4475. Hermann Schaffner & Co. (Chicago, IL)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: private
Start Date: June 3, 1893
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 717ab966

Response Measures

None

Description

Hermann Schaffner & Co., a private banking/ commercial paper firm in Chicago, made an assignment (suspended) after the senior partner mysteriously disappeared and the firm was found insolvent/overexposed to commercial paper. Newspapers report the assignment/suspension (June 3–4, 1893) and attorneys/assignees expected the suspension to be temporary and that the firm might pay in full. There is mention of crowds at the closed doors but no clear, reported depositor run on this specific firm in the articles provided; related runs occurred at other Chicago savings banks. Date of assignment reported as June 3, 1893 in multiple articles.

Events (1)

1. June 3, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Firm overexposed to commercial paper, caught by recent failures; senior partner Herman Schaffner disappeared, prompting assignment to preempt distrust and expected run; insolvency/too much commercial paper cited by assignee/press as immediate cause.
Newspaper Excerpt: Hermann Schaffner & Co., private bankers, have made an assignment...the assignment was made to the American Trust and Savings Bank. the cashier ... found a large and demonstrative crowd around the closed doors.
Source: newspapers

Newspaper Articles (11)

1. June 4, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 4, 1893

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A FAILURE OF HERMANN SCHAFFNER & CO., PRIVATE BANKERS. MYSTERIOUS DISAPPEARANCE OF THE SENIOR MEMBER OF THE FIRM- LABILITIES OF THREE-QUARTERS OF A MILLION DOLLARS. [BY TELEGRAPH TO THE TRIBUNE.1 of Chicago, June -After quiet for a began couple again trouble in financial circles here Martin & weeks with the failure of Cheverton, came the bankers. and this Co. that Hermann Schaffner yesterday Co., startling private news morning disappeared. & had and that SchafTner had private gone among the oldest and the West. To add to the of the bankers They under. were in largest one excitement report that Mr. Schaffner, the known men in Chicago be found, of the Hebrew race, could that the popular came best the and one rumor not of most of the report being the or had had become insane over made an the taken result his troubles the banker his OWD life. The banking firm American in the county court to Chap Savings Bank. and Cashier door placing a sign on surTrust assignment took and possession, J. the was R. man was not there long until it The by a surging, jostling, angry definite affairs said late this afternoon that a preassignee rounded The sign of the bank's could crowd. not be statement owing to the amount of paper other that be examined. It is estimated had to that the liabilities will reach financiers pared to-day least three-quar- by $750,000 assets are. nominaMy. at realize and ters of the a million, but of a class difficult to upon readily. SchafTner was a wholesale dealer in com- upon Mr. He hought freely and the An. find a market afterward mercial paper. collateral for relied and himself to He hy pothecated this banks, curities. heavy borrower from $400,000 of thus became He probably owes not they being secured His line depositors other was the de in this way. 400 in number, and large, not aggregate more Brothposits will $100,000 in the failSchaflner not more lost than than newspaper Deimel $200,000. Mr. $25,000 in the Dalziel colers large amount in the stock are and a chief of his losses was in He laper: failure, but the Railway the M. Company E. Page of the West Side Street and when the loaned large with the collateral on his as was sums left on that stock. Inasmuch drop came point below the loan. 100 points hands a securities have fallen thought to street since Mr. Schaffner is railway at and off was large. in a year. at least 2,000 shares, his wealth loss was have months ago Mr. Schaffner's dollars Three half a million timated at had run from re- to and the business had of the about bank concern $1,500,000 was The crash puted to be making money that time the history of the shows other $2,000,000 cam and a month. since misfortunes. fast. Then the Deimei the it is stated. was walked out The Mr. Schaffner, who since institution disappearance suspension. of and forced has not by of his office at noon yesterday search has been seen. although a detectives been by the