The Portland daily press., 1885-01-17
FINANCIAL.
The Weeks Failures

NEW YORK, Jan. 16.-The business failures
neutrality-suspicious. the country the last seven
ada 80; total 420, as compared with total Of
457 last week.
The Cisco Failure-BeIief that DepOsitors
will be Paid in Full.
The failure yesterday Of John G. Cisco &
Co., caused great excitement in Wall
street. When the stock exchange opened this
morning desperate attempt was made by the
pears 70 depress prices on account of the fall
ure. The attempt did not succeed. II was
evident that the market was strongly support
go. CONSERVATIVE members of the exchange
say that no trouble need be feared from this
failure. The firm was not engaged in speculs-
tiOn, and its obligations to members of the ex-
change are small.
Mr.. Cisco would say nothing today. The as.
signee says that an inventory of the assets will
at once be made and statement will then be
issued. Mr.. Dos Passos, counsel for the firm,
tninks that the assets will equal the liabilities
dollar for dollar.
Up to late hour this afternoon there were
no failures growing out OF the Cisco suspen-
sion. The accepted reason for Cisoo's assign
ment now is that the daughters of the late
John j. Cisco, co-hoics with their brother Cisco
Of the present firm, insist upon having the es-
tate iquidated and Withdrawing their funds
from the concern. Under these circumstances
and In view of the unsettled state of affairs
generally, it was deemed best to make an as
In the bank at the close of business yesterday.
Oliver Brss. & Phillips Failure.
PIrTsBURG, Pa, Jan. 16.-It is expected
that next Tuesday Oliver Bros. & Phillips
will make formal statement of their affairs
Indications are that the Liabilities of the firm
will reach from $4,000. 900 to Sc, 100000. A
very large proportion of this sum is secured by
collateral of various kinds and held by banks
Banks in various parts of the country east and
west also hold their paper, eastern financial in
sttution having large blocks.
One OF athe contributory causes Of the suspen-
sian doubtless was heavy loss suffered By the
firm on contract for pipe made with min
ing company in California. This pipe was
made and shipped to California where it was
all condemned. The unsecured debt of the
hrm represent, it is said, sbout one-half of its
liabilities and these are largely owing to
furnace ore companies. AS the secured credi-
tors are largely interested in the local banks
and the banks are generally willing to agree
to an extension, there is no doubt that the as
seat of the unsecured creditors will be obtain
ed. The Woods Run and South Side mills of
the tirm are all in operation to-day. At the
Woods Run mill full set OF hands was at
work at reduced wages and on the South Side
many OF those who had refused so work at the
reduction offered went back to work this morn
ing Inc hrm'S embarrassment has caused
general regret among the employees and the
prevailing sentiment was in favor of accepting
any terms to aid the firm to get on their feet
once more.
This afternoon circular was issued by
Oliver Bros. & Phillips jointly with other
firms in which they are principals. 1t was ad-
dressed to their creditors asking them to be
patient and attend creditors meeting to be
held Tuesday, Jan. 2eth at II a. m. Fl. w.
Oliver hopes to have statement ready by
that time giving complete list of the assets
and liabilities. The debts of the firm are
Paid to be widely scattered, as much as
quarter of a million of their paper being held
in London alone This and other large foreign
debts are said to have been contracted in the
importation of foreign scrap iron and Of Rus
sian wire used in the making of barbed fence
wire.