The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-07-26
RIG DRY GOODS CRASH.
,urs BROS. & co. OF PHlhAOEL-
PHIA ASSIGN.

PHIA ASSIGN.
liabilities Between S4,ooo,ooo
'l s5oooOoo-A Claim That Their
'na 's @,' Freeed the Debts by About
- 49,, cooooo-A Business Of $15,ooo'-
VIZ ~ Year Done by the Firm When
tsg Hight ofIts success.
y ~ -,0rrpH1A, Pa, July 25.-Surprise
fai--1.d l.7,7nsd in business circles this
rr the announcement that the
Il-.'7 .7sFs y Bros. & Co.. wholesale dry
y s-,ss on Chestnut street, above
-r4 had made an assignment.
MI, tTs exact amount cannot as yet be
-.ins5 II IS thought that the liability
'' s-n will reach nearly $4,O00,O00.
~ ~. a.r, is one of the largest in its line Of
,Jl ~ ~, N tie city, and perhaps in the
81 Il has houses in many OF the
a.1 .,.iss o' the United States, notably
T'-e 80 chicago. Baltimore and Boston.
~ b.,rs of the tirtn resident in this
.-e-'i -ro eeores W. Wharton, Joseph w.
4, o. AND Henry Lewis Mr.. Wharton,
N seem this morning, promptly ad-
"a +,e authenticity Of the rumor that
An an, Fed made an assignment. Corne-
n RGss of New York, he stated, was
assignee.
Mr. WHARTON INTERVIEWED.
q am unable" continued Mr.. Wharton,
,isra tho amount of our Liabilities.
Teyar. I feei convinced that they will be
mncb in excess Of our assets. OF course
iTno,slble to determine these things
N an examination of the books has been
.5a we could have had only two or
vaa 9avs more | am sure we would have
7abj4 to tide over our difficulties, but
blow fell lust at the worst time and our
course was to make an assignment,
this We did this morning. For some
a mast cur business prospects have never
en brighter, but you know you can't mar
mp5r
PAYMENT IN FULL PROBABLE.
Nm. Bliss carue over from New York to-
and was engaged in a conference with
manbels of the firm for several hours
her a brief examination of the affairs he
rpported to have said that with careful
nagement he saw no reason why the
n should not pay 100 cents on the dollar
the course Of time.
Tbe firm was selling agents for 25 mills,
follows Mamsutta mills, Grinnell mills,
ate Cotton Company, Manville Company,
rest Dale Manufacturing Company,
Emler mills, Whitestone mills, Worembo
Bnlf curing Company, Schepper Bros,
nlsl Bancroft, Woodvale mills, S. II.
Is, Hortel & Co., Wauregan mills, Jew
City mills, Slatersvile mills, Oriental
Nh Wiadham Manufacturing Company,
Leayens' Sons, Eagle mills, Chester
lis, Conshobocken Company, Dexter,
chards & Sons, United States Bunting
mpanY and Dunel Manufacturing Com
ny
WHERE THE CREDITORS ARE.
Wtde some of the firms obligations are
By q 4ew Philadelphia financial instl-
Mons, tneir creditors are chiefly New
gland and New York banks and houses.
Is sad that since the statement OF April
the firm claims to have reduced its
oltes to nearly $3,OO0,000, but
said that to do so
Ootu Gu6lI assets, and
Dit relative Indebtedness remains the
me- The assets of the firm consist of
" on band, principally from eastern
A2' advances made to these mills and
~ accounts, but their aggregate value
not teen estimated.
vi many years the firm has been ra-
yea as the leading commission house Of
raaelpAa, handling cott0ns, woolens.
aA4 Imported goods ia that line.
CONFIDENCE IN BLISS,
ne selection of Mr., Bliss as assignee was
aseu oy the street with evident salts
.9u; IL is some consolation to MS to
:" tuat our business goes into the hands
aaCl man as MIR. Bliss said Henry
SS' Dr., today. I'VE feel that he has
i7 sacrifice to accept the Dosition
II viii prove highly reassuring
wi creditors and inspire new confdence
ygAere 81, In US. All our creditors will be
N an o1lA a.Ae, ana The very best viii be done
Fjny ii, y'ncoFaea. np ! We are now engaged in
N Az au inventory OF our assets. and
3 inat saat Y completed we will be unable to
I1t now we stand.n W
IHE ANNOUNCEMENT AT NEW vopx
w. I@ D oRK, July 25.-The assignment of
,' pros was filed in the conntv clart,,
y mere this afternoon. C1r3a,i,s \ n
cptsd d'1pS Z, "a, assignee. The assignment was
srrod -r9u ID Philadelphia. There were no
frr,i,V frG Vtee1itors. = The announcement of
meb ulahclal embarrassment. made
|tbs of tba ,1WUrhlhg NJ paper, came on nine
heat era., VIC We" ork dry goods world as
- II surprise. Even the employees wbo
Tue n oue Dig warehouse on Worth
ut tbo 'tsiaS eN streets knew notbing
Tho n,in Inns condition until this morn.
Ma aTv.e Tv o.her tenth of the dry goods
hal 4PbteSSed tbaa no surprise, thouSb ennch
icnit saat public announcement of tba
|ns r.,oS 49, VI Lewis Bros. should baya ny ~
be bjtcb b y; Two years ago there was
ch was III THIS firms business.
thout faS fas4, afterwards settled m
Preston 'u''ner discussion. But the
bant4 b. remained, and at least
ts nan" aS refused to discount Lewis
mber II ~ lor some time past, No
eet VAIL, VI the firm was at the 'S; Wortp p
Of tbano tbnUuSe THIS morning, neither was
en il 'ueh expected before . oiclon1. ~h'
stine yDo,s,5 ~as expected that an informai
Hafili.ioa you'd be held. The amnnnt @ MAJ es
5o05555e9 559 put down by Lewis 'G8p; Bpos Inc nt
|bilitjssS or OF 81 100000 more than has az az
ppertv of ~ 4 us Includes, however all the .1e
y Y5rG ~ u f5e P firm, such as buildjngs an tGe ne
W. ~ Philadelphia and other places 81
INV WHO y THE PARTNERS ARE.
Ftners INK, July 25. 9 p ~ IT,
d Al / 'ossph Bas ". Lewis, Walter are r henry
D i4Gsa1dman George 1'SS' W. q; WbapFn1' bh9Eis'
ov over Wills; II The New s = York RuPen 6snt and
sF ssslg1 to PhladelDhia to eckbosra ook partn9rs
tene5t n They said they yeSppnHd %onId ntIs this
9s9 esq sta5emelnStgs lSg IA days, VS. Mr.. Bliss said
n6 surplus Of over t1st coo SlH5y oo days ays
WAS in accounts aia8.9 wRi"E PoT. "a A large part
as aasa99Gy 9sy He thought caig the fOgla ssis3s not
i, os-9 % by tsnis same and irnI4 The liabilities
days he eS meeting of the eI crodiEpon redHipanies
man MANY ANY. BANKS INVOLVED
to-dsYyI yIPiiiar fb.t with the firms BI1 .ro,..