New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-26
LEWIS BROTHERS FAIL.
THE DRY GOODS TRADE GREATLY SUR
PRISED.
AN ASSIGNMENT TO CORNELIUS N. BInss-THI
LIABILITIES OVER 81, 900, ,ooo-THE FIRMS
PAPER HELD BY BANKS In MANY
CrIuEs-THE JoHNsTowN DISASTER
PARTLY THE cAUsE-HoPES
THAT CREDITORS Will
BE PAID IN FULL,

THAT CREDITORS Will
BE PAID IN FULL.
There were many expressions of surprise among
drygoods men yesterday morning, when The
lrbunes statement of the embarrassment Of
Lewis Brothers * Co. became known. Only a
le" OIL the employees Of the house knew OF its
trouble. But for several days the firm have fore
seen the gathering difficulties, and they deter
mined TO make settlement at once rather than
prolong the struggle. On Wednesday night their
aflal1s had been arranged and yesterday the fail
ure was announced, and Cornelius n. Bliss was
made assignee. Any statement of the condition
OF affairs, it was said by Mr.. Bliss and the men,
bers OF the firm, would as yet be premature, but
the firm were confident that their actual assets
would exceed their liabilities The liabilities are
reported at "a 200, 900, and their assets are put
down at $4,000, ,0O0 including all the properties in
land and buildings in New-Yorlx, Philadelphia,
Chicago, Boston and other cities.
The surprise with which the announcement Of
the failure was received was also attended with
much sympathy and regret The house is one Of
the best-knOwn in the trade, as we'll one of the
oldest, and its members are in good standing. 1t
was said by several business men that the failure
was due in a large measure TO the Johnstown
disaster. The firm had factory there which was
swept away by the food, and interested in
the Cambria Iron Works. While this fact was
admitted by one Of the partners, he added that 1t
was only single instance among a combination
Of influences which caused their difficulties. The
house was originally a Philadelphia concern It's
headquarters there are at No. 23S Chestnut-st,
the stores in the other cities being branches The
firm have done a business amounting once 10
$4,000, 600 year, but in recent years it is said
to have fallen off to $4,000 or Sl0,O00,O0O
They placed their capital at about 81 500,0 900 and
maintained that they had made money every year.
Since the beginning of this year there has been
considerable inquiry regarding the financial condi-
tion of the firm, and in March last Bradstreets
took away their capital rating and reduced their
credit rating grade lower from the highest
which the firm had heretofore held. The firm
subsequently made statement of their condition
on April 20 last to a large financial institution,
which, it is said, follows Assets, S5,472,-
600, consisting of ledger accounts, s1,S75,0O0; /;
manufacturers accounts, s1,793,O00; securities
ss11 900; real estate S77O, 900; bills receivable
S223O0O: liabilities SAL $4,000, of which SO 6S2,-
600 was bills payable and S447,O loan; net
surplus, 81, ,343, 900 This statement regarded
in the trade as not favorable one, as the debts
tIuOuuteu 10 ONcr lIrct llllco lHt dulOuub VI
capital shown. The immense amount Of outstand-
ing accounts showed, it said, that the firm
had hard work to make collections.
The firm were interested in the failure Of the
Co,.shohocktn Worsted Mills and of the preSi-
dent George Bullock, in March last. The firm
admitted then that they were liable to lose
s25, 900 by Mr.. Bullock's insolvency, but were
amply covered for their advances to the mills.
\, lod cd, IN the mills and had
in merchandise s2l 5000. The estate of the late
Henry Lewis held 300 shares of the Conshohocken
Worsted Mills and j. W. Lewis held 45O shares.
The firms acceptances were principally placed in
Philadelphia Leading Philadelphia banks took
their acceptances in liberal amounts from $4,000
to slOO. 900, although, in some instances 1t is
said. they have not carried so Large line as they
did previous to Henry Lewiss death.
For more than twenty-five years the firm OF
Lewis Brothers a Co. has held its place III the
front rank of commission houses. Henry Lewis,
the founder of the business, went to Philadelphia
IN 1916. when a young man. lie became a
mariner in the firm of Corbit, Lewis d Co. DIX
vears later he formed the firm of Lewis Brothers
A. 90 and in 1863 formed the firm of Lewis,
Roardman ~ Wharton, which was afterward
changed to Lewis, Wharton * Co., ana IN 1910
tho two firms were consolidated Lewis Brothers
IL Co.
Ills brothers Joseph w. and Walter H., were
Associated with him nearly all the time ana d..
listed in the business, Walter IL. having charge u
the New-Yorll store, which of late years hau oc-
come as important as the parent house III fIllla-
depbia. Henry Lewis died in October, 1851
leaving large estate, the personal properly aiono
heino officially inventoried at sl,224,0oo' Vi
Which so5s OO6 was invested capital IN Lewis
Hrothers * Co. In addition to this capitai' 'Ho
estate of the late Henry Lewis, to the amount "a
about 81 100000 was also coh'lhueu IL o"o
business at the full risk OF the DuslheoS' ~ "o
"a a,d rosnonsihle for its debts, his son Henry
, - ~ ranresenting this large interest. Ueorge
~ iii anotber mariner, died IA few years ago,
n,, bis estate Withdrew no capital as 1t was salu
.t-,no ,,oe none 10 his credit at the time Oh ni!s
doo,h I'm account of these two deaths, new
srr, yos formed on January 1, 1ss9 composed o.
rosonb w Lewis. Walter ii. Lewis Henry Ae" 10
Georqe w Wharton, jr John a. Boaruhlai, oU.1
Williamson. George b. Dewen and Grlnheh "iii''
rI,o no,v mariners had all been in the employ
. ,Lo house The firm had large numoer VI
o,,colIent accounts, domestic and loreish ]0"o
tIo mills which they represent were the na"-
- .bo waureran. Grinnell. Satersvllle, nam
49, AI;us the State Cotton Company, MahVhie
| NnIs Forestdale Manufacturing Company oe"e'
| Citv Mills. United States Bunting Company, ohep
nor Brotbers. the Richmond Woollen NILS Ones'.'
Woollen Mills, Samuel Bancroft ana Dexter n'oH,
ards &. Son. Most OF these are In Ne"-i-nsi' i'a'
and Pennsylvania. The house acts also as Siss
No,, Yo1j, for Francoz, Heron Greder, Nldss
ing. in Freres q Co. and Rudenberg' Nar'Daum :"
| Co, of Paris. 49,, .. o,,oorted in Phla-
,i,ni 80 filed Yesterday in the County C!erN
Cgi oiee naming Cornelius n Bliss as The fer g@eg
and making no preferences Mr. PISS ,ha ases citT
invi' ', o,oning There was no alarm IN drygoouS
ciScles Sc that the erect of this failure Woui9 e. q
,epd further Park Commissinoner ~, ". sIicnee H. %
Borden, who is partner of Mr. bliss, Ig gyrdi,dna
aid the failure was due to local ana I
causes which did not affect the trade at mrge' a.