Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-10
AN EXTENSION OF TIME

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Asked by the Oliver q Roberts Wire Com
pany of Its Creditors-Causes for the
Embarrassment - Thought to Be but
Temporary.
The Oliver & Roberts Wire Company
yesterday suspended payments, and gave
notice Of an intention to ask creditors for
an extension on its paper. This company
is one of four separate and distinct con-
Germs. The other three are the Oliver Iron
and Steel Company, the Standard Nut Com
pany and the Hainsworth Steel Company.
None of these three will be affected in any
way by what is thought to be only tenn
porary financial embarrassment OF the
Oliver & Roberts Company.
The head of 4 certain firm in the city that
has recently suffered embarrassment is a
heavy indorser of paper for Oliver q
Roberts. More OF this paper than the trm
is able to meet natures during the present
month, and as the holders of it declined to
renew it without additional security, the
course outlined above was adopted
Mr.. George I, Oliver, President of the
company-and who, by the way was Super
visor of the last census for this district
was seen yesterday afternoon at his South
side Office. He talked very confidently
about the ability of the firm to meet all its
liabilities in case an extension is granted,
and seemed to feel that the trouble is only
of temporary nature. He said:
WHY THE STEP WAS TAKEN.
eve have some paper in various Pitts
burg banks, and most of it natures during
this and next month. Because of the fact
that a certain manufacturer, whose firm has
been financially embarrassed, is an in
dorser, the holders of our paper did not
feel satisfied in renewing it without other
security, which we are just now unable to
give. The only course open for us is there
fore to call onr creditors together and lay
before them statement of our affairs, and
ask them for time.
''Will you state how much your liabili-
ties are, Mr.. oliver"
81 could not answer that to-day, for the
reason that do not know exactly. 1 am
very certain, however, that our assets
largely exceed our liabilities, and we will be
able to pay every dollar we owe"
"When will the meeting of creditors be
called?''
''That is more than can tell. It will
not be held until we have compiled state
ment showing the condition of our affairs.
have stated about all 1 care to have made
public because believe that an agitation
body. While we would not dare to say
that Moorhead g. McCleane's embarrass-
ment played any part in leading up to ours,
/ believe it had the effect indirectly of dis
trust in our concern on the part of our cred
itors. For this reason feel that the more
gently such things are handled is the better
for the financial community at large"
NONE OF THE OTHER FIRMS AFFECTED
r., of IL
Oliver concerns will be affected by your sus-
pension?" was asked.
"Our firm has no connection whatever"
replied Mr.. Oliver, with the Oliver Iron
and Steel Company, the Standard Nut
Company, or the Hainsworth Steel Com
pany. 1t will all fall ON our shoulders.
The reason we are not able now to meet the
payments is because we have spent a large
amount of money in experiments and i'm
provements. We have the Improvements
as assets We can more than satisfy our
obligations, if we are only granted time"
The President of one of the banks hold
ing the firms paper is quoted as saying
that he thought there would be no trouble
encountered in securing the extension, as
the divers were granted an extension of
five years on a previous occasion, when they
paid off their Indebtedness before the ex-
tension expired.
1t is stated on authority very close to the
Oliver & Roberts Company that it has
been doing not only a profitable, but really
a very profitable business, and that the in
debtedness which calls for the present ex-
tension has existed for some time, the diff
Guilty now arising only from the fact that
one of the principal indorsers on the firms
notes recently failed. This circumstance
made it difficult to obtain the renewals in
certain quarters, and the managers of the
firm concluded that, as they would be able
to make an entirely satisfactory showing to
their creditors, it was best to call
them together. There is no doubt but that
the extension asked for will be granted
The embarrassment created no excitement,
as the condition of affairs was understood in
business circles.