The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1885-01-17
A CRIPPLED CONCERN.
TIE SUSPENSION OF a BIG FIRM.
Tho AnaIrs of oliver Bros. & PhillIps-No
Statement of the Liabilities Yot Made.
Tho Causes of tho Trouble Discussed.
The Mortgages on tho Works.

llllSt uS uHuOuHCeu Ihht CNSulhsi MAUI ga
created the liycliest commotion in business
circles, not only in the city but through
out the country. The facts, so far as they
had transpired, were then given, and since
then nothing essential in the way OF reli
able detail has been published, though
considerable gossip and conjeCtures as tt
the causes OF the tribulations OF the firm
have been sent out for public consHmp'
ton, OF course this is excusable, for the
reason that in business so immense il
would be impossible even for the members
of the firm themselves to give concise par
ticulars SO soon following the suspension.
Within two years, in speaking OF the
necessity for the junction railroad and the
marginal attachments thereto, MIR. Harry
W. Oliver, Jr., stated that when! all the
mills OF his firm were in operation they
required one thousand tons day Of rail.
road service. This will give some idea OF
the extent and capacity OF the several
plants which comprise the establishment.
Relative to the CXacttigures Of the assets
and liabilities. it will he impossible TO give
these until tho firm is ready to report.
All figures heretofore given are estimates,
which NAV be near or far from the mark.
However it is known from the records
that the mills are more or less cucumber
ed with mortgages. All such form OF in-
dcbtedncss contracted previous to Novem-
Der %. 1888, was scheduled by the Co%ad
Agency aud aggregated $000, 900. OF which
one-half was to WI. Lewis for balances on
the purchase Of his interest. Since that
date another half million has been added
to the mortgages. 'Of the whole amount
some S2O0,0O0 hAs been satisfied. An IN
sta!lment mortgage for S2OO,OOO to the
'oilar Savings Bank, which came through
W. J. Lewis, and which is dlschargeaDle
upon paymentoi Sl2O, 600, remains unsatls-
ged. Another and recent mortgage ior
SIS, ,OOOis held by Mr.. Lewis. The known
Indebtedness Of this character ioots up
over $500 600 \ large mortgage, winch
is unreCordcd, and which was made to Sc
cure Discounts ut city banks, is said to be
81 400 900. This latter is reported as be.
ing very ''tight" in its provisions. ltwoulh
appear from this that the mills are pretty
thoroughly covered, ,thd that there is no
other course for the creditors than to con-
sent to an extension.
MERCANTILE AGENCY ESTIMATES.
The mercantile agency OF Il. G. Dun y
Co. on March 2l. 1883, reported the firm
"ampiy good for their requirements" "a
very strong concern" composed Of Il. W.
Oliver, Jr., d. b. aud ]. B. Oliver, John
Phillips and James Smith. They own a
large amount OF real estate and other
properties, control large resources ana are
making money rapidly Harry ":OliVer,
3i this firm. made something IKE S;IOV,ooo
RECENTLY bv the sale OF his stock held IN
the Pittsburgh 4 Lake Erie railroad here;
He is a close linancier, full OF energy anu
business taut, understands his business
thoroughly, and with the money recently
made by him, as stated above, lie has re-
aHced Tie indebtedness of the firm. Ihey
do "A very extended business and are oi
course somewhat indebted, but have been
yery prosperous ever since the start some
wears ago. They are not very large Dor
rowers and have ample backing II re-
0uirel. They are estimated to be worth
in the neighGorhood Of 81 OO,0OO, though
we understand they claim to be worth IN
excess OF that amount. When Mr.. Lewis,
a former partner, retired, something over
two wears ago, the firm settled OH a basis
of Sl,OOO,OO0, paying Lewis part cash ana
the balance in inStallments, whica are ho'
all paid yet. The firm have The reputa'-
lion Of meeting everything promptly ut
On October 20, 1884, the agency rated
tho firm at from S7j0,OO0 to 81 l,OOO,oOO.
This firm Islands among the largest firms
in It's line. The members are also inter;
psted in other outside enterprises and
altogether have large resources. They
own valuable property, patterns, etc. The
propcrtv. however, is somewhat enculn-
bercd, but In the bulk only for the balance
for purchase money mortgages: All are
entGrprising business men and have Roou
backiny. Their business, ike all others
has suffered considerably owing to duI!
trade, and it is reported that they have
been cOnpellud to borrow more or less
nom banks in order to keep their business
moving along smoothly. Their assets,
however, are large and they are believed
to be about holding their own"
RuMoaED CAUSE OF EMBARRASSMENT.
The recent depression in business un'
uues,ipnnbly had mneh 70 do, with the
cuimipation Of the embarrassment, but it
was by no means the most important
iactor. Had the improvement which
started in 1879 continued uninterptedly
there Ia hardly reasonable doubt that
tho firm would have confined business
rTotitnlly and met all obligations prompt
iy. But aside from recent depression, II
is pretty well asccriained That !he con
r,Tn. AZ the close Of the extended dcpFcs'
| ,,nn ioiiowiar the panic OF 1873 was ~
such shape as to require revival oil bust
uess 10 keen 1t out ui trouble. II VIA a'
he b.rinnlug Of the bettcrtimes sucGeed'
i2r lS,S tina, misfortune was met IN
I,T-,. trsusnciioG IL foreign raw
wit.rd. Later this nrm eNPend'
Il considerable sums in the eNten'
.i,n ~ the plant, which sums werc
-ai.,,I largely hy increasing the mortgage
ipdrlt.dncss. These imprOvvnIcuiE were
h.rIl, In tligpe 10 work before depIcs
.inp .',m. again anal rally no ADVANTAGE
vas ,.,in,,l from thcm. TIE latest mis-
inrtunr u the iirm vas in the 6ontTac'
.ith California Grn for the plates ioT
,tr,,fiinaTily lap.r piP-s 10 he used "a
,a,ry ws,er for hydraulic mining. Thii
,,.,n,r.,,i yaa tAkel about the middle oI
, a., wear and Mas TcportAt g the biIE 81
iu t6unssc ever taken in this city. IicpbiS
nfus WrFs fuh on Il aud the completion
uas ANNOUNCED within few weeks u
--m.. hoErvgF, thai all thh maternal hs'