The San Francisco call., 1897-04-14
A BIG FIRM
GOING To
THE WALL
Coblentz, Pike & Co. in the
Hands of Their
Creditors.
A GREAT SURPRISE TO
MERCHANTS.
The Death of the Senior Partner
Precipitates the Dis.
aster.
SETTLEMENT rs PRACTICALLY
DEMANDED.
Mr.. P ke Declares That Outstanding
B lis Far Overbala ance the
Liabilities.
SETTLEMENT rs PRACTICALLY
DEMANDED.
Mr.. P ke Declares That Outstanding
B lis Far Overbalance the
Liabilities.

There is a sensation in local mercantile
circles. The well-known wholesale liquor
firm of Coblentz. Pike & Co., doing busi-
ness at the corner of Halleck and Battery
streets, has been practically forced to the
wall, and it is given out quietly that its
financial EN- barrassment will reach in pro-
portions something like 100000.
The information that this big house,
as rock. was in financial difficulties came
in the nature of shock to the CONNER
cial community. 1t was wholly nnex-
pected, and few who were interested in
the houses welfare had an opportunity
to prepare themselves for it.
Scarcely over q week ago Joseph Cob
lentZ, the senior member of the firm, died.
He was looked upon in his lifetime as
very wealthy man and one of the most
careful business men on the Pacific Coast
That the house was in fiourishing condi-
ton no one ever doubted. particularly
after the successful manner in which it
was steered through dangers that beset all
mercantile concerns during the past three
years of hard times and iife-sapping de-
preston.
But the passing of Mr.. Coblentz, it ap-
pears, exposed an unlooked-for state of
affairs. 1t was found upon making au
accounting that instead of being rolling
IN wealth, so to speak. the firm was en-
tangled in debt and obligations to such an
extent that, in view of the inevita bic pro-
bate proceedings over the deceased part
ner's estate, there could be no esca pc from
raid on the part of the creditors.
Boaz Pike, the surviving partner, was
keen enough to see what the future had in
store for the establishment, but was
plucky, and, rather than throw up the
sponge at the start, he deliberately noti-
fled the creditors Of the true state OF al
fairs and asked for private conference
with them. Alter they had recovered
from their surprise they granted his re-
quest. Nothing definite came of the con-
terence, ept that Mr.. Pike was asked
what he proposed to 90, and he asked for
day or two to think the matter over.
Every effort has been made by those
who are concerned in the disaster to keep
the affair quiet, but the anxiety of some
of the creditors, and their consequent in
ability to prevent themselves from talk
ing, let the secret out, and yesterday it
was the chief topic of conversation along
the wholesale streets.
"Weil, guess there is no need of max
ing any fuss about the matter, as long as
the story is out" said Mr.. Pike, when
seen Yesterday by CALL representative.
I'VE are up tree and that is all there is
to it. Just where we are going to land I
am unable to predict. but I'm afraid it
will be wrong side up.
''To what do l attribute our embarrass-
ment? Well. Mr.. Coblentz died and
leaves number of minor heirs. HIS es-
tate will naturally have to go through the
| usual administrative process, and as the
| surviving heir and trustee am left IN such
| a predicament that L can see nothing but
storm clouds above me. The executor
cannot permit me to go ahead as l would
| like to, for he has his trust to look after
and to protect. The probate proceedings
will not come up in court until the 10Th
inst. and in the meantime l am left float
| ing between heaven and earth.
Probably if | would be permitted to
continue the business until that time