police and private the news Mr. Becker, realizing in the conducted diligent distrust that cause world. decided that and this was of business His the partacr. disappearance would the wisest course le to make an assignment. colFor a number of days. the mind, done. has weighed on Mr. Schaffner's he went lapse would office impending when and left his overcoat in the on a short as be that he was only going ap out. saying and would return soon, Some friends prehension errend exists as to his fate. the others gravest think he has committed suicide and fit of mental wandered away in a for the be That there are good this think only grounds friend aterration. asserted by a close the who said that there missing morning, family. and that a sister of the banker 14 80 latter SchafTner belief was afflicted is insanity Schaffner in Co.'s clearances of Hermann houses-the The made through three bank have been Loan and Trust Company. the banks Metro National and the Illinois National the the politan At Merchants' the Illinois officials hours National were before aware the impending failure several visited of WHS made. They had been of Becker and informed of the they by assignment affairs. Mr. An official in the bank said of exact Schaflner. that state held collateral for all indebtedness this Schaffner's credit is excellent," ofbut the mere fact that he has the time ficial. Mr. right at said disappeared mysterious circumstances condition the money market is in the suspicion been in for years has a when under has caused overthrow. worst Posit Mr. Beoker is unable to suf could not have secured seto tide them over. It takes ficient sibly which the man It the Mr. best loans Schaffner of to obtain money now. and had curity for money to sustain him. he has made it is not at all strange theory been Under the circumstances the disappeared refused. requests that the in failure nothing of President suicide is Lyman tenable. J. Gage. of the First of Hermann National Bank, sees & Co., or in the numerous bank assign- "Of of late to alarm the business these events invartably ments course. Schaffner occasion world. the surprise people. but see nothing in pres- he among of affairs to cause alarm. said ent Throughout the entire country there deal of liquidation going on. not sur- this is to-day. condition great the there. It panic and causes a failure here occasion and for priying There is no Co.'s failute caused one of the Schaftner & ever witnessed on the floor most exciting scenes Exchange. From the openof the Chicago Stock bidding was spirited and ing to the close the of deal- was put through immense number with surprising rapidity, and Stocks lined oldest brokers were at loss entitime the the slumping would continue the mate how long the day's trading small holders result of of West Chicago and serious North trouble Chicago in Street Railway stocks What was most notice meeting their margins. was the lack of support for able in the vession which declined to 183, while North Chicago, very freely purchased for in West Chicago was the market to react in notch of day feel that The of attention outside of the Yerkes cable worthy vestors several Frokers times small seemed from lots. the causing to lowest nothing the was a stocks. suspension of creditor As a Donnelly result to the of in amount the the County $600. Court L. appeared Beekner, Zachman, and secured before sum Judge against Schaflner and Zachthem the a moning man's citation attorneys the into are amount court said for of to examination. $100,000. represent who affairs other will insist creditors upon to an examination of the firm's in court. of the Chicago failure did not of reach the The news vesterday until after the close brokers home and only few bank the downtown. Wall had useal gone Street half holiday Among business these men hours. uneasy announcement Most officers feeling were sensation. Increasing the been the week. Further news which growing regarding created a all the financial of situation the consequences which will be had awaited with interest. because to be Old banking men could not repress Follett may memories serious follow one. of the the failure disasters If which It should followed prove and the the wide here about twenty years ago, of resulted from Eostop. a years the ! failare sprend Potter, distress Lovell & which Co., In one of oldest few the concerns collapse ago In commercial the country the The has house SchafTner & engaged Co. always was in handling stood high, mercantile paper. t

