Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1889-08-01
COULDN'T TIDE IT OVER
The Lewis Bros, Wholesale Dry Good.
Dealers Fails
Liabilities Over Four Millions A..
The Same.

firm of Lewis Bros. d Co., wholesale A..
goods dealers, Chestnut street. sb,,
Second, had made an assignment fcr j..
benefit of their creditors, with 6ebilis..
of nearly $4O00OOO. The firm =.
one of the largest in its line of hnt
ness in the CITY, and perhaps in III.
country. 1t has houses in NAM q.
the larger cities of the Upjtss
States, notably New York, Chicago RAJ,
| timore and Boston. The members Of II.
| firm resident in this city are GEORGE n
| Wharton, Joseph W. Lewis and Hem,
Lewis. Mr.. Wharton admitted the Al
thenticity OF the rumor that his firm M
made an assignment for the benefit NJ
their creditors. Cornelius W. Bliss. a.,
the New York firm OF Bliss, Fabyan &C.
he stated, was the assignee. 81 am nm,
able" continued Mr.. Wharton, 60 nav
the amount of our liabilities. Howevs,
feel convinced that they will NJ
Z no. mucn IL excess of our ssssts
( II we could have had only two or tbres
days more | am sure We would have basr
| able to tide over our our difficulties. RB,
| the blow fell just at the worst time and
our only course was TO make an assign
ment and this We did this morning. Ia,
some time past orr business prospects
have been brighter, but, you know, you
can't market paper"
NV YORK, July 25.-Annouuoemept
that the notes Of the heavy dry goods
firm of Lewis Bros g. Co, had gone TO
! protest, was the Rll-absorbing topic of
conversation in mercantile circles TO-DAY
According to current report the habili-
ties of the embarrassed trm amount To
nearly $4,O00,000, which was thoughtt to
be more than covered by the resources
when the latter were in shape to be i'm
mediately available.
The absence OF Lewis Bros. & Co. from
their place of business during the fore
noon gave rise TO the supposition that
they were endeavoring to make arrange
ment5 to take up the protested notes. 1t
was understood that if the firm could be
given a little time they will be able to
pay in full aud continue business without
detriment to either themselves aud Gus
TONERS. The members OF the firm are
Water ii. Lewis. JOS. w. Lewis, Henry
Lewis asd John l.. Boardmen, all well
and widely known in the business com
munity. The store occupies four build
iugs n Worth street. IL is one Of the
largest of the kind in the United States.
New YORK, July 25.-1he parties will
make statement IN few days. Bliss,
the assignee, said the firms statements
ia the past sixty days showed a surplus Of
over 100000, but that was not avail
,f . yuo in
which they could act collect Immediately.
He thought the assets would make good
showing. The liabilities we're to banks
and trGst companies. There will be
meeting of creditors in ten days he said.
A man familiar with the firms
affairs said today, that nearly all the
banks in New England held the firms
paper, especially in cities where they had
mill accounts. Boston, Providence,
Hartford, NeE Haven, and New Bedford
banks are reported to hold considerable
paper. The New York banks mentioned
are the Fourth National, Ninth National,
Central National and Central Trust com
pany.
Philadelphia banks are the heaviest
holders. The firm has been extended
and overloaded. They suffered severe
loss in the death of Henry Lewis, founder
of the honse, who was we'll known, par
ticularly in Philadelphia. 1t was learned
from another source that the ffrn own
their store property 10 Philadelphia and
also their store building on Worth street,
New York, which is on leased grounds,
and which it is said was mortgaged.
It is said that one of the canses of the
failure Was the Johus5own disaster. The
late Heury Lewis had a large interest 10
the Cambria Iron works there, which his
estate held, and the loss bv the flood oe-
preciated the securities. The Johnstown
Manufacturing compsny's woodvaie
wooden mills consigned their products 10
Lewis Brothers. The mill was destroyed
bv the food and loss of 100000.
Il was continued by the Cambria Iron
company. Walter II Lewis was the d.
rector of the New York Insurance com
pauy. The business of the firm has
amounted to as high as Sl5,OOO,OOO
year. Lately. il Is said, TO have fallen TO
eight or ten millions annually. They
claimed their capital was million and
half and they made money every yeaf'
Since January there has been DOUBT ex'
pressed about their financial standing and
in March last Bredstreets took
away their capital rating and reduced
their ere5it rating grade. April 20
the firm mace the follo~ing statement to
a large financial institutions:
Assets, S5,472, 600, consisting Of ledger
accounts S1.s75,O00; manufacturers &C.
counts, S1,793,OOO; securities, $sll,00Oi
real estate, $4,000; bills re-
ceivsble, $223,OOO. Liabilities
S5I290CO, and OF which 50 $50, coy
was bills PAYABLE and $447, 600 loans; net
Surplus, $l,843,OOO This vas not looked
On "a a favorable statement by the trade.
The firm has had hard work to make col
lections. The firm was interested IN the
Conshockeu worsted mills which failed
They admitted IN March lasl
that they wouli lose S25.ouo
by President BullOck's insolvency.
For over twenty-five years the firm q
Lewis Brothers Co. have been me
leading house in the dry goods trade u
was founded il Philadelphia in loa-'
The founder died IN 1885. leaving large
estate OF which $25S,000 was invested s
capital in the firm, be-ies 100000 o.
his was continued IN the business.
~ o. IRE