Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-09
ASSETS QUITE LARGE.
Executions Against Mr.. Schmertz Up
to Date Amount to $26S,000.
FAILURE DUE TO SEVERAL CAUSES.
The Standard Plate Glass Company, of But
Ter, Not Affected.
A LOSS ON MARYLAND CENTRAL STOCK

conservative business men in the city.
More than one person was heard to say that
when all the facts are known it will be
shown that he was "done up" by somebody.
The fact was developed that some of his
losses were due to Endorsements for other
people. Before judgments were issued
against him a meeting of his creditors was
held at which letter from one of his debtors
was read, promising if Mr.. Schmertz did
certain things he would do something else.
Those present claimed the demand was
unjust and unreasonable and could not be
granted. The people at the meeting re-
fused to talk, and the facts could not be
obtained.
THE EXECUTIONS UP TO DATE.
The executions issued against Mr..
Schmertz up to date are as follows: To
Amelia A. Schmertz for s54, 800; w. 6.
Taylor for $50, ,4sO 40; E. NJ. Quinby, sS7,-
$50 10 and s21, 1853; H. J. King, $4,000;
William Loeffler, 800, 900; Archer Bros,
Sc, 1863; Samuel Severence, 81 23O; George B.
Hill, So, 49S; E. J. Howard, S15,6S2; Sam
uel Severence, Jr., 50, 121; 7. A. Kammerer,
S6,30S; D. E. Wheeler, $1,000; Goddard,
Hill & Co., So, ,302; P. G. and c. G. Smith,
S15, ,S91; E. NJ. Quinby, SIC. .594. Altogether,
as nearly as can be estimated, the execu-
tions amount to S268, 900. Mr.. Quinby, the
son-in-law, puts the assets between s50O,O0O
and s6OO,O0
Yesterday Mr.. Schmertzs wholesale shoe
store on Fifth avenue was closed by the
Sheriff. Mr.. Schmertz has been succeeded
by Charles +. Wells as President of the
Third National Bank. H. S. King, the
Fifth avenue shoe dealer who took out an
execution for $25, 900, said it was a matter
that he could not talk about, and he was
sorry such action was necessary.
A DISPATCH reporter called at the
Schmertz residence last night, but neither
Mr.. nor Mrs. SchmertZ could be seen. +.
M. Quinby, Mr.. SchmertZ's son-in-law and
manager of his Fifth avenue business, how
ever, stated that Mr.. Schmertz could not
make any statement at present, owing to his
serious indisposition, and that Mrs.
Schmertz, who was almost Frustrated by the
which had arisen in the last
few days, would have nothing to say.
A MISTAKEN IMPRESSION.
Mr.. Quinby said that he would say for
himself and for Mr.. and Mrs. Schmertz that
the impression that they were displeased
with the action taken by Mr.. Loeffler, or
had any complaint to make in regard to it,
was entirely erroneous.
''The idea is ridiculous" said he, ''that
there should be any feeling between US and
Mr.. Loeffler, as we have always been and
are now on the best of terms, and his course
in this matter has merely been that of a
careful business man. His action was prob
ably rendered necessary in his capacity of
trustee of the estate of r. c. Schmertz.
This judgement has been in his possession,
probably, for long time, and that he has
filed it now is merely a step taken in the
light of recent events for the protection of
the heirs of that estate"
When asked if the amounts of the differ
ent judgments entered as published were
correct, and if the various estimates of the
assets and liabilities appro1imated the
true state of affairs, he said he did not
know; that it would be impossible to give
any definite figures until Mr.. McCook, their
lawyer, had prepared a statement. Any in
formation given out before that time would
be mere guess work.
When questioned as to the probable cause
of the difficulty, he said it was brought
about by the failure of several enterprises
in which Mr.. Schmertz was interested,
together with the Wagner failure "Mr.
Schmertz was very liberal with his paper,
and probably lost large amount in that
way" said Mr.. Quinby. ''He has been a
father to many youth, and a brother to
many unfortunate men in financial straits"
BUSINESS TO BE RESUMED.
Mr.. Quinby, in response to a question,
said that business would probably be re-
,umed in short time at the Fifth avenue
store, and expressed the opinion that the |
would be of but short dura- |
ion.
Mention has been made of the fact that |
Mr.. Schmertz was Treasurer of the Standard |
Plate Glass Company, of Butler, but that |
is in no wise involved in his |
difficulty. The circumstance that,
is last dividend in July, was CONNIE nted |
lpon on Fourth avenue yesterday,
out that arose simply from the company
spending over 5000, 900 in improvements
within the last year, which make it very
complete plant, capable of producing from
20, 900 to 130, 600 feet of polished glass per
month. With about half of that it would
meet expenses and interest. The Standard
S reported in excellent shape, with but
Moderate Indebtedness for which provi-
ion is proposed to be made by an
,arly increase of the stock from $780, to
i 200, 900, to be sold only as required Mr..
lanes A. Chambers is President, and H.
sellers Mckee Vice President of the
standard Company.
THE DROP IN CHARTERS GAS.
CHARTERS gas shares, in which Mr..
,chmertz at one time was, and presumably
till is, largely interested, have within the
,ast three or four years fallen from par,
100, to the neighborhood of but 81 or IS per
hare This is credited with being one of
he initial causes of Mr.. Schmertz' embar-
assment, as he was heavy owner at prices
It least above GO. The most serious source
f loss is, however, believed to have been
n connection with the Maryland Railroad
eal, in which several Pittsburg banks and
Individuals were concerned to gross
of about 81, 100000. The details
we're quite fully given in THE DISPATCH
Then the difficulties of settlement first
anne to the surface, last fall The inner
articulars of that series of transactions
7ere much disputed about. 1t was claimed
ventually that the bonds of the road and
f the coal property upon which the group
f Pittsburgers put up their money would
ventually let some of them out harmless.
SUIT meantime they had to be carried and
rovided for, and several assignments had
0 be made as consequence. While no
ficial or direct information is yet given on
his phase of the subject, it was said that
in this enterprise was partly |
be cause of Mr.. Schmertz's embarrassment.
he boot and shoe business, in which he had
cen largely interested, was at one time
cry profitable.
SYMPATHY FOR A SICK MAN.
A great deal of sympathy was expressed
,r Mr.. Schmertz among business men yes
,rday, not only on account of his misfor-
Inc, but of the protracted poor state of
ealth which is believed to have been one of
lie main causes thereof He was always