2. June 4, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 4, 1893

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GONE TO THE WALL. This Time a Chicago Bank Is Caught in the Door. CHICAGO, June 3.-Hermann Schaffner & Co., private bankers, have made an assignment. The firm is the largest private concern in Chicago or the Northwest dealing exclusively in commercial paper. The firm also is about the oldest of its kind in Chicago. No statement of the bank's affairs was filed with the application for a receiver. The assignment was made to the American Trust and Savings Bank. The cashier of that bank, on visiting the suspended institution's quarters this morning, found a large and demonstrative crowd around the closed doors. To add to the excitement, it was rumored that Schaffner had committed suicide. Investigation developed the fact that the assignment was the direct result of the disappearance of Herman Schaffner. the senior member of the firm. It is said the bank has been in straits for some days, and that its difficulties preyed heavily on Schaffner's mind. He left the bank yesterday afternoon and has not been seen since, though diligent search has been made for him. His friends say mental aberration is not unknown in his family, and they fear his distrees has unbalanced his mind, and that some mishap has befallen him. The police have been notified to keep a sharp lookout for him. His partner, A. G. Beckmer, was SC overcome by the train of ills that he was taken sick and is now confined to his bed. A representative of the assignee says the cause of failure was too much commercial paper. In this line the firm was the largest in the country, handling $35,000,000 worth last year. There has been little market for it since the tight money came. It will take some time to make up a statement of the assets and liabilities. It is said the firm was caught by several recent failures for sums ranging from $100.000 down. It is further said the bank when in need of money pledged commercia! notes as collateral for advances from other banks. There is also a theory that Schaffner was caught in the recent great slump in values on the local Stock Exchange. The attorney for the bank has made a statement in which he says it is expected the suspension will be only temporary and was made only because of Schaffner's disappearance. A likely cause of distrust is that the firm dealt in mort. gages, which it sold on their merits without indorsement, and is, therefore, not liable on them. No bank in the country will lose anything, and the attorney feels sure the firm will pay in full. One banker, talking of the failure, said, leaving out of account the theory of insanity, the only way in which he could account for Schaffner's disappearance would be that he had been disposing of securities without accounting for them. It is reported the liabilities will not exceed $500,000, with assets more than that. The failure has caused intense excitement on the Stock Exchange, and there were

3. June 4, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, June 4, 1893

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BUSINESS TROUBLES. Echoes of the Plankinton Bank CrashChicago Bankers Fail. MILWAUKEE, June 3.-Frederick T. Day, president of the Plankinton Bank, this afternoon made a voluntary assignment to William H. Mollson, cashier of the bank, who furnished bonds in the sum of $800,000. Day's nominal assets are placed at $600,000 and the liabilities at $530,000. So far the examination of his assets has only been cursory, but it is believed that enough can be realized to meet all the debts. In doing this, however. his large private fortune will be utterly wrecked. Reekless banking methods were the cause of Day's failure. GLADSTONE, Mich., June 3.-The Exchange National Bank closed its doors today and made an assignment for the benefit of its creditors. The suspension was caused by the failure of the Plankinton bank of Milwaukee and the outcome depends entirely upon that institution. No statement has yet been made. WASHINGTON CITY, June 3.-Asa result of the conference between Comptro ler Eckles and the officials of the failed Capital National bank, of Indianapolis, this morning the comptroller announced that the bank would probably resume in about two weeks. CHICAGO, June 3.-The great Grant Locomotive Works. which moved here from New Jersey a couple of years ago, is being pressed by some of its creditors, and in order to provide ready cash it has ca led a meeting of stockholders. The recent strike preventing the filling of contracts is the cause of the trouble. The company is solvent, its assets greatly exceeding its liabilities. CHICAGO, June 3.-Hermann Schaffner & Co., private bankers, have made an assignment. The firm is the largest private concern in Chicago or the Northwest, deating exclusively in commercial paper. and it is also about the oldest one of its kind in Chicago. No statement of the bank's affairs WAfiled with the application for a receiver. The assignment was made to the Amers ican Trust and Savings bank. and the cashier of that institution, on visiting the suspended institution this morning, found a large and demonstrative crowd around the closed doors. To add to the excitement, it was rumored that Schaffner had committed suicide. Investigation developed the fact that the assignment was the direct result of the disappearance of Hermann Schaffner, the senior member of the firm. It is said that the bank has been in straits for some days, and that the difficulties preyed heavily on Schaffner's mind. He left the bank yesterday afternoon, and has not been seen since, though a diligent search has been made for him. His friends say that mental aberration is not unknown in his family, and they fest that his distress has unbalanced his mind, and that some mishap had befallen him. The police have been notified to keep a sharp lookout for him. His partner, A. G. Brecker, is so overcome by the train of ills that he has been taken sick and is now contined to his bed. A representative of the assignee says that the cause of the failure was too much commercial paper. In this line the firm was the largest in the country, handling $35,000,000 worth last year, and there has been but little market for it since the period of tight mouey came. It will take some time to make up statement of the assets and liabilities. It is also said that the firm was caught by several recent failures for sams ranging from $200,000 down. It is further said that the bank when in need of money placed good commercial notes as collateral for advances from other banks. There is also a theory that Schaffner was caught in the recent great slump in values OR the local stock exchange. The attorthey for the bank has made a statement, in which he says it is expected that the suspension will be only temporary and was made only because Schaffner's disappearance was likely to cause distrust. The firm dealt in mortgages, which it sold

