3 his afteruooa T =
T. Day. p.Es54sEt of tae PiapE fnyoa bank.
aade az s.s cement - " Il &pu4ssu.
cashier % tEe czrcerc. TIE lEaees
sgs7C4 vas GXet ~ $685. 60 wa-ea TePge
ser.t> tEe amount cg jae assets.
hDEgSs1, I'D Juue 5--Iae Eraad lDrs
uvssE igasIa- tas tsse=af0yva fasak ts441Fs
E!l aos EepaEi before Iu-~ssy. but ~
vefgns psEssr here ANNOUNCE sT4-a sEssza
sf~ltIvsa~ss ts4t srficsaosuts nsvs isea
eals1 against ex sIov@rgsr Cases. = "
.'--gFs s.1 f.lsfs-@ s. lad SEQ SazEiss
WsNTs = DnoaCE.
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s saT-. -ss..lsaaiFe Z9sa.ea llsaul lscsggee
& Cesoes. p Azs f-4r~ s@st fsgA