New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-27
BUSY WITH THE BOOKS.
FIGURING UP LEWIS BROTHERS ACCOUNTS
SURPLUS oP s1,oooooo-How SOME OF THE
PAPER rs HELD-wHAT MR.. BLISS SAYS
POSSIBILITY OF LITIGATION.

""'incsS yesterday. lnefe was no cNluehce ol
much packing or shipping, but in the counting
room every boolkeeper was busy with the big
ledzers of the firm. number of expert ac-
countants had been set at work by the assignee,
cornelius n. Bliss, and the work Of ascertaining
the assets and debts of the house was In full
progress. What Tie exact condition of affairs is
there was no better idea of than on Thursday.
Inc DOCKS OF the firm show that their assets VIII
run up fully 81 100000 all Indebtedness, and
ii the value OF these assets can be realized they
Will be able to meet every dollar which is owed.
what was going on in the New-York house was
repeated in the Philadelphia house of the firm, and
IN their branch houses in Chicago, Boston, Provi-
dence, Baltimore and other cities. The accounts
are everywhere being thoroughly examined and
the results, soon as ascertaned, will be sent to
New-York. Mr.. Bliss spent some time with the
members of the firm, but he had little information
to give out.
WHAT MIR. BLISS SAYS.
" 1t is impossible Mr. Bliss sad " to give any
hgureS ut the present time. Everything is now
well under way, and accountants busy with the
books. We hope to ascertain within week or
ten days what the condition is, and we shall then
make statement to the creditors
Can you say to what extent New-York banks
hold the paper of the firm z" was asked.
No, l cannot; but, far as can see, the
holders of paper in New-Yorlx are comparatively
few The banks here have not taken many
of the firms notes the last year. Philadelphia
banks probably hold larger proportion, the firm
being a Philadelphia firm in the trade sense.
Their notes appear to be scattered widely over the
country, and there is every indication of a good
settlement, but from the manner in which the in
debtedness is distributed it will take longer to
accomplish this"
The belief that the firm will be able to pay
the full Indebtedness is not shared by the trade
generally. Some Of those who have had expert
ence in settling up failures said that many of the
assets would show greatly reduced value when
forced into the market. A decline of so to 40
per cent would be the least that could be ex-
pected and if the falling off was greater than
that it would still leave ample margin for what
would be considered good settlement when the
extent of the failure was so great as in this
instance. The paper of the firm which is so
widely distributed is not strictly their own, but
consists partly of notes of the firms which did
business with Lewis Brothers & Co., which they
discounted in the banks with their own indorse-
ment Most of these firms from whom the notes
came the mills and factories through the
country, nearly score in all. These firms are
held by Lewis Brothers for the amount of their
notes, and the strain will come if the mills are
not able TO meet their obligations. In this
manner Mr.. Bliss and Others in the trade said
that the suspension of Lewis Brothers
IL Co. might possibly have wide effect, but not
directly houses engaged in their trade.
A PROV Genle dispatch said that mills and banks
| in that city were involved in the failure 10 the
extent of nearly 81 100000 The banks of that
city hold about s15O,000 of the paper, divided
among six or eight, the remainder being held by
dozen mills in Statewide and Manvile, II. l., and
Waungan, Conn. The amount held by the banks
there was not considered sufficient to cause them
any serious embarrassment.
PAPER HELD BY NETWORK BANKS
Later in the day the estimate was made that
about $50, 900 of the firms paper was held by
New-Yorll banks. The Phenix, Park,
Second and Fourth National banks mentioned
as among a dozen or more which held the firms
securities. About 81 200, ,0OO it was said, is
placed among Philadelphia banks, and the rest
is scattered about in Boston, Baltimore Chicago
and through Pennsylvania. AT the Fourth Ma
tionaI Bank, where the notes of Lewis Brothers
| N Co. went to protest on Wednesday, President
j. Edward Simmons spoke frankly OF the failure.
| which, he said, would nave lJue cliecI OIL uie
Their obligations with us have been small
and the same is true with all New York banks, so
| far as have any knowledge. Then the talIure Is
| n peculiar one coming as it does in a generally
healthy business period, and the confidence IN the
| firms ability to make gocc large portion OF theIr
assets prevents any alarm on tIat score. :. a.,
The greatest difficulty feared By others is the
possibility of litigation. All the creditors are
on the lookout to protect themselves su ,ta Urao
of the dry-goods men, ana ony tne smbepe Of
| tho firm will stave off lawsuits Friendly credi-
tors agree that it would be rema "Sable thing
some one did not begin proceedings In that even.
| others would take tle same mc"sulc " p
| themselves. -, 10 . oor.
II is thought that if creditors will make con con,
certad effort to put the concern on us leeI aldl
by speedy settlement, good results c5H pe E rovt
| If n setthment could be made wlthln .Ilc n'>'
| month. il might get some of the fall trade.
ADMINISTRATION OF THE ESTATE
Whore the estat,, will be administered is CUES
,ion which some of the creditors would Ike 10
lrnow The parent house being in Phimdeiphia'
tbc sunposition is that the administration OF lhe
| estate and payment of dividends will be accord
| mo 70 the laws of Pennsylvania; while the larger
nortion Of the assets being in New-lork the DuiN
~ the Itipaticn if any, will naturally DE at u ,ll'
cnd The stock of goods is in I'VE d!herent Jtt Jut
dictions-Ne York. Pennsylvania MASSACHUSETTS,
M One , of the reasons why the banks will not suile[
much il is said, Is that mos eS Grn w
the paper consists OF notes ihdOrScV sraI NY or the
niIls Which the firm represented were heard from
by telegraph Yesterday They said d ta, v Gy t6 r
able to meet all their obligations % hela to NV r has
| p ono of the mills it. said that the nrln @ n'
y STg arger quantity of goods than they haze
adTanced money for, while in other instances @ Lnr
mills have received advances for goous "l'io" INV
One of the firm of Lewis Brothers q Co. rSjIli 1e
yesterday that he did not think any ol tue ui,"
wond be affected by the failure CdnsocsS Canncs ca,
Ids on which there have been no advances ,s u",
$50 the Goods Most of the firms paper II n n.n
learned Yesterday was placed in tins cry pod Dy as
note brokers' and the largest amount eno
held by any one bank in the ci'y Is s'V'oV'
OWING 100000 IN PROVIDENCE
| proviacncc r l., July 20 (SpeciaD.-Ihe as''s"
ot of Lewis Brothers is the chief topic OF in'er,. ~
business circles here and all sorts of stores ate anoa
os 90 ,hc extent 10 which Providence Manufacture