Show AN OLD CHICAGO FIM FAIL Hermann Shaffher 8s Co Are fner Pushed to the Wall M SHAFMER DISAPPEARS Rumor Has I That He Has Committed Suicide Another Theory Is That Ho Has Been Disposing of Securities Without Accounting Ac-counting for ThemIt Is Said the Bank Will Pay in Full CHICAGO June Hermann Shaffner Co private bankers have made an assignment The firm is the largest private concern in Chicago or the northwest north-west dealing exclusively in commercial paper The firm is also about the oldest of its kind in Chicago No statement of the banks affairs was I I fled with the application for a receiver The assignment was made to the American I can Trust and Savings bank Tho cashier I of that institution on visiting the suspended sus-pended institutions quarters this morning I morn-ing found a large demonstrative crowd I around the closed doors To add to the excitement it was rumored that Schaifner had committed suicide An 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 s1id the bank has been in straits for some days and that its difficulties preyed very heavily on Schaffners mind He left the bank yesterday afternoon and has not been seen since though diligent search has been made for him His friends say that mental abberation is not unknown in his family and they fear his distress unbalanced his mind and that some mishap mis-hap has befallen him The police have been notified to keep a sharp lookout for him His partner A G Becker was so 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 the failure was too much commercial paper In this line the firm was the largest in the country handling 35000000 worth last year There has been little market for it since the tight money came I will take some time to make up a statement of assets and liabilities liabil-ities iiesI is said the firm was caught by several of the recent failures for sums ranging from 100000 down It is further said that the bank when in need of money pledged commercial notes as collateral for advances from other banks There is also a story that Schaffner was caught in i the recent great shrink in values on the local stock exchange The attorney for thebank has made a statement in which says it is expected the suspension will be only temporary It was made only because Schaffners disappearance was likely to cause distrust The firm dealt in mortgages which it sold on its merits without endorsement and therefore not liable on it No bank in the country will lose anything and he feels sure the firm will pay in full One banker talking of the failure said that leaving out of the account the theory of insanity the only way in which he could account for Shaffners disappearance disappear-ance would be thatjie has been disposing of securities without accounting them I is reported that the liabilities will not exceed 500000 with assets more than that The failure caused intense excitement excite-ment on change and heavy transactions with rapid decline Many small holders 1 of local street railway stocks were frozen gins out and are in serious difficulty as to mar |