The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-07-26

firm has been extended and overloaded.
They suffered q severe loss on the death of
Henry Lewis, the founder Of the house,
who was well known, particularly in Phila-
delphia.
PROPERTY HOLDINGS.
It was learned from another source that
the firm own their store property in Phila-
delphia, and also their store building at No.
So Worth street, New York, which is on
leased ground and which, it is said, was
mortgaged few months ago. 1t is said
| that one of the causes of the failure was
the Johnstown disaster. The late Henry
Lewis had a large interest in the Cam
! bria Iron Works there, which his estate
held, and the loss by the food deprecated
| those securities. The JohnstOwn's Manu-
featuring Company's Woodvale woolen
mills consigned their products 10 Lewis
Bros The mill was destroyed by the flood,
and the loss was $500, 600. 1t was controlled
by the Cambria Iron Company. Walter
H. Lewis was director of the New York
Life Insurance Company The firms head
quarters are at No. 239 Chestnut street,
Philadelphia, the stores in Chicago, Boston
and New York being branches.
A MONSTER BUSINESS.
The business has amounted to as high as
SIS, 200, 900 a year. Lately it is said to have
fallen to s., 100000, or $40, 900, 900 annually
u6y CldlUlSu b0dL LlltlI CttptGehl was 81 ,OUU,-
0O0 and that they made money every year
Since January there has been doubt ex
pressed about their financial standing, and
in March last BrddStreet's took away their
capital rating and reduced their credit
rating grade. On April 20 the firm made
the following statement to large financial
institution.
ASSETS.
Assets :....:..:............ s. ,412 600
On manufacturers accounts. ..........t 1,7930OO
securities. ...-.... -....-. .......,..... SlI,VyU
real estate. .'.'....'..''-'''''-.'..' n3O03
Bills receivable. ble......................." 223,O00
LIABILITIES.
Consisting of bills payable .,........ 3,682 900
Loans. OBSERVATION-DISCLOSURES. a41,OOO
Net surplus. s................-.-. I.543UVo
This was not looked on as a favorable
statement by the trade. The firm had hard
work to make collections. 1t was interested
in the Conshohocken Worsted Mills which
failed. They admitted in March last that
they would lose $25, 900 by President George
Bullock's insolvency. For over twenty
years the firm of Lewis Bros. & Co. have
been leading house in the dry goods trade.
1t was founded in Philadelphia in 1852.
Henry Lewis died in 1886, leaving large
estate, of which $258,009 was invested as
capital in the firm, besides 81, 100000 Of his
was continued in the business.
HEAVY CREDITORS AT PROVIDENCE.
PROVIDENCE, r. l. July 25.-The mills
and banks here will be involved by the
failure of Lewis Bros. & Co.. 100000. The
local banks have about $l50,000 of their
paper divided among six or eight Of them,
and the rest is among a half a dozen mills,
including those of Slater, Man
vile g. Wauregan. The belief prevails
here that the firm can pay its indebtedness
in full if they are given time. None of the
mills or banks will be seriously embarra assed.
BALTIMoRE's ESTIMATE.
BALTIMORE, Nd, July 95-Prominent dry
goods men here estimate that Lewis Bros.
& Co.haye in Baltimore no more than half a
million dollars assets aud liabilities in this
city.