In Saratov, the best flour was produced at the mills of the Schmidt brothers. Their products were awarded a bronze medal at the World Industrial Exposition in Chicago in 1893 and a gold medal in Stockholm in 1897.

Peter Petrovich Schmidt was the heir of two brothers who founded the milling business in Saratov. Peter Petrovich's father and uncle were close, lived in the same house, and dedicated themselves entirely to the business. This interest in the enterprise played a key role in the inheritance decision. Ultimately, to preserve the capital, they married their children, making Peter Petrovich and his cousin husband and wife. Thus, Peter Petrovich Schmidt became an important figure in the Saratov merchant scene, inheriting the undivided wealth of his father and uncle, who passed away in the late 19th century without managing the business in their final years.

The marriage proved successful, and Peter Petrovich and Amalia Andreyevna had 10 children. Four of them, Fyodor, Otto, Ivan, and Vladimir, continued the family business. Vladimir, however, spent more time in St. Petersburg, carrying out assignments for the trading house.

Under Peter Petrovich, the enterprise expanded, and by the 1890s, his capital reached 3 million rubles. High-quality flour conquered new markets, and the number of workers increased, reaching 530 by 1904. A dedicated river fleet was created for transporting flour along the Volga, including 4 steamships and up to 40 non-steam vessels. Later, the fleet numbered 6 steamships.

Peter Petrovich's children received primary education at home and then studied in Germany. Upon returning to Saratov, they were young but educated individuals. After their father's death at the age of 53, the business was in the reliable hands of the heirs.

The four brothers, born between 1870 and 1875, established a joint trading house but lived separately. By the 1910s, the Schmidt mills produced more flour than any others in the Volga region. Working for them was considered prestigious: they paid well, cared for the workers, provided housing, conducted medical examinations, and had amenities such as electric lighting and ventilation. Workers could buy flour and bread at discounted prices, received bonuses for holidays, and children were invited to Christmas parties with gifts.

The Schmidts were actively involved in charity, supporting orphanages, hospitals, and students. Special attention was given to German students.

With the onset of World War I, anti-German sentiments intensified in Saratov. The Schmidts condemned Germany's actions, donated funds to the defense fund, and participated in supplies for the army. Many men from the family went to the front.

The year 1917 was a turning point: the mills and property of the Schmidts were nationalized. The family gathered in their house on Nikolskaya Street, where they lived until the autumn of 1918, after which fate scattered its members.

Fyodor Petrovich went to Germany but went bankrupt. Otto Petrovich joined Kolchak's White Army and died in 1919. Ivan Petrovich remained in Saratov, survived persecution, and worked as a gravedigger. His grave has not survived.

The fate of the other family members is unknown, but it was unlikely to be more joyful.