Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1885-01-16
Failure of One of the Heaviest Iron
Manufacturing Firms OF
the Country.
Hon. J. D. Cameron Nominated FOR
United States Senator in
Pennsylvania
BY the Republican Caucus Of the
Legislature of That
State.
The Rival Aspirants for the United
States Senatorship in
Illinois
Sit Down Together Around the
Festive Board and Act
SOciabie.
A Heavy Failure.

P1rTsRuRc. Pa, Jan. lE.-lt ia impossible to
oross at the liabilities Of the firm of Oliver q
Co. They are rck orted at from $3,OoO'Uoo to
S5OO0OaO. Local bankers say that there IS
about y million or a million and a half OF paper
held here with good collateral for almost all OF
it. Large blocks of paper are held in eastern
+ates as far east as Massachusetts while very
large sums are carried in New York and Phlla-
delptia The firm has made large investments
in real estate and has immense amount OF
collate raj of various kinds. 1t is thought that
there is not the slightest doubt that an
extension will be granted and that
the firm will pay. The banks have the greatest
confidence in the management and OF the heads
of the firm and will be as easy as possible IN
their arrangements. Harry W. Oliver, senior
member of the firm. was seen by the associated
nress represeptatiye this afternoon. He said
the whole thing was 80 sudden that they bad
not time to collect their thoughts. Ie was
unable to give figures today, but as soon as it
was possible full and complete statement
would be given to the public. Every dollar
they had belonged to their creditors and he fslt
confident that the assets would greatly exceed
the liabilities. Regar ling the cause of the en-
barrassment, numer, u, ct n 'ational stories are
afloat. but most of them have been denied.
One of the stories was in effect
that paper amounting to $4,000 had
been protested in New York. Among bankers
it is said that the banks were willing to con-
tinue to carry the paper of the firm but
owing to
HARD TIMES
AID scarcity of money, the firm were unable to
raise the money to meet the interest and to pay
their employees 1t is said that their pay rolls
amounted to from 800 900 to $25O00O month,
and this was too much for them to meet any
longer. Bankers say the firm have reduced
their lines to lower point than for years, and
the embarrassment IS surprise to eve,y one.
Some attribute the embarrassment to a urchase
made in the Isabella Furnace com pany, not ex-
pecting the money 10 be called for. 1t was un
expectedly demanded. The embarrassment does
not effect the Il B. Schutt & Co. Barbed Wire
works, owned principally by the firm of Olive,
Roberts l. Co. Don Cameron's name has been
mentioned in connection with the firm, but
Harry Oliver says be has not dollar of interest.
The history of the rise of this firm is one of the
most remarkable in the annals of the country.
Twelve years ago H. w. Oliver, jr., John NJ.
Phillips and Wm. J. Lewis entered into = CO.
partnership for the manufacture of iron. divers
business career up to 1867 had embraced the
performance of the duties of shipping clerk for
Graft, ,nnett Telling, of clerkship under
VIM. Shaw, in the employ of the Pennsylvania
railroad company. Phillips was brioklayer in
Baldwin township, and Lewis is practical iron
worker.