The San Francisco call., 1907-06-03
WOLF CERKEL, PIONEER
GRAIN BROKER, UNABLE
To MEET OBLIGATIONS
Turns Over Small Ranch
in Solano County to
His Creditors
FARMERS ARE LOSERS
Not More Than Twenty
five Cents on the Dollar
Will Be Realized
FARMERS ARE LOSERS

Wolf cerkel. pioneer grain broker.
who weathered the storms that ragged
around more than one corner" In the
local wheat market, is bankrupt and
his creditors will meet today to study
the problem of making about $4,000
worth OF assets liquidate Liabilities
amounting TO about $4,000. After q
years Of business activity in California
street during which time he had seen
modest fortune expand TO near half
million dollars, Wolf Cerkel, one or the
most picturesque characters in the old
San Francisco produce exchange, call
board association and now of the mer-
chants exchange, finds himself penni-
less.
The news of the impending failure
was common talk among grain men
Saturday morning on change, though
many refused TO believe the truth OF
the rumor. Fortunes slip away noise
lessly in California street In the cease
less war of bulls and bears. and Cerkel
had made no sign of distress; his
margins had been paid promptly and
he wore the same smile that for u
wears had been enigmatical. But the
rumor once started would not down.
and the bankrupt condition OF the one
time prosperous operator soon became
known.
The principal creditor is Max Brooks.
formerly a member of the produce eX-
change and later q member of the
board OF education. To Max Brooks.
Cerkel owes $4,000. 1t is unsecured
save by the name of Cerkel affixed 10
a note which was always good as
wheat" on California street. ]. Taylor,
a rancher near Suisun, holds another
note for 5000. Other grain producers
in Solano county are creditors in sums
ranging from $4,000 to $1,000. None OF
the creditors are bankers or banks.
A peculiar feature Of the indebted
ness Of Cerkel is that he was able to
secure such large sums on his simple
note without security. This was due,
says one of his creditors, to the fact
that no one could question his integrity
or his commercial sagacity.
ASSETS ARE VERY SMALL
Max Brooks reluctantly admitted yes
terday the fact of his friends fnan-
ciaI embarrassment. It could not be
concealed and Brooks admitted that ne
held Cerkel's unsecured note for S2o,-
600. Although never partners, they
have been friends many years. Not
more than 25 cents on the dollar will be
realized by the creditors" said Brooks,
but Cerkel has practically turned over
everything TO US, and within "a hours
the affair will be settled There viii
be no bankruptcy proceedings-1ust p
settlement with the creditors
All that is left Of Cerkeps fortune
is a small ranch in Solano county and
his seat in the produce exchange The
former is worth about $4,000 and the
latter Is valued at not more than $500
at the present time.
Cerkel, for more than 20 years, was
a consistent bear in the wheat market
He came here from Solano county in
1850 and Joined the produce exchange
He associated himself indirectly with
Eppinger & Co.. for which firm he
did some spot wheat buying. That was
about all the commission business he
ever transacted and he was in no way
implicated in the scandal that followed
the failure of that firm He was an
operator on his own account and never
sought customers for commission busi-
ness. He plunged in quiet way and
always seemed to win. When the gi-
gantic bubble inflated by William Dres-
bach for the Nevada bank burst in 1887,
Cerkel made money in the midst Of
ruin He was short" and to be bear
when wheat that sold on August ?
for s217k per GENITAL dropped on Au-
gust 3, TO s1.35. was to make money.
The storm that followed the dethron-
ing OF Dresbach, liking Of the wheat
pit" and which cost James G. Fair
-
passed over Cerkel with a rain of dol
lars. He was unhurt by the corner"
which affected wheat when McNear
shrewdly "cornered" all available Ship
ping grain. Other f1urries In San Fran
cisco's Wall street were advantageous
to Cerkei, who was gifted with what
some called luck and others prohesy.
His dirninutive figure was familiar
when soaring prices threatened the
- sCfr rlr<1f
was stayed by his undismayed shout,
Sell another"
REFUSES TO DISCUSS FAILURE
About five years ago. 1t is said, Cerkel
experienced a change Of heart He
ceased to be a bear from conscience"
and did as other operators who dabble
along on their own account From
that time his fortune began to slip, and
in the last few years he is said to have
dropped about 800, 600. No single slump
pinched him nor did advance assist
him materially: his capital dwindled in
his daily operations until he no longer
had funds sufficient 10 cover his con-
tracts with margin security. That was
the beginning of the end, and today
he would be an applicant at the court
that confidence which his years Of
square dealing inspire.
When seen at his home, 3042 Jackson
street, last night he declined to make
any statement The old spirit of opti-
mism that for 20 years made him a
bear" believing in plentiful crops,
bulging warehouses and low prices,
survived. Surrounded by his family,
solicitous that he be not bothered by
impertinent questions. he said: "All L
will say is that everything will come
out all right"