Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-06
CHAMBERS GIVES UP.
Forced to Make an Assignment for
the Benefit of His Creditors.
WILL BUILD A NEW GLASS WORKS.
It Will Be Located at Some Pointon the
Ohio or Allegheny.
MR. MKEE REFUSES TO HELP OR HURT

The last spark of hope held out for James
A. Chambers flickered and died yesterday,
and at 1140 o'clock his attorney, j. Scott
Ferguson, filed for him q deed of assign
ment to Major William G. McCandless, the
insurance broker, covering his assets and
liabilities.
In the crash which has been imminent
Mr.. Chambers has protected his friends
as against creditors by reason of indorse-
ment. No statement of his assets and lia-
bilities is obtainable at present, though Mr..
Ferguson and others who have examined
into the matter believe that hundred cents
on the dollar can be realized for all the
creditors, including those who hold the
paper of the Standard Plate Glass Company,
for which Mr.. Chambers, as indorser, is re-
sponsible.
It is matter of public discussion that
Mr.. Chambers creditors all agreed to re-
lieve him of his financial embarrassment by
extending the time of his obligations, ex-
cept b. Sellers Mckee, to whom he was in
debted in the sum of about $500, 900. Not
withstanding the fact that Mr.. Mckee was
collaterly secured, he demanded payment,
which, after e1hausting every effort, Mr..
Chambers was unable to meet. A number
of propositions were submitted to Mr.. Nc
Kee, which he declined to accept, though it
advisement for several days.
FURTHER PosTPoNEMENT USELESS.
eve found that further postponement of
the crisis was useless, /" said Mr.. Ferguson
ment at 40 o'clock, just 20 minutes be-
fore the Recorders Office closed for the day.
l cannot give an estimate of the assets and
liabilities at this time Appraisers viii be
appointed and even they cannot tell what
the estate will bring at forced sale. Against
Mr. Chambers realty there are mort
cages aggregating $97, 200, of which
$43, 900 is against his McKeesport
property and S54, 900 on his real estate in
Allegheny. A number of judgments have
also been entered, including one in favor of
the estate of the late Alexander Chambers
for about Sc, 400, two in favor of his mother,
Mrs. Martha ]. Chambers, aggregating
S114, 900, one in favor Of Sarah Hall for
81, 900 and one in favor of Harry B. Patton,
his brother-in-law, for $40, 500, making a
total of about S145, 600, to which we can add
the mortgage claims of S97, 900 and Mr. Nc
KEGS notes, increasing the debt in sight to
about $40, 900. Up to date executions have
been issued leyying upon $50 shares of the
Jeanette stock, the par value of which is
500, and against his personal property in
general. The stoc&>is advertised to be sold
at the Office of the Sheriff at 10 o'clock,
September "A We have not heard from
Mr.. Mckee, and, of course, gave up all
hope of him relieving Mr.. Chambers
PLENTY OF HELP AT HAND.
seYou may say in The DISPATCH" con-
tinued Mr.. Ferguson, that if the result of
this is to oust Mr. Chambers from the jean
nette Company. there are plenty of friends
who stand ready and willing to start an
other and competing works of the same
kind at once. Mr. Mckee has collateral
for his claim which I believe is good for
every dollar that Mr.. Chambers owes him.
Mr.. Mckee simply says to us: I will neither
hurt nor help Mr.. Chambers.
From other sources it was learned that
Mr.. Chambers Endorsements for the Stand
ard Plate Glass Company, Of Butler,
grand total of his liabilities, so far as heard
from, up to about $3.50,
Mr. Mckee was not at home yesterday,
having put in the time at Jeanette. Mr.
Chambers was found at his home last even
ing, and to DISPATCH reporter he seemed
ready and willing to talk about his affairs,
except as to the totals of his assets and
liabilities The plucky little man has held
up under the strain, which public discus
sion of his affairs naturally has caused, with
remarkable nerve, and last night said that
he felt greatly relieved now that the as
had been made.
MR. CHAMBERS HOPES FOR THE FUTURE.
"You may say," said he, 'fhat am very
sorrv that I was compelled to make an as
signment, and that did all in my power to
prevent it. am young man yet, however,
and have friends who have offered me assist
ance. will commence the erection of an
other glassworks at once, on the plan adopted
at Jeanette, and am assured of all the
money I need. I will pay every dollar 1
am placed in at present, and will
have to owe few people for
a short time. had hoped to pull through,
but the last man in the world that ex-
pected to refuse me an extension did SO,
and I had no other course to pursue"
Mr.. Chambers said that the Jeanette plant
was paying well, and that at present the |
Standard Company, at Butler, was making
money, though it at first was losing insti-
tuition.
The Chambers & Mckee Glass Company,
the principal owners of which are Mr.. |
Chambers and Sellers Mckee, has been and |
Is now paying concern.
HOW MATTERS LATELY STOOD.
A short time ago, when it was intended |
10 dispose of the bonds of the company, the |
same being 6 per cents at 10 and 20 years,
The following statement of the concern was |
made to the Solicitors Loan and Trust Com |
pany of Philadelphia, the agents of which |
we're employed to sell the bonds in that |
,ity:
nouSes-............... ~, Ioz 70 |
General construction, new build
ings, improvement to plant, etc, ,618 81 |
sl5s3, ,se5 ~ |
Undivided profits. 25l,5s6 70 |
el,S3S ABS 81 |
Capital stock 81 600 900 20
Mortgage bonds. 5000 90 |
sl,5oo,ooo 90 |
3as, ,4s2 q |
Aha al sIo Gal