Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1889-07-31
UP TN SEVEN FIGURES.
Lewis Bros, Wholesale Dry Goods DeaI1
ers, Forced to Assign.

ers, Forced to Assign.
PHILADELPHIA, Pa, July 20.-Surprlse
was occasioned in business circles this
morning by an announcement that the
firm of Lewis Bros. & Co., wholesale dry
goods dealers, Chestnut Street, above
Second, had made an assignment for the
benefit of their creditors. While the
exact amount cannot as yet be ascer-
tanned, it is thought the liabilities OF the
firm will sum up nearly $4,000
600. The firm is one of the largest in
It's line of business in the city and per-
haps in the country. 1t has houses IN
many of the larger cities Of the United
States, notably New York, Chicago, Bal
timore and Boston. The members OF
the firm resident in this city are George
w. Wharton, Joseph W. Lewis aud
Henry Lewis.
Mr. Wharton, when seen this morn
ing, promptly admitted the authenticity
of the rumor that his firm had made an
assignment for the benefit of their cred
itols. Cornelius w. Bliss, Of the New
York firm of Bliss, Fabvan & Co., be
stated, was the assignee. 81 am unable"
continued Mr.. Wharton, ''to pay
the amount of our liabili-
ties. However, I feel convinced
that they will be not much in excess Of
our assets. Of course it is impossible to
determine these things until an exam
ination of the books has been made.
We are now going over our books and
will probably know more definitely to-
night how and where we stand. If
we could have had only two or three
days more [ am sure we would
have been able to tide over our difficult
ties. But the blow fell just at the
worst time and our only course was to
make an assignment and this we did
this morning. For some time past our
business prospects have never been
brighter. but you know you can't mar
ket paper.
New YORK, July 25.-Announcement
that the notes OF the heavy dry goods
firm of Lewis Bros. & Co. had gone to
protest was the all-absorbing topic of
conversation in mercantile circles to-
day. According to current report the
liabilities of the embarrassed firm
amount to nearly $4,000,G0o, which was
thought to be more than covered by the
resources when the latter were in shape
to be Immediately available.
A reporter who visited the firms
store, Sc Worth Street, to-day, found
the manager and employees on hand and
apparently as busy as bees. Some of
them were talking to customers and
friends of the house.
HAS the firm made an assignment"
was asked OF the man in command Of the
army of workers.
''Not vet" was the reply.
''Do you think the house will be t1ded
over tho hi fficu1tv 2,'
Eyes; but the members of the firm
are not here, and | can't speak author.
itatlvely. | expect they will come to
the store late this afternoon"
The absence of Lewis Bros. & Co.
from their place of business during the
forenoon gave rise to the supposition
that they were endeavoring to make ar
rangements to take up the protested
notes. 1t was understood that if the
firm could be given little time they
will be able to pay in full and continue
business without detriment to either
themselves and customers. The mem
bers of the house are Waiter II. Lewis,
Jos. w. Lewis, Henry Lewis and John
L. Boardnen, all well and widely known
In the business community. The store
occupies four buildings in Worth Street.
1t is one of the largest of the kind in
the United States.
The assignment of Lewis Bros. was
filed in the county clerks office this
afternoon. Cornelius n Bliss is made
assignee. The assignment was execut-
ed in Philadelphia.
PROVIDENCE, R. l., July 25.-Mills and
banks here will be involved by the fail
ure of Lewis Bros. & Co., $780, 900.
Local banks have about $150,OJO of
their paper divided among six
or eight of them and the rest
is among half dozen mills including
those at Slater, Manville and Wauregan.
The belief prevails here that the firm
can pay it's Indebtedness in full if they
are given time. None of the mills or
banks will be seriously embarrassed.