New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-22
FAILURES IN PROVIDENC CE.
PAYMENT SUSPENDED BY LARGE MILLS
DISASTROUS EFFECTS OF THE FAILURE OF
LEWIS BRos.-THE wAUREGAN MILLS AND
THE THORNTON woRsTED COMPANY
IN TROUBLE


providence, r. l.. Aug 81 CspeclaD-Tho failure
Oh Lewis Bros. in New-York City has had a
uisaSuous effect on Rhode Island manufacturing
nouscS' Io-day's disaster is that of the Wauregan
Mis- which carries down with It the Nottingham
MINIS, OF this city. When Lewis Bros failed, 1t
was reported that they owed the wauregan, Manville
anu sia'er mills S10oOOoO. AS far as the wauregan
Ms are concerned, however, they were the creditors
Oh LOWS Bros. only to a small extent The reports
circulated at the failure of Lewis Bros were
suncleht' 1t appears TO hurt the credit Of the
"auifsan Company so that their creditors came
uo"h upon them in body. The mills have been
anu are doing a good business, but they had not
suhlcent funds to meet their notes. The result
that at meeting this morning of the directors Amos
n. Beckwith, f. II. Richmond, Charles II. Mason
stephen H. Arnold J. A Atwood and L. p. Taft 1t was
decided to suspend payment.
Tho amount Of liabilities cannot be ascertalned at
this writing, but variously estimated at from
SSOO,oOO to SlO00000. The nominal assets
S2'ooo,OOo The plant alone cost S1,3O0,OOO. The
mills are doing good business in manufacturing
bleached goods, brown and white goods, and some
fancy goods. The companys pay roll amounts to
$4,000 per month. There are about fifty stock
holders in the
The treasurer of the wauregan Mills, f. P.
Taft stated this afternoon that the OF the failure
was due TO dlstrust resulting from the failure Of
Lewis Bros, of the Riverside Oswcgo Mills, and of
Brown, Steese & Clark Lewis Bros. had been the
agents for over fifteen years Of tho Waurgan bleached
goods When that concern failed exaggerated re-
ports OF their indebtedness In Providence were pub
llshed in the New-Yorll papers. Since then banks
holding the paper Of the Wauregan Mills had been
unwilling In many caes to renew It, The result was
that the concern unable to meet the payments
demanded. Id has been decided to call meeting Of
stockholders at early day, when the exact financial
condition OF the company will be made known aud
some definite plan will be adopted TO settle the
mills affairs.
l. The Waurcgan Company has at present two mills
In operation. The first is that at Wauregan, near
Pianfied, Conn., 1t Is capitalized TO the amount Of
100000, and contains &C. 160 splndles and 1,40O
looms. About 1000 hands are employed there. The
second mill is that known the Nottingham MIL in
this city, which used be the old steam Mill under
the James Y. Smith Manufac turing Company. This
company chartered In 1854 with capital of
100000, and has 5000 splndles and $50 looms.
About GOO hands are now employed in the mill
4. p. Taft the treasurer Of the Wauregan Com
pany, represents all the stock OF the Nottingham Mills
Corporation, and he leases the mill TO the Wauregan
Company. 1t IS therefore regarded part of the
Wauregan property. It IS claimed that their liabili-
ties fTOm 100000 to $2j0,000. Their assets
nomnally exceed their liabilities Treasurer Taft IS
also the secretary and treasurer Of the POnemah Mls.
another Connecticut corporation engaged in tho man
ufac ture Of cotton goods. The Ponemah IS a large
factory, and IS run on a capital of S1500OOO Will
lam \. Slater, Of Norwich, Conn.,, IS president
stephen H. Arnold, director of the Wauregan Mills
says that If arrangements could be made to run the
mills they could make more than enough
money TO pay the interest on the dept
ard in time liquidate all their obli-
cations. A prominent cotton broker stated tonight
uat hundred cents on the dollar will be paid the
creditofs and there will be something left for the
stockholders.
The Thornton worsted Company has also suspended
payment il being unable 10 meet It's o0lgatlonS IN
consequcnce of the failure Of the Riverside Ms, and
Of Brown, Steesc & Clark They owed both OF these
concerns their total Indebtedness being estimated at
about S15OOOO. They are expected to make an as
scnmcnt Immediately. If their notes TO the River
side Mills and Brown Steese & Clark could have been
extended as they ordinarily would have been, they
could have gone and paid every cent OF their IN
debtedness. There IS mortgage on the properly I0r
$4,000 held By charles M nt tetths & on GOO The % mill is
rrn by William a. Shaw and " aldo c. Eames
The failure OF the Phoenix Woollen Company IS
worse than at first reported. Brownl Steese ClarK
held their notes for more than S2OOOOO, ana the tot
indeb9dness Is about 100000. To pay this there Is
oniy the MILL worth, perhaps, $4,000