The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1889-07-26
EASTERN NEWS.
Failure Of 4 Philadelphia
Business House.
xsSr oTHEE fIRxs rSroIsxn
4 Sot<d irsa Miner Dead psel.fss.
CcEcerntng the n1ty ON
Woclea waste.

fHilsneiFEI,, feiy Ss--Surrzsse Ass
asscssseissd IA essssa-sS eir,-'es WIS sacsn-
iiag ey fhe sazsonneta.s at sasst eae EEnl ol
ls-sss krsss 4 Co. wholesale dry goegs
cealsrs on taes,naf street.. afsve Sseont.
as1 zasde an assignment White she sx-
st szsae1ias raaast. ss yet h< s,eeF sire y
i iAcsgsf tte iiahsa4Is< all rasnA
nssEis sso1elgsa Tne 6Sna Il onr OF tbs
isfzest Ia is lice ~ ba>inss< in The csfy.
Ssls fseYhsn En tie eeansSy. n he< hess. )
n mans esties "a shr Unss,si states. a,ssahlx
Ssu feTk. cnseRsa, Raisiaserc ansi Rasssss
The members OF the aria n Sl.ss NJ ia .Asx
esss are George W. whsrtan. goSs ,A N
Lewis and Henry Lewis Wharton Was
seen this morning and promptly xnfhenti
rsied the rurnor shat hts irla had maze an
assignment. Cornelius W. Bliss, of New
York el the rrm of Bliss. Fabyn 4 Co, he
siasss, MAS the assignee. Il am unable,
continued wharton TO state the amount
oi oar habs tiles However. l feel coa-
viEced that they will not b. much ia ex-
cess OF the assets OF course. II IS imposst-
be 70 determine these things uasii an
examination ef the hsssks has been made
We are now going over our books ana viii
probably know more definitely foaixhf
now and where We stand. IL We coald
have only two or tbFee days more, I fee
assured we woald have been able to tide
over all difficulties, but the blow fell iast
al the worst time and cur only coarse was
to make an assignment This We did. For
never been brighter. but yoa know yoa
cannot market paper
fagf-ApsLrHTA. July sS--The banks are
the heaviest holders. The arm suffered
severn loss in the death of Henry Lewis,
founder of the house. who is weu known.
N f.af n
learned from another source Thar the firm
own their store properly ia Philadelphia
and also their store building in Worth
street. New York, which is un leases,
grounds. and which. il IS said. was mort.
gagged q few months ago.
IL II said that Que Of the causes Of she
failure was the Johnssown disaster The
late III. Lewis had large interest in The
Cambria Iron Works there which his Ss-
tate held ard loss by food deprecated
the securities in the rohnssown Msnaiae-
turing conpsnies The woodsale ws.clsn
mills consigned their products to the
Lewis Bros. The miil Was destroyed BY
The Hood. and the loss was Ssu.esl Ii Was
control ed BY the Cambria Iron Company
Walter H. Lewis was director ef the Nea
York Lie Insurance Company.
The business II the firm has amounted
lo ss high rs tls.tso 90 Ter year. Lately II
Is said to have fallen 10 ss,eec 60 or $40.
vcooeo annually. They slsimed their capt
TAI WAS si.kao, 900. aud they made money
every year. Since Jsnusry there have
hsen doubts expressed about their tinanc al
i'anaans s1..a., sna .na. IN .v Mach arch. las'
tai rating and reduced them
credit rating a grade. April ~ the firm
made the following statement 30 q large
financial institution. Assets, S,,s72,0ep
consisting of ledger accounts amount
ing 10 fl-S.o,ooe: miscellaneous &c.
4fS a -as~@f s4a4e 81
real estate, $1,000, bills receivs-
BILE, SIS GO; liabilities. A,i2a, CSC
OF which i2.6s2.ot0 was bills payable and
As coo oan, net surplus. 81, ,saS,ts0 This
WAS not looked ON s. "A favorable statement
by business men aud the firm had hard
work 10 make collections The firm
was interested ia the conshohocksn
wersted mills, which failed. They sa-
mftteJ In March last they wonti lose tsA-
o0o by President Builoek's IN usoivency.
For over twenty-five years the Arm oi
Lewis Bros. & Go. has been the leading
house ia the dry goods trade II was
founded tn Philadelphia In 1854 Its
fonnder died in ,sso leaving q large estate
OF which $4,000 was invested ia capital In
the firm besides $im.u0 which was con
tanned In The business.
EXCITEMENT IN Sgw YORK.
Nsw YORK. July 2s-- The announce
mcnt that the notes of the heavy ary
10 protest WAS the allsbsosbing topic in
mercantile circles today. According 70
t5e current report, the liabilities of the
firm amount To nearis N.noo,t0o. A ~.
porter who visited the firms store today
found The manager and employees on hand.
and apparently as busy as Ices.
Has the Arm made al assignment %
was asked of the man In authority.
Not vet, was the reply.
'sDo yon think the house will be tldei
over the tiislicnltys'
Eyes. but the members OF the firm are
not here. and ] cannot speak su.hoii-
iatiyely"
Absence ef the propricsors from the
lslace during the forenoon ravs rise TO the
rumar that they are enceasortng To mske
arrangements ia take np the protested
notes. IL is understood that II the firm
could b. given a little time they would be
able to pay ia full and continue bsfsiness.
Bliss, the assignee. said the firms state.
ment in the past showed sarplns OF over
gloa,00D, bat that it was no; available now.
4 large part OF IL was in accounts which
;hey couii not collect Immediately. He
thought the sss.'s would make fair
showing. The liabilities were Co banks
aud trust companies. There will be
meeting OF the creditors ia ten days.
man familiar with the firms affairs
said today that nearly all the banks In
New England held the firms paser, esJse-
ftHtly al f3ifts NufFt tHtf ti&u ffl3f4 at-
counts. Boston, Providence. Hartford.
New Haven sni New Bedford banks are
puftei 10 ho a considerable paper Tue
New York haaks mentioned ars sne Fourth
National, Siuth National, Central National
lnd Central Trest Company.
soop STANDING IN BALTIMORE.
BALriaoxE. July 5.- Prominent dry
goods msn here estimate That Lewis Rros.
4 Co have in Baltimore more than tl5e..
90 assets. The iifsn has nc lasilitics.
oTHEs INSTITUTIONS INVOLVED.
Providence. Il. l., IN y 25,--Tbs mills
and banks are being involved by the
laiiare of Lewis Bros e Co q the extent
1l $4,000 Local banks have about
siEA.0o9 of their raper. aud the rest -
distributed among half dozen mills.