The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1885-01-16
FOR FIVE MILLIONS.
A PlTTSBURG IRON FIRM IN The
FINANCIAL BREAKERS.
Oliver Brothers d Phillips Ask the In
diligence OF Their Credeturs aud
Hope to he Able to Square
Up-Indus- trial items.

PfTTsBUrC. Pa. Jan. l6. The firm OF
Oliver Bro. & Phillips, iron and steel man
ufacturer=, of this city, are in deep financial
distress. 4 statement is being prepared
The following notice has been issued:
To OUR CREDITORS We are today com
PEELED to suspend payments, ami propose
calling Immediately a meeting of those in
terested, to whom we believe. We can show
assets amply sufficient, with some ndul-
gence TO pay every dollar OF our liabilities
lSigneal OLIVER Bros. & Phillips.
Oliver u R3bnr Wine company, limited.
The report of the embarrassment Of
Oliver Brothers & Phillips. the greatest iron
firm in the city, when all its connections
arr considered, lew sbout like wilifre,
aud set the town agOg with excite
ment. Such an event was rec
ognized AS catastrophe I'M
eQualed 10y any previous fail
ure, and the great popularity of the indi-
vidual members of the firm made it all the
more TO be deplorei The truth Of the mat
ter seemed to he that dull times and an i'm
mense pay roll and other necessary expenses,
have compelled the firm to ask for an ex-
tension somewhat similar to that given t.
Graf, Bennett & Co, who failed two years
ago
1t is impossible 10 guess at the liabilities Of
the firm. They are reported at from $1,000
900 to 5000 900. Local bankers say that
there is about Sl,000000 or 81 500, 600 of
paper held here with good collateral for
almost all OF it. The banks have the greatest
confidence in the management and the heads
of the firm aud will be as liberal as possible
in their arrangements.
Harry w. Oliver, senior member of the
firm, was seen by an Associated Press req
resentative He said tho whole affair was
50 sudden that they hadn't time to collect
their thoughts lie was unable to give the
figures now, but just as soon as it was posi-
bic a full AMI complete statement will be
given to the public. Every dollar they
had belonged to tn Fir creditors, AMI h.
telt confident that the assets would largely
exceed the liabilities. Among the bankers
it is said that the banks were willing to CON
tinue to carry the paper of the firm, but,
owng-to the hard times and the scarcity OF
money. the firm Was unable to raise the
money to meet the interest and to pay it
employees 1t is sad that their payroll.
amounted 10 from 500, 900 to $3.50, 800
month, ana this was too much for them t.
meet any longer.
The history Of the rise of this firm is one Of
the most remarkable in the annals Of the
country. Seventeen years ago H W
Oliver, Jr,, John Nj. Phillips, and William
J. Lewis entered into a copartnership for the
mandatory OF iron Divers business ca,
raeg up & Dee 2f, 1867, had embraced the
Performance OF the duties of shipping clerk
for GroG & Bennett, ana the filling Of
clerkship under William Shaw il tie
employ N the Pennsylvania Railroad COM
pauy. Phillips WAS brick-layer and Lewis
q practical iron-woFker They huilt NINA
tar, mill in which Oliver kept the books,
while Lewis and Phillips k'akei after che
practical part of the work. The outfit con.
si5tNi OF two pudding ami one heating fur
mace, ald:the product was whealei away on
barrow From this humble beginning ha
grown the great firm Of Oliver Bros. 4
Phillips whic1 nov employs over 400 men
Ahaat three years ago Mr.. Lewis retired
from the firm with 4 fortune of several mill
ions Of dollars. The present members ave
Il. ". Oliver, Jr, d. W. Oliver, George
Oliver, J. b. Oliver j. NJ Phillips and sew
eral relatives o. the original proprietorS
Harry ". .Oliver, Jr., is the best known
member OF the firm outside Of the city by
reason Of bis candidacy for United States
senator in 1881 AMI his membership in tho
tariff commission.