The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-17
The Liabilities Believed To Be About SIS ,0O0,-
OOO-The Obligations of the Firm Held
in All Parts of the Country.
Tie Suspension Has a Bad Effect, but
Further Failures Are Not Expected.
The Firms Embarrassment Causes Great Re-
gret Among Its Employes-Further
About the Cisco Assignment.
OLIVER BROTHERS s. PHILLIPS.
A Statement of the Firms Condition Will
BE Made ON Tuesday Next.

Be Made ON Tuesday Next.
PITTsBURG. Jan. 16.-It is expected that next
Tuesday Oliver Brothers & Phillips will make
meantime there will be much speculation as to
the condition of affairs and many wild rumors
may become public, but they cannot be based
sapon any definite knowledge. The firm says
that it will make its statement to it's creditors
first and to the public afterward, and no infor-
nation can be had until Tuesday afternoon,
when the figures will be submitted. The cleri-
cal force of the firm is busy at work
on the books, preparing for the showing.
Indications are that the liabilities of the firm will
reach from 81 O0O 900 to &c. 600, 900, FIVE millions
being the sum generally given by those connect
ed with financial institutions. A very large pro-
portion of this sum is secured by collateral of
various kinds, and Is held by banks. The banks
of Pittsburg hold considerable of this paper but
it is nearly all well secured. Banks in many
parts of the country East and West, also hold
the FIRMS paper, Eastern financial institutions
having large blocks.
One of the contributory causes of the suspen
sion was, doubtless, the heavy loss made by the
firm on contract for pipe which was made with
ll mining company in California. This pipe was
made and shipped to California, and all con-
demned.
The unsecured debts of the firm comprise, it
is said, about one-half its liabilities. This is
largely owing to furnace men and ore companies
As the secured creditors are largely interested
IL local banks and as the banks generally are
willing to agree to an extension, there is no
doubt of obtaining the assent of the unsecured
creditors.
The Woods Run and South side mills of the
firm are all in operation today. at the Wood 5
Run mill a full set of hands were at work at re-
dEced wages. On the South Side, many of those
who refused to work AT the reduction offered,
went back to work this morning. The firms em-
barrassment has caused general regret among
the employees, and the prevailing sentiment
favors accepting any terms to aid the firm and
get them on their feet once more.
James l. Bennett, prominent iron manufact
urer failed TO see how the suspension could af-
act the iron trade It would be more liable to
Workmanship on the employees of the firm, if
any bad results followed, which he did not antic-
ipate
The Pittsburg banks have decreased their
holdings largely within year. much of the
paper being paid voluntarily by the firm In
one bank the firm reduced its paper 100000
within year Considering the extent of the
firm, but a comparatively small amount of the
W6IbHI IallS upon SHdr6nON0rS. IL Is
stated officially that several of the corporations
owned more or less by the firm, but doing sep
crate business, will not ask for an extension, as
they are able to take care of themselves. This
no doubt, includes Fl. B. Scutt & Co., barbed
wire works. and the Standard nut works.
This afternoon. a circular was issued by Oil
yer Brothers & Phillips, jointly with the other
firms in which they are principals. 1t was ad-
dressed to their creditors asking them to be pa
tient and to attend a creditors meeting to be
held on Tuesday, the Goth inst, at IL A. NJ A
copy of tie circular could not be obtained for
publication. Mr.. Fl. w. Oliver hopes to have
statement ready by that time, giving complete
firm are said to be widely scattered, as much as
quarter of million of their paper being held
in London alone. This and other foreign debts
are said to have been contracted on Importation
of foreign scrap-iron and of Russia wire, used
in making barbed- wire fence