4. June 4, 1893 New-York Tribune New York, NY

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SUNDAY, JUNE 4, 1893. TWENTY-FOUR PAGES THE NEWS THIS MORNING. Foreign.-The Valkyrie won a race from Southland to Harwich, beating four other cutters, the Tritannia among them. Baron Von Saurma Jeltsch has been appointed German Ambassador The German Government is at Washington. taking no active part in the Reichstag campaign. Domestic.-Decision in the Government's World's Fair Sunday closing suit was postponed The West Point cadets, to next Thursday. after examinations, gave an exhibition of the school of the trooper before 5,000 spectators. Judge Edwards, of the Supreme Court, denied a motion requiring the State Board of Canvassers of 1891 to show cause why they should not be punished for contempt in the Datehess County Senate election matter. Hermann Schaffner & Co., of Chicago. private bankers. assigned, with liabilities of $750,000; Mr. Schaftner has mysteriously disappeared. City and Suburban.-The Infanta Eulalie visited the Stock Exchange: crossed the Brooklyn Bridge: took a ride on the elevated road, and reviewed the 7th Regiment. A man, seventy-nine years old, was found in an abandoned house in Jersey City, naked and almost dead from starvation. Winners at Morris Park: Stonenell, Ramapo, Declare, Sport, Vestibule, Willie L. New-York beat St. Louis at baseball, 4-0. The Weather.-Forecast for to-day: Warmer, partly cloudy. with showers in the afternoon or evening. Temperature yesterday: Highest, 98 degrees; lowest, 60; average, 67 7-8.

5. June 6, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 6, 1893

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CHICAGO FAILURES. Three Small Ones-Two Merchants Among Them-Run on a Bank. CHICAGO, June 5.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000; liabilities $105,000. Meadowcroft Bros. & Co., private bankers, doing a commercial paper business similar to that of Hermann Schaffner & Co., the banking firm which made an assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities are not stated. A run on the Prairie State Savings Bank which started Saturday was resumed this morning. The officers are confident they have all means of available to meet all domands from depositors. The bank's business is practically confined to the West Side. The property of A. Weisenbach, a clothing and shoe merchant, was seized by the sheriffthis morning. Execution was made on judgments aggregating $26,000. The liabilities are about $75,000; assets $50,000. His liabilities are, with the exception of about $15,000 for goods, for borrowed money. The failure is said to have been precipitated by the assignment of Banker Hermann Schaffner, who is mysteriously missing.

6. June 6, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 6, 1893

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CONCERNING BUSINESS AND FINANCE. CHICAGO, June 5.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000, liabilities, $105,000. CHICAGO, June 5.-Meadowcroft Brothers & Co., private bankers, doing a commercial paper business similar to that of Hermann Schaffner & Co., the banking firm which made assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their as-ets and liabilities were not stated. An application for a receiver for the firm has been filed in court. The bank occupies the quarters formerly occupied by the Park National Bank, which failed some time ago. Norman E. Crandall has been appointed receiver. The bill for a receiver filed by Charles Meadowcroft, a member of the firm, gives as a cause of the inability to reorganize the bank a death of his father, Robert Mea which occurred the 13th of F The failure of Herman S on Saturday also had an upon the fail in of the

