The Portland daily press., 1885-01-16
COMPELLED TO SUSPEND.
Failure of Oliver Bros. & Phillips,
the Largest Iron Firm in Pitts
burg, Pa.
Their Liabilities Reported at from
$S,OOO,OOO to $5,OOO,OOO.

PITTsBURG, Jan. 15.-This afternoon Oliver
Bros. & Phillips and Oliver & Roberts Wire
Company (imited) issued the following card to
their creditors:
"We are today compelled to suspend pay
ments and propose calling Immediately meet
ing OF those interested to whom we believe we
can show assets amply sufficient with SO me in
dulgence to pay every dollar of our liabilities
The report of the embarrassment of Oliver
Bros. q Phillips, the greatest iron firm in the
CITY new Ike W1ldhre aud created great excite
ment as such an event was recognized as
catsstrophy unequslled by any previous fail
ure, and the great popularity of the individual
members OF the firm made it all the more to
De deplored. 1t is believed that the dull times,
their immense pay roll and other necessary ex-
pensesshave compelled the firm to ask for an ex
tension somewhat similar to that given to
Graft, Bennett & Co., who failed two years
ago. There are many stories atloat as to the
Immediate cause Of the trouble, but ia the
banks and on all sides it seemed to be the gen.
eral feeling that an extension wonld be asked
Tor and granted by the creditors. 1t is impos-
slble to guess at the liabilities of the firm, but
they are reported from So 900, 600 to $5 900 600.
Local bankers say that there 10 about 81 000.0 900
or VI 300, 900 of their paper held here with
good collateral for almost all of it, and large
blocks of their paper are held in Eastern
States, ss fsr east as Massachusetts, while very
large sums are carried in New York and Phil
adelphia. The firm has made large invest
meDts in real estate and has an immense
amount of collateral Of various kinds 1t is
thought there is not the slightest doubt that
an extension will be granted, and that the
hrm will pay. The banks have the greatest
confidence in the management of the heads of
the firm and will bs as liberal as possible in
their arrangements
1t is said the banks were willing to continue
to cary the paper of the firm, but owing to the
hard times and scarcity of money the firm were
unable to raise money TO meet the interest aud
pay their employees Their pay roll amounted
said this was too much for them to meet any
longer.
HISTORY OF THE RISE OF THE FIRM.
The history OF the rise of this firm is one OF
the most remarkable in the annals of the coun-
try. Seventeen years ago, H. w. Oliver, Jr,
Jno. M. Phillips and VIM. j. Lewis, entered
into copartnership for the manufacture of
iron. Mr.. divers business career up to 1867
had embraced performance of the duties of
shipping clerk for Graft, Bennett g. Co., and
the filling of clerkship in the employ of the
Pennsy lvania Railroad Company. Mr.. Phil
lips was bricklayer, and Mr. Lewis practi-
cal iron worker. They built miniature mill
at the south side of the Tenth street bridge in
which Mr.. Oliver kept the books while Messrs.
Lewis and Phillips looked after the prsctica
part of the work. Their outfit consisted of
Two pudding and one heating furnaces, and
the product was wheeled away on barrows.
From this humble beginning has grown the
great firm of Oliver Brothers & Phillips which
now employs over 1000 men. The firm has
bsen uniformly successful, and their profits
have aggregated millions. Three years ago
Mr., Leads retired from the firm with for
tune of several millions. The present men,
bers are II. W. Oliver, Jr., D. w. Oliver,
George Oliver, j. B. Oliver, j. M Phillips and
several relatives of the original proprietors.
The suspension created no surprise, as sever
ell of the manufacturers had an inkling that
something was goiAg to happen. General
opinion prevails however, that the firm will
resume business very soon after they have
made arrangements with their creditors. 1t is
the general impression that the liabilities will
reach $5,0O0,000, and with the assets about
$l,000,000 more