The Price of Industrial Expansion in Old Seattle
When two prominent wire and manufacturing firms faced insolvency, a crowded meeting of creditors reveals the fragile state of local commerce and the high cost of debt.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The creditors of Millen & Phillips and the Oliver & Roberts Wire Co. met yesterday at the board of trade rooms to discuss the affairs of the firms. The attendance was large, and all branches of business were represented. F. Oliver, of the firm, submitted a statement that included the following: 'We ask for consideration of a statement of our assets and liabilities. We believe that a careful perusal of this will convince you that the allowance of some time on our part, aided by careful management on our part, will enable us to settle our debts.' To this end, they proposed to pay all claims not covered by mortgages by installments: one-fifth on May 1, 1885; one-fifth on February 1, 1886; one-fifth on February 1, 1887; one-fifth on February 1, 1888; one-fifth on February 1, 1889. These sums will bear interest at 6 per cent per annum. The committee appointed to examine the records reported favorably, and the creditors agreed to grant the extension asked by the firms.
“We believe that a careful perusal of this will convince you that the allowance of some time on our part, aided by careful management on our part, will enable us to settle our debts.”
This 1885 insolvency meeting at a local board of trade office captures the perennial struggle of Seattle’s small businesses to stay afloat against mounting interest rates and shifting market conditions—a cycle of 'pay-now-or-fail' that remains a central tension in the city's modern economy.
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