Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1885-01-22
Two H6AYr Fan UAEs.



Il Phillips, leading iron manufacturers OF
this city seem TO have soine foundations
in fact, but no definite information
can be obtained at this tims. H. W Oliver,
senior member Of the firm, promises .
statement this afternoon. The reports
place the liabilities at 100000, but
members Of the firm say the assets are
more than sufficient TO meet all claims.
This afternoon Oliver Brothers &
Phillips and the Oliver & Roberts Wire
Company (limited) issued the following
card to their creditors
We are to-day compelled to suspend pay
ment, and propose calling Immediately
meeting Of those interested, to whom we be-
heve we can show assets amply sufficient,
with some indulgence, to pay every dollar OF
our liabilities.
The reports Of the embarrassment OF
Oliver Brothers & Phillips, the greatest
iron firm in the city, when all iss con.
nections are considered, few like wild
hre, and set the town agog with excite
ment.
Such an event was recognised as q
catastrophe uDequalled by any previous
failure, and the great popularity OF the
individual members Of the firm made It
all the more to be deplored. The truth
Of the mstter seemed TO be that the dull
times, an immense pay roll and other
necessary expenses have compelled the
firm TO ask for an extension snme THAT
similar to that given to Graf, Bennett & |
Co., who failed two years ago. There are
many stories ad0a. as to the immediate
cause Of the trouble, but 10 the banks and
on all Sides 1t seemed 10 bs the general
feeling that an extension would be asked
for and granted by the creditors. 1t Ia
!mposstbls to guess at the liabilities of
the firm. They are reported ut from
e3,000,O0 to $6,00O,0O0. Local bankers
say that there is about $1,000,000 or
sl,b0O, 900 Of paper held here with good
collateral Tor almost all Of is. Lsrge
blocks Of paper are held In the Eastern |
States as far esst as MsssAoh usetts, while |
very large Gums are carried iu New York |
and Phiiadelphia. The firm hAs made
large Investments In real es ate, and has |
an tmmens' amount OF collateral of |
various kinds. II ia thought that there |
Ia not the slightest doubt that an exten.
sion will be gfautsd, and that the firm will |
pay. The bSnks haveltbe greatest conf |
denos In the management Of the heads OF |
tile ftm, and will be as liberal SO possible |
In their arrangements Harry W. Oliver,
senior member OF the firm, Eae ssen by ap
Associated Press representative this after.
noon. Rs said the STAIR wSs 80 sudden
that they had NOT iiae 10 collect their
thoughts. He Was uuAhls to sivs 6sures
to-day, but jost ss soou 81 1t WAS possible
full AID tomrlr5e statement would be
s'v'G To th" npHO Every dollar they
had belonged to their creditors, and he
{ u UJLfieht that the assets would
largely exceed the liabilities.
Regarding the cause Of embarrassment
there are numerous sensational stories
efoAt, but most Of them have been
denied. One Of the stories was to the
effect that paper to the amount OF $50, 900
had been protested In New York among
the bankers. II is said that the banks
were willing to continue to carry the
paper Of the firm, but owing to the hard
tines and the scarcity OF money the firm
were unable to raise money TO meet the
interest and pay the employees. Their
pay rolls are said to have amounted to
from 5000 900 to $3.50, 900 9 month, and
II is said this was too much TO meet any
longer.
The history Of the rise Of the firm Of
Oliver Brothers & Phillips, which tailed
TO day Ia one Of the most remarkable In
the annals OF the country. Seventeen
years ago Il W. Oliver, Jr,, John NJ,
Phillips ana William J. Lewis entered
tuto a oopattpershjp for the manufacture
OF iron. 0liver's business career up to
1857 had embraced tue performance Of the
duties OF shipping clerk for Graf, Bennett
4 Co. and the filling OF clerkship under
william Shaw, In the employ Of the
Pennsylvania Rsilroad Company. Phillips
RIA hpta Oh rIa8 L. n.II /
and Lewis a practical iron worker.
They built miniature mill at the south
side ei d Of the Tenth street bridge, in
which Oliver kept the books, which Lewis
and Phillips looked after the practical
OF two pudding and one heating furnscs,
and the product was wheeled away on
bArrows. From this humble beginning
has grown the great firm Of Oliver
Brothers & Phillips, which new employs
over 1900 men.
Among ,AsiF various establishments
may be mentioned the two mills on
Tenth and Fiitesnth sirests on the South
Side. One OF their largest ventures was
the manufacture OF barhed wire.
Some IS menths ago Harry
Oliver visited RnGlAnd, and on his re
|
q steel mill, into which II has feen i'm
possible for information seekers to obtain
entraroe. The new process is ssid to be
better one than by ,he we'll known
Mushel process.
The suspension was quietly discussed
among iron men and ir foAnoiRl circles
1t created no surprise 40 several Of the
manufacturers had an inklipg that some.
thing WAS going 10 happen. AS rule,
they preferred to talk on the probable
effect on the iron trade. The general
opinion prevailed, however, that the firm
will resume business very soon after they
hSve made arrangements with their
creditors. ....".
can they want" said y leading man
ufaotuTer, who requested tbat his name
should p1t be used, "is an extension Of
time. They have vslusble property ard
plenty of men are ready and willing to
advance them money. The supposition
is that the suspension ls only temporary.
The price Of iron is 80 low that II don't
pay TO work It,"
There ia nothing new to night regard.
ing the liAbilitiesj and the osuse 1f the
suspension is still q mystery to sll, save
those who are directly interested. II is
the general impression, however, that
the liabilities will reach t5, 100, 900, with
the assets about 81, 900, 900 more.
CISCO soK's ASSIGNMENT.
New YoRK, Jan. l6-Tbe failure Of the
banking house OF John J. Cisco & Son, Of
No. So Wall street, was announced yes
terdsy, and an assignment made to Lewis
May. The suspension was not known 10
the street until nearly O'Clock In the
afternoon. In fact, II was not until 8 20
p. m. that the lawyers clerk filled the
deed OF assignment in the county clerks
office. The announcement caused
unusual excitement because the firm
has not been particularly prominent
In financial matters for several
years and because the recent rumors re.
garding It had apparently been quieted.
It caused greater excitement under these
circumstances than Is would II the failure
had occurred several days ago. The
liabilities OF the firm are stated ct about
%, 500, 900, Of vhich $4,000, 900 are due
to depositora, aud, II Is expected, will be
paid In full. The assets, whose amount
is unknown, consist Of railroad bonds
and stocks. The assignment waa made
without preferences.
The firm was intimately connected
financially for many years with the
Louisville & Nashville and the Houston &
Texas Central railroad companies, and
has suffered from the late decline in the
securities Of these corporations, as well
as the general shrinkage in values
thFnuu hout tho vaar 1874 Tba aaota. |