Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-01-16
Two Great Firms 60 Under.

AND ONE-HALF MILLION.
It was officially announced shortly after the
close OF business In New York yesterday that the
old banking frm Of John j. Cisco & Son, of SO
Wall street, had made an assignment to Louis
May, formerly OF the banking ana brokers' firm Of
May King, who is also the assignee OF Halsted,
Haines Co., which concern suspended some
months since. The firm was intimately connected
financially for many years with the Louisville and
Nashville, and the Houston and Texas Central
railroad companies, and have suffered from the
late decline In the securities OF these corporations
as well as the general shrnkage in values through
out the year 1884. The senior partner died last
year, and on April 1st next the affairs of the old
have gone as usual up to that time, but for the
reports that they were embarrassed, which were
started about ten days ago. and telegraphed
ports grew out of the fact that the firm was under
stood to be largely interested in Houston and
Texas Central bonds, which have greatly depre-
ciated since the present management OF the road
caused the coupons OF the first mortgage bonds to
be bought by the Southern Development Company
though the reports affecting the credit OF the
firm were denied at the time, they led to steady
an and Inc Increasing M run by depostors and it was deem
make an assignment without preferences for the
purpose OF gradual liquidation OF their affairs.
AS generally believed this afternoon the matter
is rather in the nature Of a liquidation than fail
ure, as 1t is stated that all depoSitors will be paid
In full as soon as the securities can be realized
the knowledge that the firm always has been rich.
and also by the fact that preferences are given
not even the large estate OF the late senior partner
The firm has no contracts on the Stock Exchange
their liabilities being chiefly to depositorS The
present partners are John A. Cisco son OF John J.
cisco, and +. A. Foote, the former being member
OF the Stock Exchange, but never participating
actively In the operations OF the exchange. The
late John j. Cisco for long period Of years was
York and during the early stages OF the rebellion by
his intimate friendship with bank officials rendered
valuable assistance to Salmon p Chase then Secre-
tary OF the Treasury, in securing loans from New
York city banks He left the Office before the close
OF the war to found the banking house which sus-
pended yesterday. Mr.. Cisco first became promi-
nent as d banker by his success In marketing The
six per cent currency bonds issued by the govern
ment in aid OF the Pacific railroads The placing of
the roads, and ever since the firm held high posi-
ton In the financial world The house, during the
business; and capitalists, both large and small con-
suited MI. Ciscos Judgment
The New York Herald to-day says: Both men,
berS OF the f1rm declined to make any statement
for publication and secluded themselves In the
inner office. The Hearld reporter was referred to
Lewis May, the assignee. Mir. May said: The r,,-
mors started some ten days since about the Old es
established banking house Of John j. Cisco Son,
and which were teegraphed all over this country
and Europe, nave caused q very severe run upon
them on the part OF their depositors. In addition
to this. they were largely interested in the bonds
have been very greatly deprecated by the severe
blow against the credit Of that company caused by
the action or MI. C. T. Huntington In purchasing
the coupons OF the first mortgage bonds Mr. May
further said that he believed their liabilities would
aggregate from 81 600 900 to g OOO The liabilities
or the rm consisted OF the debts due dcpositors
The assets OF the house, he understood were almost
wholly first mortgage bonds railroads and rail-
road property and real estate mortgages.
c. T. Huntington assured the Herald reporter
that he knew nothing about the failure OF cisco
Son. He had lost no money by them and had had
no relations with them whatever
OLIVER BROS. 4 PHILLIPS, OF PITTSBURG. FAIL FOR
FIVE MILLION.
Oliver Bros Phillips OF Pittsburg. one OF the
largest iron firms in the country, issued notice
yesterday suspending payment. The suspension
created great excitement in PittSburg, as the en-
barrassment was surprise to every one The liza
b1lities are reported at from 600 to
Local bankers say there Is about 81 100000 or
$5OOOO0 OF paper held at Pittsburg with good COL
lateral for almost all Of 1t. Harry W. Oliver IT,
member Of the firm, was on the tariff commission
He said last night that the firm had ample assets to
nay all creditors