Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-01-16
A GREAT FAILURE.
A Sensation In Pittsburg IrSn
Circles.
FOUR THOUSAND IDLE MEN.
Oliver Brothers & Phillips, Iron Man
ufaeturers, Go to the
Wall.
SPECULATION ON THE FAILURE.

SnSe AunOAo ohOOSauB 1AO otoooAAS VI s-N
firm Of Oliver Bros. & Phillips have been
aAoat 1t was only yesterday, however
that matters assumed shape that threat
ened crisis. The Leader at an early hour
yesterday heard report that an amount of
the firms paper, aggregsting almost one
hundred thousand dollars, would likely not
be renewed by the holders, but refrained
from giving the matter publicity for fear OF
causing q precipitation. A morning paper
Of to-day gave publicity to a story to the
effect that the firms paper had been pro-
tested IL New York. So far, however every
thing points to the fact that the most threat
ening complications arose in this city, and
that as yet none of the firms paper has
gone to protest. In fact this is given as
being positive by persons who are in posi-
ton to know.
A Statement
1t is also known, however, that such is
possible, and to such an extent that the firm
is now preparing a statement for their cred
itors; whether for the purpose of asking an
extension or making q voluntary assign
ment is not definitely known at this hour.
In this connection it might be stated that
story is ahoat to the effect that the failure
at this time is attributable to great extent
to DR.. Hostetter. AS the story goes, it ap
pears that since the Pittsburg and Lake
Erie railroad deal, in which w. 81. Wander
bit secured control of the road, Doctor
Hostetter has been antsgonistic to the
interests of Mr.. Harry Oliver. Prior to
the time of the deal, Mr.. Oliver and the
doctor were in the majority. The Oliver
stock, which would give the doctor the con-
troll, was offered the latter, who refused to
purchase at the figure stipulated. The stock
was then offered to and at once purchased
by Vanderbilt, who has since been in the
majority. Now it is said that the doctor
has secured considerable of the Oliver. paper,
and upon maturity refused to renew it, thus
precipitating the firm. An effort was made
to see DR.. Hostetter, but he could not be
found to-day. In justice to the doctor, how
ever, it might be stated that officials at the
Office of the firm Of Oliver Brothers L Phil,
lips discredit the story.
The following card was handed the Lead
er for publication at 2 o'clock this alter
noon.
To our creditors: We are to-day COM
PEELED to suspend payments, and purpose
calling INN ediately meeting of those in
terested, to whom we believe we can show
assets amply sufficient, with some indul'
gencee, to pay every dollar of our liabilities
OLIVER BROS. 4 PHILLIPS,
OLIVER Il ROBERTS WIRE Co., LIMITED.
PITTsBURG, January IL, 1885.
No Protested Papers.
Mr.. Conner, bookkeeper for the firm, was
the gentleman who handed in the above
He was ayerse to taking because OF the un-
settled state Of the firms affairs. He said;
The numerous wild rumors that have been
afioat for the past day or two relating to
the protest of the firms paper in New
York and elsewhere are without foundation.
No such paper as reported had been pro-
tested much less offered for discount II
would be impossible for me to estimate the
liabilities OF the firm at present owing to the
present unsettled condition Of things. II
given little time to arrange their affairs
have not the slightest hssitancy in saying
that they will come out all right and meet
all of their obligations without further diff
Guilty"
TWAS learned this afternoon that meeting
of the leading creditors had taken place to-
dsy, at which it was decided to grant such
an extension of time to the firm as would
enable them to meet all liabilities and pay
dollar for dollar, of their Indebtedness. A
call was made at a number the leading
banks in this city to ascertain the possible
effects Of the failure in financial circles
With one exception all the bank officials
seen stated that the only knowledge they
had of the matter was CLEANED from the
papers. One banker was found, however
who remarked: ave do not hold any of thu
firms papers. do not think the banks as
a rule, will be specially affected BY the fail
ure. OF course indirectly there will be
some pinching in manufacturing and
banking circles.
Great Astonishment.
At the Amalgamsted Association th'
announcement of the embarrassment causeC
no little astonishment. Secretary Martin
when first told Of it, refused TO credit tht
story. That's all idle rumor, said he
hnt when assured that it was true he ex
pressed sympathy for the firm. That
FOO bad" said he; If the works stop {
great deal OF suffering on the SOuth-sidt
will be the Consequence. When asked
/ what the association would do in the ques
tion of wages the Secretary declined to ans
wer.
Not Unexpected.
|, A gentleman connected with the iroI
trade states that Oliver Bros 4 Phillips
have been laboring under difficulties for {
long time past. Said he: Last year the
manufacturers would have stood the Anal
ramated tustle for reduction OF wage
had it not been for that firm, Oliver Bros
4 Phillips stated that they could not stop
hence we all had to sign the scale.
Like Romance.
The history Of the firm of Oliver Bros.
Phillips is one Of the mostinteresting ofan..
in the manufacturing business. SeventseI
wears ago b. W. Oliver, Jr., John N
Phillips and VIM. ]. Lewis entered into
co.partnership for the manufacture
. Of iron. Mr.. divers business caree
uu to December 26th, 1867, had EN-
braced the performance Of the duties o
sh;nr;no clark for Graft Bennet & Co, AM