7. June 7, 1893 Watertown Republican Watertown, WI

Article from Watertown Republican, June 7, 1893

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CHICAGO BANK CRASH. Herman Schaffner & Co. Close Their Doors and Mr. Schaffner Missing. CHICAGO, Ill., June 3.-The old and well-known banking firm of Hermann Schaffner & Co. has failed, and Hermann Schaffner, at the head of the house, is missing and has probably committed suicide. The assignment of the bank was made to the American Trust & Savings Bank. Early to-day he cashier of that establishment visited the bank at the Title & Trust buildonly to find a large and ing, demonstrative crowd assembled and the doors closed. Schaffner & Co. has been the largest private concern in this city in the Northwest dealing exclusively or commercial paper. The firm was in about the oldest one of its kind in Chicago. also No statement of the affairs of the bank was filed in court on the appli.cation for a receiver. The assignment was undoubtedly of Herman caused by the disappearance the senior member of the of which the other For several days firm, G. Schaffner, Becker. member the and bank, is the A. has been in trouble, it disaster appeared most effect upon impending is said, distressing Mr. to Schaff- have Yesterday afternoon he left the ner. bank and since that time he has not his The worst is feared by and business afternoon he been friends yesterday seen. associates. did not Dur- apat his usual places and a vigorous search was ing the pear evening friends. all during maintained by his family and Towards midnight he was yet missing at 1 o'clock this morning Julius and Rosenthal, his brother-in-law, went to the home of Chief of Police McClaughry and told the supeointendent of police all the facts in the case. Rr. Rosenthal was not yet ready to make a formal call upon Chief McClaughry for aid and in finding the missing banker, detailed would not leave a description he as is usual in such cases; made a request that the department to him at once any might be mation but he report that learned Rosenthal of infor- the absent bank president. Mr. that he did not know what to think of said the absence of his relative; neither foldid he know what plan of action to low. The police were this morning, sharp however, instructed to keep a lookout for Mr. Scaffner. Schaffner's partner was SO much over the disappearance and associate that last night he the moved Mr. became from of ill his to-day he is at home suffering to depression, SO ill that he is confined are bed. The gravest fears his entertained by Mr. Schaffner's It is friends for his safety. not said that acute mental aberration feared is unknown in his family. It is trouble threatened by the of the coming have made him might shadow that the business temporarily accident collapse irresponsible mentally and that an him. of kind may have overtaken J. some R. Chapman, cashier of the AmeriTrust & Savings Bank, the assignee, put can up the following notice: This bank is in the possession of the American Trust & Savings Bank. Mr. Chapman, in reply to inquiries, as"I cannot tell you what the said: sets and liabilities are until I get a statefrom the banks. That statement ment probably be issued to-day. Too will cause of the failure ? The much commercial paper. They were dealers in commercial paper the They handled There was no sale to in the country. ast year. biggest $35,000,000 and speak that of commercial paper this year, in cause of the failure. I can say has is the further until a statement condition been nothing prepared of the bank's fast and men are at work on that as as they can. months ago, it is said, Schaffner Bros.' Some Co. got caught in the Deimel D. Dal& for over $100,000, in the and failure zell newspaper failure for $25,000, large in the M. E. Page failure for a amount. The deposit business of Schaffner & is said to have been only moderate. Co. the firm's transactions stated Regarding commercial paper it is in Schaffner never sold any that his own endorsement, but always with its merits. One theory of the cause had on failure was that Schaffner the of been the caught in the big slump on Stock Cheverton, Exchange. Martin & Co., private made a voluntary assignment at vesterday. bankers, Assets were scheduled $100,000 and liabilities at $70,000. TWO KILLED IN A DUEL.

