I never thought that Schmelke cues were all that great of quality (and probably in last place on the list of top quality american made cues).
If I were to get a wrapless cue, and my budget was $125, than I would look for a Meucci (or a good quality custom made sneaky pete) on ebay.
You can find many very good quality wrapless cues on ebay for your budget of $125, like maybe one of the Meucci cues in the links below.
http://www.ebay.com/itm/Meucci-Pool-Cue-/261184182144?pt=LH_DefaultDomain_0&hash=item3ccfca5780
http://www.ebay.com/itm/Meucci-E-3-pool-cue-/261183218751?pt=LH_DefaultDomain_0&hash=item3ccfbba43f
If you must have a wrapless cue, then you will not find a better hitting cue (for $125) then a Meucci.
They may sell for a little more (because you never know with auctions), but I am guessing not more than $150.
If you listed an add on here saying "want to buy a Meucci - $125", than I am sure than someone on here would help you out with a nice Meucci for $125.
I had a Meucci J Hook (a rare 4 point cue) that I sold on here about a year ago for $160, so I assume that there are players on here with much plainer Meucci cues that would take $125 for theirs.
Good luck finding a wrapless cue that you like, but if I were you, then I would not pay full retail price on a new cue that you may only be able to get half that retail price out of if you ever wanted to re sell it in the future.
I would try to find a nice quality used cue, that I would be able to re sell for at least 100% of my investment back (if I ever needed to).