New-York tribune., 1885-01-18
wen before thcn when it the property OF Frederic
THE PITTSBURG FAILURE.
A SLIGHT RUN on A BANK-FAITH OF THE EN-
PLOYEs-CAUsEs OF THE MISFORTUNE.
fpY TEIEoRAPH TO THE TRIBUNR

A SLIGHT Run on BANK-FAITH OF THE EN-
PLoYHs-CAusEs OF THE MISFORTUNE.
fDY TELEGRAPH TO THE TRIBUNI.l
P1TrsBURG Jan. 17.-There was a slight run
on the German Deposit and Savings Bank Oh 'ho
South side yesterday caused by the Oliver SUSPENSION
I'M: rs all demands were met promptly confidence was
soon restored and before the close considerable money
which had been Withdrawn. returned. AL q meet
ing OF the employees OF the south mills OF oVer hrooi'
a. Phillips last night resolutions were adopted express
ing confidence in the firms ability TO pay ai
and rendering their sympathy and aid =,
The unsecured DEBTS of the firm compose, IL Is sai
obou. one-ha of s liabilities This is largely owing 10
the furnace and ore companies Although the firm was
the largest owner OF stock in the Isabella Furnace Co
many and received ts SHARE OF the output OF pig roh
uses much more II could obtain from that source
Furnaces IN the Connoilsylle region VIII nsu as
tors OF the firm to considerable extent As 'e
creditors largely interested III local Ianks anu az o
hanks generally are willing TO agree TO an extension.
there is doubt of the obtaining oi tbe assent o ' ~
unsecured creditors Ono OF the conributary causes o.
the suspension tho heavy LOSE sustained py % ,no
firm ON a contract for pipe which they made WIN MIN
shppsd hf SSs fo California where was ali condemned
The various enterprises in which H. W Oliser was was
engaged outside Of the business OF the firl. were en-
trenely successful. The books OF Oliver Brothers
Phillips show that the firm indebted to IT, W: pru, t
In the amount of ~ 100000 which he advanced from
he profits of his personal enterprises. IL Is stated
officially that several Of the corporations. owned npie
viii not ak for an extension as they able to take
care OF themselves This doubt includes H. H. Scut
O
An impression Is growing that the firm thougnt ps
to suspend. and did voluntarily. They decided IL Is
said that II useless to cndeavor to carry their uep
load any longer in the face OF the present c0ndtlon o
trade and after week or two OF consultation IL was ae
termincd stop payments IL. W. Oliver has been ny
pOthecaug his securities since last May and so nave
e other members OF the rm. Mr.. Oliver put UP part
of his holding OF Pittshurg ana western stock IN hs
city, hut the OF It il held collateral In New-h oik
The first real shock OF the failure was felt to-day wheh
the workmen the Tenth Il. and Fificcnth-st: mills,
South side. gathered in dense crowd around the mn
Offices eagerly waiting for the paymasters window 10
open. II di not open. At the nsual hour Tor dsSrpu
ting the little yellow envelopes the foromen OF the dler-
departments quietly wendcd their way through INC
crowd and informed the men under them that thc nrln
could possibly pay thcm but that IL would DO so NJ
the earliest possible moment. The men were dlShert-
cued this announcement, but there was no alternative
for them. ,,.-
The opinion is expressed that the eastern creditors
will be ihc hardest To please when the hrtn comes 10 NJ
an extension, and that was for the purpose E pal
fyug them that Harry Oliver went 10 New-iOFk' TIC
viii return on Monday. ,
H. W. Oliver. IT,, after seeing number oi business
connections here yesterday started for Ptsbrs IN tho
evening The result Of his conferences Is said TO have
is.pu In "A mo- favorable.