Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-12
WILL BE VERY RICH.
The Baeder Glue Company Failure
Yet Full Of Possibilities.
NEW DEVELOPMENTS In THE CASE.
Mr.. Kern, the New York Member, Under
Bail for Appearance Here.
HOW THE FIRM KITED LOTS OF PAPER

Unless all signs fail there will be some
exceedingly spicy developments in the suits
growing out o. the w. E. Baeder Glue
Company before the end is reached.
The holding for court of Mr.. Haughey
Wednesday on two charges and under S14,
900 bail was the subject of much talk about
town yesterday, and the friends of the gen.
tleman insisted that there were two sides to
the story, both of which would be thor
oughly ventilated before the smoke cleared
away.
One fact that has not been given any pub
licity except as it has been passed around on
the tongue of gossip is that Mr.. Kern him.
self is under bail to appear in the local
courts on the same charges Mr.. Haughey is
held on. 1t appears that some weeks ago
Mr.. Kern was in the city and had arranged
to t.ke dinner at the Duquesne at o'clock
that afternoon. MIR. Day, cashier Of
the Peoples National Bank, learning Of
his presence in town, had warrant issued
for his arrest, which was made at a late
hour. Some trouble was experienced in
getting bail for the gentleman, which was
fixed at $40, 900, but bondsman was finally
found, partly through the family influences
OF Mr.. Kern, his father being the president
of a bank in Philadelphia and a gentleman
of considerable influence in that city. An
attempt was made to keep the matter quiet,
and it met with fairly good success.
ARMoUR's CONFIDENCE IN HAUGHEY.
Mr.. Haughey lett for Chicago yesterday
to resume his position in that city, he being
superintendent of the great Armour Glue
Company. He laughed at the idea that it
was necessary to have papers issued before he
would accompany the officer TO Fits burg.
There was not a particle of trouble MIR. Ar
mour stated at the time that he would furnish
bail in the sum of 500, ,000 il required. Mr.
Haughey SAID there was no secret as to where
he was located, business men generally know
ing all about him, and had known for months
The affairs of the w. +. Baeder Glue
Company were in dizzy condition at the time of
the failure last spring. A great deal was said
about it at the time. but it is evident the half
was not told.
A gentleman doing business on Fifth avenue
said yesterday: The liabilities in this city
alone will amount to probably 500 0C0 and no
one can tell what they amount to on the out
side. but they must be heavy. 1t amuses me to
see all the statements about the New York Of
fee not knowing anything about the discount
ing of securities. Let me tell you that had
some experience with the company myself, and
know whereof speak. The firm was 'kiting'
nre came. Mr.. Haughey did it and so did Mr..
| Kern.
ACCEPTED SOME OF THE PAPER.
81 accepted short-time paper, which was aft
| erward discounted and lifted in New York.
| Some of it was made by Mr.. Haughey.
| The signature of the W. E. Baeder
| Glue Company was stamped on the paper
and then signed per L. L. Haughey.'
| Mr.. Kern also 'kited considerable paper,
which had the same signature, with the
| exception of his own name, which. of conrse,
| appeared in the place of Mr.. Haughey's. Now
| / saw this paper. but for that matter business
people know that the members mentioned did
| a great deal of this business and some of the
| paper turned out to be worthless. 1 was for
| tunate enough to get ont all right or l might
| be paving OF some of the obligations yet, as
| would have been responsible after the failure
| There are people IN this city, however. who did
| not get in out of the wet in time. know one
! business man on Liberty street who has already
| paid S., 800 for the privilege of placing his ac
| ceptance on some of this paper. and he is moi
| through walking up to the captains office yet