St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-17
OLIVER BROS. & PHILIPS.
A Formal Statement of Their Affairs
to be Made on Tuesday
Next.
News from Philadelphia and Boston to the
Effect that the Failure is not
Felt There.

PITTsBURG, Jan. let is expected that
next Tuesday Oliver Bros. & Phillips will
make formal statement of their affairs. In
the meantime there viii be much speculation
as TO the condition of affairs, aud many wild
rumors may become public, but they cannot
be based upon any definite knowledge.
The firm says that it viii make its
statements to its creditors first and to the
public afterward, and no information can be
had until Tuesday afternoon, when the
figures will be submitted. The clerical force
of the firm is busiy at work on the books
preparing for a showing. The indications
are that the liabilities of the firm will reach
from four to six millions, five millions being
the sum generally given by those connected
with financial institutions. A very large
proportion of this sum is secured by collateral
of various kinds, and is held by banks.
The banks of Pttsburg hold consider
able of this paper, but it is nearly
all well secured. Banks in many parts of
the country east and west also hold paper,
eastern financial institutions having large
blocks. This afternoon circular was issued
by Oliver Bros. IL Phillips, Jointly with other
firms, in which they are principals. 1t was
addressed to their creditors, asking them to
be patient and TO attend the creditors meet
ing to be held Tuesday, the 10th inst, at IL
a. N. A copy of the circular could not be
obtained for publication. IL. w. Oliver hopes
10 have statement ready by that time giving
a complete list of assets and la0ihties. The
debts of the firm are said to be widely scat
tered, as much as a quarter of a million
of their paper being bed in London alone.
This and other large foreign debts are said
to have been contracted in the importation
of foreign scrap iron and of Russian wire
used in the making of barbed wire fence.
WILL NOT AFFECT PHILADELPHIA.
PHILADELPHIA, Jan. 16.-''No," said Sec
rotary James NJ. Swan, of the American
iron and Steel association, to- day, II do not
look for any failure in the eastern iron
trade as an outcome of the failure OF Oliver
Bros. 81 Phillips, of Pittsburg. Phila-
delphia makers have no business relations
with the Pittsburg manufactures. The two
trades are quite distinct. We do not send
iron there, and they do not send iron here.
The failure, however, must have a disparag-
ing effect upon the iron business generally,
and how far that will 90 is question which
bad time, as you will see. The people are just
beginning to look for revival of business.
Confidence was gradually returning, and the
hope was that the worst was over. Now this
throws everything back where it was before,
and We see that after all the bottom has not
yet been reached. Oliver Bros. were inter
ested in several large concerns. Their roll
ling mills produced more iron than those of
any other concern in the United States, and
the capital invested is very extensive.
NOT FELTlN BOSTON.
BosToN, Jan. l6.-The heads of several
large iron firms and prominent bank officials
were seen to-day. All agreed in saying the
failures of Yesterday in New York and Pitts
burg were little if any account as regards
fin ancial matters here. Very little of the
paper of either firm is held in Boston.