The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1885-01-16

cided on.
Il seems that 4, b. scntt & Co., the wire
firm in which the divers are largely in
teressed, Is notincluded in the suspension
twill be some time before the detailt
necessaryto throw. light on the failure car
be obtained. &
HISTORY OF TILE FIRM.
The history Of the rise Of the firm is ont
of the most remarkable in the annals oi
tile country. Seventeen years ago Ii. w.
Oliver, Jr., John N. Philips and VIM. J.
Lewis entered into copartneship torths
manufacture Of iron. divers business
career up to 1867 had embraced the per.
fotmance Of the duties OF shipping clerk
for Graf, Bennett & Co. and the filing ol
cIerkship under VIM. Thaw in the EN-.
ploy OF the Pennsylvania Railroad Com
pany. Phillips was bricklayer in Bald
win township, and Lewis practical iron
worker. They built miniature mill at
the South Side end OF the Tenth street
bridge, in which Oliver kept books while
Lewis and Phillips looked after the prae-
tical part Of thework. S
The outfit consisted Of two pudding and
one heating furnace and the product was
wheeled away on barrows. From this
humble beginning has grown thegreat
firm of Oliver. Brothers & Phillips which
now employs 1900 men. Among their
various establishments may be mentioned
the two mills on Tenth and Fifteenth
streets, South Side, two on Woods run In
the lower part Of Allegheny City and o
steel mill and two wire mills on the South
Side. One OF their largest ventures was
the, manufacture Of barhed wire. Some
eighteen months ago Harry Oliver visited
England and on his return imported
wofkmen and erected o steel mill into
which IL had been impossible for informa.
ion seekers to obtain entrance. Theprocess
is said to be better one than the we'll
known Musset process. The firm has
been uniformity successful and their
profits have aggregated millions. Three
years ago Mr.. Lewis retired from the firm
worth i fortune OF several millions. The
present members are Fl. w. Oliver, Jr.,
DIV. Oliver, George Oliver, ]. B. Oliver,
]. NJ. Phillips and several relatives Of the
original proprietor. Harry w. OH
yer, Jr., is the best known memr
Der OF the firm outside OF this city,
by reason OF his candidacy for United
States Senator in 1881, and his member
ship lin .the Tariff Commission. He has
been known as one OF the Stalwart Re-
publican leaders in this State, and a lib
eral contributor TO campaign funds, but
has never held any local Office. His rail
road specnlations have been on large
scale, and he is said to have cleared $780,
NO in single deal in Lake Shore stock
alone.
ArlrnRY WANT IS AN EXTENSION OF TIME,
The suspension OF Oliver Bros. & Phil.
lips was quietly discussed among the IRON
men and in financial circles. 1tgeated
no surprise as several Of the manufacturer
had an inkling that something was going
to happen. As a rule they refused to talk
on the probable effect on the,iron trade.
The general opinion prevailed, however,
That the firm will resume business very
soon after they have made Arrangements
with their creditors.
"All they want" said a leading manu-:
facturerer who requested that his name
should not be used, sis an extension OF
lime. They have valuable property, and
plenty Of men are ready and willing to ad.
vance them money.
aThe:suppositionEis that the suspensioud
IS only temporary. The price Of iron Is so
ow AZ present that it don't pay towork it.
There Is nothing new tonight re-
,arding the liabilities and the
cause OF the suspension. Is still
mystery to all save those directly inter.
ested. II is the general impression, how
ever, that the liabilities will reach five
million dollars, with the assets about one
million more. Cozad's Title Insurance
Company made record OF the mortgages
entered against the firm, embracing all of
hose entered prior to Nov. 25, 1888. They
tound the total to be S5OO0O0. That was
over a year ago, and IN examina-
lion OF the records for the two
years past show another hali.million
,ntered. The principal one falling due
his quarter is ono for $4,000 given TO
he New York Mutual Life Insurance
Company, due March 1st. OF the half
million listed by Cozad perhaps those
,qual to 100000 have been satisfied, leav-
ng the known Indebtedness on mortgages
llone TO be SSo0,o0o. The largest mort
,age reported, but Of which no record
'ould be found, was one for Sl,400,0O0.
Two gentlemen have seen the record OF 1t |
but say their recollection is that 1t was
,nly made 10 secure discount in q bank
md was a penalty mortgage of the most
severity.