The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-01-16
It WITUTtNs
AT SAN ANGELA.

SAN ANGELA, Jan. l5.-[Special.l-
James Moorkens ~ Co. to-day made an
assignment to w. S. Wick, for the beue-
ht of their creditors. Indebtedness
about S0,0OOi nominal assets, $23, 600;
Mr. Moorkens has many friends here.
AT NEW LAREDO.
NEW LAREDO, Jan. l4.-ISpecial. il.
l.. Joseph, general merchandise
dealer, assigned to-day to Thomas
O'Connor. Liabilities, $4,000; assets
unknown.
WIRE WORKS.
PITTsBURa, Jan. l5.-This afternoon
Oliver Bros. Il Phillips and the Oliver d
ROBERTS Wire company, limited, issued
the following card to their creditors:
ave are to-day compelled to suspend
payments, and purpose calling immedi-
ately meeting OF those interested, TO
whom we believe we can show assets
amply sufficient, with some indulgence,
TO pay every dollar of our liabilities.n
The report OF the embarrassment of
Oliver Bros. Il Phillips, the greatest iron
firm in the city, when all its connec-
tions are considered, flew about like
wild ire and set the town agog with ex-
element. Such an event was recog-
ni7ed as catastrophe uneuua,led by
any previous failure, and the great pop
ularity If the individual members of the
hrm made II all the moro to be deplored,
The truth Of the matter seemed to be
that dull times, an immense pay
roll and other necessary expenses
have compelled the firm to ask Tor an
extension, somewhat similar TO that
given to Graf, Bennett & Co., who
tailed two years ago. There are many
rumors ailoat as to the immediate cause
of the trouble, but In the banks, aud on
all sides, IL seemed To be tho general
feeling that an extension would be
asked for and IL would be
granted by the creditors. 1t is impos-
sihle to guess Mt the liabilities of tho
nrm' They are reported at from $1,000
600 to S5,OOO,0O0. Local bankers say that
there is about $1,000 900 or Sl,50O,OOO OF
paper held with good collateral for al
most all OF II, and large blocks of paper
are held In eastern states, as far east as
massachusetts,, while very large sums
are carried In New York and Philadel-
phia. The trm has made large invest
ments In real estate, and has an inn
mense amount of collateral of various
. kinds. II is thought there Is not the
slightest DOUBT that an extension will be
granted and that the firm will continue.
rhe banks have the greatest confidence
in the management and heads of the
AZ W. hhu VIII bc tS llbtEhi hh nOsSlOle III
their arrangements. Harry w. Oliver
senior member of tho firm, was seen hy
u reporter this afternoon. He said the
whole affair was so sudden that they
had not time 10 collect their thoughts
He was unable TO give figures to-day
but rs soon as IL was possible full and
complete statement will be given the
public. Every dollar they had belonged
TO their creditors aud he felt confident
that the assets would largely exceed tn,
debts. Regarding the FIRMS embarrass
ments numerous sensational stories are
afloat and been denied. One OF the sto
, rles was TO the effect that paper TO th,
amount OF $4,000 had been protested In
New York among bankers. IL In sait
that the banks will continue to carry
the paper Of the firm, but owing to the
hard times the firm was unable to rails,
money TO meet interest and pay theil
employees and bankers. He said tn,
firm had reduced their lines to lowe
point than for years, and theii
embarrassment was surprls,
to everyone. Some attribut,
the ADVERTISEMENTS to the purchase
made In the Isabella Furnace company
not expecting the monev to be called for
: IL was unexpectedly demanded. Tn,
embarrassment does not affect the IL