8. June 8, 1893 Audubon County Republican Audubon, IA

Article from Audubon County Republican, June 8, 1893

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of his time, died on the morning of the 7th at his apartments at the Players' Club, in New York, which lie had founded. The actor's illness had been of considerable duration, as for weeks he had been on the verge of the grave, with no hope of recovery. The failure of Hermann Schaffner at & Co. 's bank, which occurred recently well Chicago, bore fruit on the 5th in defined runs which were precipitated almost, if not every one, of the able savings banks of Chicago. All were adto pull through, though some notice took of vantage of rules requiring 5th withdrawa of deposits. On the numerous failures occurred throughout the United States. -At a fire in Omaha a wall fell, citiburying a number of firemen and inin the ruins. One person was zens stantly killed and five others fatally injured. As the result of a conference between of Comptroller Eckles and the officials Inthe failed Capital National Bank of dianapolis, the comptroller announces the bank will probably resume about two weeks. The international billiard match between Frank Ives, American champi- chamand John Roberts, English on, in London, has ended. Compar- the atively pion, little interest was felt in close, as it was a foregone conclusion that Ives would run out. In the open- of runs, on the concluding evening ing match, Ives had a slight advantage; with then he ran 80; Roberts followed and 138. After making another short 30 run of 46, Ives got the balls his jammed and run 804. This carried score up to 5,997 and Roberts made went points in four runs and then Ives out. Roberts' final score was 3,831. by Argument was recently heard Secretary Hoke Smith on a motion Pacific for review filed by the Northern a Railway company in the case made against in Chas. Cole, involving rulings the of Guilford Miller. The mocase asked that the Guilford Miller tion be overruled. The leading quescase tions involved in the case are: First, whether the Northern Pacific company entitled to the benefits of the second withdrawal of its map of general second, whether there is any authority route; in the secretary to limits withdraw on lands in the indemnity the the filing of the map of definite location; and third, whether the company in lieu entitled to select indemnity technical of is odd sections within the excites Indian reservation. The case the interest in the northwest, as hang great farms and homes of 1,500 settlers upon the secretary's decision. Hermann Schaffner & Co., private oldest bankers of Chicago, one of the have firms in Chicago or the northwest, made an assignment. A negro named Sage Bush, charged taken with outraging Mrs. Dill, was hanged 1 from jail at Decatur, III., and Gov. Alta twenty-five masked men. each a by has offered a reward of $20 h geld for the apprehension and conviction of the lynchers. f e The application for a temporary World's inel junction against opening the The Fair on Sunday was denied. pera manent injunction case will be decided this week. t Ed. Pardridge, the prominent Chicab board of trade speculator, was Kargo rested, accused of inducing Clara zinski, aged 16 years, in the latter part to a of March last, to accompany bail. him His of ill repute. He gave f house friends assert it is case of blackmail. y The little town of Eudora, Ark., miles southwest of Greenville, eya forty Miss., was 1most wiped out by a clone. John Freidlander, merchant, killed, 1 and negro child were instantly injured. a a number of negroes were Ark., t and vicinity of Cotton Plant, In the damage is reported, both in houses and outside great the town. Many farm a were wrecked and a number of people badly hurt. b The department of state is informed revo the leaders of the Honduras lutionists that have all left the country with the exception of General Terencio one who, with a band of about y hundred Sierra, and fifty men, is still in Nica- the department of Pariso, near the looked border. However, it is days t raguan as only a matter of a few Ununtil upon the men will be dispersed. y less some new and unexpected revolution develop ments happen, the present consti1 Honduras is at an end. The in tution of the government at the capital is not changed. The Presbyterian general assembly sus1 adopted a report of its committee t pending Prof. Briggs from the ministry of the Presbyterian church. e in Judge Sanford heard the arguments III., the Tunnieliff-Cooke Mayoralty and re contest at Galesburg, served his decision. e The Business Men's Association for of Sullivan, J11., will be incorporated factories the purpose of encouraging to locate at Sullivan. DecaWm. A. Webb, a druggist of creek was found drowned in tur, near Dalton County, III. He was supposed to be temporarily insane. John Stipp, farmer swindled living near out Bloomington, Ind., was loaned $4,000 by bunko men. He stone of that sum on an alleged $50,000 quarry for security his Hoy, at Pittsburg, Pa., and killed come John wife and two children mitted suicide. i at Caldren tried to kill his Then wife he David Philadelphia but failed. killed himself : e engineering corps is at Lima, a new An begin the survey on Lima to e railroad Ohio, to line. it is said. from e f Toledo. co lision at Austin. Salio Texas were Charles In train Link and Francisco injured

