Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1885-01-16
TWO VERY HEAVY FAILURES.
OLTIER BROS. C rHTLLfPS OE rfTT>.
RJRG, IND 4 NEu rom NAM.
Events In the business world That Created
some CONSERVATION -H.iicf rhat both
Firms WIN Rally FROM the severe
ShoCks..1he Causes oI rlsru.

Thursday afternoon Oliver Bros n Phillips
and the Oliver aud Roberts wire company. of
Pittsburg, Nimitcd) iS~ucd the following
card to their creditors " We are to-day roul-
pellCd to suspend payment, aud Purlu>o call.
ing immediately meeting ofthuSo Interested
to whom We believe We cau show assets
amply Sufficient, with some indulgence, lu
pay every dollar ot our liabilities
Regarding the cause of embarrassment
there are numerous sensational stories afDat,
hut most of them have been denied. ono ot
the stories was To- tho cflc,,t that paper 20 the
amount of SSO,UDO had been protested in New
York among the bankers. 1t Is said that the
hanks were willing to continue to carry the
paper of the firm. hut owing to the hard times
and the scarcity of money, the firm was uu-
able Ia raise money TO meet the interest and
pay its employees. The paN-rull~ are said tu
have amounted to from S2n0ooo to >-5n, NM %
month, and it is said this va, tuu much tn
meet any longer.
Harry W. Oliver was a momhcT ut the
National Republican convention held at Gin
Ciunati in 1876. and was the r.mru> nominee
for United States senator IN ISL, hut failed
of election. Ntcrward ne was the puuu~vl-
Vania member of the tariff commission, and
took q leading part in the work of that body.
For many wears the firm Ut which Mr.. oliver
| is the head has been regarded aS one ui tho
| strongest iron concerns, financially, in the
| country, and its suspension will ur'a~uu
| general surprise. The works ut one umc
| employed over $3.50 men.
" Hoiii' e'-i,,Ih ulIil.HS '-" @ ,.il ~ ''L,'
ISL" r''- i s''iS, a.,' WI M ,@,tH'H @
| II has been impossible tuT inturmatiuu-Sctk
crS Ia obtain entrance. The new prrcc~S j.
~" ~" " w ~ '''''i ''l, '"" ''' N'''. Ni'N "
tI ,' ,l'.i, l', Leu ul..i,,I ~
| millions Three yc,Ts ,.rn NIr Tr,ti. rrtirra
| from the firm with a fortune of several mill
| ion dollars. The present members are lI.W.
| OliNer, lr., p' W. OhNcr, George oliver J. t.
| piihtr' l',' .: VI IhllllN' an" several relatives
| ~ ,I.' Va. W So, y, ''''' i'ol.
rI,, 49,, - - ,,I,,' ',,h , '.''I,, ,,,,,
| cleared Sin0 oIn II, n sinoin n,l i'm 9lr >bnr,
| stock alone.
Bankers say the firm has reduced its lines
| to lower point than for wears, aud il elu-
batidSHnCht II mus greater surprise. some
| auTlnmto 10 the purchaS. made lu the
| lNip'lla urhaCc company hot expecting the
| money 10 he called Tor, hut which was umcN-
| ptrte"lN demanded.
| lhe rhlballa>>lheht docs not ttrHl IN" II.
b, scott 20. harbed wire works, owned
| prlhcll@lIN ON the hrH. pHNor, k"hcrtN a
| q are "lfe-Nurkers. ANA ar" m"Iubcd IN
| lhG clhHirrassln'ht oi the oth"r Hrui.
Inc news oi the suspension almost rlu>cd
| pane among tn" employees nUt when It
| was stated that an extension would probably
| ne I've granted ana me mus continue ia opera
| u"Ii: inS men SET ahuuI 10 ueNi>G som" means
| !" alH tlu hiil' \ meeting "i thr MotNneu
| " INV N''i I'h'i illh Wa Htl'l, ana u
| was unanimously u'IilNu 10 return 10 work
! AZ a. 'lle retu'lIoh Mhl'hthTN refused Last week.
| Tomorrow me'unGN VIII ne hcld at the ~eN'
| cIai HGuui Nl''' mus 'ohItHii"b ny IN" ntm'
| ana II = tl"uShl that ~lniIar "ll"h VIII h,
| Bg Bank Failure.
John j. Cisco II Co, bankers Of New York
| made an assignment on THURSDAY. Their lit
| bilitios are estimated .t - 500 ocn ,ys,,s