The San Francisco call., 1897-02-03
Pennsylvania Lead Com
panY Unable to Meet
lis Obligations.
Critical Illness of lis President
Has Tendency to Compli-
cate Matters.
But With the Appoin iment of a
Receiver Business Will Be
Resumed.

PITTSBURG, Pa, Feb. 2.-Y Yesterday a
judgment for nearly $lO00,0Oo was con-
fessed by the Pennsylvania Lead Com
pany in favor OF ex-Judge Griscom, trus-
tee of the creditors. The action was fol-
lowed by bill in equity, fled by Griscom.
asking for the appointment of receiver
for the company, the directors being in
the petition. The plea in the petition
assigns Grscom and II. Z. Anderson as
receivers for the company, directing them
to operate the works until further orders
of the court. They are to make report
every month and give bond for 100000.
The officers OF the board of directors are
J. E. Schwartz, president; George Fauncs,
vice-president; f. Nj. Schwartz. secret tary,
and II. E. Anderson, treasurer.
The office of the company is in Pitts
burg and the works are in Robinson Town
ship. The land and plant erected by the
company are worth $667 900. Other assets
include the advancement OF $775. 900 tn the
Pennsylvania Smelling Company of Utah
and considerab bic sum in book accounts
and cash. The Liabilities are abouR1 000,-
000
The.answer of the defendants admitted
that its paper in the bank had gone to
protest, and that about $450000 would
become due for each of the next three
months, and that under existing circum-
stances they would be unable to meet the
obligations.
J. E. Schwartz. who is practically the
owner Of all the capital stock, and who
has Endorsed and guaranteed q large
amount of the Indebtedness, is now
stricken with paralysis and unable to
Transact business or renew his indorse-
ments or authorize any one to do so. The
obligations are held in Utah, New York,
London and this city.
If suits are brought, it is claimed IL at
the property of the company will be sacri-
feed, and that it will be for the best in
tsrests and necessary for the welfare of
the creditors that receivers be appointed
as its assets can thus be administered so
that allits creditors will be paid IN full
and surplus left for stockholders.
The affidavit of II. Z. Anderson, the
treasurer of the company, says that the
company's assets consist of sixty-eight
acres of land in Robinson Township, on
which is erected fully equipped plant
for refining and smelling ores and bullion
containing precious metals; that it has in
its works and in transit ores worth
$500, 900, and has contracts for purchasing
ores Tor which adVancements have been
made. 1t has book accounts, cash on
hand and miscellaneous assets TO the
amount of $125, 900. 1t has advanced TO
the Pennsylvania Smeiting Company of
Salt Lake City. Utah, $780, 900.
The liabilities amount to 81, 400 900, all
OF which IS commercial paper, and most OF
which will mature in sixty days. Over
$4,000 OF this paper went TO protest yes
terday.
Willis McCook OF the company stated
10 day: The movement is merely pre-
cautionary one. ]. e. Schwartz, the head
OF the company, was stricken with a
paralytic stroke on Friday evening and
ever since that time has been in a critical
condition-so critical that tie physicians
inform US that one word of business i'm
parted to him might end his earthly
career. You see, it requires about $500, 600
month to purchase ore and bullion for
the smelling works. and, as these are
bought only for spot cash, notes have to
be given and realized upon to keep enough
money on hand to make these purchases.
Several of the notes have recently IalIen
due and will have to be renewed: hence
the application for a receiver"
Mr. McCook said the operations would
Continue and the mills not be shut down.
The bill for the receiver sets forth that
Griscom is holder of O judgment against
them for 1868 253. in favor OF the creditors,
and that ID. h. Anderson is a stockholder.
The corporation was incorporated IN 1890
and has q capital stock of $40, 000 900, of
which J. E. Schwartz is the owner of
$3.50 060