Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-14
TCommunicated.I
INCOMPETENT ASSIGNEE BAILEY
WHAT JAMES /. BENNETT SAYS OF
HIM.

Bennett & Co. Was Worth 80. 600, 900,
and In the Hauds Of n Competent Man
Would Have Paid the Entire Indebted.
ness and Had $SOO,OOO Left,
Below is given q clear and concise state
ment from James ]. Bennett, the active
member Of the firm of Graf, Bennett & Co.,
which plainly shows that Candidate Bailey
is totally unfit to transact business of any
kind, whether it be public or private:
"Mr. Bennett, have you read in the papers
the exceptions fled by the Cherry Valley
Iron Co., as to the administration of the sf-
fairs of Graf, Bennett 8 Co., by John b.
Bailey, Assignee?"
Eyes; and 1 believe them correct, and
also that the parties making them will es-
tablish the truth of the same in court at the
proper time"
do you know j. b. King?"
81 do; he is President of the Cherry Val
ley Iron Company, a man of large means,
and member of other manufacturing firms;
he is a man of high standing, well and ia
vorably known in Cleveland and through
out Ohio in business circles, and would not,
in my judgment, make any allegations that
he was not confident he could establish"
"Was there sufficient, in your judgment
OF the properties of Graf, Bennett 8 Co. to
have paid the debts of Graf, Bennett & Co.,
If carefully looked after and administered"
81 have no doubt of it; had none at the
time of the assignment, and am OF the same
opinion now"
"Do you believe that had b. P. Miller
continued as assignee of Graf, Bennett &
Co. the estate would have yielded the cred
itors better results than has been obtained
by John 81. Bailey?"
II have no doubt but they would; P. h.
Miller is a careful, painstaking, conserva-
tive man, and would nave obtained all he
could from the assigned estate. Mr.. Miller
is well known and competent, and one
whose integrity 1 have never heard i'm
peached; and in the selection of him for
our assignee we believed no better man
could be obtained, and that he would be
acceptable to all of our creditors, having
been engaged in business largely and in the
settlement of a number of estates"
"Were the Clinton and MillVale mill
properties valued by parties totally disin.
terested at the time of giving what is
termed the New York mortgsge?"
eyes, about or shortly previous to the OBJ
tanning of this loan, the value and cosrs of
these mills was made by disinterested per-
sons, who estimated the value of both mill
properties at 81 SOC, 900 to near $4,000, ,000."
who were the men who valued these
properties at this tlme?"
"W. W. Patrick and W. E. Schmertz,
agents of the company through whom we
procured the loan, made q personal examin-
alton of them"
Ibid they, do you believe, fully acquaint
themselves with the values of the properties
by obtaining the views and estimates of
others acquainted with the value and cost
of such or like properties?
81 certainly think they did; they were and
fba nf fho fro INT
which loaned the money, and being as they
are, men of high standing and character,
would not pass anything through their
hands without careful investigation, OBJ
tanning from others their values of the prop
critics."
"Mr. Bailey states in his card published
February z, 1890, in the newspapers OF this
citv, that the matter of the sale of the re-
naming assets of Graf, Bennett & Co. for
$4,000, was discussed in his, John n.
BaIley's Office, with Messrs. Graf and Ben
nett, and the two clerks of the old firm
"Yes, it was mentioned by Judge Bailey
in the old Office of Graf, Bennett & Co.,
when be was distinctly told the properties
to which the appraisers had not fixed any
price was large and valuable. Mr.. Graf
and mvseli both told him that one piece in
Fayette county could be sold for $50, ,0O0 if
not more; the values OF the other properties
his attention was called to, and we said to |
him it was a shame that these properties be |
sold in bulk and sacrificed under private |
agreement without seeking to obtain their |
values through the ordinary channels; the |
unimproved properties composed. as L be- |
ieve, only a portion Of that sold to the |
syndicate or to the committee for the syndi- |
cate"
''Did Bailey ever say 20 you that he pro-
posed to make sale of these effects or prop |
critics for which the sum of $50, 900 was the |
price sold at to the syndicate?"
"YeS; in the Office about one hour or so |
before the time he said he was going to ap- |
ply to the Court for an order or privilege to |
do so, he showed me no list of properties, |
neither have 1 one now, detailing all he |
said were to be sold, and am told it is not on |
the records against this. protested, his re-
ply was that he was going clear out and |
wind up the assigneeship.
'Were you at home when he was ap- |
pointed assignee?''
''No, was away from the city an invalid, |
and too feeble to assume the active duties of |
business, as had before my sickness, on my |
return"
SUMMARY
OF the assignment of Graf. Bennett & Co., as |
appears by the record and the statement of |
James ]. Bennett, herewith published.
EXAMINE FOR YOURSELF AND SEE IF CORRECT |
Appraisement of Graf, Bennett Co.
property by W. W. Patrick and w.
Indebtedness of Graf, Bennett &Co.
Eneumbrances (secured). .s565.0O0
Debts unsecured. .............. 643ll2
- L,2OS, liz |
ties.........:....,:......-..... s 7gl,888
ASSIGNEE Bailey disposed of
property valued at........... 100000 |
For cash, due bills, ETC.,. .Sl99 SOB
Subject to encumbrances.... 565,O0O
Subject TO pledge............... $1,000
Loss to Graf. Bennett & Co... s., ,l55. .4g7 |
Auditors report shows that creditors only re-
ceived dividend of less than 10 per cent.
Does not this summary prove John H,
Baiiey's after incapsbilitv to transact even
an ordinary business affair? Is he fit for
Mayor?
He is challenged to deny the correctness
of the foregoing.
Communicated
Third Challenge.
The following letter has been sent to P,
Foley, Chairman of the Democratic Com |
mittee:
HEADQUARTERS
REPUBLICAN CITY EXECUTIVE Con-
PTTTsBURG, February IL, 1890 |
Patrick Foley, Esq, Chairman Democratic City |
MY DEAR SR-As you have seen fit to
decline our first challenge, and have not |
even honored us with reply to our second |