St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-19
THE PITTSB0RG FAILURE.
The Opinion Prevalent that an Exten-
sion Will be Granted the EN-
barrassed Firm.
Uneasiness Created by It's Failure Yesterday
to Pay Its Employed Failures.


Oliver Bros. & Phillips caused comparatively
little excitement here to-day, and the feeling is
general that al extension viii be granted and
that he firm will weather the storm. Al
the works were running in full to-day,
including the Woods run MILL which had been idle
owing TO the strike but there is considerable
uncertainty Us to how long they may continue in
operation. 1t rumored that the Fourth
street, Tenth street and Fifteenth street mills
were likely to close down. J. B. Oliver
| asked about ii and replied:
1--WE can't tell anything about it nor can any
one else at present. The closing or running of
the mills will depend upon the result of
the conference with our creditors, so
also will the acceptance or re- ection of the offer
of skilled workmen to permit portion of their
wages TO remain with the firm until such time as
they will be relieved from embarrassment. 1
don't think much of the idea 1t is impractical
Bile, yet the workmen in the mills at Niles
Youngstown and New Castle, O., are now or
have been operating in that way, the firm paying
interest on money retained. The statement to
be presented to the creditors of the firm is not
completed, and the members of the firm declined
to state when the meeting Of those interested
will be held. 1t is matter for the creditors
Alone
The liabilities of the firm include mortgages
on the property to the extent OF about $1,000,
900. So far as known these mortgages have
been largely made to secure money used in
fitting up and improving the various plants. The
banks of Pittsburg hold considerable of this
paper, but it is nearly all well secured. Banks in
many parts of the country east and west also hold
the paper, eastern financial institutions having
l.. IT. LII. H.
compose 1t is said about one half OF its liabili-
ties. This is largely owing to the furnace and
ore companies. Although the firm was the
largest owner of stock in the Isabella Furnace
company, and received its share of the output
of its pig iron,it used much more than it could OBJ
tain from that. The furnaces in the Connellsvile
region will figure creditors TO the firm to
considerable extent AS the secured creditors
are largely interested in the local banks, and
banks generally are willing to agree to an extern
sion, there is no doubt OF the obtaining Of the
assent OF the unsecured creditors.
One Of the contributary causes Of suspension
was the heavy loss sustained by the firm in
contract for pipe which they made with mining
company in California This pipe was made and
shipped To California, and all condemned The
various enterprises IN which II. ". Oliver was
engaged outside Of the business Of the firm were
extremely successful. The books of Oliver
Bros. & PHI lips show the firm is
indebted to H. W. Oliver to the extent OF over
81, 600 900, which he advanced from the profits of
his personal enterprises. 1t is stated officially
that several Of the corporations, owned more
less by the firm, but doing separate class of
business, Will not ask for an extension, as they
are able to take care of themselves. This no
a II ID q ~. 4
dard Nut works.
ANOTHER ACCOUNT.
PITTsBURG, Jan. 17.-There continues to be
much gossip about Oliver Bros. Il Phillips sus-
pension The impression is growing that the
firm thought It best to suspend and did so voun-
tarily. They concluded that it was useless to
endeavor TO carry their debt any longer in the
face Of the present condition Of trade, and after
a week or two OF consultation concluded to stop
payments H. p. Oliver has been hypothecatng
his securities since last May, and so have other
members OF the firm. Mr.. Oliver put up part OF
his holdings OF Pitts0urg and Western stock in
Pittsburg, but most of Il is held as collateral in
New York.
The employees at the various mills owned dy
Oliver Bros. & Phillips, were notified to-day that
their wages for the past two weeks, which were
due this afternoon could not be paid.
they will not be kept out OF their money long, b 1t
many can M afford to wait even few days, and
are very much distressed in consequence. D. b.
Oliver, one OF the members Of the firm, said to-
day that the estimates OF the liabilities OF the
firm we're all wrong: that the sum total would
not reach the half Of s., O01. 900. The latter fig
ure has generally been considered nearly correct
LANCASTER, Pa, Jan. I7,-The banking house
OF Amos Henderson, one of the oldest 10 The
county, failed 10 open for business this morning.
Henderson died last Tuesday. An examination
OF the books showed the bank insolvent. The
deposits are about 5000, 900. many being time de-
posts The bank Is believed to have been
wrecked by stock speculation.
NEW YORK, Jan. l7.-Alexander Dirgan,
mouldings Franklin and Flushing avenne. Brook
lyu, has made an assignment Liza iities, Soc
600; nominal assets, $4,000; actual assets.
500 900.
John A. Riley & Co, manufacturing jewellers
OF this city, made an assignment to Joseph II.
Benton, preferring Joshua ;. Cooley, g., 900.
Take of the first two letters of spoil; the
first letter Of toll, then add ST. Jacobs aud
YOU have the greatest remedy Of the age