St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-04
ONE PARTNER MISSING.
Extensive Chicago Dealers In
Commercial Paper Assign.

Extensive Chicago Dealers in
Commercial Paper Assign.
CHICAGO, June Sherman Schaffner
& Co., private bankers, made COM
plete assignment today. Schatfner q
Co. had the largest private concern IN
this city, or in the Northwest, dealing
exclusively in commercial paper. The
firm was also about the oldest one of its
kind in Chicago No statement OF the
affairs of the bank was flied in court in
the application for receiver. Inc as
signment of the bank was made to the
American Trust and Savings bank.
Early today the cashier of that eStab-
lishment visited the bank and tie Iltle
and Trust building, only to find large
aud demonStrative crowd assembled,
and the doors closed. TO add to the eX-
element. it was reported that Schatner
had committed suicide.
The assignment was undoubtedly
caused by the disappearance of Herman
Schatfner. the senior member OF the
firm, of which the other member is A.
q. Becker. For several days the bank,
1t is SAID, has been in trouble, and the
impending disaster appeared to have a
most distressing effect upon Mr.. Schaf-
utIs i nv WV hA'O
bank, and since that time he
has not been seen. The worst is
feared by his friends and business
associates. During yesterday after
noon, he did not appear at his usual
places. and during the evening a vigor-
Gus search was maintained by his family
and friends. Toward midnight he was
vet missing, and at o'clock this morn
ing julius RoSenthal. his brother-ln-
law, went 10 the home of Chief Of
Police McClaughrey and told the super
intendent of police all the facts in
the case. MI. Rosenthal was not
yet ready to make formal call
upon Chief McClaughrey for aid in
finding the missing banker, and he
would not leave detailed description.
as Is usual in such cases, but he made
request that the department report to
him at once any information that might
be learned of the absent bank president.
Mr.. RoSenthal said that he did not
know what 10 think of the absence of
his relative, neither did he know what
plan OF action to follow. The police
were this morning, however, instructed
to keep a sharp lookout for Mr.. Schaff-
ner.
Mr.. Schaffner's partner was so much
moved over the disappearance of his as
sociate that last night he became i'll.
and today he is at home, suffering from
the depression so much that he is con-
fined to his bed. The gravest fears are
entertained by Mr.. Schaffner's friends
for his safety. 1t is said that acute
alteration is not unknown ID his
fnmily. 1t is thought that the mental
depression caused by the shadow OF
coming bankruptcy may have made
him mentally irresponsible. and that an
accident OF some kind may have over
taken him. j. R. Chapman, cashier of
the American Trust and Savings bank,
the assignee, said today:
II cannot tell You what the assets and
liabilities are until | get statement
from the banks. This statement will
probably be received today. The cause
of the failure? Too much commercial
paper. They were the biggest dealers
in commercial paper in the country.
They handled S35,000,000 last year.
There was no sale to speak of for com
mercial paper this year, and that is the
cause of the failure. | can say nothing
further until a statement has been pre-
pared of the banks condition, and men
are at work on that now as fast as they
can"
Some months ago, it is said, Schaffner
& Co. got caught in the Deimel Bros
failure for over 100000; in the D. Dali
zeil newspaper failure for S25, 900, and
in the M. E. Page failure for large
amount. The deposit business of
SchatTner & Co. is said to have been
only moderate. Regarding the firms
transactions in commercial paper. it is
stated that Schatfner never sold any
with his own endorsement, but always
on its merits. In the course of his bust
ness, when he did not have any money
of his own. he borrowed from banks
and pledged the commercial notes as
collateral.