Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-15
ALEX. NIMICK EMBARRASSED.
The Firm of Nimick g. Co. Ask an Exten-
sion-Assets Far Above Liabilities-A
business Pioneer Seeks a Settlement
While He Yet Has Time.


While the city was talking about the fine
weather and the opening of the Grand Cir
cult races yesterday those whose interests
lie in its monetary channels were discussing
the rumOred embarrassment of firm whose
principal has been identified with business
ever since Pittsburg got out of its swaddling
clothes.
The rumOr was that Alexander Nimick &
Co. had failed.
A. Mr. Nimicl's name is associated with
great industries and solid financial institu-
lions, the gossip was surprising. So a search
Tor facts was instituted. Here they are:
Mr.. Alexander Nimick has reached the
allotted time. He has been busy man, with
interests diversified, associated with firms
whose names are household words and bank
guarantees. In order to settle up with the
world prior to leaving it he decided to go
into liquidation. The firm of Nimick & Co.,
represented Alexander Nimick, John s.
Slagle aud George p. Mcbride. They were
metal dealers, operating the kemble Fur
mace. in Bedford county, and the Charlotte
furnace in Fayctte county Besides they
did pigiron brokerage business, subject to
fluctuations. Their furnaces were isolated,
handicapped by high freight rates and all
that this implies stocks of speculative
pigs accumulated at higher prices than
they could be diSIosed of. advances to other
dealers in their line were not met trade was
dull and fluctuations unprecedented. values
slTunk and it was decided togo into liquida-
tiOn-to ask for an extension from creditors
so a. to De able to realize on good assets
without sacrificing them.
The personal assets of Alexander Nimick
according to those closest TO him in business
affairs. are put at 81 10000. His liza bilities
are estimated at about 81 000, 600 by the same
folk, but others say Sl.50O,0O0 Will fully cover
the Indebtedness. In talking about the
liquidation the other members of the firm
are lett out OF all calculations. II appears
to be a personal affair OF Mr.. Nimickrs who
merely seeks a final roundup" at the hands
OF those with whom his business has brought
him IN contact.
BY an extension Mr. Simick and his in
Timates hope to realize profrabv on the as
sets and pare down the liabilities through
business-likc settlements. He and they
claim that after all is squared up a hand
some dividend will be declared in favor of
the liquidator.
Among the firms with which Mr. Nimick's
name Is coupled are Singer, Simick & Co.
and Phillips, kimick & Co. Said a gentle
man identified with banks and business yes
rerday; These firms are not interested
with nor affected by Nh. Nimick's liqui-
daUIOn. Both are sound, and neither
has note outstanding. The liquidation
viii not create ripple on financial waters
It is really business transaction, and is to
the interest OF debtor and creditor alike"
"Who are. the principal creditors?" was
asked.
Banks all over the country. But they are
projected. and no alarm need be felt
"Nin the other firms with whom Mr..
Nimick is identified be a1fected?'
Not at all. lie holds stock in them, but
their interests are separate, and the settle
ment now afoot will not affect the others in
the least"
Mr.. Nimick is one of Pittsburg's business
pioneers. Plain, unasSuming-a typical citi-
Zen-his has been the helping hand for many
a worthy aspiTant to profitable place in
the busy sphere which ceaselessly revolves
here. His creditors will unhesitatingly
grant him the favor asked, and his many
friends claim the extension will leave him q
clear sheet and a handsome competency.