Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-07-26
THAT MAMMOTH FAILURE.
Further Particulars of the Assignment
of Lewis Brothers & Co.

THAT MAMMOTH FAILURE.
Further Particulars of the Assignment
of Lewis Brothers & Co.
TWENTY-FIVE MILLS AND BANKS IN MANY CITIES Az
FEcTED-THE CREDITORS PRINCIPALLY IN NEW
YORK AND NEW ESGLASD-THE BALTIMORE
AGENCY ALL RIeHT-A BELIEF THAT THE FIRM
WILL PAY IN FULL
The selection Of Cornelius Bliss as assignee of
the firm of Lewis Brothers Co., which was
announced in The STAR yesterday. was salts
faetorily received by all the creditors of the
firm. Mr.. Bliss went to Philadelphia yesterday
and was engaged in a conference with the
members Of the firm for several hours. After
brief examination of affairs, he is reported to
have said that with careful management he saw
no reason why the firm should not pay 100
cents on the dollar in course of time.
The hrm were the selling agents for twenty
i've mills, as follows: Wamsutta mills, Grinnell
mills, State Cotton company, Manville compa-
ny, Forestdaie manufacturing company, Ham,
let mills, Whitestone mills, Worombo manu-
featuring company, Schepper Bros, Samuel
Bancroft, Woodvale mills, 5. II. Edes, Hortel
q Co., Wauregan mills, Jewett City mills,
Slatersvile mills, Oriental mills, Windham
manufacturing company, j. Leaven's Sons,
Eagle mills, Chester mills, COQSDOnOcken COul-
pany. Dexter. Richards Sons. United States
Bunting company, and the Dunnel manufac-
turing company.
While there are some of the firms obliga-
tons held by few Philadelphia financial lnsti-
tutions their creditors chiefly New Eng
land and New York banks and houses. 1t Is
stated that. since the statement of April last
the firm claims to have reduced its liabilities to
nearly S3OO000O, but it is said that to do so
they have used their assets. and their relative
indebtedness remains the same. The assets of
the firm consist of stock on hand, principally
from eastern mills. advances made to these
mills, and open accounts, but their aggregate
value has not been estimated.
For many years the firm has been regarded
as the leading commission house of Philadel-
phia, handling cottons woolens, silks and i'm
ported goods in that line, and doing yearly
business. it is estimated, of from S5,000,O 600 to
SS,OOOOOO. 1t is reported to have done as
much as 81, 1000, 900 worth of business year.
The partners of the firm who made the assign
ment are Henry Lewis, Joseph W. Lewis, Wal
ter II. Lewis, John l.. Boardman, George W.
Wharton. John Williamson, George b. Duren
and Grinnell Willis.
THE BALTIMORE AGENCY ALL RIGHT.
There was no one at the Baltimore agency of
Lewis Brothers yesterday, and H. G.. Hull has
been out of town since Monday. Prominent
dry-goods men in Baltimore estimate that
Lewis Brothers Il Co. have more than half a
million assets and no liabilities in that city.
A man familiar with the firms affairs said
yesterday that nearly all the banks in New
England held the firms paper, especially in
the cities where they had mill accounts. Bos-
ton, Providence, Hartford, New Haven and
New Bedford banks are reported to hold con-
siderable paper. The New York banks men,
toned the Fourth national, the Ninth
national the Central national and Central
trust company. The Chemical bank has held
none of their paper since January 1. Phila-
delphia banks are the heaviest holders. Some
10. Raw.a fal-a nth lr1nT
lately.
The firm has been extended and overloaded.
The firm suffered severe loss on the death of
Henry Lewis. the founder of the house, who
was well known, particularly in Philadelphia.
1t was learned from another source that the
firm own their store property in Philadelphia,
and also their store and building at SO Worth
street, New York, which is on leased grounds,
and which, it Is said, were mortgaged few
months ago.
THE JoHSsTowN DISASTER ONE CAUSE OF
FAILURE.
1t is said that one of the causes of the failure
was the Johnstown disaster. The late Henry
Lewis had large interest in the Cambria iron
works there, which his estate held, and the loss
by the flood deprecated these securities. The
JohnstOwn manufacturing company's Wood
vale wooden mills consigned their products to
Lewis Brothers. The mill was destroyed by
the flood and the loss was $500, 600. 1t was
controlled by the Cambria iron company. Wal
ter II. Lewis was director of the New York
HE insurance company.
The firms headquarters are at 23S Chestnut
street, Philadelphia, the stores in Chicago, Bos-
ton, and New York being branches. The busi-
ness has amounted to as high as SIS, 000. 900 a
year. Lately it is said to have fallen to
$1,000 600 or $4,000, 600 annually. They claimed
their capital was II. 500 900, and that they made
money every year.
Since january there has been doubt expressed
about their financial standing, and in March
last Bradstreet's took away their capital rating
and reduced their credit rating a grade. On
April 20 the firm made the following statement
to a large financial institution: Assets,
S5.472,OOO, consisting of ledger accounts,
S1,S15.00O; of manufacturers accounts,
900; securities. SSH 200; real estate
S17OOVO; bills receivable. sob 000 Liabilities,
S4.l29,OOO. of which So 900 was bills pay
able and S4i7 900 loan; net surplus, 81. 343 600
This was not looked on as a favorable statement
by the trade. The firm had hard work to make
collections. The firm was interested in the
ConshOhOcken worsted mills, which failed
They admitted in March last that they would
lose $4,000 by President George Bullock's
insolvency.
RHODE ISLAND MILLS AND BANKS AFFECTED.
Mills and banks in Providence, r. l., will be
involved by the failure of the Lewis Bros. *
Co. 5000, 600. Local banks have about $50. 900
of their paper divided among six or eight of
them. and the rest is among half dozen mills
including those at Slater, Manville, and Wau-
REGAIN The belief prevails there that the firm
can pay its Indebtedness in full if they given
time. None OF the mills or banks will be seri-
ously embarrassed.