Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-13
MR., HAUGHEY'S SIDE,
His Story of the Baeder Glue
Company's Troubles.
MONEY FOR BIG PAY ROLLS.
All Receipts Said 10 be Taken in at
the New York Office.
MIR. KERN'S VISIT TO SPRINGDALE
MONEY FOR BIG PAY ROLLS.
MIR. KERN'S VISIT TO SPRINGDALE

A new phase was given yesterday to the
troubles of the W. A. Baeder Glue Com
pany. Thus far the entire blame for the
financial ENHANCEMENT of the company has
been laid upon Lou Haughey. Mr.. h. r.
Kern, the Philadelphia partner, said that
he has discovered that Mr.. Haughey bor-
rowed startling sums OF money in the name
of the glue company, and that he has been
totally unable to discover what Mr.. Haughey
did with the money. 1t appears that over
$50. 600 has been thus borrowed, and is still
unpaid, and Mr. Hsughey confesses that he
cannot tell what he did with the money.
Yesterday the new light was shed on the
matter by close friend to Lou Haughey,
who has had many business transactions
with him and is we'll &C quainted with Mr..
Haughey's affairs. This gentleman said:
BUSINESS DONE IN NEW YORK.
1.-THE pay rollIof the W. A. Baeder Glue
Company has been about 5000 month.
The company has been in business for
about two years. In that time the pay roll
has amounted to at least $780, 600. Now the
settlements with the firm were all made
in New York. The product was sold there.
and all money was paid at the New York
office. In all the time the Company has
been in business do not believe that over
S. 900 in cash has been sent to Haughey from
New York. have known of only 81 500 being
sent Consequently, Mr.. Haughey has been
compelled TO meet the pay rolls, and the sum
required for that will account for all the
money he has borrowed.
why can't he tell what he did with the
money? The fact is, he has been careless in
Id lyaHa N1-a y a1F md
his book keeper is inexperienced. looked
through his desk yesterday, and found it
stuffed with cancelled drafts and paid notes
which had not been entered in any account
believe however, that they are all legitimate.
1t he was given time he could straghten the
whole thing out and account for every dollar
The trouble is that Haughey broke down. He
is suffering from nervous prostration and is
unable to do anything now 1 think Mr.. Kern
has been too hasty. If Haughey were given a
week he could fix up all his accounts.
HAUGHEY HAD A RIGHT.
Another thing. They claim that Haughey
was unauthorized to sign notes or drafts for
the company. He had third interest, just
the same that Baeder and Kern had Mr..
Kern has signed drafts for the company. What
better right bad he to do SO than Haughey
had?"
The gentleman at this pointwent to his safe
and brought out draft, signed by rubber
low that, in ink, H. R. Kern"
The law is he continued, that unless pub
lication was made, Haughey had perfect
right to sign for the partnership. No such
publication was made. l see that Baeder and
Kern have protected themselves in the confess
sions of judgment they made. Last Saturday
Mr.. Kern confessed judgment against the COM
pany for S56. .425 in favor Of his father, w. H
Kern, the president of the Peoples National
Bank, of Philadelphia. On the same day Mr.
Baeder confessed judgment for S27, 436 in favor
of his mother-in-law. Mrs Bentz. None of the
judgments confessed by Mr.. Haughey were de-
signed to protect himself. Another thing: Mr..
Kern's own bank in Philadelphia has honored
drafts signed for the company by Lou Haughey.
THE BANK INVESTIGATING.
mir. Meyer the president of the Real Estate
Loan and Trust Company, of Allegheny, has
been investigating the affair, and within two
days has changed his opinion of the matter.
He said to-day that he would prefer the paper
of Mr.. Haughey to that of Mr.. Kern"
Mr.. H. r. Kern yesterday visited the office |
OF the company at Springdale, and spent sew
eral hours looking over the books. He said
that he had not yet got to the bottom of the |
affair. He has retained Knox & Reed as his
counsel and they will contest the executions
issued in Allegheny county. Mr.. Kern fatty |
charges Mr. Haughey with criminal operations,
and it is intimated that he will be placed under
arrest to-day or tomorrow. Mr.. Kern ex-
presses great surprise at the manner in which !
President Meyer, of the Real Estate Loan and |
Trust Company, did business.
The property and leasehold of the Baeder |
Glue Company, at Springdale, on the West |
Penn Railroad, is advertised to be sold at |
Sheriff's sale, on Monday, on executions issued |
in favor of the following persons: Gregor |
Meyer. SIS, ,466 50; Acme Tanning Company, |
S2,935 So: Spiegel & Co., Sl0Sl5 n; William |
Flaccus & Son and William Flaccus, trustee
$4,000: Emily L. Bentz and Emily l. Bentz, |
trustee Sl365O; Emily L. Bentz and Emily L. |
Bentz trustee. S13,7S6 Sc: William H. Kern, |
S2S05S 81: William II. Kern, SIS 366 CO. The |
last four executions are on judgments entered |
in New York last Saturday, confessions of |
judgment having been made there by H. R. |
Kern, one of the New York partners. The |
total amount of these judgments is SAB OS0 IS. |
The Diamond National Bank yesterday filed |
Judgment for s., ,l6S 70 against the Baeder |
Glue Company.