The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-21
BUSINESS DIFFICULTIES.
Affairs of Oliver Bros. d PhilIips--A Five
Years Extension Asked.

Affairs of Oliver Bros. a. Phillips-A Five
Years Extension Asked.
PITTsBuRG, JAN 20.-The creditors Of Oliver
Bros. & Phillips and Oliver s. Roberts Wire
Company met here this morning at 10 o'clock TO
discuss the affairs of the firms The attendance
was large, all the creditors being represented
II. W. Oliver, jr., presented the following state
ment
''We submit for your consideration a state
ment of our assets and liabilities We feel GER
tain tnat carful persual Of this statement will
convince you, as it has convinced u.s. that an
allowance OF reasonable time on your part
will enable us to pay all our debts.
With this end in view, we propose 10 pay
all claims against us not secured by mortgage
by our notes, maturing as follows: -One-fifth on
Feb. l, 1885, one fifth on Feb. l. 1887 one-ffth
on Feb l. 1885, onerffth on Feb. /, 1885, one
fifth on Feb l, 1890, each note to bear interest
at the rate of per cent. per annum from date
When the claims are respectively due, the par
ties holding paper, Endorsed or guaranteed
by other persons, will receive the same indorse-
ment or guaranty, on extension of notes, to Sc
cure these notes We will deliver to any
trustee or trustees that may be named
by you, mortgage covering all our real estate
in Allegheny and Westmoreand counties We
also propose to make semi annual reports to said
trustees of the condition of our business, and if,
in their opinion it is possible without interfer-
ing with the carrying on of the business, to an
ticipate any of the payments above mentioned,
they are to have authority to so direct We also
request like extension of our individual liabili-
ties, upon the same terms as above proposed to
our partnerships creditors, to secure which each
of us will execute and deliver to said trustees a
mortgage covering all of said real estate, to be
applied first to payment of the owners debts,
end the balance to partnership debts.
'The assets are considered unusually good
Our liabilities aggregate 81 sos 33S. SO, and our
assets are 81, 319, 352. AZ The statement of the
Oliver & Roberts wire company, limited, shows
total liabilities of 1902, 432 %, and assets of
81, 259, 510.99 In this statement our plants are
put in at cost, and the stock at the mill is esti-
mated as being the same in quantity as on the
LIST Of July last, at which date our last account
of stock was TAKEN with deduction of 124 per
cent. for shrinkage in value. We assume that
the mortgages on our real estate which are all
held by strong parties, can be carried as long
as the interest is promptly paid. or
our bills payable, the sum of Sal, GOO,
secured by pledge of manufactured or unmanu-
featured stock, is collateral this will leave $6i7
775 SO of unsecured claims, which we propose to
pay by our promissory notes. maturing as fol-
lows: one fifth on Feb. /, 1885, and one-fifth on
each succeeding Feb. to 1890 inclusive"
The statements were discussed at length, and
committee of five appointed to examine into
them more closely. The committee retired, and
after an absence of some time returnd and re-
ported favorably. 1t was then decided to take
no final action until Thursday, the ga inst,
when another meeting will be held. In the
meantime a thorough examination will be made
by the committee, which was continued. The
greatest harmony prevailed at the meeting. A
disposition was manifested by the creditors to
grant the five years extension asked by the firm,
and 1t is thought such action will be taken at
the next meeting.