The morning call., 1892-08-18
A CIGAR FIRM COLLAPSES.
Three Attachments Levied ON
Arnold POllak e. Co.
Estimated Amount of Their Indebtedness
5000, ,000-Bad Debts and Bad Business
Brought About the Crisis.

There was surprise In store for the busi-
ness community yesterday when it became
known that Arnold POllak & Co., the we'll
known cigar manufacturers. had failed.
The firm was generally looked upon as
strong, and the members. Arnold Pollak
and }. Simon. have good regulations as
honorable, upright business men.
Yesterday morning the Sheriff levied
three attachments on the firms property.
aggregating in amount about $4,000. The
first attachment was for S33, 764 2l. by \.
GersOn & Co., representing a bill for that
amount due to firm in Havana, which was
assigned to GersoD & Co. The second at
tachment was by the Bank of California for
S9204 DC. due mainly from Overdrafts. por-
ton of which is said TO be unsecured. The
third attachment was by n. Gers0n Co.
for $1,000.
1t is impossible as yet TO give the exact
amount of the firms Indebtedness, but it is
believed to be from S1S0.O00 TO 100000.
Among the local creditors are: n. GeTSOn
g. Co. $1,000; William Brewer. $500; Neu-
bauer & Co.. $3.50; John 5. Bowman, S2500;
Daniel Meyer, $500; Henry Meyer, $500;
l.. Rosenshine, $500; NJ. Auerbach. $500.
These are all for notes given TO personal
friends, who willingly came to the assist
ance of the firm when asked. ESberg. Bach
man q Co. exchanged checks with The firm
p
have TO rank on the estate for that amount.
besides $1,000 for merchandise NJ. Rosen-
shine & Co. Sl2S3. \. GersOn & Co. 81 600.
and Nj. Z. KOhiberg Sl47, are also for III er-
chaDdise. The firm have large creditors in
Havana, Key West and New York, to what
amount is moi yet known.
AMONG THE CREDITORS.
Inquiry among the local creditors elected
the fact that every confidence was placed in
the sOlidity and integrity OF the insOlvent
firm. 1t was known that they were hard
pushed on several occasions. but as busl-
ness In the tobacco trade is said 10 have
been in a depressed condition for some
time nothing much was thought of their re-
quests 10 be tided over for the time being
This, coupled with the honorable name
borne by both partners, helped them to OBJ
tain all the accommodation they wanted
In Dun's Mercantile Agency they were
rated at from $4,000 TO $4,000. and their
credit as good.
a regularity about the attachments is
that they were levied through the attorney
of Dun's Mercantile Agency. This proceed
ing excited comment IN business circles. but
1t vas generally commended. The opinion
was expressed that when it is considered
that firm Is in deep water according to the
mercantile agency the correct way is TO
allow the agency to take action on behalf
of all interested.
The principal cause alleged for the failure
is bad debts coupled with depression Of the
cigar business. Some demands were recently
made upon the firm and their inability TO
collect enough funds from their debtors or
ready cash from their friends brought about
the crisis. II is understood that there is
large stock on hand, which, with the book
debts, VIII represent the assets. What these
will aggregate il is impossible yet TO sag. 1t
is believed, however, that the local credit
ors will be paid in full, but that the outside
creditors will stand poor chance of realiz-
ing much from the estate.
AN IMPORTING BUSINESS.
The firm have been doing general i'm
porting business in cigars and tobacco both
wholesale and retail, at 2 and California
street and 60 Market street They had
branch store at the junction of Geary,
Kearny and Market streets and one in Oak
land.
Mr.. Pollak was seen last night by re-
porter of The CALL at his residence, 1870
Bush street. He al first denied his identity
but afterwaTd retracted. He refu-ed point
blank at first to say anything "The even
ing paIers." he said, have alleged inter-
views with me, but they are made out Of
whole cloth. i positively refused to say
anything and all got tie same answer that
now give you, that l have nothing to saw"
Cant you say how your creditors will
| stand?"
81 sincerely hope they will all get 100
cents on the dollar and | expect they will"
Did you expect the attachments"
mo, sir. l did not 1t struck me cold"
There is one mistake" volunteered Mr.
| Pollak. that the papers have made They
say l have been 13 years in business here.
| That is wrong. l have been in business
| here for Is years. and previous to that
was in business in New York. This is the
| first time | have failed in business and I
| hope il will be the last"
| While the reporter was about to take his
| departure Mr.. Poilak apologIzed for deny
| ing himself at first, rs be did not wish to
| commit himself in any way to the press.
They could say what they liked, but he
would say nothing Il have been new g.
| paper man myself" said he, land | know
what il is"