The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-01-17
Failures.

AT SHERMAN.
SHERMAN, Jan. 16.-[Special. Mitch
ell & Faul, confectloners, made an as
signment this evening. Liabilities, 49,
600; assets not known.
THE WEEKS FAILUREs.
New York, Jan. l6-The failures for
the last seven days, as reported by II.
q. Dun u Co., in the United States, are
382; in Canada, 3S; total, 400, as COM
pared with total of 457 for the previous
week. The figures are still unusual y
heavy in the western apd southern and
middle states.
THIS is VERY CoNsoLING.
PITTsBURG, Jan. 16.-tt is expected
that on next Tuesday Oliver Bros. u
Phillips will make formal statement
Of their affairs. In the meantime
there will be much speculation
as to the condition Of affairs,
and many wild rumors may become
public, but they can not be based upon
any definite knowledge. The firm says
that it will make its statement to it's
credi ors first and the public afterwards,
aud no information can be had until
| Tuesday afternoon, when the figures
will be submitted. The clerical force OF
the firm is busily at work on the books
preparing for showing. The indica-
lions are that the liabilities of the firm
will reach from $4,000,0O0 to $6O00,000,
100000 being the sum given by
those connected with institutions.
A very large proportion OF this sum is
secured by collateral of various kinds
and is held by various banks. The
banks of Pittsburg hold considerable OF
this paper, but 1T is nearly all well Sc
cured. Banks in many parts OF the
country, east and west, also hold pa
pers, eastern financial institutions hay
ing the large blocks.
One of the conlributsry causes of the
suspension, doubtless, was the heavy
loss made by the iirm ou contract for
pipe which II made with mining com
pany in California. This pipe was
made and shipped to California, and all
condemned. As the secured creditors
are largely interested in local banks,
and the banks generally are willing to
agree to an extension, there is no doubt
of obtaining the assent of unsecured
creditors. The Woods Run and South
Side mills of the firm are all in opera
ton to-day. At Woods Run a full set
of hands were at work at reduced wages.
On the South Side many of those who
refused to work ut the reduction, went
back to work this morning. The en-
barrassment has caused general regret
! diuOuS tut tiiplbNts, anu bht pTtNdllluB
sentiment favors accepting any terms
TO aid the firm to get on their feet once
more.
PATIENCE ASKED.
This afternoon circular was issued
by Oliver Bros. Il Phillips, Jointly with
other firms, in which they are
principals. 1t was addressed to
their creditors, asking them to be pa
tient, and to attend a creditors meeting,
to be held on Tuesday, January 20, at IL
a. IN. A copy of the circular could
not be obtained for publication.
Mr.. ii. w. Oliver hopes to have state
ment ready by that time, giving com.
plete list of assets and liabilities. The
debts of the 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 in the importa-
( ton of foreign scrap iron
and of Russian wire and In making
barbed-wire fence.