S. Mckee files for bankruptcy

[Trade Journal]

Publication: The Commoner and Glassworker

Pittsburgh, PA, United States
vol. 25, no. 17, p. 2, col. 1-3


PETITION IN BANKRUPTCY


Filed by Daniel McKee, Surviving Partner of

S. McKee & Co. Statement of

Liabilities and Assets.


A petition in bankruptcy was filed last Monday in the United States District Court by Daniel McKee, individually, and as surviving partner of S. McKee & Co. The schedule shows that the liabilities of Daniel McKee are $233,768.69. Of this amount, however, all but $40,518.69 is on account of the firm S. McKee & co. Daniel McKee's assets amount to $72,450,33. Indebtedness of the firm amounts to {dollar:$274,000] and the assets are over $216,000.

In the schedule of indebtedness filed the two petitions are almost identical. The indebtedness is mostly to banks, for money borrowed, and in the case of Daniel McKee is on notes for money borrowed for use of S. McKee & Co.. on which he is one of four indorsers. The other indorsers are C. I. McKee, Mary S. McKee and Phoebe Dravo. In the Schedules filed by Daniel McKee the following are the principle items of indebtedness:

City and county taxes for 1903: $718.9; Fidelity Title & Trust Co., $1,500; Exchange National Bank, $10,000; Iron & Glass Dollar Savings Bank, $14,500; Allegheny Trust Co., $1,250; Third National Bank, $10,000; First National Bank of Greensburg, $5,000; South Side Trust Co., $2,500; German Savings & Deposit Co., $18,500; Union National Bank, $7,000; West End Bank, $5,000; John P. Stang (holder), $2,650; First National Bank of Birmingham, $38,200; Iron & Glass Dollar Savings Bank, $49,800.

Among the individual assets of Daniel McKee are real estate to the value of $72,540, and a lot of stocks and negotiable bonds. The amount of indebtedness on the notes to the banks of Mr. McKee personally is about one-fourth.

In the schedules filed by Daniel McKee, surviving partner of S. McKee & Co., composed of Daniel McKee and Christian Ihmsen McKee, are found the following items of indebtedness, among others:

City and county taxes, $1,658.43, Mutual Life Insurance Co., of New York, bond and mortgage, $47,500; First National Bank of Birmingham, $38,200; Iron and Glass Dollar Savings Bank, $49,800; Lancaster Bank, Lancaster, Pa., $10,000; Second National Bank, Pittsburg, $13,000; First National Bank, West Newton, $4,000; Fourth National Bank, Pittsburg, $9,500; Peoples National Bank, Pittsburg, $3,500; First National Bank, Pittsburg, $8,700; Bank of Pittsburg National Association, $1,150, Bellevue Realty Savings & Trust Co., Bellevue, $3,500; Allegheny Trust Co., $1,250; Third National Bank, $10,000; First National Bank of Greensburg, $5,000; South Side Trust Co., $2,500; German Savings & Deposit Bank, $19,500; Union National Bank, $7,000; West End Savings Bank, $5,000; John P. Stang (holder), $2,650; Daniel Beech (holder), $5,000; Fourth National Bank, $3,000.

Besides these there are a number of bills for supplies, etc., furnished tot he glass plant, amounting to several thousands of dollars and accommodation papers, endorsed by S. McKee & Co., on banks in Detroit, Mich., and Grand Rapids, Mich., for William Reid, of Detroit, amounting to $8,750.

Among the assets of the firm are real estate in the Twenty-eighth ward of the Pittsburg, on which the glass plant stands of an assessed value of $95,000, but the value of which, if used as a glass plant, is estimated at $120,000 to $140,000; stock on hand amounting to $30,141.93; debts due on open accounts, $23,099; stocks, negotiable bonds, $17,870.50; cash on hand, $272.75; and cash on deposit in banks, etc., $232.63, making a total of from $171,121.31 to $216,121.31.

This marks the passing of the oldest window glass company in Pittsburg. Samuel McKee and James Salisbury first operated a factory in 1834, the plant being located below the Smithfield street bridge in the section known as Sligo. McKee sold his interest in this concern in 1836 and started a window and bottle factory in the present location under the style of S. McKee & Co. The bottle department was done away with in 1871, and since that time all three furnaces have been operated on window glass exclusively. The land owned by the McKees embraces half a block of valuable city property. This, however, owing to the absence of railroad connections, is regarded as being unsuitable for manufacturing purposes. The furnaces are old style, and these handicaps made the manufacture of glass an unprofitable venture.

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Keywords:S. McKee & Company
Researcher notes: 
Supplemental information: 
Researcher:Bob Stahr
Date completed:May 13, 2010 by: Bob Stahr;