The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-08-26
ACKNOWLEDGEMENTS
THE HOUSE OF EPSTEIN & wANN-
BACHER CLOSED UP.

Sneriu Roman Takes Charge on q
Mortgage Foreclosure for a Debt of
$4,000 Liabilities $4,000, AS
sets Sleo,oOo-savannah Creditors
Have Claims for 100000. and have
cipitates the Crash.
Epstein & Wannbaeher, a firm composed
of S. J. Epstein and G.. Wannbacher,
wholesale grocers and dealers in liquors,
cigars and tobacco, at al Bay street, were
closed up at 6 O'Clock yesterday evening by
Lewis Kayton, acting as agent for Samuel
Herman and Mrs. Joseph, on a mortgage
for S4S,OOO for cash advances, 500 Of
which was advanced by Mr.. Herman and
$500 by Mrs. Joseph. The attachment
papers were issued cut of the superior court
directed TO Sheriff Roman. and Deplty
Sheriff Jones Franklin took charge Of the
store at o'clock last evening.
HEAVY FAILURE.
II is expected that there viii be a general
closing in of local creditors to-day, as the
liabilities of the firm In Savannah, it IS
estimated by Mr.. Epstein, will approximate
10000. Mr.. Epstein, in an interview with
a MORNING News reporter last night, SAID
that the assets of the firm Will reach
Sl90,0OO, of which $4,000 is in stock and
about S1l5, 900 in book accounts.
The heaviest creditors IN Savannah are
Samuel Herman, $50, 500: NJ. Boley q Son,
$4,000; l. Epstein q Bro, $1,000; !. e.
Haas S. 500, and Mrs. JoserA $500 The
out of town liabilities are estimated at
SIS, 900, which are scattered throughout the
north and west, the heaviest liabilities being
In New York city.
UNEXPECTED BY THE FIRM.
Mr.. Epstein SAYS that the suddenness of
the proceedings against his firm was a sur
prise to MIN. In fact, he says his firm paid
out 81 900 on Saturday and S4,400 yester-
day before the close of banking hours, and
if he had known that the house was TO be
closed few hours la er he would not have
paid maturing bills as he did.
The misfortune Mr.. Epstein attributes TO
a baseless rumor that his firm had lost
heavily by the failure of Max Stern, when,
as a matter Of fact, Mr.. Epstein says that
no loss was sustained by the failure Of
Stern. as the firm was amply secured.
PRECIPITATED BY A FALSE RUMOR
The rumor was industriously circulated,
and the last straw that broke the cameps
back was the action # Foster, Hilton 81 Co.
of New York, who held Epstein 81 Wann-
bacher's paper for 81 900 for cigars bought
Aug. and not due until Oct. 4. The New
agent here last week with the paper, who
wanted the makers TO secure it, which they
declined to do, saying they would meet 1t
when it fell due. The agent then offered to
discount il heavily, but this was declined,
Mr.. Epstein stating that if he would
consent TO any discount it would only be the
usual discount, but that he was not pre-
pared to do that, but he offered to take up
the paper if the agent would explain to him
why his house was acting as they did. 1t
appears that the agent communicated with
his house by telegraph, and was
told TO get rid of the paper by
all means, and so it was sold out
side at 80 cents on the dollar Mr. Isaac
G. Haas, president of the board of trade
and one of the heaviest Savannah creditors,
offered to advance Epstein a. Wannbacher
the money to take up the paper, but Mr..
Epstein declined the offer, saying it was an
unusual proceeding, the paper not yet being
due, and his firm was already under enough
obligations to Mr.. Haas.
AN HONEST FAILURE.
Mr.. Haas said last night to MORNING
NEWS reporter that Messrs. Epstein q
Wannbacher's dealings have always been
characterized by the strictest integrity, aud.
he added, Il believe that | voice the general
sentiment OF the Savannah creditors. 1t is
certainly an honest failure, and | say this
not knowing what | will realize on my
claim, or whether / will get anything at all
out of iu.'
Mr.. Epstein says he cannot blame Mr..
kayton for his action, although he is in-
clined to think that he was hasty, and Mr.
Epstein does not believe that if Mr. Her.
man had been at home he would have
taken steps to foreclose the mortgage
''Of course" added Mr.. Epstein, with the
rumors that were put ahoat about
alleged losses by the Stern failure, and
the offer of our paper not due until Octo-
Der, by Foster, Hilton q Co. at so cents Oh
the dollar, was calculated to impair our
credit, and therefore l cannot blame Mr.
kayton in seeking to protect those for
whom he acted as agent" Mr.. Kayton
cabled to Mr.. Herman, in Germany, last
night, the course taken TO secure the claim
SAVANNAH CREDITORS SECURED.
Messrs. Epstein q Wannbacher have
taken steps to secure the Savannah credi-
tors, and MIR. Epstein says that with
proper management the debts of the firm
can be met and something left. He saws
the firm has been doing an annual business
of S25O,OO0, and the crash has come at a
most inopportune time, as they had largo
stock on hand, and principally of goods
which are advancing in price, Just on the
eve of the active fall season.
Mr.. Kayton seemed to regret the necessity
for the action he took. The firm stood well
in business circles. The firm of Epstein &
Wannbacher succeeded Epstein q Bery.
who established the house in 1898. and two
years later Mr.. Wannbacher succeeded Mr..