Evening journal., 1889-08-22
ONE MORE BIG FAILURE.
The Wauregan Cotton Mills
Close Their Doors.
LIABILITIES ssOo,OOO or 81, 10000

The Failure Was Caused by the Embar-
rassment of Brown. steese s Clarke and
Lewis Bros.-The Nominal Assets Are
1000, OOO-Other Failures.
Providence, Aug. 22.-Two cotton mills,
the Wauregan and its leased property, the
Nottingham, and the woolen mill OF the
Thorntp Worsted company, have failed,
the result Of the recent failures Of Lewis
Bros. and Brown, Steese g. Clarke The
treasurer Of the Wauregan mills states that
the failure Of his concern was duo to distrust
resulting from tho bankruptcy Of Lewis
Bros, OF the Riverside COswego mills, and
Of Brown, Steese & Clarke. Lewis Bros. had
bsen the agents for over fifteen years Of the
Wauregan bleached goods. When that con-
Germ failed exaggerated reports OF thcir in
debtedness in Providence were published in
New York paper Since then banks holding
the paper Of the Wauregan mills had been
unwilling In many cases to renew It. The
result was that the concern was unable 70
meet tho payments demanded and hsd voted
10 suspend. The failure was, in short, caused
by the injury to its credit and by the fail
ures before alluded TO. II could not borrow
to meet It's notes and had to succumb.
The Liabilities and Assets.
The liabilities are variously estimated from
$4,000 to 81, ,0OOO 900, although the treasurer
would neither verify nor contradict this esti-
mate. Nominal assets amount to about S2,-
100000. Tho plant alone cost q, ,S00,O 900.
Tie mills are doing good business manu-
featuring bleached goods, brown and white
goods and some fancy goods. The company's
pay roll amounts to Sl7 900 per month. There
are about fifty stockholders in the concern.
Director Arnold thought that II arrange
merits could be made to run the mills they
could make enough money 70 more than pay
the interest on the debt and in time liquidate
ell their obligations. The Wauregan com
pany has at present two mills in operation.
/ The first is at Wauregsn, near Plainfleld
/ Conn It is capitalized to the amount OF
5000 900 and contains 58 100 spindles and
], 400 looms. About l, 900 hands are employed
there. The second mill is that known as the
Nottingham mill in this city, which used L
be the old steam mill under the James Y
Smith Manufacturing company This com
pany was chartered in 1884 with a capital OF
$300,OO0, and has 5000 spindles and So
looms About 600 hands are now employe,
in the mill Mr. Edward f. Taft, the treas
urer Of the Wauregan company, represent
all the stock Of the Nottingham mills cor
poration and he leases the mills to the Wau
regan company. IL is therefore regarded a
part Of the Wauregan property. It's lia
bilities are estimated az from S200,O00 {
S250,000, while nominally the assets excee
this sum.
Thornton Worsted COmpany's Situation
The Thornton Worsted company owed Z
both the Riverside mills and TO Brown
Steesa & Clarke their total indebtedness
which is estimated at about Sl50,600
their notes TO the Riverside mills and Brown
Steese ~ Clarke could have been extends
as they ordinarily would have been, the,
could have paid every cent of their indebt
edness; but being unable 10 get an extension
they were compelled to suspend paying
There is also a mortgage en- the property 70
$4,000, held by Charles Fletcher The mil
is run by William a. Shaw and Waldo G
Eamee
The Povemah Mills All Right.
Edward p. Taft, the treasurer Of tn
Wauregan, Nottingham and Ponemah mill.
was asked if the Ponemah was involved b.
the failure Of the Wamegan and Noting
ham. He answered emphatically that tn
Wauregan mills did not owe the Ponema
company one dollar. Mr.. TAFT reiterate
this answer when the question was raise
with reference to the Ponemah company b,