River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1889-08-01
a GREAT CRASH.

a GREAT CRASH.
Lewis Brothers & Co., One of the biggest
American Dry Goods Firms, Assigns
Liabilities of Over s4.0OO,OOo.
NEw YORK, July 26-The announcement
of the financial embarrassment of the old
house of Lewis Brothers q Co has caused a
sensation in the dry-goods district. It il
one of the biggest dry-goods commission
houses in the country, and up to within a
short time has been considered as solid rs
a rock
Shortly after o'clock yesterday after
noon the assignment of Lewis Brothers &
Co, the great dry goods firm of Worth and
Thomas streets, was filed in the county
clerk office. The as signee is Cornelius \.
Bliss, and there are no preferences to any
person The assignment was executed in
Philadelphia.
The partners of the firm are Joseph W.
and Walter Lewis John A. Boardman
George w. Wharton, Henry Lewis, John
Williamson, George Duren and Grinnell
Willis The last three named We're on y ad-
mitted into partnership January l. 1889, and
had no capital interest in the firm.
Many years ago the firm was founded in
Philadelphia, and was known rs Lewis &
great deal of money, and In 1865 established
the house in New York They prospered
and branch houses were established in Bos-
ton and Chicago Henry Lewis, Sr.. was
really at the head of the firm and had by
far the largest monetary interest il it He
was set down as one of the wealthiest men
in Philadelphia, and his fortune was esti-
mated at not less than =, 600 900 He was
genial, popular man, and his purse was
ever open to charitable purposes
Four years ago Mr.. Lewis died He left a
will which was rather confusing To the
heirs. The heirs met, however. and came
to am agreement in which they transferred
their shares to Henry Lewis Jr, he repre-
senting their interests in the firm OF Lewis
Brothers 4 Co
Up to year ago the credit of the house
was first-class and it was supposed to be
one of the wealthiest concerns In the bust
ness. Few thought that the house was get
ting weak. These few, though began to
be timorous after Henry Lewis, Sr IS death
With the ninety-nine persons out of hum
bred however, the credit of the house still
stood first-clasS
The following statement will show how
the firm stood the 10th of April, 1889:
ASSETS.
Merchant sc ledger accounts .......... LSs5,000
keal estate .-'...'.....'''..'.. ....-.-.. H0JV0
Advances to manufacturers .......... 1,795,O)0
Total assets ................ IS, Ar 600
LIABILITIES.
Bills payable. .,.-.-.... 3.bs1OO
Total Liabilities. ....... ........s 4l290Ol
Surplus. ..... .-.-.....-. zee. ........ l,3f3OO
A..
represent the condition of the firm to-day
II it were not for the fact that confidence
in the future has been largely destroyed
they would be able to liquidate and pay all
debts in full They may do SO, however, rs
matters stand
Just what the direct cause of the failure
is it is hard to say, but a number OF unfore-
seen ealamities have been largely infiuen-
tial in bringing it about The firm were
agents for the Conshocken worsted mills,
of which Mr.. Bullock was the personal
owner. Mr. Bullock died three months
ago, and the affairs of the company were
in such bad shape that they were
forced TO suspend. Lewis Brothers &
Co were also the agents of the Johns
town worsted mills of Johnstown.
Pa The terrible flood swept the mill away.
and this was one of the seVerest blows
which fell on the Worth street firm. They
were agents for the Worumbo Manufactur-
ing Company of Lewiston, Ne This latter
concern. beginning to sniff danger, took
its business from Lewis Brothers q Co,
and gave il 70 another commission house
the first of the present month. In cOnse-
quence OF these calamties the great fail
ure was brought about.
The principal creditors OF Lewis Broth
= q D.,
Philadelphia Chicago and Providence.
While the insolvent firm were the agents
of the famous Wamsutta mills, 1t is not
thought the latter concern will be affected.
1t will be seen by the assets that nearly
s., 0OO, 900 was advanced TO manufacturers
The firm found a market for the goods
turned out of these establishments and
made it point to advance them money.
The firms headquarters are at No. 23S
Chestnut street. Philadelphia, the stores in
Chicago, Boston and New York being
branches. The business has amounted to
as high as S15,OO0OOO a year Lately
It is said to have fallen to $4,000, 600
or s1OOOO,OcO annually. They claimed
that their capital was 81 SOC, 900
and that they made money every
year. Since January there has been doubt
expressed about their financial standing,
their capital rating and reduced their
credit rating a grade. For over twenty
five years the firm of Lewis Brothers &
Co have been the leading house in the dry
goods trade. 1t was founded in Philadel-
phia in 1852
Among the mills for which the firm are
sole selling agents are the Wamsutta mills,
Wauregan mills, Grinnell mills Slatersyille
mills. Hamlet mills, State Cotton Company,
Manville mills, Forest Dale Manufacturing
Company, Jewel City mills, Dunnell Man
ufacturing Company, Franklin Manufactur-
ing Company. Hartel & Co. Hartford
SILK Manufacturing Company, United
States Bunting Company, Shepherd
Bros, Richmond wooden mills, Woodvale
wooden mills, Chester wooden mills. Samuel
Bancroft, J. l. Peck, Dexter, Richards &
Son and S. II. Eaes. principally New En-
gland mills, with several in Pennsylvania
They are also agents in this city for
Francoz. Henon & Greder, of Paris; Lyons,
Stetfenne, Grenoble, France; Massing
Freres Co, Paris and Mostbaum & Co., of
Crefeld
PHILADELPHIA, July &C. Mr. Bliss. assignee
of Lewis Brothers & Co, was here Thurs
day, and after briefly examining the affairs
OF the firm he is reported as having said
that with careful management he saw no
reason why the firm should not pay 100
cents on the dollar in course of time.
CHICAGO July 26.-Ths assignment of
Lewis Brothers & Co, dry-goods commits
sion merchants of New York, had no effect
upon the dry-goods trade in this city be-
sides creating considerable of a sensation.
All the leading merchants express their re-
greet over the failure.
DRIVEN FROM HOME.
High Water Forces Residents Near Fire.
donna. Kan. to Nacate Their Habita-