New York Times, July 21, 1892
W. M. Williams has been appointed receiver for George A. Schastey & Co., (Limited), a furniture manufacturing company at Broadway and Fifty-third Street and at 504 West Fourteenth Street, on application of Anderson Howland, attorneys for the Pottier & Stymus Manufacturing Company, which obtained a judgment against the former concern on the 14th inst. for $1,992, for rent of 489 Fifth Avenue. George A. Schastey is President and W. M. Williams Treasurer. Mr. Schastey has been identified with the furniture trade for many years. He began in 1873, and in February 1880, Mr. Williams became a partner, the firm being George A. Schastey & Co. In 1883 the factory at the corner of Broadway and Fifty-third Street was purchased and improved and was subsequently valued at $230,000.
Mr. Williams withdrew from the firm on May 1, 1888. Mr. Schastey continued alone, and in December 1889, sold the factory property to R. B. Grinnell. W. H. Paulding became associated with Mr. Schastey, and on may 29, 1890, the business was turned into a stock company with a capital stock of $100,000, with Mr. Schastey as president and Mr. Paulding as Treasurer. The latter had previously been interested in the Pottier & Stymus Manufacturing Company, and afterward bought up the stock of that company. Mr. Paulding withdrew from George Schastey & Co. on May 1, 1891, and Mr. Williams became Treasurer. Mr. Paulding is said to be a relative of Chauncey M. Depew, and the latter, it is said, became a creditor of George A. Schastey & Co. for $33,000 and holds a chattel mortgage on the plant as a security for his claim.
The liabilities of George A. Schastey & Co. are reported to be about $80,000, with the actual assets of $85,000.
George A. Schastey workshop, New York, c. 1890s