The morning call., 1892-06-17
GREENEBAUM'S AFFAIRS.
He Admits Owing $275,00O, With
Assets $4,000.
The Statement That the Debtor Made at the
Meeting of Creditors-The Books
Are to Be Exported.

There was large attendance yesterday
at the meeting of the creditors of Alfred
Greenebaum, the First-street liquor mer-
chant. Among the prominent firms repre-
sented were l.. j. Rose & Co., J. de FIRE.
merry. Jones, Mundy d Co., Hellman
Brothers, A. Vignier, Abramson, Bacon &
Heunisch, Meggs & Straut, Mrs. Scott, l.
Landsberger &c Son, Martin Feuser. +. ID.
Elsen, Z. w. Craig and Mansfield Lowell,
while Attorneys Z. g. Galpin, Barclay Hen
ley, Fl. c. McPike, Il. n. Clement, Julius
Reimer and w. II. Chickerng were present
In the Interests of other creditors. Alto
gether creditors 10 the amount of S170,314
were represented.
Barclay Henley was voted to the chair
and j. Herman appointed secretary. After
some discussion as to whether the press
should be excluded. it was finally decided to
allow the reporters to remain. The roll
was then called and the debtor teIephoned
for, but could not be found. Attorney Gle
ment, representing S. w. Levy. Greene
baum's father-in-law, then stated that five
days had yet to elapSe before his client
could enter up judg ment and sell under
execution.
Upon this L Landsberger moved that q
committee OF three be appointed to institute
Insolvency proceedings. and to take such
other steps TO protect the rights of the non
attaching creditors as it might deem neces-
sary.
Several creditors and attorneys made sug-
gestl0nS as to the best methods of proce
dufe, and finally aX-Justice Reimer sug-
sesttd that the committee consist of the
iaTrACf In t,r, ffpru ant
as this number was required by law TO pre-
sent creditors petition in insolvency.
ms was agreed to and subsequently
after considerable argument the committee
was increased to include the following
seven mem berS: +. c. BechOwski, repre-
senting l.. j. Rose IL Co., creditors for
S9l97; j. d. Jones. of Jones, Mundy & Co.,
Tor 5000; f. ID. Eisen, Of the Essen Vine
yard Company, for $5668; p. G. Galpin,
representing Mrs. Scott, for $500; A. IL.
Melggs, of Meggs & Straut, for $3.50;
Z. W. Craig and Mansfield Lowell. the
amount Of whose claims were not OBJ
tainabie
It was then decided only to supply the
press with the aggregate amount of credit
oEs claims represented at the meeting and
not The individual names and specific
amounts. Meanwhile the chairman stated
that Greenebaum and Attorney c. Acker-
man were awaiting the pleasure of the
meeting anu were invited to enter.
GREENEBAUM's APPEARANCE.
The debtor marched in with head erect
and defiant and Sslf-Satisfed look and the
cool eifrontery of his subsequent admis-
slons as TO the manner in winch he had
recklessly traded simply bore out the gen.
eral impression that lie was prepared to
braZen the matter out Ia response TO the
chairman, Attorney Alderman stated that
Greenebaum was there prepared to answer
all questions concerning his failure, and as
nd aEair
stating that the sense of the meeting was
that the debtor should make a statement as
10 the cause OF his failure and the probable
amount of his assets and liabilities, he made
the following extraordinary statement with
| jauntP air of iTTespOnsibiiity
The cause of my future was disappoint-
ment IN receiving monetary assistance which
mad expected. In January last | owed S.
w. Levy $4,000 for cash loaned to me by
him, and / never expected that he, being a
wealthy man, would ever ask any return for
II, as he had always given me to understand
he would let me have the exclusive use of
the money Tor as long as | liked. In Janu-
airy, TO my surprise, he asked me to reduce
my indebtedness. l told him 1t was diff
cult and thought it hard that be should
press me. He assured me that he would not
allow me 10 go under, so l turned him over
such collaterals as l could ana negotiated
loans with banks on hypOthecatio ns and
paid him about $4,000. lie appeared to be
satisfied, but shortly alterward demanded
/, more money | told him | could NOT nns
siby do what he wanted but he gave me
the same assurances that | should not 90
under, and therefore turned him over some
$4,000 or $4,000 more bills and negotiable
securities
friends, Austin GierSchler q Co. of PbIla-
delphia, as Gerschler had often promised
me aid If | required it. His reply was un-
! favorable, SO had to try the local banks
| They said No., and my bankers attached
NE. As to my assets. | think my stock here
| should be worth a minimum of S25. 600 to a
maximum OF $4,000. outstanding accounts
should be about $4,000 to SO, 900, with, say,
10 per cent OF them don btfu. | have no
property outside Of California, and only
one small piece of real estate. which
amounts to very little. comprise my firm
solely. My last purchases of goods were
made in the latter part of May from Abra-
hanson, Bacon & Heunisch, Herman & Co.
and j. c. Bauer IL Co.
HIS LIABILITIES.
"My total liabilities In California are
about $4,000 aud in the East approxim-
ately SO, 600, whole total of S275 OO0"
The debtor then proceeded TO state that
he had lost $1,000 in his New York and
Chicago branches, but had lost nothing in
wheat or outside speculatiOns. He said
that he would have been in difficulty at any
time during the PAST four years il Levy had
called III MS capital lie made very Door
showing when queS toned as to what he had
done with large quantities of goods, bought
within the last month, his sole explanation
being that he had sold them to his father
n-law, who had given him credit Jones.
Mundy " Co.'S bill became due from him
at the London, Paris aud American Bank.
who were the bankers both for the debtor
and that firm. Seeing how matter stood
therefore the bank attached on Saturday.
and lett their clients Jones' Mundy & Co.
out In the cold. The debtor admitted hay-
ing obtained large quantities of goods from
New York and turned them over to Levy
immediately upon their arrival, receiving
credit for their invoice value. He denied
having told Bradstreet 81 Co., Dun d Co.
and other mercantile agencies that he was
worth 100000, and II they had him so rated
II was their own lookout and through no
statement of his.
He further denied that he had ever said
that bis father-n- law had ever made him a
present OF 100000, or that Levy had ever
done so.
Finally 1t was understood that the COM
mlttee would take immediate steps i'm in
s0lveney, to protect the estate from the at
taching creditors.
Attorney Alderman agreed to 90 through
the books with an expert and the committee,
ana that body was also empowered to re-
tam all legal assistance rendered necessary.
Inc meeting then adjourned to the call of
the committee
During the whole proceedings the debtor
x-aS.