The morning news., 1891-01-03
DAVIS BROS. ASSIGN.
THEIR LIABILITIES $4,000 AND
ASSETS $4,000.

The Principal Creditors Savannah
Men-The Money Stringency and an
Inability to Realize on Securities the
Chief Causes OF the Failure-Most of
the Savannah Creditors Preferred.
Harrington s. Co. Ct New York the
Principal Outside Creditors-T. F.
johnson Made Assignee.
Davis Bros. have assigned. The firms
liabilities are 1000. Its assets. approxi-
mated, are s75.0 900.
The s;ringency of the money market and
the inability OF the firm to realize on its
securities are the principal causes Of the
failure.
The assignment caused s sensation when
it became known yesterday afternoon. The
firms stores at Bull d York streets were
closed at o'clock, aud Assignee T. F. John
son took possession Of the business. The
assignment papers will be fled in the su-
perior court clerks Office this morning.
THE PREFERRED CREDITORS.
The majority of creditors are Savannah
men. Gustav Kiesling is the heaviest in
volved. He is a creditor for S2l 600.
He is preferred, however, in the
assignment and is amply secured
The other preferred creditors are acc m
mediation indorsers. I. +. johnson, Will
lam J. Lindsay, George w. Allen and A o.
Best are the principal indorsers, and are
secured by a sec md mortgage on the firms
stock of pianos. musical instruments and
merchandise, subject to a first mort
gage for $4,000 to Mr.. Keisiing.
snd TO a bill Of sale 10 Joseph
Hilton and $1,000 lien of Norwood &
Crunk. The bill # sale to Mr.. Hilton In
eludes the Old Homestead plant
THE OUTSIDE CREDITORS.
The principal outside creditors are Har-
rington q Co., piano manufacture of New
York, who held a 5000 obligation due to-
day. Mr.. l.. E. Davis is now in New
York, where he went to secure an
extension Of time. Harrington & Co. de-
clined to grant the extension AID forced
the firm TO assign.
The firm is composed of II. c. Davis, L.
Z. Davis and A. z. Davis II. G. Davis,
the senior member, was seen last night
"We did the best We corld," he
said. 1--WE have protected our Savannah
creditors and we hope to pull through.
We shall do everything We can TO meet our
obligations"
Hon. Thomas M. Norwood, counsel for
the firm, was seen last nighk de said that
the assignment papers are all ready and
will be filed the first thing in the m rning
The most of the creditors he said, are home
people, and all of them who have been seen
have said that they are willing and ready
TO come 10 an understanding whereby the
firm may continue { business. "One of
them - said Mr.. Norwood, went so far as
TO say that had he known Of the condition OF
affairs he would have advanced the firm
money to tide the firm over its embarrass-
mentn
Mr. NoRwoop's STATEMENT.
Mr.. Norwood said that the first estimate
Of assets showed over 5000, but that
amount was reduced in various ways
'The stringency of the money market
and The usiness depression" )" said Mr.. Nor
wood, ''are the causes which led up 10 the as
ngnment A great deal of the firms business
was done outside of the city aud on long
time, notes being given for the payments
These debtors notified the firm that they
could not raise Q money to meet the notes,
and, Of course, the firm in turn could not
meet the demands of its credltors.n
"The failu e." said Mr.. Norwood, "is q
squa one. The members of the firm
turned over TO the assignee everything. |
am safe saying that not one Of them has
IS tonight in his pocket. | am inclined 20
believe that when the creditors are called
together and everything is laid before them
in its proper light that they will az ee to
the firms continuing business. II they re-
fuse, however, the assignee viii do the best |
he can."
'sThe Old Homestead" Mr.. Norwood |
said, ''had just beg n 10 balance its ac-
counts. aud would have been for the future |
a paying institution"
THE PRINTERS SYMPATHY.
When Mr.. Davis informed the printers |
that the firm had assigned and they had |
better quit work, as there was no money to !
pay them, the men replied that they would |
continue work until the January number is |
out One of them even offered to |
advance Mr.. Davis enough money to pay |
the postage ON the magazines. Assignee |
johnson gave the printers permission to |
enter the building at their pleasure to get |
out the January number.
CHARTER SECURED.
Inc fas:--n had cured charter, and was
about to organize as a stock COM
pany with outside canital, when |
the business depression began. It had
occupied its handsome new building less |
tina a month During the erection of the
building the firm was located |
on York street. The removal of
the business, the carrying OF a heavy stock |
and the heavy expenses incident to a change
of location contributed in measure to the
firms embarrassment
Up to 9 O'Clock last evening mortgage
securi z Savannah creditors to the amount
Of $lI, 800 bad been fled in the superior
court clerks office. These NOR cages are
on the st OK Of goods. and secure the firms
indorsers to the banks for various amounts
from $500 to $4,000.