9. June 8, 1893 The Worthington Advance Worthington, MN

Article from The Worthington Advance, June 8, 1893

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AN OLD BANK ASSIGNS. Hermann Schaffner & Co., of Chicago Forced to Suspend-The Senior Partner Missing. CHICAGO, June -Herman Schaffner & Co., the oldest and largest private bankers in the west, did not open their doors in the Title and Trust building Saturday and the news that the institution was insolvent was soon the talk of the town. To add to the excitement came the report that Mr. Schaffner, one of the best known men in Chicago and one of the most popular of the Jewish race, could not be found, the result of the report being the rumor that the banker had beco. insane over his troubles or had taken his own life. The banking firm made an assignment in the county court at 10:10 a. m. In the absence of a statement by the assignes it is given out, but not authoritatively, by those concerned that the liabilities of the concern will not exceed $500,000 and that the assets more than cover the amount. Mr. Schaffner's family have offered a reward of $500 for information as to the missing man's whereabouts. The bank had been in business since 1878. Herman Schaffner and A. G. Becker composed the firm. The bank transacted but little deposit business. Its specialty was the handling of commercial paper. In this way the firm is reported to have handled in the last year $35,000,000 worth of paper. The assignment was made, it is said, from the fear that when the fact of Schaffner's disappearance became public there would be a run on the bank.

10. June 8, 1893 River Falls Journal River Falls, WI

Article from River Falls Journal, June 8, 1893

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AN OLD BANK ASSIGNS. Hermann Schaffner & Co., of Chicago Forced to Suspend-The Senior Partner Missing. CHICAGO, June -Herman Schaffner & Co., the oldest and largest private bankers in the west, did not open their doors in the Title and Trust building Saturday and the news that the institution was insolvent was soon the talk of the town. To add to the excitement came the report that Mr. Schaffner, one of the best known men in Chicago and one of the most popular of the Jewish race, could not be found, the result of the report being the rumor that the banker had become insane over his troubles or had taken his own life. The banking firm made an assignment in the county court at 10:10 a. m. In the absence of a statement by the assignes it is given out, but not authoritatively, by those concerned that the liabilities of the concern will not exceed $500,000 and that the assets more than cover the amount. Mr. Schaffner's family have offered a reward of $300 for information as to the missing man's whereabouts. The bank had been in business since 1878. Herman Schaffner and A. G. Beeker composed the firm. The bank transacted but little deposit business. Its specialty was the handling of commercial paper. In this way the firm is reported to have handled in the last year $35,000,000 worth of paper. The assignment was made, it is said, from the fear that when the fact of Schaffner's disappearance became public there would be a run on the bank.

11. June 10, 1893 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, June 10, 1893

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AN OLD BANK ASSIGNS. Hermann Schaffner & Co., of Chicago Forced to Suspend-The Senior Partner Missing. CHICAGO, June -Herman Schaffner & Co., the oldest and largest private bankers in the west, did not open their doors in the Title and Trust building Saturday and the news that the Institution was insolvent was soon the talk of the town. To add to the excitement came the report that Mr. Schaffner, one of the best known men in Chicago and one of the most popular of the Jewish race, could not be found, the result of the report being the rumor that the banker had become insane over his troubles or had taken his own life. The banking firm made an assignment in the county court at 10:10 a. m. In the absence of a statement by the assignes it is given out, but not authoritatively, by those concerned that the liabilities of the concern will not exceed $500,000 and that the assets more than cover the amount. Mr. Schaffner's family have offered a reward of $500 for information as to the missing man's whereabouts. The bank had been in business since 1878. Herman Schaffner and A. G. Becker composed the firm. The bank transacted but little deposit business. Its specialty was the handling of commercial paper. In this way the firm is reported to have handled in the last year $35,000,000 worth of paper. The assignment was made, it is said, from the fear that when the fact of Schaffner's disappearance became public there would be a run on the bank.