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


Oliver Bros. & Phillips caused comparatively
little excitement here to-day, and the feeling is
general that oil extension will 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 as to how long they may continue in
operation. 1t was rumored that the Fourth
street, Tenth street and Fifteenth street mills
were likely 10 close down. j. B. Oliver was
asked about it 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.
don't think much of the idea. 1t is impractical
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 Tor the creditors
Alone
The liabilities of the firm include mortgages
on the property to the extent OF about 1,0O0,
600. So far as known these mortgages have
been largely made to secure money Gsed 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 mold
the paper, eastern financial institutions having
Ia Il lab Of fha
compose, it is said about half of its llabili-
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 il used much more than it could OBJ
tain from that. The furnaces in the Connellsyille
region viii figure as 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 exten-
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 a
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 h ". Oliver was
extremely successful. The books Of Oliver
Bros. Il Phi lips show the firm Is
indebted 10 II. W. Oliver TO the extent of over
81 600, 900, which he advanced from the profits OF
his personal enterprises. II is stated officially
that several of the corporations. owned more or
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
doubt includes II. B. Scott & Co. and the Stan
dard Nut works.
ANOTHER ACCOUNT.
PTTTsBURG, Jan. l7.-There continues TO be
much gossip about Oliver Bros. Phillips sus-
pension. The impression is growing that the
firm thought it best to suspend and did so volun-
tarly They concluded that it was useless to
endeavor 10 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. Il p. Oliver has been hypotheeating
his securities since last May, and have other
members Of the firm. Mr. Oliver put up part OF
his holdings of Pittsburg and Western stock in
Pittsburg but most OF IL IS held as collateral In
New York.
The employees st 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 were given 10 understand that,
they viii not be kept out Of their money long II
many can i'll afford to wait even few days, and
are very much distressed In consequence. u. B.
Oliver one OF the members OF the firm, said to-
day that the estimates of the liabilities of the
firm were all wrong: that the sum total would
not reach the half OF S5,0O1OOO. The latter fig
ure has generally been considered nearly correct.
LANCASTER, Pa, Jan. 1.-THE banking house
OF Amos Henderson, one Of the oldest In the
county failed TO open for business this morning.
Henderson died last Tuesday An examination
OF the books showed the bank insolvent. The
deposits are about $500 900. many being time de-
posts The bank Is believed to have been
wrecked by stock speculation.
New YORK. Jan. i7.-Alexander Organ,
moudngs, franklin and Flushing avenue Brook
lyn has made an assignment. Liza iliiies, S6G,-
900; nominal assets, $4,000; actual assets
$50 900.
John A. Riley Co., manufacturing jewellers
Of this city. made an assignment 10 Joseph II.
Benton, prefcrring Joshua :. Cooley, 100.
Take of the first two letters Of spoil; the
first letter of toll, then add 81. Jacobs and
you have the greatest remedy Of the age.