Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-01-17
THE OLIVER FAIlURE.
Talk About the csadihsa Of To
Great Firm.
A STATEMENT NEXT TUESDAY,.
The Liabilities Placed at Four Mill
ion to Six. Million Of
Dollars.
UNSECURED DEBTS OF the FIRM.


Until the formal statement Of the Affairs
Of Oliver Bros. & Phillips il made nsxt
Tuesday there win be much speculation -
to the condition of Affairs. and many Wild
rumors may become public, but they cannot
be based upon any definite knowledge. The
firm says that il viii make its statement 70
its creditors FIRST and TO the public afssr.
ward, and no information can be had until
Tuesday afternoon. when the figures will b
submitted. In the meantime the clerical
force Of the 6rm 10 busily at work on the
books, preparing for the shoving.
| The IAbiiitisss
The indications are that the Liabilities Of
the firm viii reach from four 10 six millions,
FIVE millions being the sum generally given
BY these connected with financial instits-
tons. A very large proportion Of this sum
is secured by collateral Of various kinds and
Il held by the banks The banks OF Pitts
burg hold considerable Of this paper, bat
il Is nearly all well secured. Banks in
many parts Of the country East and West
also hold the paper, eastern financial insu-
tutions having large blocks Pittsburg banks
have decreased their holdings largely with
in the wear, much Of the paper being paid
voluntarily BY the firm. In one bank the
firm reduced its paper 100000 within
wear Considering the extent Of the firm
but q comparatively small amount OF the
weight falls upon Pittsburg shoulders. The
frm has very little accommodation paper
out in this city. II has not used that KIND
OF paper here, and indeed, since 1873 the
banks have not taken many OF that kind
of notes The mortgages which have been
made by the firm have been tor strictly
business purposes. That held BY the Dol
lar Savings Bank Tor 500, 900. aud Of which
$50 600 has been paid was given when Mr..
Lewis retired from the firm. The state
ment tha, he retired with millions is absurd.
He was paid 1925 900 for bis interest, sl5o;
900 Of which was given him IN cash ana
the rest in mortgages. The various enter
prises in which Mr.. II. W. Oliver was On.
gagged outside Of the business OF the hrm,
were managed with rare ability, and were
extremely successful. In this connection
the Pittsburgh and Lake Erie sale naturally
suggests itself In this the profits 70 hr.
Oliver personally were about 100000.
The books OF Oliver Bros. Philhps show
the frm is indebted to Mr.. II. w. Oliver 70
The extent of over 100000, which he
advanced from the profits OF his personal
enterprises.
One Of tho Causes.
II is stated officially that several Of the
corporations owned more or less by the 6rm.
but doing separate class OF business, will
not ask Tor an extension, rs they are able 70
take care Of themselves This. no doubt.
includes II. B. Scutt 4 Co.. and the stand
ard Nut Works.
One Of the contributsy ,csssssA Of
the suspension was doubtless tho
heavy lots made by the firm on . contract
for pipe which they made with Q mining
company in California. This pipe was
made, shipped to Cslifornia. and all con-
demned.
The unsecured debts Of the 6rm compose,
il in said, about one hall its liabilities This
is largely owing to furnace and ore compan.
les Although the firm was the largest
owner OF stock in the 10 ,bells Furnace Com.
pany and received its share Of the output Of
pie, Il uses much moro than il could obtain
from that source. Furnaces 10 the Goa
nellsville region will figure - crsditsfs OF
the firm to . considerable extent A the
secured creditors are largely interested In
local banks. and the banks generally are
willing to agree TO an extension, tnsre V no
doubt Of the obtaining Of the assent Of The
unsecured creditors.
For tho Best
| Looked at squsrely, 10 the opinion Of
leading bankers. il IN for the best that the
suspension has been decided upon. Since
the Graf. Bennett & Co extension The
6rm has made money. has been sb!e 70 Do
vote its attention TO its business ssd hes NOS
bad to spend large proportion OF is sms
and energy in arranging 10 pay notes q
Qetting them extended. The same result
will no doubt be reached In the cass Of
Oliver Bros Phillips II 10 said 70 Be
better for the banks. better for the firm and
better for the general creditors 70 80 boz
the affairs stand and 10 know when and
how the debts are TO be paid. When ~
yiyal in trade comes the firm viii b ops Of
the first 10 feel its effects and will b one OF
those TO profit most IRON fir naskst IL
will be able 10 meet iu obligations, and In
A reasonable time viii, beyond dosbt b
able to pay dollar for dollar.
Y.si,ss 81 RssrsA
Manager Evans, Of the Tenth strset mills,
stated this morning that thers was . desp
feeling of regret q The firms eubasrassr
ment among the vosknen. A roll turnss,
.ko refused TO work fev days ego b.
eause of the reduction In wages, csDs bsck
this morning and wsnt 70 vosk He sid
that he had always bssn of tks opisioe thss
, the firm was msfisg neaey. bst sov b
, saw his mistake. A portion q he psd-
ding depanmest was WORKING today, en-
sipeers hsyiss been secured 70 An ths
, nlsees OF the four Who struck Tbs 6aisb-
, ipg mill vss in opssa6oa. Ths Ieisch d.
usrtment will b started tonossOw.
The entire Fihessih stssst MIL, sxeept
the puddIisg dspartnsus = 10 epssaos.
! That portion Les mot bssa russssg eunsg
J this seek.
"1Lop. vs viii b s,sassa - s.ssssioa.
I am ,uss thai vs CO pey svssy eosAs -
, owe" ssn NJ. Jsks n PhilEp, ~ ners-
ing.
, Manager Roberts. Of ths oiivss Z Roberts
wire mid. aid that . forsnss - rsported
, 70 him thss Ssnbes Of employees vssl9
!, | are % vsrk o. vest pAy 81 sons tine %
: Sesirsa nj - 10 sasist tie co0paay. The
= Syn. ks aid, lad nads 10 peopodtoe of
; hs lind. No reductions he's ben talkse Of.
! Tie vsges Of the voskmsn have sct BE.
cus dow Sof ovss Q ysas. Wbes - 10
o trouble OVER Q reductions occurred - nas-
> ~, of working sas changed. Tb actios
really isereased De smPloyS Mp. II
d aatenens Of Affairs vih - ~ - "
o CREDITOR inspectios - nszt 1sssday o
"wednesday. A hrss clerical hsss y -
b. T. Eyass, Msssss sfale Gss4 Viz
b works. ssid to-day thss u epsleaase g
:. not aaeet the I'm, slthNGb - hasne