St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-21
OLIVER BROS. STATEMENT.
4 Petition for an Extension. Which the
Creditors are Disposed to GIVE.

PTTsBURG, Jan. 2J.-Tuc creditors Of
Oliver Bros. & Phillips, and the Oliver *
Roberts Wire company met here this IN ,ru-
ing at 10 O'Clock to discuss the Affairs of the
firms. Attendance WIS large, all creditors
being represented, H. W.Oliyer, Jr., presented
the following statement:
PTrsBURG, Jan. 20.-To our creditors:
We submit for your consideration a state
meut Of our assets and liabilities. We feel
certain that careful perusai OF this state
ment will convince you, and has convinced
US, that an allowance OF reasonable time on
your part, aided BY careful management on
ours, will enable US TO pay all our debts
With this end in view we propose TO p1y all
claims against us not secured by mortgage
by our notes maturing as follows: One-itth
on February l. 1886; one-flth gu February
l, 1887; one-htth on February !, 1855; one
tf,h on February |. 1889; oue-dfth on
February J., 1890. Each note 10 bear in
terest at the rate OF per ceut. per anuum
from date. When the claims are spectvely
due the parties holding our paper endorsed
or guaranteed by other persons will receive
the same endorsement OF extension on the
notes. To secure these notes we will deliver
/ 10 any trustee or trustees that may be named
by YOU mortgage covering all our real estate
| in Allegheny aud West Morrland counties
We also propose to make scmi-apuual ia
ports to said trustees Of the condition OF our
| business, aud II in their opinion. il
Is possible without interfering with
| carrying on the business to anticipate any
| payments above mentioned, they are to have
authority 70 SO direct. We also request a
| like extension ~ our individual liabilities
! upon the same terms a. sbJv. proposed to
our partnership creditors. 10 secure which
each OF US will execute and deliver TO said
trustees a mortgage covering all OF the sale
of said real estate, to be sppicd first - the
payment Of the owners debts and the balance
10 the partnership debts.
Toe statements we're discussed at length
aud committee Of I'VE apo ut=d to exam
| iuc into them more closely. The committee
retired. and. after an absence % some time
/ returned and reported iavorabiy. /; was
then decided 20 take no final action until
/ Thursday the 29th inst, when another meeting
/ will be held In the meantime 4 thorough
examination win be made by the con- mittee,
/ which Was continued. The greatest
harmony prevailed at the meeting and dis
I p, sition was manifested by the creditors to
AFNll lie I've FtAI> tAAGHSltA AeNG4 " Auc
7 drm. and 1t is thought such action will be
I taken AZ the next meeting.
The assets are considered unusually good
/ The liabilities aggregate 81. sos, 33S 90, and
the assets are s., Sl9. S52.42 The statement
I 81 the Oliver & Roberts Wire eompaus. lin
/ tied, shows total liabilities Of Sg02. 432. ..
! sud assets 1889, 5l0.99. They say in tais
statement their plants are pat in AZ
/ cost, aud the stock AZ the mills IS
[ estimated a. being the same in
quantity as on the Isl Of July las.
81 whieh date their last account Of stock was
/ taken, after deducting laiS per cent for
{ shrinkSge IN value. They assume that the
mortgages on their real estate which are all
held by stroOg parties, can BE- carried as long
as The interest IS promptly paid OF their
/ bills payable. the sum OF $lsl. 900 Is secured
/ b pledge, aud manufactured or unmanu-
/ faciur-d stock i the collateral. TITS viii
( leave S5l7,T5S9 p OF UNSECURED claims. which
/ they propose 70 pay BY their promising notes.
maturing as follows: Onc-dfth on Febru-
/ sry !. lSS6, and o1e-Efth on each Succeeding
I February - 1899. Inclusive