Helena weekly herald., 1885-01-22


PITT~a nc. January l5.-.Oliver Bros Il
lhillips and Oliver a Roberts. wire COIN
pany limited, issued the following card to
their creditors. w are compelled to sus-
pend payments and purpose calling imme-
diately a meeting Of those interested, to
whom we believe we can show assets am
ply sufficient, and with some indulgence
pay every dollar of our liabilities" The
report Of the embarrassment of Oliver Bros.
u Phillips, the great iron firm, when all of
its connections were considered, flew about
like wild-fire and set the community agog
with excitement. IL is impossible to state
the liabilities Of the firm. They are re-
ported at from S3,OOO,000 to S5,000,000.
4 local banker says there is about 81 500
900 Of their paper held here with good col
lateral for almost all OF it. Large blocks OF
paper are held in the Eastern States, as far
east as Massachusetts,, as well as very large
sums carried in New York and Philadel-
phia
PITTsBURG, January l5.-The suspen-
sion was quietly discussed among the iron
men and in financial circles. 1t created no
surprise as several manufacturers had an
inkling that something was going to hap
pen. As a rule they refused to talk on the
probable effect il will have on the iron
trade The general opinion prevailed,
however, that the firm will resume busi-
ness very soon, after they have made ar
rangements with their creditors.
"All they want, said leading manu-
facturer, who requested that his name
should not he used, lis extension of time.
They have valuable property and plenty OF
men are ready ana willing to advance them
money. The supposition is that the sus-
pension is only temporary, as the price OF
iron is so low at present that il don't pay
to work IT.
There is nothing new tonight regarding
their liabilities, and the cause of the sus-
pension is still a mystery TO all save those
directly interested. 1t is the general i'm
preston, however, that their liabilities will
reach S5OOOOOO, with assets of about a
million more. Cozad's Title Insurance
Company made record of the mortgages
entered against the firm. embracing all
those entered prior to November 18th,
l2l3 They found the total to be S5OO,0OO
That was over year ago, and an examina-
tion Of the records for two years past show
another half million entered. The princi-
pal one falling due this quarter is one for
100000, and given to the New York
Mutual Life Insurance Co, which Is due
March 1st There is a. known indebted
ness on mortgages alone of SSO0,O00. The
largest mortgage reported, but of which no
record could be found, was one for 81 ,400,-
600. Two gentlemen have seen a record OF
it, hut say that their recollection is that 1t
was only made to secure discount in the
banks, and was penalty mortgage of the
most uneXampled severity.
PITTsBURG, January l6;-It is expected
that next Tuesday, Oliver Bros * Phillips
will make formal statement of their
aiieiIs. The firm says il will make its
statement to its creditors, and to the public
afterward, and that no information can be
had until Tuesday afternoon. The indica-
tions are that the liabilities of the firm
will reach from Sl,000OOO to S6,OO0,OO0,
five millions being summarily given those
connected with financial institutions. A
very large proportion of this sum is Sc
cured by collateral of various kinds and Is
held by the banks of Pittsburg The banks
in many parts of the country east and west
also hold paper, the Eastern financial in
stitutions having large blocks.