New-York tribune., 1885-01-17

to the reporter "Therc has been gradual raining on
in the iron trade" he said, "for the past TWO years
During the past year there has been ioss III al i''
branches as O rule. During the boom IN IRON Vi io''
S0-s1-s2 q large amount OF money was au'
by those who deal in iron and the majority Oh 'ne h"
ufacturers put their surplus earnings III Nc" MoA''
thereby increasing their capacity and proceeded 10
produce more goods than the market could taKe Inc
consequence is that prices have fallen very materially,
and iron in all branches of the industry has Deen SOFA
at less than cost the production The majority OF 'he
concerns engaged in the business nave oooh
large borrowers and credits recently aa'o
been criticised. Most OF them nave Iouhu IL
difficult matter to obtain what funds they required,
and only those that are well located ana own
their raw material have been able to withstand tne ire
years has been fully per cent This failure of Oliver
Brothers Phillips has resulted from tnese causes; tss
HisS TSsy 'hslT always sssD''s stood Wen the trade
r. g. Dun 4 Co and Bradstreet The effect of this fail
ure going be serious. Isaw letter today from
effect will be very disastrous OF their indebt
edness and that the fact of their failure Is gong 10
affect other There are hrms however, 'lat
will not be affected and we are one OF them we are
the largest iron manufacturers IA IN rnS .Nend Go%' y
The fact of companys having got along as ~ mas
Sn ans S % GT "w r this that
the material cheaper than other firms For n, yeH ~
tho capital invested Our original capital was $4,000
and that is all that has been placed dGo in ono the
presieed what has now occurred year ago II is
well that it has come 1t is better that mau hanging @
never hesltated tell the truth about these things
Bankers and brokers have come to me ana sald 1puI
statements have terrible effect expect tobe pitched
into for what l am telling you now 1t is an ultimate
advantage to the trade and to the community 10 esi
such firms do business on basis so uncertain
TALKS WITH MEN FROM PiTTsBURG.
There were several Pttsburg gentlemen i'll the city yes
terday who are interested In tho iron trade, from
whom TRIBUNE reporter obtained information
regarding the Oliver failure and its probable effect on
the iron business
Joseph d. Weeks of The Iron Age. said In its gen;
be Temporarily bad. The banks which have loaned
oious and oyer.copservave in thcdeaings and there
are any weak spots in the trade they will be promptly
ure clearing away things for start In the iron
busnessthe effect may be profitable to all cSneernod
John Il. Wilson, of the firm or Wilson
Walker, which is engaged in railroad iron
%S Mr. aP0 % the "
have different view OF the failure from that which
by my partner with whom talked recently about tho
possibility of failures occurring The trade ana market
every one knows the iron business has been in terrible
condition Many firms have been obliged to sell below
Pttsburg now whose paper has boen eHtcndei who are
forcing salss to get cash The present eject Sd ot
irop tTH Arms show up TO the banks that are car
rying them. Then all the weak firms I Would Ge be
been OF divers trouble for year IL was uii-
dcrsood only recently that Don Cameron had Withdrawn
his support the firm. do not think they can re-
sume the present condition OF business Their sus
pension, 1t will throw large number OF men out
of work Will much suffering, hut gradually "a
business improves the workmen will lie absorbed IN
other establishments. There are signs row or some
Improvement in the iron trade. In our line-railroad
ron-we have been kept quite busy since early In De-
cemDer."
Andrew Carnegie the great Pttsburg capitalist and
iron man. said: 1T is my opinion mat with
little indug from their creditors the divers will get
their feet again. They had little too tnuch 10 carry
after buying partners and Eastern creditors got
at its very bottom 1t can't he hurt by the failure
because IL can't he any worse than II is now thhR
will improve in the spring. though prices VIII remain
low for some time"
Harry Oliver, the head OF the suspended firm, Is n
wellnjwn figure at the Fifth Avenue Hotel, where he
ing cold and distant. A PittsburG iron manufacture
said yesterday When Oliver OF the top wave he
never knew anybody He was way above the ordinary
crowd While I met him frequently at the Duqucsne
Club never thought of sitting down for chat WIN
him as | would with his brothers Dave ana
George. There will be more sympathy for them than
for him in this matter. lie Is remarkable man able ana
brilliant business affairs. understand lie i more
genial away from home"
Mr. Oliver, for politics is pronounced and he Is
always posted about the general politics OF the various
states. personal part in politics has not been
fortunate. lie the Cameron candidate for iLted
states Senator when Mr. Mitchell was elected HIS dc
feat was due 10 refusal Of Republican member. 10
abide by the caucus. The only official position nc has
held was membership on the Tariff Commission.
II. W. Oliver. arrived here from PltisJufS LAST cF's'
having come To the city to consult wIh some oI NJ
creditors No TRIBUNE reporter he sald that ne nuhi
absolutely refuse O say anything for puhcdOh' ha'hs
already made all the statements that was necessary