The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-16
Expectation that an Extension Will BE
Obtained and Business Resumed.
Romantic and Remarkable Story Of the Rise
of Great Firm-Assignment of John
]. Cisco & Son, of New York.
SUSPENDED PAYMENT.
The Great Iron Firm of Oliver Bros. Phil
lips Unable to Meet Its Obligations.

Wire Company, limited, issued the following
cardto their creditors:
1--WE are to-day compelled to suspend pay
ments, and purpose calling, Immediately,
meeting of those interested, to whom we believe
we can show our assets amply sufficient, with
some indulgence, to pay every dollar OF our liza
bilitieS"
The report Of the embarrassment of Oliver
Bros. & Phillips, the greatest iron firm in the
city when all its connections are considered, few
about like wild fire and set the town agog with
excitement Such an event Vas recognized as a
catastrophe unequaled by any previous fail
ure, and the great popularity of the in
dividual members of the firm made it
all the more to be deplored. The truth of the
matter seems to be that dull times, an immense
payroll, and other necessary expenses, have
compelled the firm to ask for an extension, some
what similar 70 that given to Graft, Bennett q
Co, who failed two years ago. There are many
stories af1oat as to the immediate cause of the
trouble, but in the banks and on all sides it
sesms to be the general feeling that an extern
sion would be asked for and would be granted by
the creditors.
1t is impossible to guess at the liabilities of the
firm. They are reported at from 100000 to
So 100000. Local bankers say that there is about
1900 900 or ST. 500 900 of paper held here, with
good collateral for almost all of it. Large blocks
of the firms paper are held in the Eastern
States as far as Massachusetts, while very large
sums are carried in New York and Philadelphia
The firm has made large investments in real
estate, and has an immense amount of collat-
erai of various kinds 1t is thought that there
SC e1; IL, 4l,oAo
be granted, and that the firm will pay. The
banks have the greatest confidence in the man
agenent of the heads of the firm and will be as
libescl as possible in their arrangements.
nary W. Oliver, senior member of the firm,
was seen by an Associated Press representative
this afternoon. He said the whole affair was so
sudden that he had not had time to col
lect his thoughts. He was unable
to give figures to-day, but just as
soon as it was possible. full and complete
statement would be given the public Every
dollar they had belonged to their creditors and
he felt confident that the assets would largely
exceed the liabilities.
Regarding the cause of the embarrassment a
number of sensational rumors are a float, but
the most Of them have been denied. One of the
stories to the effect that paper to the amount
of $50, 600 had been protested in New York
Among bankers it is said that the banks were
willing to continue to carry the paper of the firm
but owing to hard times and the
raise money to meet the interest and to
pay their employees. 1t is said that their pay
rolls amount to from 5000 600 to $3.50, 600 a
month, and this was too much for them to meet
any longer. Bankers say the firm has reduced
its lines to lower point than for years, and the
embarrassment is a surprise to everyone. Some
attribute the embarrassment to purchase made
in the Isabella Furnace Company, the firm not
expecting the money to be called for; it was un-
expectedly demanded. The embarrassment does
not affect Ii. B. Scutt e Co. g barbed wire works,
which are owned principally by the firm. Oliver,
Roberts q Co. are wire workers, and are in
Guided. Don Cameron's name has been men
toned in connection with the firm, but III. w.
Oliver says he has not dollar interest
HISTORY OF THE FIRM
The history of the rise of this firm is one of
the most remarkable in the annals of the coun-
try. Seventeen years ago FL. w. Oliver, ir.
John M. Phillips and William j. Lewis entered
into co partnership for the manufacture of iron
divers business career, up to 1867. had en-
braced the performance of the duties of ship
ping-cierk for Graft Bennett s. Co., and the fill
ing of clerkship under VIM. Shaw, in the en-
ploy of the Pennsylvania Railroad Company
Phillips was bricklayer in Baldwin township,
and Lewis a practical iron-worker. They
built miniature mill at the South side end of
the Tenth street bridge, in which Oliver kept
the books, while Lewis and Phillips looked
after the practical part of the work. The outfit
consisted of two pudding and one heating fur
mace and the product was wheeled away on bar
rows. From this humble beginning has grown
the great firm of Oliver Bros & Phillips, which
now employs over four. thousand men. Among
their various establishments may be mentioned
their two mills on Tenth and Fifteenth streets,
lower part of Allegheny City. and steel mill
and two wire mills on the south side. One
of their largest ventures was the manu-
facture of barbed wire Some eighteen
months ago, Fl. w. Oliver visited England,
and on his return imported workmen and erect
ed steel mill into which it has been impossible
for information seekers to obtain entrance. The
new process is said to be a better one than the
well-known "Mushet process. The firm has
been uniformly successful and the profits have
aggregated millions. Three years ago Mr.. Lewis
retired from the firm with fortune OF several
millions of dollars. The present members are
Fl. w. Oliver jr., d. w. Oliver, George
Oliver, j. B. Oliver j. NJ. Phillips,
and several relatives of the original
proprietors Harry w. Oliver ir., is the best
known member of the firm outside of the city,
by reason of his candidacy for United States
senator, in 1881, and his membership in the
tariff commission. He has been known as one
of the stalwart Republican leaders in this State,
and liberal contributor to campaign funds, but
has never held any local Office. His railroad
specnlations have been large scale. and he
is said to have cleared 300. 600 in a single dea
in Lake Shore alone.
The news of the suspension almost caused a
panic among the employees but when it was
stated that an extension would probably be